Pyxis Oncology to merge with Apexigen in stock deal; Pyxis shareholders to own 90% of combined company

Pyxis Oncology, Inc.

Exchange ratio: 0.1725 Pyxis shares per Apexigen share; combined ownership ~90% Pyxis, ~10% Apexigen.
Estimated purchase price ~$15.1M based on Pyxis closing price of $3.19 on June 5, 2023.
Pro forma combined net loss for FY2022: $158.9M; for Q1 2023: $25.3M.
Pro forma combined cash and marketable securities ~$161.4M as of March 31, 2023.
Apexigen options, RSUs, and warrants assumed and converted with substantially similar terms.

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