Pyxis Oncology raises $102.8M in offering; common warrants need shareholder approval to be exercisable

Pyxis Oncology, Inc.

• Sold 36,047,919 shares and 1,883,121 pre-funded warrants, each bundled with a common warrant for 1.3 shares, at a $2.90 combined price; offering closed October 1, 2026.
• Common warrants have a $3.50 strike and cannot be exercised until stockholders approve a charter amendment raising authorized shares, via a special meeting within 60 days of closing.
• Net proceeds were about $102.8 million; full cash exercise of all warrants would add roughly $162.2 million after a 6% solicitation fee to underwriters.
• Cash plus offering proceeds fund operations into the first half of 2028, but without warrant exercise the funds will not fully cover the planned Phase 3 Headliner trial in 2L+ R/M HNSCC.
• Proceeds go to advancing lead program MICVO; overall survival data from the Phase 1 monotherapy study is expected in the first half of 2027.