Pyxis Oncology Announces Closing of Up to $282.6 Million Public Offering

BOSTON, Oct. 02, 2026 (GLOBE NEWSWIRE) -- Pyxis Oncology, Inc. (Nasdaq: PYXS or the “Company”), a clinical-stage company developing next-generation therapeutics for difficult-to-treat cancers, today announced that it closed its previously announced registered public offering (the "Offering") on October 1, 2026. The Offering generated approximately $110.0 million in upfront gross proceeds, before deducting underwriting discounts and commissions and other offering expenses. The Offering consisted of 36,047,919 shares of common stock at a public offering price of $2.90 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase 1,883,121 shares of common stock at a public offering price of $2.899 per pre-funded warrant, in each case, accompanied by common warrants to purchase an aggregate of 49,310,352 shares of common stock.

The clinical milestone-linked common warrants are tied to Pyxis Oncology’s public disclosure of overall survival data (the “OS Data Release Date”) from its ongoing Phase 1 monotherapy study of micvotabart pelidotin (“MICVO”) in second-line and beyond (“2L+”) recurrent/metastatic head and neck squamous cell carcinoma (“R/M HNSCC”), which is expected to occur in the first half of 2027. The warrants have an exercise price of $3.50 per common share, a 21% premium to the $2.90 public offering price. If all milestone-linked warrants are exercised in full for cash, the Offering would provide Pyxis Oncology with approximately $172.6 million in additional gross proceeds, for a total of approximately $282.6 million in gross proceeds, before deducting applicable expenses.