PYXS News & Events

Pyxis Oncology announced that it has entered into definitive securities purchase agreements for a private placement expected to result in gross proceeds of approximately $50M, before deducting placement agent fees and offering expenses, and an additional approximately $64M of gross proceeds if the accompanying warrants are exercised in full for cash. The financing was led by BVF Partners L.P. with participation from GordonMD Global Investments, RTW Investments, and Coastlands Capital. The upfront proceeds are expected to extend the company's cash runway into the second quarter of 2027 and support the continued advancement of its lead clinical program, MICVO, through key clinical milestones. Under the terms of the financing, Pyxis Oncology has agreed to sell 19,600,153 shares of its common stock at a price of $2.551 per share and warrants to purchase an equal number of shares of common stock. The common stock warrants have an exercise price of $3.289 per share and are exercisable in accordance with their terms. The private placement is expected to close on or about July 2. Wells Fargo Securities acted as sole placement agent for the private placement.

"Our team's exceptional clinical and operational execution in the first quarter of 2026, combined with growing investigator enthusiasm for MICVO's potential to positively impact the lives of patients with cancer, has positioned us to deliver key milestones for the MICVO program this year," said Tom Civik, Interim Chief Executive Officer and Director of Pyxis Oncology. "We remain on track to share updated monotherapy data in mid-year 2026 and updated combination data in the second half of 2026. The mid-year 2026 monotherapy update will focus on 2L+ R/M HNSCC patients treated at or below a dose cap, which we implemented in December 2025. The goal of moving to a dose cap was to maintain MICVO's strong efficacy profile while improving safety and tolerability. In the Phase 1/2 dose escalation combination study with pembrolizumab, we have refined our focus to 1L R/M HNSCC patients. We believe these two datasets will help establish MICVO's broad potential as a novel ADC for patients with difficult-to-treat cancers and substantial unmet need."