Pyxis Oncology has entered into definitive securities purchase agreements for a private placement financing expected to generate gross proceeds of approximately $50 million, with an additional approximately $64 million available if accompanying warrants are exercised in full. The financing is led by BVF Partners L.P., with participation from GordonMD Global Investments, RTW Investments, and Coastlands Capital. This capital injection is expected to extend the company's cash runway into the second quarter of 2027, providing critical support for the continued advancement of its lead clinical program, MICVO (micvotabart pelidotin), through key clinical milestones.

The upfront proceeds will enable Pyxis Oncology to extend patient follow-up in its expansion trial following the completion of enrollment in the first quarter. The company has elected to incorporate additional patient follow-up and planned analyses into its next clinical update. Consequently, Pyxis Oncology now expects to report updated data from the ongoing Phase 1 monotherapy study in second-line and beyond recurrent/metastatic head and neck squamous cell carcinoma (2L+ R/M HNSCC) in Fall 2026. This update is anticipated to include patients treated at 5.4 mg/kg IV Q3W with a dose equivalent to or below a dose cap, along with detailed analyses of the dose cap impact on safety, tolerability, and efficacy.

In addition to the monotherapy data, the company expects to report updated data from the ongoing Phase 1/2 dose-escalation study evaluating MICVO in combination with pembrolizumab for first-line (1L) R/M HNSCC in the fourth quarter of 2026. The financing strengthens the balance sheet and provides the flexibility to generate additional clinical evidence for MICVO as the company advances the program for patients with head and neck cancer.

Financing Terms

Under the terms of the agreement, Pyxis Oncology will sell 19,600,153 shares of its common stock at a purchase price of $2.551 per share. The company will also issue warrants to purchase an equal number of shares of common stock. These warrants have an exercise price of $3.289 per share and are exercisable in accordance with their terms, including via cashless exercise. The private placement is expected to close on or about July 2, 2026, subject to the satisfaction of customary closing conditions.

Wells Fargo Securities acted as the sole placement agent for the private placement. Pyxis Oncology has agreed to file a registration statement with the U.S. Securities and Exchange Commission covering the resale of the shares of common stock issued in the private placement and the shares issuable upon exercise of the warrants. The securities offered have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws.