Pyxis Oncology Secures Up to $114 Million Private Placement
Pyxis Oncology (PYXS) said Tuesday it entered into definitive agreements for a private placement expected to generate up to $114 million in gross proceeds to advance its clinical program, Micvo.The financing is expected to generate about $50 million in upfront gross proceeds before fees and expenses, with another roughly $64 million if the accompanying warrants are exercised in full for cash. The financing is expected to extend the company's cash runway into the second quarter of 2027.Under the terms, the company will sell about 19.6 million shares of common stock at $2.551 per share along with warrants to purchase an equal number of shares. The warrants have an exercise price of $3.289 per share.Additionally, the company delayed planned clinical updates to allow additional patient follow-up. It now expects updated phase 1 monotherapy data for Micvo in recurrent or metastatic head and neck squamous cell carcinoma in fall 2026, followed by updated phase 1/2 combination data with pembrolizumab in Q4.Price: $3.13, Change: $+0.27, Percent Change: +9.44%
