Pyxis Oncology, Inc. announced the closing of an underwritten public offering, generating net proceeds of approximately $102.8 million. The capital will primarily be used to advance its lead clinical program, micvotabart pelidotin (MICVO), including its planned Phase 3 trial, and extend the company's operational cash runway into the first half of 2028.
Key Details
- Net Proceeds: The offering resulted in net proceeds of approximately $102.8 million after deducting underwriting discounts and commissions. An additional ~$162.2 million could be raised if all warrants are exercised for cash.
- Offering Structure: The company sold 36,047,919 shares of common stock and 1,883,121 pre-funded warrants. Each share or pre-funded warrant was sold with an accompanying common warrant to purchase 1.3 shares of common stock.
- Pricing: The combined public offering price was $2.90 per share and accompanying common warrant, and $2.899 per pre-funded warrant and accompanying common warrant.
- Warrant Terms: The common warrants have an exercise price of $3.50 per share and are not exercisable until the company's stockholders approve an increase in the number of authorized shares. The company has stated that without the proceeds from the exercise of these warrants, it will not have sufficient funds to complete its planned Phase 3 Headliner™ trial.