--- title: "Pyxis Oncology prices $109,998,133 stock" url: "https://aibio.space/news/pyxis-oncology-prices-109-998-133-stock-warrant-offering-2-90/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-09-29" section: "Financings" tickers: "NASDAQ:PYXS" source: "https://www.sec.gov/Archives/edgar/data/1782223/000143774926031470/pyxs20260909c_424b5.htm" summary: "Pyxis Oncology is selling 36,047,919 shares at $2.900 and pre-funded warrants, with common warrants at $3.50 that cannot be exercised until stockholders ap" --- By the aibio.space news desk. Sources - [Pyxis Oncology, Inc. 424B5 (2026-09-29)](https://www.sec.gov/Archives/edgar/data/1782223/000143774926031470/pyxs20260909c_424b5.htm) - [Pyxis Oncology, Inc. 424B5 (2026-09-29)](https://www.sec.gov/Archives/edgar/data/1782223/000143774926031480/pyxs20260909_424b5.htm) - [Pyxis Oncology, Inc. 424B5 (2026-10-01)](https://www.sec.gov/Archives/edgar/data/1782223/000143774926031667/pyxs20260930_424b5.htm) [PYXS](https://aibio.space/companies/pyxis-oncology/) 2026-09-29 # Pyxis Oncology prices $109,998,133 stock and warrant offering at $2.90 Tickers [PYXS](https://aibio.space/companies/pyxis-oncology/) Pyxis Oncology is selling 36,047,919 shares at $2.900 and pre-funded warrants, with common warrants at $3.50 that cannot be exercised until stockholders approve more authorized shares. Its auditor's report on the 2025 financial statements carries a going-concern warning. ## Key facts - **Company**: Pyxis Oncology, Inc. (NASDAQ: PYXS) - **News type**: Financings - **Primary source**: [Pyxis Oncology, Inc. 424B5 (2026-09-29)](https://www.sec.gov/Archives/edgar/data/1782223/000143774926031470/pyxs20260909c_424b5.htm) *Stock prices on an electronic board. CC0, via rawpixel. The picture shows the field, not the companies named.* ## The offering Pyxis Oncology, Inc. priced an underwritten offering of common stock and warrants. The final prospectus supplement, dated September 29, 2026, offers 36,047,919 shares of common stock at $2.900 per share, each sold with a common warrant. Investors who preferred not to hold shares directly could buy pre-funded warrants for 1,883,121 shares at $2.899 each, also with a common warrant. The total offering price is $109,998,133. The common warrants cover 49,310,352 shares in total at an exercise price of $3.50. Underwriting discounts and commissions are $6,600,001, and proceeds before expenses are $103,398,132. The company estimates net proceeds of about $102.8 million. The last reported Nasdaq sale price was $2.90 on September 29, 2026. After the offering, Pyxis would have 119,083,008 shares of common stock outstanding. ## Who ran the deal Leerink Partners LLC, Guggenheim Securities, LLC and Wells Fargo Securities, LLC are joint bookrunning managers and act as representatives of the underwriters. The supplement names LifeSci Capital, a member of FINRA, as Pyxis's corporate finance advisor and says LifeSci Capital is not acting as an underwriter, placement agent or member of the syndicate. Sidley Austin LLP passes on the validity of the securities for Pyxis. Latham & Watkins LLP passes on legal matters for the underwriters. ## The warrants depend on a vote not yet held The common warrants cannot be exercised until stockholders approve a charter amendment increasing the company's authorized shares. Pyxis says it does not currently have enough authorized but unissued shares to permit exercise. It has agreed to seek that approval at a stockholder meeting within 60 days after the offering closes, and to call further meetings if the first one fails. The prospectus says the common warrants may never be exercised. They expire on the earlier of the fifth anniversary of the charter amendment's effective date and the 30th calendar day after the later of that date and the public disclosure of overall survival results from the Phase 1 monotherapy study. ## Going-concern warning and runway The Ernst & Young LLP report on the 2025 financial statements contains an explanatory paragraph describing conditions that raise substantial doubt about the company's ability to continue as a going concern. The 10-K filed March 23, 2026 reports a 2025 net loss of $79.6 million, against $77.3 million in 2024. Research and development expense rose to $73.7 million from $58.7 million, and cash used in operations was $63.5 million. Revenue fell to $13.9 million from $16.1 million. The company expects existing cash and cash equivalents, with the net proceeds, to fund operations into the first half of 2028. It says the net proceeds are for advancing the lead drug through clinical milestones, including the planned Phase 3 Headliner trial, and for working capital. If the common warrants are not exercised, the supplement says the net proceeds with existing cash will not be sufficient to fully fund that Phase 3 trial. The runway therefore depends on the warrant vote. ## The lead drug and its data The lead product candidate is micvotabart pelidotin, called MICVO, tested in head and neck squamous cell carcinoma. On September 9, 2026, Pyxis announced updated data from its Phase 1 monotherapy study, with data as of August 18, 2026. The prospectus reports a confirmed response rate of 36% (12 of 33 efficacy-evaluable patients) and a disease control rate of 94% at the 5.4 mg/kg dose cap, with median progression-free survival of 6.2 months and median overall survival not reached. Its safety table lists treatment-related adverse events in 32 of 35 patients (91.4%), 19 of them (54.3%) grade 3 or higher. The subgroup table includes groups of five and ten patients, a small base for any single rate. These are single-arm Phase 1 results with no comparison group. ## The terminated sales program On the same day, Pyxis filed a supplement ending its continuous offering under the sales agreement with Leerink Partners LLC. That at-the-market program allowed sales of up to $150,000,000 of stock. The supplement says that, as of its date, the company had not sold any shares under it. The change reduces the maximum aggregate price under that prospectus supplement from $150,000,000 to $0 and frees room on Form S-3 registration No. 333-291801 for other offerings. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story PYXS Pyxis Oncology, Inc. NASDAQ ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/pyxis-oncology-prices-109-998-133-stock-warrant-offering-2-90/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Pyxis Oncology prices $109,998,133 stock", 2026-09-29, https://aibio.space/news/pyxis-oncology-prices-109-998-133-stock-warrant-offering-2-90/