{"success":true,"data":{"pressRelease":{"id":"155961","rtpr_id":"nGNXP6ymv-20260929","ticker":"PYXS","exchange":"NASDAQ","all_tickers":["PYXS"],"title":"Pyxis Oncology Announces Proposed Public Offering","author":"Globe Newswire","published_at":"2026-09-29T20:24:44.104Z","article_body":"BOSTON, Sept. 29, 2026 (GLOBE NEWSWIRE) -- Pyxis Oncology, Inc. (Nasdaq:\nPYXS), a clinical-stage company developing next-generation therapeutics for\ndifficult-to-treat cancers, today announced that it has commenced a registered\npublic offering (the \"Offering\") of (i) shares of its common stock, or in lieu\nof common stock to certain investors, pre-funded warrants to purchase shares\nof common stock, and (ii) accompanying common warrants to purchase shares of\ncommon stock. Each share of common stock and each pre-funded warrant will be\nsold together with a common warrant to purchase one share of common stock.\n\nThe common warrants will become exercisable only upon approval by the\nCompany's stockholders of an amendment to the Company's certificate of\nincorporation to increase the number of authorized shares of common stock and\nthe effectiveness of that amendment (the date of such effectiveness, the\n\"Charter Amendment Effective Date\"), and will expire upon the earlier of (i)\nthe fifth anniversary of the Charter Amendment Effective Date and (ii) the\n30th calendar day following the later (x) of the Charter Amendment Effective\nDate and (y) the Company's public disclosure of overall survival data (the \"OS\nData Release Date\") from its ongoing Phase 1 monotherapy study of micvotabart\npelidotin (MICVO) in second-line and beyond (2L+) recurrent/metastatic head\nand neck squamous cell carcinoma (R/M HNSCC), expected in the first half of\n2027. All of the securities in the Offering are to be sold by Pyxis Oncology.\n\nLeerink Partners, Guggenheim Securities and Wells Fargo Securities are acting\nas joint bookrunning managers for the proposed Offering. The proposed Offering\nis subject to market and other conditions, and there can be no assurance as to\nwhether or when the Offering may be completed or as to the actual size or\nterms of the Offering.\n\nPyxis Oncology intends to use the net proceeds from the Offering to advance\nits lead clinical program, MICVO, through key clinical milestones, including\nHeadliner™, its planned Phase 3 trial in 2L+ R/M HNSCC, and for working\ncapital and general corporate purposes.\n\nThe common stock, common warrants and pre-funded warrants are being offered\npursuant to a registration statement on Form S-3 (File No. 333-291801), which\nwas previously filed with and subsequently declared effective by the\nSecurities and Exchange Commission (the \"SEC\"). The Offering will be made only\nby means of a prospectus supplement and accompanying prospectus that form a\npart of the registration statement. A copy of the preliminary prospectus\nsupplement relating to and describing the terms of the Offering will be filed\nwith the SEC and will be available for free on the SEC's website at\nwww.sec.gov. Copies of the preliminary prospectus supplement and the\naccompanying prospectus may also be obtained, when available, from Leerink\nPartners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor,\nBoston, MA 02109, by telephone at 1-800-808-7525 ext. 6105, or by email at\nsyndicate@leerink.com; Guggenheim Securities, LLC, Attention: Equity Syndicate\nDepartment, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at\n(212) 518-9544, or by email at\nGSEquityProspectusDelivery@guggenheimpartners.com; or from Wells Fargo\nSecurities, LLC, Attention: Equity Syndicate Department, 90 South 7th Street,\n5th Floor, Minneapolis, Minnesota 55402, at (800) 645-3751 (option #5) or\nemail a request to WFScustomerservice@wellsfargo.com.\n\nThis press release does not constitute an offer to sell or a solicitation of\nan offer to buy the securities in the Offering, nor shall there be any sale of\nthese securities in any state or other jurisdiction in which such offer,\nsolicitation or sale would be unlawful prior to the registration or\nqualification under the securities laws of any such state or other\njurisdiction.\n\nAbout Pyxis Oncology\n\nPyxis Oncology, Inc. is a clinical-stage biopharmaceutical company developing\ntherapeutics for difficult-to-treat cancers. The Company’s lead candidate,\nmicvotabart pelidotin (MICVO), is a first-in-concept antibody-drug conjugate\n(ADC) that targets extradomain-B of fibronectin (EDB+FN), a non-cellular\nstructural component of the tumor extracellular matrix (ECM). EDB+FN is\nselectively overexpressed in the tumor microenvironment of a wide range of\nsolid tumors and largely absent from normal adult tissues. MICVO is designed\nto treat solid tumors through a three-pronged mechanism of action: direct\ncancer cell killing, bystander effect and immunogenic cell death. MICVO is\ncurrently being evaluated as monotherapy in a Phase 1 clinical study in\npatients with recurrent and metastatic head and neck squamous cell carcinoma\n(R/M HNSCC) and in combination with Merck’s anti-PD-1 therapy, KEYTRUDA®\n(pembrolizumab) in a Phase 1/2 clinical study in patients with R/M HNSCC and\nother solid tumors. Pyxis Oncology is focused on advancing MICVO, with the\ngoal of improving outcomes for patients living with R/M HNSCC and contributing\nto meaningful progress in cancer treatment.\n\nKEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary\nof Merck & Co., Inc., Rahway, NJ, USA.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements for the purposes of the\nsafe harbor provisions under the Private Securities Litigation Reform Act of\n1995 and other federal securities laws. All statements other than statements\nof historical facts contained in this press release, including without\nlimitation statements regarding the anticipated Offering, including its\ntiming, size, terms and completion and the anticipated gross proceeds\ntherefrom (including from any exercise of the common warrants); the Company's\nability to obtain stockholder approval of, and to effect, the amendment to its\ncertificate of incorporation required for the common warrants to become\nexercisable, and the timing thereof; the timing of the OS Data Release Date,\nwhich will affect the period during which the common warrants may be\nexercised; the Company's intended use of the net proceeds from the Offering;\nthe Company's plans to develop, manufacture and commercialize MICVO; the\ntiming and progress of the Company's ongoing clinical trials and the expected\nresults thereof; the plans and objectives of management; and the future\nresults of operations and financial position of the Company, are\nforward-looking statements. These statements are neither promises nor\nguarantees, but are statements that involve known and unknown risks,\nuncertainties and other important factors that are in some cases beyond the\nCompany's control that may cause actual results, performance or achievements\nto be materially different from any future results, performance or\nachievements expressed or implied by the forward-looking statements,\nincluding, but not limited to, the following: market and other conditions and\nthe Company's ability to complete the Offering on the anticipated terms, or at\nall; the Company's ability to obtain the stockholder approval required for the\ncommon warrants to become exercisable; the timing and results of the overall\nsurvival analysis from the Company's Phase 1 monotherapy study of MICVO; the\nrisks inherent in drug research and development; the Company's projected cash\nrunway and potential needs for additional funding; the lengthy, expensive and\nuncertain process of clinical drug development, including potential delays in\nor failure to obtain regulatory approvals; the Company's reliance on third\nparties and collaborators to conduct clinical trials, manufacture its product\ncandidate, and develop and commercialize its product candidate; the Company's\nability to compete successfully against other drug candidates; and volatility\nin the price of the Company's common stock. Accordingly, investors should not\nrely upon forward-looking statements as predictions of future events. Except\nas required by applicable law, the Company undertakes no obligation to update\npublicly or revise any forward-looking statements contained herein, whether as\na result of any new information, future events, changed circumstances or\notherwise. Additionally, investors should read the risk factors in the section\ntitled \"Risk Factors\" set forth in Part II, Item 1A of the Company's Quarterly\nReport on Form 10-Q filed on August 13, 2026, in the preliminary prospectus\nsupplement relating to the Offering, and in the Company's other filings, each\nof which is on file with the Securities and Exchange Commission.\n\nPyxis Oncology Contact:\nIR@pyxisoncology.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/d3b77f06-3f52-42af-8f38-e3fda9c8025b)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNXP6ymv-20260929","title":"Pyxis Oncology Announces Proposed Public Offering","author":"Globe Newswire","ticker":"PYXS","created":"2026-09-29T20:24:44.104Z","tickers":["PYXS"],"exchange":"NASDAQ","article_body":"BOSTON, Sept. 29, 2026 (GLOBE NEWSWIRE) -- Pyxis Oncology, Inc. (Nasdaq:\nPYXS), a clinical-stage company developing next-generation therapeutics for\ndifficult-to-treat cancers, today announced that it has commenced a registered\npublic offering (the \"Offering\") of (i) shares of its common stock, or in lieu\nof common stock to certain investors, pre-funded warrants to purchase shares\nof common stock, and (ii) accompanying common warrants to purchase shares of\ncommon stock. Each share of common stock and each pre-funded warrant will be\nsold together with a common warrant to purchase one share of common stock.\n\nThe common warrants will become exercisable only upon approval by the\nCompany's stockholders of an amendment to the Company's certificate of\nincorporation to increase the number of authorized shares of common stock and\nthe effectiveness of that amendment (the date of such effectiveness, the\n\"Charter Amendment Effective Date\"), and will expire upon the earlier of (i)\nthe fifth anniversary of the Charter Amendment Effective Date and (ii) the\n30th calendar day following the later (x) of the Charter Amendment Effective\nDate and (y) the Company's public disclosure of overall survival data (the \"OS\nData Release Date\") from its ongoing Phase 1 monotherapy study of micvotabart\npelidotin (MICVO) in second-line and beyond (2L+) recurrent/metastatic head\nand neck squamous cell carcinoma (R/M HNSCC), expected in the first half of\n2027. All of the securities in the Offering are to be sold by Pyxis Oncology.\n\nLeerink Partners, Guggenheim Securities and Wells Fargo Securities are acting\nas joint bookrunning managers for the proposed Offering. The proposed Offering\nis subject to market and other conditions, and there can be no assurance as to\nwhether or when the Offering may be completed or as to the actual size or\nterms of the Offering.\n\nPyxis Oncology intends to use the net proceeds from the Offering to advance\nits lead clinical program, MICVO, through key clinical milestones, including\nHeadliner™, its planned Phase 3 trial in 2L+ R/M HNSCC, and for working\ncapital and general corporate purposes.\n\nThe common stock, common warrants and pre-funded warrants are being offered\npursuant to a registration statement on Form S-3 (File No. 333-291801), which\nwas previously filed with and subsequently declared effective by the\nSecurities and Exchange Commission (the \"SEC\"). The Offering will be made only\nby means of a prospectus supplement and accompanying prospectus that form a\npart of the registration statement. A copy of the preliminary prospectus\nsupplement relating to and describing the terms of the Offering will be filed\nwith the SEC and will be available for free on the SEC's website at\nwww.sec.gov. Copies of the preliminary prospectus supplement and the\naccompanying prospectus may also be obtained, when available, from Leerink\nPartners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor,\nBoston, MA 02109, by telephone at 1-800-808-7525 ext. 6105, or by email at\nsyndicate@leerink.com; Guggenheim Securities, LLC, Attention: Equity Syndicate\nDepartment, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at\n(212) 518-9544, or by email at\nGSEquityProspectusDelivery@guggenheimpartners.com; or from Wells Fargo\nSecurities, LLC, Attention: Equity Syndicate Department, 90 South 7th Street,\n5th Floor, Minneapolis, Minnesota 55402, at (800) 645-3751 (option #5) or\nemail a request to WFScustomerservice@wellsfargo.com.\n\nThis press release does not constitute an offer to sell or a solicitation of\nan offer to buy the securities in the Offering, nor shall there be any sale of\nthese securities in any state or other jurisdiction in which such offer,\nsolicitation or sale would be unlawful prior to the registration or\nqualification under the securities laws of any such state or other\njurisdiction.\n\nAbout Pyxis Oncology\n\nPyxis Oncology, Inc. is a clinical-stage biopharmaceutical company developing\ntherapeutics for difficult-to-treat cancers. The Company’s lead candidate,\nmicvotabart pelidotin (MICVO), is a first-in-concept antibody-drug conjugate\n(ADC) that targets extradomain-B of fibronectin (EDB+FN), a non-cellular\nstructural component of the tumor extracellular matrix (ECM). EDB+FN is\nselectively overexpressed in the tumor microenvironment of a wide range of\nsolid tumors and largely absent from normal adult tissues. MICVO is designed\nto treat solid tumors through a three-pronged mechanism of action: direct\ncancer cell killing, bystander effect and immunogenic cell death. MICVO is\ncurrently being evaluated as monotherapy in a Phase 1 clinical study in\npatients with recurrent and metastatic head and neck squamous cell carcinoma\n(R/M HNSCC) and in combination with Merck’s anti-PD-1 therapy, KEYTRUDA®\n(pembrolizumab) in a Phase 1/2 clinical study in patients with R/M HNSCC and\nother solid tumors. Pyxis Oncology is focused on advancing MICVO, with the\ngoal of improving outcomes for patients living with R/M HNSCC and contributing\nto meaningful progress in cancer treatment.\n\nKEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary\nof Merck & Co., Inc., Rahway, NJ, USA.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements for the purposes of the\nsafe harbor provisions under the Private Securities Litigation Reform Act of\n1995 and other federal securities laws. All statements other than statements\nof historical facts contained in this press release, including without\nlimitation statements regarding the anticipated Offering, including its\ntiming, size, terms and completion and the anticipated gross proceeds\ntherefrom (including from any exercise of the common warrants); the Company's\nability to obtain stockholder approval of, and to effect, the amendment to its\ncertificate of incorporation required for the common warrants to become\nexercisable, and the timing thereof; the timing of the OS Data Release Date,\nwhich will affect the period during which the common warrants may be\nexercised; the Company's intended use of the net proceeds from the Offering;\nthe Company's plans to develop, manufacture and commercialize MICVO; the\ntiming and progress of the Company's ongoing clinical trials and the expected\nresults thereof; the plans and objectives of management; and the future\nresults of operations and financial position of the Company, are\nforward-looking statements. These statements are neither promises nor\nguarantees, but are statements that involve known and unknown risks,\nuncertainties and other important factors that are in some cases beyond the\nCompany's control that may cause actual results, performance or achievements\nto be materially different from any future results, performance or\nachievements expressed or implied by the forward-looking statements,\nincluding, but not limited to, the following: market and other conditions and\nthe Company's ability to complete the Offering on the anticipated terms, or at\nall; the Company's ability to obtain the stockholder approval required for the\ncommon warrants to become exercisable; the timing and results of the overall\nsurvival analysis from the Company's Phase 1 monotherapy study of MICVO; the\nrisks inherent in drug research and development; the Company's projected cash\nrunway and potential needs for additional funding; the lengthy, expensive and\nuncertain process of clinical drug development, including potential delays in\nor failure to obtain regulatory approvals; the Company's reliance on third\nparties and collaborators to conduct clinical trials, manufacture its product\ncandidate, and develop and commercialize its product candidate; the Company's\nability to compete successfully against other drug candidates; and volatility\nin the price of the Company's common stock. Accordingly, investors should not\nrely upon forward-looking statements as predictions of future events. Except\nas required by applicable law, the Company undertakes no obligation to update\npublicly or revise any forward-looking statements contained herein, whether as\na result of any new information, future events, changed circumstances or\notherwise. Additionally, investors should read the risk factors in the section\ntitled \"Risk Factors\" set forth in Part II, Item 1A of the Company's Quarterly\nReport on Form 10-Q filed on August 13, 2026, in the preliminary prospectus\nsupplement relating to the Offering, and in the Company's other filings, each\nof which is on file with the Securities and Exchange Commission.\n\nPyxis Oncology Contact:\nIR@pyxisoncology.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/d3b77f06-3f52-42af-8f38-e3fda9c8025b)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-09-29T20:24:44.150617783Z","server_sent_at_ms":1790713484150},"received_at":"2026-09-29T20:24:44.202Z","source_url":null},"analysis":{"id":"144675","press_release_id":"155961","analysis_json":{"industry":{"label":"Biotechnology","sector":"Health Care"},"redFlags":["dilutive offering with attached warrants; size and pricing not yet announced","common warrants conditional on stockholder approval to increase authorized shares — potential overhang","offering launched ahead of MICVO overall survival data (1H 2027); warrants tie value to binary data event","use of proceeds includes general corporate purposes; clinical-stage company with recurring capital needs"],"eventType":"offering","narrative":"Pyxis Oncology has commenced a registered public offering of common stock or pre-funded warrants, each sold with an accompanying common warrant, with all securities sold by the company itself.\n\nThe offering size, price, and terms are not yet disclosed; Leerink Partners, Guggenheim Securities, and Wells Fargo Securities are acting as joint bookrunning managers.\n\nCommon warrants become exercisable only after stockholders approve a charter amendment increasing authorized shares, and their term is tied to the disclosure of overall survival data from the Phase 1 MICVO study in 2L+ R/M HNSCC expected in the first half of 2027.\n\nProceeds are earmarked to advance MICVO through key milestones including the planned Phase 3 Headliner trial in 2L+ R/M HNSCC, plus working capital and general corporate purposes.","sentiment":"bearish","agentHooks":{"shouldPost":true,"suggestedAngle":"Clinical-stage biotech Pyxis dilutes via stock-plus-warrant offering ahead of make-or-break MICVO OS data expected 1H 2027."},"keyFigures":{"customDimensions":{"os_data_timing":"first half of 2027","offering_structure":"common stock or pre-funded warrants plus common warrants to purchase one share per share/warrant sold","warrant_expiration":"earlier of 5th anniversary of charter amendment effective date or 30 days after later of that date and OS data release"}},"namedEntities":{"people":[],"products":["micvotabart pelidotin (MICVO)","KEYTRUDA (pembrolizumab)"],"companies":[{"name":"Pyxis Oncology, Inc.","ticker":"PYXS","relationship":"issuer/filer"},{"name":"Leerink Partners","relationship":"bookrunning manager"},{"name":"Guggenheim Securities","relationship":"bookrunning manager"},{"name":"Wells Fargo Securities","relationship":"bookrunning manager"},{"name":"Merck & Co., Inc.","relationship":"partner (KEYTRUDA combination study)"}],"dollarAmounts":[]},"materialImpact":{"score":3,"reasoning":"Clinical-stage biotech launching a registered public offering of common stock and pre-funded warrants with attached warrants — clear dilution event, though size, price, and terms are not yet disclosed, limiting the score."},"tickerRelevance":{"others":[],"primary":"PYXS"},"globalImportance":30,"audienceRelevance":25,"eventTypeSecondary":["dilution"],"importanceComponents":{"tickerTier":"small-cap clinical-stage biotech","eventGravity":"dilutive public offering with warrants, terms TBD","dataEventOverhang":"MICVO OS data 1H 2027"}},"event_type":"offering","event_type_secondary":["dilution"],"sentiment":"bearish","material_impact_score":3,"narrative":"Pyxis Oncology has commenced a registered public offering of common stock or pre-funded warrants, each sold with an accompanying common warrant, with all securities sold by the company itself.\n\nThe offering size, price, and terms are not yet disclosed; Leerink Partners, Guggenheim Securities, and Wells Fargo Securities are acting as joint bookrunning managers.\n\nCommon warrants become exercisable only after stockholders approve a charter amendment increasing authorized shares, and their term is tied to the disclosure of overall survival data from the Phase 1 MICVO study in 2L+ R/M HNSCC expected in the first half of 2027.\n\nProceeds are earmarked to advance MICVO through key milestones including the planned Phase 3 Headliner trial in 2L+ R/M HNSCC, plus working capital and general corporate purposes.","key_figures":{"customDimensions":{"os_data_timing":"first half of 2027","offering_structure":"common stock or pre-funded warrants plus common warrants to purchase one share per share/warrant sold","warrant_expiration":"earlier of 5th anniversary of charter amendment effective date or 30 days after later of that date and OS data release"}},"named_entities":{"people":[],"products":["micvotabart pelidotin (MICVO)","KEYTRUDA (pembrolizumab)"],"companies":[{"name":"Pyxis Oncology, Inc.","ticker":"PYXS","relationship":"issuer/filer"},{"name":"Leerink Partners","relationship":"bookrunning manager"},{"name":"Guggenheim Securities","relationship":"bookrunning manager"},{"name":"Wells Fargo Securities","relationship":"bookrunning manager"},{"name":"Merck & Co., Inc.","relationship":"partner (KEYTRUDA combination study)"}],"dollarAmounts":[]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-29T20:24:50.002Z","global_importance":30,"audience_relevance":25,"importance_components":{"tickerTier":"small-cap clinical-stage biotech","eventGravity":"dilutive public offering with warrants, terms TBD","dataEventOverhang":"MICVO OS data 1H 2027"}},"durationMs":5786,"modelName":"glm-5.3-flashx"}}