Pyxis Oncology Announces Up to $114 Million Private Placement Financing to Advance MICVO Through Key Clinical Milestones

About this update from Pyxis Oncology, Inc.

Expected to extend cash runway into the second quarter of 2027, supporting additional follow-up for 2L+ R/M HNSCC patients treated with MICVO at or below a dose cap Company now expects updated Phase 1 monotherapy data in Fall 2026 and updated Phase 1/2 combination data in the fourth quarter of 2026 Financing led by BVF Partners L.P. with participation from GordonMD Global Investments, RTW Investments, and Coastlands Capital BOSTON, June 30, 2026 (GLOBE NEWSWIRE) -- Pyxis Oncology, Inc. (Nasdaq: PYXS), a clinical-stage company developing next-generation therapeutics for difficult-to-treat cancers, today announced that it has entered into definitive securities purchase agreements for a private placement expected to result in gross proceeds of approximately $50 million, before deducting placement agent fees and offering expenses, and an additional approximately $64 million of gross proceeds if the accompanying warrants are exercised in full for cash. The financing was led by BVF Partners L.P. with participation from GordonMD Global Investments, RTW Investments, and Coastlands Capital. The upfront proceeds are expected to extend the Company's cash runway into the second quarter of 2027 and support the continued advancement of its lead clinical program, MICVO (micvotabart pelidotin), through key clinical milestones. "We are pleased to have the support of a high-quality group of new and existing healthcare investors, whose participation reflects confidence in MICVO and our strategy to advance the program," said Tom Civik, Interim Chief Executive Officer and Director of Pyxis Oncology. "This financing strengthens our balance sheet, provides the flexibility to extend patient follow-up in our expansion trial following completion of enrollment in the first quarter, and enables us to generate additional clinical evidence for MICVO. We look forward to an exciting second half of 2026 as we continue advancing MICVO for patients with head and neck cancer." The Company has elected to incorporate additional patient follow-up and planned analyses into its next clinical update and 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. The update is expected to include patients treated at 5.4 mg/kg IV Q3W with a dose equivalent to or ...

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