Pyxis Oncology Says Cash Will Fund Operations Into First Half of 2028
The company closed a $110.0 million October offering and said combined cash will fund operations into the first half of 2028.
Pyxis Oncology, Inc. (PYXS), a clinical-stage company developing next-generation therapeutics for difficult-to-treat cancers, closed a registered public offering on October 1, 2026 that generated approximately $110.0 million in upfront gross proceeds, before deducting underwriting discounts and commissions and other offering expenses. The offering also included milestone-linked warrants that, if exercised in full for cash, would provide approximately $172.6 million in additional gross proceeds, for a total of up to approximately $282.6 million.
The company said cash, cash equivalents, restricted cash and short-term investments of $57.0 million as of September 30, 2026, together with the net upfront proceeds from the offering, will be sufficient to fund operations into the first half of 2028. That extends the runway from the second quarter of 2027 that the company had cited after a private placement in the second quarter.
Net loss was $20.0 million, or ($0.24) a share, for the quarter ended September 30, 2026, compared with $22.0 million, or ($0.35) a share, a year earlier. The company said the $2.0 million year-over-year decrease primarily reflected a $1.7 million reduction in non-cash stock-based compensation expense. Milestone revenue was zero in both periods.
Research and development expenses were $16.6 million, down from $17.8 million a year earlier. The company attributed the decrease primarily to a $3.6 million reduction in manufacturing costs, partially offset by a $3.0 million increase in clinical trial expenses related to monotherapy and combination therapy of micvotabart pelidotin (MICVO). General and administrative expenses were $4.0 million, compared with $5.7 million a year earlier, a decrease the company attributed primarily to a $1.4 million decline in stock-based compensation.
On September 9, 2026, Pyxis Oncology announced updated Phase 1 monotherapy data in second-line and beyond recurrent/metastatic head and neck squamous cell carcinoma (2L+ R/M HNSCC), as of a data cutoff of August 18, 2026. In the efficacy-evaluable population receiving MICVO at 5.4 mg/kg intravenously once every three weeks at or below a dose cap (N=33), confirmed objective response rate was 36% (12/33) and disease control rate was 94% (31/33). Responses were rapid and deep, with 75% of responders responding by the first scan at six weeks and 83% of responders achieving greater than 50% tumor reduction. Median progression-free survival was 6.2 months (95% CI: 4.8–8.8), and the 12-month overall survival probability was 79% (95% CI: 58.1, 90.3). Median overall survival had not yet been reached. Clinical activity was observed across HPV status and prior-treatment subgroups. In the safety-evaluable population (N=35), no new safety signals were observed; dose capping reduced the frequency and severity of adverse events in high body weight patients.
Chief Executive Officer and Chairman Tom Civik said the September monotherapy data reinforce confidence in MICVO’s potential to serve a significant population of patients with previously treated recurrent/metastatic head and neck cancer. The company said it has aligned with feedback from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) on the design of the global Phase 3 HeadlinerSM trial and plans to initiate it in mid-2027, with FDA feedback on dose selection expected in the first quarter of 2027. The randomized, open-label, two-arm trial will evaluate MICVO monotherapy in 2L+ R/M HNSCC patients who have progressed following platinum-based chemotherapy and an anti-PD-1 therapy. Approximately 500 patients are expected to be randomized 1:1 to receive MICVO or investigator’s choice of cetuximab, docetaxel or methotrexate. Co-primary endpoints are overall response rate and overall survival.
Updated overall survival data from the ongoing MICVO monotherapy study are expected in the first half of 2027. Additional data from the Phase 1/2 combination study of MICVO and Merck’s KEYTRUDA (pembrolizumab) in first-line R/M HNSCC, including initial durability data to inform selection of the recommended Phase 3 dose, are expected in the second half of 2027.
In September 2026, the company appointed Civik Chief Executive Officer and Chairman of the Board; he had served as Interim Chief Executive Officer since February 2026. John Flavin, co-founder and founding Chairman, transitioned to Lead Independent Director. Phase 1 clinical data for MICVO monotherapy in previously treated R/M HNSCC will be presented in a late-breaking oral presentation at the 38th EORTC-NCI-AACR Symposium on November 19, 2026, with two preclinical posters on November 18. A December 2026 corporate update is planned to outline MICVO’s development strategy in R/M HNSCC, including updated data from the first-line pembrolizumab combination study. As of November 4, 2026, outstanding common stock was 119,607,855 shares.
Stronger demand supports expansion as pricing diverges
Protagonist Turns to Profit After MIMRYLO Approval
PTC Suspends Guidance After Schneider Electric Deal