Pyxis Oncology shares slide after pricing $110M registered public offering

Pyxis Oncology, Inc. priced a $110 million public offering of 36 million shares of common stock and accompanying warrants, according to its press release. The offering price is $2.90 per share of common stock and $2.899 per pre-funded warrant. If exercised, the company could receive an additional $172.6 million from the warrants.

The warrants won't become exercisable until stockholders approve an amendment to the company's charter to increase authorized shares. The offering is expected to close soon, subject to customary conditions, and the proceeds will be used to advance Pyxis's lead clinical program and for working capital. Leerink Partners, Guggenheim Securities, and Wells Fargo Securities are managing the offering.