Pyxis Oncology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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Pyxis Oncology (Nasdaq: PYXS), a clinical-stage company focused on developing next-generation antibody-drug conjugate therapeutics, has announced the granting of inducement stock options to four new employees. The company's Compensation Committee approved options to purchase 246,238 shares of common stock under the 2022 Inducement Plan.

The stock options are structured in two tranches: 181,238 options vest over four years with 25% vesting after one year and the remainder monthly over 36 months, while 65,000 options vest fully on December 31, 2025. All options have a ten-year term and an exercise price of $1.10 per share, matching Pyxis Oncology's closing stock price on June 30, 2025.

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BOSTON, June 30, 2025 (GLOBE NEWSWIRE) -- Pyxis Oncology, Inc. (Nasdaq: PYXS), a clinical-stage company developing next-generation antibody-drug conjugate (‘ADC’) therapeutics for difficult-to-treat cancers, reported today that Pyxis Oncology’s Compensation Committee of the Board of Directors granted stock options to purchase an aggregate of 246,238 shares of Pyxis Oncology’s common stock to four newly hired employees. The awards were granted under the Pyxis Oncology, Inc. 2022 Inducement Plan (the ‘Plan’) with a grant date of June 30, 2025, as an inducement material to the new employee entering employment with Pyxis Oncology, in accordance with Nasdaq Listing Rule 5635(c)(4).

An aggregate of 181,238 stock options vest over four years, with 25% vesting on the first anniversary of the vesting commencement date for each employee and the remaining shares vesting monthly over the 36-month period thereafter, subject to continuous service (as defined in the Plan) with the Company through the applicable vesting dates. An aggregate of 65,000 stock option vest in full on December 31, 2025, subject to the recipient’s continuous service (as defined in the Plan) through such date. The stock options have a ten-year term and an exercise price of $1.10, the closing price of Pyxis Oncology’s common stock as reported by Nasdaq on June 30, 2025.

Pyxis Oncology is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).

About Pyxis Oncology, Inc.
Pyxis Oncology, Inc. is a clinical stage company focused on defeating difficult-to-treat cancers. The Company is efficiently building next generation therapeutics that hold the potential for monotherapy and combination indications. Its lead candidate, micvotabart pelidotin (MICVO, formerly PYX-201), has been evaluated in ongoing Phase 1 clinical studies in multiple types of solid tumors with a go-forward development focus on treating patients with recurrent and metastatic head and neck squamous cell carcinoma (R/M HNSCC) based on the strength of the HNSCC signal that emerged. Additionally, the Company initiated a Phase 1/2 combination study of MICVO and Merck’s anti-PD-1 therapy, KEYTRUDA^® (pembrolizumab), in patients with R/M HNSCC and other advanced solid tumors.

To learn more, visit www.pyxisoncology.com or follow us on X (formerly known as Twitter) and LinkedIn.

Pyxis Oncology Contact
Pamela Connealy
CFO and COO
ir@pyxisoncology.com

FAQ

How many stock options did Pyxis Oncology (PYXS) grant to new employees in June 2025?

Pyxis Oncology granted stock options to purchase 246,238 shares of common stock to four newly hired employees.

What is the exercise price for PYXS stock options granted on June 30, 2025?

The stock options have an exercise price of $1.10, which was the closing price of Pyxis Oncology's common stock on June 30, 2025.

What is the vesting schedule for Pyxis Oncology's June 2025 stock option grants?

181,238 options vest over four years (25% after one year, remainder monthly over 36 months), while 65,000 options vest fully on December 31, 2025.

Under which plan were the PYXS stock options granted?

The stock options were granted under the Pyxis Oncology, Inc. 2022 Inducement Plan in accordance with Nasdaq Listing Rule 5635(c)(4).