Pyxis Oncology, Inc.

Listed Company

PYXSCIK 0001782223NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$13.86M

Net Income

$-79.60M

Total Assets

$91.52M

Equity

$53.41M

Shares Out

62.83M

Op. Cash Flow

$-63.50M

Business

Pyxis Oncology is a clinical-stage oncology company developing antibody-drug conjugates that target tumor extracellular matrix components to treat solid tumors, with an immediate focus on relapsed or metastatic head and neck squamous cell carcinoma (R/M HNSCC). Its lead product candidate, micvotabart pelidotin, is an Extradomain‑B fibronectin (EDB+FN)-targeting ADC designed to release an auristatin payload in the tumor microenvironment; the company also maintains other preclinical and paused programs. Key business capabilities include ADC discovery and development using the FACT and APXiMAB platforms, clinical development and strategic collaborations. Clinical programs and trials are conducted globally across the United States, the European Union and additional countries, and the company relies on third‑party CDMOs and partner arrangements for manufacturing and commercialization support.

Summary from filing dated 2025-03-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	14	16	—	—	—
Cost of revenues	2	475,000	—	—	—
Research and development	74	59	50	86	51
General and administrative	22	25	33	37	19
Impairment of in-process research and development intangible asset	0	21	0	—	—
Total costs and operating expenses	98	106	82	—	—
Loss from operations	−84	−89	−82	−123	−70
Interest and investment income, net	4	7	7	3	—
Sublease income	3	3	2	—	—
Total other income, net	6	10	8	3	−6
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	−78	−79	−74	—	—
Income tax expense (benefit)	1	−2	—	—	—
Net loss	−80	−77	−74	−121	−76
Net loss per common share - basic	−1.28	−1.32	−1.85	−3.65	−8.95
Net loss per common share - diluted	−1.28	−1.32	−1.85	−3.65	−8.95
Weighted average shares of common stock outstanding - basic	62	58	40	33	8
Weighted average shares of common stock outstanding - diluted	62	58	40	33	8
Net unrealized (loss) gain on marketable debt securities	−117,000	107,000	63,000	—	—
Other comprehensive (loss) income	−117,000	107,000	63,000	—	—
Comprehensive loss	−80	−77	−74	−121	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-03-31
Cash and cash equivalents	15	19	10	179	—
Marketable debt securities	51	107	110	—	—
Restricted cash	1	1	1	1	—
Prepaid expenses and other current assets	4	4	4	6	—
Total current assets	72	132	125	187	—
Property and equipment, net	8	10	12	11	—
Intangible assets, net	0	3	24	—	—
Operating lease right-of-use asset	11	12	13	14	15
Total assets	92	157	174	211	—
Accounts payable	11	5	4	7	—
Accrued expenses and other current liabilities	9	11	13	25	—
Operating lease liabilities, current portion	2	1	1	—	—
Total current liabilities	21	18	26	32	—
Operating lease liabilities, net of current portion	17	19	20	19	15
Financing lease liabilities, net of current portion	23,000	100,000	—	—	—
Total liabilities	38	36	48	51	—
Commitments and contingencies (Note 19)	—	—	—	—	—
Preferred stock, par value $0.001 per share, 10,000,000 shares authorized; zero shares issued and outstanding	—	—	—	—	—
Common stock, par value $0.001 per share; 190,000,000 shares authorized; 62,690,229 and 59,967,814 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	63,000	60,000	45,000	34,000	—
Additional paid-in capital	496	484	412	373	—
Accumulated other comprehensive income	53,000	170,000	63,000	—	—
Accumulated deficit	−443	−364	−286	−212	—
Total stockholders' equity	53	121	126	161	—
Total liabilities and stockholders' equity	92	157	174	211	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−80	−77	−74	−121	−76
Depreciation and amortization	5	3	2	709,000	600,000
Stock-based compensation	12	13	17	16	6
Non-cash operating lease expense	824,000	700,000	660,000	1	604,000
Accretion of discount on marketable debt securities	−3	−6	−5	—	—
Prepaid expenses and other current assets	261,000	−203,000	3	−3	−2
Accounts payable	6	1	−4	−8	5
Accrued expenses and other current liabilities	−3	−2	−14	12	5
Operating lease liabilities	−1	−1	2	4	−615,000
Deferred revenues	—	−8	998,000	—	—
Deferred tax liabilities	—	−2	—	—	—
Other	−71,000	−95,000	—	—	—
Net cash used in operating activities	−64	−58	−71	−89	−35
Redemption of marketable debt securities	166	169	92	—	—
Purchase of marketable debt securities	−107	−160	−197	—	—
Purchase of property and equipment	−9,000	−237,000	−7	−6	−540,000
Net cash provided by (used in) investing activities	59	8	−105	−6	−590,000
Proceeds from issuance of common stock and pre-funded warrants in private placement, net of offering costs	2,000	47	—	—	—
Proceeds from issuance of common stock pursuant to ATM program, net of offering costs	0	12	6	—	—
Tax withholding payments related to net settlement of restricted common stock	−148,000	−240,000	−445,000	—	—
Proceeds from the exercise of stock options	632,000	296,000	120,000	183,000	167,000
Proceeds from issuance of common stock under ESPP	108,000	224,000	132,000	—	—
Net cash provided by financing activities	594,000	59	6	183,000	304
Net increase (decrease) in cash, cash equivalents and restricted cash	−4	10	−170	−96	268
Cash paid for interest	91,000	10,000	1,000	—	—
Cash paid for income taxes	1	164,000	48,000	—	—
ROU asset in exchange for financing lease liability	—	265,000	—	—	—

Filings

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