Pyxis Oncology, Inc.

Pyxis Oncology, Inc. (PYXS) reported FY 2025 revenues of $13.9 million, down 14% YoY from $16.1 million in FY 2024, primarily due to $11.0 million from sale of royalty rights under Simcere Agreement and $2.8 million milestone, offset by no royalty revenues versus $8.1 million prior year. Total costs and operating expenses fell 7% to $98.3 million, driven by no $21.0 million IPR&D impairment (versus 2024) but higher R&D at $73.7 million (up 26% YoY from $58.7 million, led by $14.1 million MICVO increase). Loss from operations improved to -$84.4 million from -$89.5 million; net loss widened slightly to -$79.6 million from -$77.3 million due to $1.4 million tax expense. Balance sheet shows $91.5 million total assets, with $66.8 million in cash equivalents and marketable securities (down from prior implied higher). Operating cash use was $63.5 million, partially offset by $58.9 million investing inflows from securities redemptions. Management notes cash runway into Q4 2026 but substantial doubt on going concern, emphasizing need for funding amid MICVO trials. Forward-looking, focus on mid-2026 data readouts for MICVO monotherapy/combo in R/M HNSCC; partnerships eyed for pipeline.

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