0001193125-26-118532
SEC filingPyxis 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.
Pyxis Oncology reported FY 2025 revenues of $13.9M, a 14% YoY decline from $16.1M, driven by $11.0M sale of royalty rights and $2.8M milestone from Simcere, but no royalties versus $8.1M prior. Total operating expenses dropped 7% to $98.3M, absent $21.0M IPR&D impairment; R&D rose 26% to $73.7M (MICVO up $14.1M), G&A fell 13% to $22.2M. Operating loss improved 6% to -$84.4M; net loss edged up 3% to -$79.6M after $1.4M tax expense (vs. $2.2M benefit). Cash burn from ops was $63.5M; total cash/marketables $66.8M supports ops to Q4 2026, but going concern doubt noted.
Revenues solely non-product: FY2025 $13.9M from Simcere ($11.0M royalty sale + $2.8M milestone); FY2024 $16.1M from Novartis settlement ($8.0M royalty sale) + royalties. No product sales; future tied to milestones/royalties from out-licenses (e.g., Simcere Enzeshu approved June 2025). No geographic/segment breakdown disclosed.
Gross margin 82.7% ($11.5M profit on $13.9M rev) vs. 97.1% prior (minimal $0.5M COGS); COGS $2.4M from royalty intangible write-off. No operating margin positive; driven by high R&D (75% of opex). Stock comp $11.8M (15% opex). Strategic reprioritization cut non-MICVO spend.
Ops cash -$63.5M (net loss -$79.6M + $14.2M non-cash); investing +$58.9M (net securities +$58.9M); financing +$0.6M (options/ESPP). Ending cash/equiv $15.4M, marketables $51.4M (total $66.8M); total assets $91.5M (down), liabilities $38.1M, equity $53.4M. No debt; leases $18.7M. Runway to Q4 2026.
Cash funds to Q4 2026; need funding for MICVO pivotal (FDA-aligned 2L+ R/M HNSCC). Mid-2026 monotherapy data (40 pts), H2 combo w/Keytruda. Paused PYX-106/107; partnerships eyed. Risks: trial delays, dilution from $150M ATM.