PYXS · Pyxis Oncology, Inc.

Dr. Sullivan’s resignation from the Board of Directors and separation from Pyxis Oncology represents a notable leadership transition, though the filing explicitly states it was not driven by any dispute or disagreement concerning the Company’s operations, policies, or practices. As a board member, her departure may affect governance continuity and oversight capacity, particularly if she held committee roles or domain-specific expertise relevant to the Company’s oncology-focused pipeline. The separation terms are materially favorable: 18 months of salary continuation and 12 months of health coverage reflect a significant cost to the Company, while the full acceleration of unvested equity and extension of option exercise rights through December 31, 2030 substantially enhance her economic stake post-departure. These terms suggest an amicable and negotiated exit, consistent with industry practice for senior directors in biotech firms undergoing strategic evolution. Investors should monitor whether the Board appoints a replacement and whether this change signals broader shifts in corporate strategy or clinical development priorities.