PYXS · Pyxis Oncology, Inc.

Pyxis Oncology's Q1 2026 results reflect ongoing investment in its lead ADC candidate MICVO, with R&D expenses rising 17% to $20.0 million driven by $5.5 million higher clinical trial costs for MICVO monotherapy and combination studies, partially offset by lower employee costs. G&A expenses declined 25% to $4.4 million due to reduced stock-based compensation and headcount. The resulting GAAP net loss widened to $23.3 million from $21.2 million year-over-year, with EPS at ($0.37). Cash position stood at $42.5 million, supporting operations into Q4 2026 without additional financing needs disclosed. Management emphasized clinical progress, including completion of target enrollment (n=~20 per arm) in the MICVO Phase 1 monotherapy dose expansion for 2L+ R/M HNSCC post-platinum/anti-PD(L)1 or post-EGFRi/anti-PD(L)1. A December 2025 dose cap for higher body weight patients aims to enhance safety/tolerability while preserving efficacy, backed by PK modeling; AIBW dosing is under evaluation as an alternative. Interim CEO Tom Civik highlighted upcoming mid-2026 monotherapy data (at/below 5.4 mg/kg Q3W dose cap) and 2H26 combination data with KEYTRUDA in 1L R/M HNSCC. Preclinical AACR data in April 2026 demonstrated maMICVO's immune modulation and synergy with anti-PD-1 in refractory HNSCC models. The appointment of Nelson Azoulay as CBO brings business development expertise from ImmunoGen's AbbVie acquisition.