Pyxis Oncology (PYXS) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Program overview and strategy

• Focused on antibody-drug conjugates (ADCs), with a lead program targeting the tumor stroma using a first-in-class approach; also developing a novel checkpoint inhibitor in immuno-oncology.

• Shifted primary focus to ADCs after acquiring Pfizer’s empirically optimized ADC technology, which offers improved stability, permeability, and site-specific conjugation.

• Pipeline supported by robust intellectual property and preclinical validation, enabling a broad ADC portfolio.

Clinical development and trial progress

• Phase I basket trial for the lead ADC launched in March 2023, now with about 80 patients dosed across 10 tumor types at 18 global sites.

• High investigator enthusiasm and patient demand, with waiting lists at multiple sites and continued strong interest as clinical experience grows.

• Dose escalation exceeded expectations, reaching higher tolerated doses than historical Pfizer HER2 ADCs, attributed to target specificity and unique stromal mechanism.

Safety, efficacy, and biomarker insights

• Safety profile shows minimal target-specific toxicity; main concerns are neutropenia, neuropathy, and ocular toxicity, consistent with ADC class effects.

• Evidence of biological activity includes unconfirmed and confirmed partial responses, clinical improvement, and tumor marker reduction.

• Biomarker strategy under development, leveraging EDB expression and mechanistic insights to inform future patient selection.