Pyxis Oncology (PYXS) Q4 2025 earnings summary

Executive summary

• Completed target enrollment in Phase 1 monotherapy dose expansion study of MICVO in 2L+ recurrent/metastatic head and neck squamous cell carcinoma (R/M HNSCC) in Q1 2026.

• Updated data from MICVO Phase 1 monotherapy and Phase 1/2 combination studies expected mid-2026 and 2H26, respectively.

• Announced new leadership appointments, including Interim CEO Thomas Civik and other senior executives.

• Sale of royalty rights for Enzeshu® generated $11 million in non-dilutive funding to support MICVO development.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $68.3 million as of December 31, 2025.

• Revenues for 2025 were $13.9 million, down from $16.1 million in 2024, primarily from milestone and royalty sales.

• Research and development expenses rose to $73.7 million in 2025 from $58.7 million in 2024, mainly due to increased clinical and manufacturing costs.

• General and administrative expenses decreased to $22.2 million from $25.4 million year-over-year.

• Net loss for 2025 was $79.6 million ($1.28 per share), compared to $77.3 million ($1.32 per share) in 2024.

• Excluding non-cash items, adjusted net loss for 2025 was $67.8 million versus $43.4 million in 2024.

Outlook and guidance

• Cash runway expected to fund operations into Q4 2026.

• Updated MICVO monotherapy data anticipated mid-2026; combination data with KEYTRUDA® expected in 2H26.