Pyxis Oncology, Inc. (PYXS), a clinical-stage company, reported financial results for the full year 2025, reflecting an expanded net loss and provided near-term milestones for its lead investigational candidate, MICVO, for the treatment of solid tumours.
Following the news, PYXS is trading at $1.43, down 4.08%.
Company Profile
Pyxis develops therapeutics for the treatment of solid tumours.
The company's lead candidate, Micvotabart pelidotin (MICVO), is an investigational antibody drug conjugate designed to treat solid tumours.
MICVO is currently being evaluated in Phase 1 clinical studies in patients with recurrent and metastatic head and neck squamous cell carcinoma (R/M HNSCC) and other solid tumours, both as monotherapy and in combination with Merck's anti-PD-1 therapy, KEYTRUDA (pembrolizumab).
FY2025 Results
For the full year 2025, net loss widened to $79.6 million, or $1.28 per common share, from $77.3 million, or $1.32 per common share.
Pyxis' revenue declined to $13.9 million from $16.1 million in the prior year.
As of December 31, 2025, Pyxis had cash and cash equivalents of $68.3 million and expects it to fund its operations into the fourth quarter of 2026.
Pipeline Update
Pyxis announced positive preliminary data for MICVO in recurrent/metastatic head and neck squamous cell carcinoma (R/M HNSCC) in December 2025. In the second half of 2026, the firm expects to share updated combination data as they continue to evaluate the potential of MICVO.
The firm also expects to report updated data from the ongoing MICVO Phase 1 monotherapy study as second-line or later treatment in R/M HNSCC mid-year 2026, including patients treated with modified weight-based dosing and those treated with total body weight dosing.
Updated data from the MICVO Phase 1/2 dose-escalation study in combination with KEYTRUDA as first or second-line, or later, treatment of R/M HNSCC is on track for the second half of 2026, according to the firm.
Conclusion
"We are laser-focused on clinical execution and operations so that we can deliver a robust dataset in mid-2026", said Thomas Civik, Interim Chief Executive Officer and Director of Pyxis Oncology.
PYXS has traded between $0.83 and $5.55 in the last year. The stock closed Friday's trade at $1.47.
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