Pyxis Oncology Reports $18.4 Million Net Loss in Q2 2025, Milestone Revenue from Suvemcitug

Pyxis Oncology, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $18.4 million, compared to a loss of $17.3 million in the same period last year. The company recognized $2.8 million in milestone revenue during the quarter, attributed to the regulatory approval of Suvemcitug in China, marking a significant change from the previous year when no revenue was recorded. For the six months ended June 30, 2025, total revenues were $2.8 million, a decrease from $16.1 million in the prior year, primarily due to the absence of royalty revenues and the sale of royalty rights that had contributed to the previous year's figures.

Operating expenses for the second quarter increased to $22.6 million from $20.0 million year-over-year, driven by a rise in research and development costs, which totaled $17.1 million, up from $14.0 million. This increase was largely due to higher contract manufacturing costs and clinical trial expenses related to the company's lead product candidate, micvotabart pelidotin. General and administrative expenses decreased to $5.4 million from $6.1 million, reflecting cost-cutting measures. For the first half of 2025, total operating expenses reached $45.5 million, compared to $41.8 million in the same period of 2024.

As of June 30, 2025, Pyxis Oncology had cash, cash equivalents, and short-term investments totaling $90.4 million, down from $132.4 million at the end of 2024. The company has an accumulated deficit of $403.1 million and anticipates continued operating losses as it advances its clinical programs. The company expects its existing cash resources to fund operations into the second half of 2026, although it may require additional capital to support ongoing and future clinical activities.

Strategically, Pyxis Oncology is focusing on the development of micvotabart pelidotin, which has received Fast Track Designation from the FDA for the treatment of recurrent and metastatic head and neck squamous cell carcinoma. The company has initiated a Phase 1/2 combination study of micvotabart pelidotin with Merck's KEYTRUDA® and is actively recruiting patients for this trial. The company also completed the acquisition of Apexigen, which included assuming its out-licensing agreements, further expanding its product pipeline.

Looking ahead, Pyxis Oncology plans to prioritize resources towards confirming the efficacy signals observed in its clinical trials. The company is also evaluating its operational strategies and may seek additional funding through equity offerings or collaborations to support its ongoing research and development efforts. The management remains cautious about the uncertainties inherent in clinical development and regulatory approval processes, which could impact future financial performance.