Pyxis Oncology, Inc. reported its financial results for the third quarter of 2025, revealing a net loss of $22.0 million, compared to a net loss of $21.2 million for the same period in 2024. For the nine months ended September 30, 2025, the company recorded a net loss of $61.5 million, significantly higher than the $41.8 million loss reported in the prior year. The increase in losses is attributed to rising research and development expenses, which totaled $52.0 million for the nine-month period, up from $44.7 million in 2024. The company did not generate any revenue from product sales during the quarter, with total revenues for the nine months amounting to $2.8 million, primarily from milestone revenue related to regulatory approvals.
In terms of operational changes, Pyxis Oncology has focused its resources on advancing its lead product candidate, micvotabart pelidotin, which is currently in clinical trials for treating head and neck squamous cell carcinoma (HNSCC). The company has initiated the dose expansion phase of its clinical study, aiming to confirm preliminary efficacy signals observed in earlier trials. Additionally, Pyxis has entered into a collaboration with Merck to evaluate micvotabart pelidotin in combination with Merck's anti-PD-(L)1 therapy, KEYTRUDA, further expanding its clinical pipeline.
The company’s financial position has seen a decline, with cash and cash equivalents decreasing to $8.9 million as of September 30, 2025, down from $19.5 million at the end of 2024. Total current assets also fell to $83.1 million from $132.4 million over the same period. Pyxis Oncology's accumulated deficit has reached $425.1 million, raising concerns about its ability to sustain operations without additional funding. The company has indicated that it will require substantial capital to finance ongoing operations and may need to pursue public or private financing to continue its research and development efforts.
Looking ahead, Pyxis Oncology faces significant challenges, including the need to secure additional funding to support its clinical programs. The company has expressed optimism about obtaining further financing but acknowledges that its current cash reserves may not be sufficient to cover operations for the next 12 months. This situation raises substantial doubt about the company's ability to continue as a going concern. The management plans to continue exploring various funding options, including equity offerings and collaborations, to ensure the advancement of its product candidates and overall business strategy.
About Pyxis Oncology, Inc.
Pyxis Oncology is a clinical-stage biotech focused on developing antibody-drug conjugates (ADCs) targeting tumor extracellular matrix components, particularly EDB+FN, to treat solid tumors like head and neck squamous cell carcinoma. Its lead candidate, micvotabart pelidotin, aims to disrupt tumor support structures, induce tumor cell death, and stimulate immune responses. The company advances innovative ADC platforms and collaborates to address unmet oncology needs.
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