Pyxis Oncology reported a net loss of $61.5 million for the nine months ended December 31 2025 and a full‑year net loss of $79.6 million, a slight increase from the $77.3 million loss recorded in 2024. Revenue for 2025 was $13.9 million, down 13 % from $16.1 million in 2024, driven by a decline in milestone and royalty income. Research and development expenses rose to $73.7 million, up from $58.7 million, while general and administrative costs fell to $22.2 million from $25.4 million. The company’s Q3 earnings per share of –$0.35 matched analyst consensus, reflecting disciplined cost management amid heavy clinical investment.
The company completed target enrollment in the Phase 1 monotherapy dose‑expansion study of MICVO, enrolling approximately 40 patients—20 in each of the two dose‑arm cohorts. The trial’s modified weight‑based dosing strategy was adopted to mitigate auristatin‑ADC related toxicities while preserving efficacy, a change that could improve the benefit‑risk profile of the drug.
Thomas Civik was appointed interim chief executive officer in February 2026, following the departure of the previous CEO. Civik will steer the company’s clinical and financial strategy as it prepares to release mid‑2026 data from the MICVO monotherapy study and second‑half 2026 data from the MICVO‑KEYTRUDA combination study.
Cash reserves are projected to support operations through the fourth quarter of 2026, but the company cautions that additional financing will be required to sustain activities beyond that period, underscoring the high‑cost, high‑risk nature of its development pipeline.
Analysts have raised their outlook for Pyxis, citing the strong early efficacy data for MICVO, the completion of enrollment, and the extended cash runway as key drivers of the positive sentiment.
The company expects to share monotherapy data in mid‑2026 and combination data in the second half of 2026, providing critical information that will shape the trajectory of its lead asset and the company’s long‑term prospects.
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