Pyxis Oncology is an early-stage biotech startup, like a specialized research lab within a major pharmaceutical company such as Bristol Myers Squibb or Genentech, but focused entirely on preclinical cancer drug discovery.

Imagine them as a "moonshot" startup in cancer treatment, akin to the very early research phase that could lead to the next breakthrough drug like Merck's Keytruda, but still entirely in the lab.

• PYX-106: An investigational fully human immunoglobulin G1 isotype siglec-15 targeting antibody for various solid tumors.
• PYX-102: An investigational immune-therapeutic designed for the treatment of solid tumors.
• PYX-201: An investigational novel antibody drug conjugate (ADC) targeting NSCLC, breast cancer, and other solid tumors.
• PYX-202: An investigational novel antibody drug conjugate (ADC) intended for the treatment of SCLC, soft tissue sarcoma, and other solid tumors.
• PYX-203: An investigational antibody drug conjugate (ADC) for the treatment of acute myeloid leukemia and myeloid dysplastic syndrome.

• Xencor, Inc. (XNCR)
• Astellas Pharma Inc. (ALPMY)
• argenx SE (ARGX)

Thomas Civik Interim Chief Executive Officer and Board Director

Thomas Civik was appointed Interim Chief Executive Officer of Pyxis Oncology in February 2026. He has served on Pyxis Oncology's Board of Directors since the company's IPO. Prior to his current role, Mr. Civik was the President and Chief Executive Officer of Five Prime Therapeutics, where he led the company through its acquisition by Amgen for $1.9 billion in April 2021. Before Five Prime Therapeutics, he served as Chief Commercial Officer at Foundation Medicine, overseeing the launch of the first FDA-approved pan-cancer comprehensive genomic test. Earlier in his career, he spent over 15 years at Genentech, holding various leadership positions with responsibility for commercializing oncology therapies such as Avastin, Tarceva, Tecentriq, and Alecensa. He began his career in the pharmaceutical industry at Sanofi. Mr. Civik also serves as Chairman of the boards of Repare Therapeutics and ImCheck Therapeutics.

Jitendra Wadhane Principal Financial and Accounting Officer, Chief Accounting Officer

Jitendra Wadhane was appointed Principal Financial Officer (PFO) of Pyxis Oncology on July 1, 2025, and continues to serve as Chief Accounting Officer. Prior to this, he held the position of Senior Vice President of Finance and Corporate Controller at Pyxis Oncology since August 2021. From April 2020 to August 2021, Mr. Wadhane was the Head of SEC Reporting and Technical Accounting at Immunovant, Inc. Before joining Immunovant, he was a Senior Manager with Ernst & Young LLP from February 2012 to April 2020. Mr. Wadhane is a Certified Public Accountant (CPA) and holds a Chartered Accountancy from the Institute of Chartered Accountants of India.

Stephen Worsley Chief Business Officer

Stephen Worsley serves as the Chief Business Officer at Pyxis Oncology. He brings extensive experience in the biotechnology and pharmaceutical sectors to his role, with a proven track record in transaction execution and strategic vision. His previous roles include Managing Director at Miramonte Capital Advisors, Chief Business Officer at Lytix Biopharma and Sutro Biopharma, Inc., and Vice President of Business Development at Redwood Biosciences/Catalent Pharma Solutions.

Balu Balasubramanian, Ph.D. Interim Chief Technology Officer

Balu Balasubramanian, Ph.D., is the Interim Chief Technology Officer at Pyxis Oncology. He possesses over 26 years of extensive experience in life sciences and strategic leadership, focusing on drug discovery, research and development (R&D), global operational excellence, and business strategy management. Dr. Balasubramanian conceived and developed the Bristol-Myers Squibb-Biocon R&D Center (BBRC) in India, which, under his leadership, expanded to become an integrated research and early clinical development center that delivered fourteen clinical candidates. He is also the founder and CEO of Pharma Innovation Sourcing Center.

1. Clinical Development and Regulatory Approval Risk

Pyxis Oncology is a clinical-stage biopharmaceutical company whose success is highly dependent on the successful development and regulatory approval of its investigational product candidates. Its lead candidates, such as PYX-201 and PYX-106, are currently in Phase 1 clinical trials, and there is a significant risk that these, or other candidates, may fail in later-stage trials due to unforeseen safety concerns, lack of efficacy, or other reasons. The failure rate for drugs in the Phase 1/2 stage is high, and negative safety or efficacy results could severely impact the company's valuation. For instance, Pyxis Oncology's shares plummeted by 47% following the release of Phase 1 trial results for its drug candidate MICVO (PYX-201), which, despite being highlighted as positive by the company, did not meet market expectations and noted significant adverse events. Delays or the inability to complete clinical testing and obtain regulatory licensure from authorities like the FDA would substantially harm the business.

2. Funding and Capital Risk

Pyxis Oncology has incurred significant losses since its inception and anticipates continuing to incur losses for several years, potentially never achieving profitability. As a clinical-stage company, it requires substantial additional capital to finance its extensive research and development activities, including advancing its product candidates through costly clinical trials. The company's operating losses are substantial, and its free cash flow is negative, indicating a need for future equity raises that would dilute existing shareholders. Pyxis Oncology's financial health grades show distress, with an Altman Z-Score placing it in the "distress zone," suggesting a potential risk of bankruptcy within two years. The company anticipates its current cash resources will fund operations only into the second half of 2026 and is exploring further capital-raising opportunities.

3. Competition

The oncology market is highly competitive, with numerous established pharmaceutical companies and emerging biotechs developing therapies for cancer treatment. Pyxis Oncology's investigational product candidates, if successful, will face significant competition for market share. Competitors might introduce more effective or safer treatments, or provide updates that could negatively impact market sentiment towards Pyxis Oncology, even after positive trial data. For example, Genmab A/S announced results for a competing antibody-drug conjugate (ADC) in recurrent/metastatic head and neck squamous cell carcinoma (HNSCC), which is one of Pyxis Oncology's target indications.

For Pyxis Oncology's main products, the addressable markets are as follows:

PYX-106 (siglec-15 targeting antibody)

• For the treatment of **thyroid cancer**: The global thyroid cancer market size was estimated at USD 2.6 billion in 2023 and is projected to reach USD 3.8 billion by 2030. North America held the largest share of the global thyroid cancer market in 2023.
• For the treatment of **head and neck squamous cell carcinoma (HNSCC)**: The global head and neck squamous cell carcinoma market was valued at USD 2.41 billion in 2024 and is expected to reach USD 3.94 billion by 2030. The global market was also reported to be approximately USD 2.35 billion in 2025, with projections to exceed USD 5.46 billion by 2035. North America is projected to account for the largest market share (52%) by 2035.
• For the treatment of **non-small cell lung cancer (NSCLC)**: The global non-small cell lung cancer market was estimated at USD 20.2 billion in 2024 and is projected to reach USD 53.9 billion by 2034. In 2024, North America dominated the global market with a 44.4% share, and the U.S. non-small cell lung cancer market was valued at USD 8.2 billion.

PYX-201 (antibody-drug conjugate)

• For the treatment of **non-small cell lung cancer (NSCLC)**: (See above for NSCLC market size).
• For the treatment of **breast cancer**: The global breast cancer market size was estimated at USD 26.23 billion in 2025 and is predicted to increase to approximately USD 40.11 billion by 2035. Another report indicates the global market size was USD 33.52 billion in 2024 and is projected to reach USD 64.49 billion by 2031. North America held the major market share of over 40% of the global revenue in 2024, at USD 13.41 billion.

PYX-202 (antibody-drug conjugate)

• For the treatment of **small cell lung cancer (SCLC)**: The global small cell lung cancer therapeutics market was valued at USD 7.25 billion in 2025 and is predicted to increase to approximately USD 22.86 billion by 2035. The global SCLC treatment market is projected to grow from USD 1.5 billion in 2025 to USD 5.0 billion by 2035. The U.S. small cell lung cancer treatment market is estimated to be valued at USD 527.0 million in 2025 and is anticipated to reach USD 1.5 billion by 2035.
• For the treatment of **soft tissue sarcoma**: The global soft tissue sarcoma market size was valued at USD 4.11 billion in 2024 and is poised to grow to USD 8.36 billion by 2033. The soft tissue sarcoma treatment market size was valued at USD 1.46 billion in 2024 and is projected to grow to USD 3.91 billion by 2034. North America holds the largest market share in the global soft tissue sarcoma market.

PYX-203 (antibody-drug conjugate)

• For the treatment of **acute myeloid leukemia (AML)**: The global acute myeloid leukemia treatment market size was estimated at USD 3.47 billion in 2024 and is projected to reach USD 6.29 billion by 2030. Another source valued the global market at USD 3.91 billion in 2025, projected to grow to USD 9.79 billion by 2034. North America dominated the global AML market with a 37.6% share in 2024, with the U.S. dominating North America with a 90.9% share.
• For the treatment of **myelodysplastic syndrome (MDS)**: The global myelodysplastic syndrome drugs market size was estimated at USD 2.88 billion in 2023 and is projected to reach USD 5.28 billion by 2030. The total myelodysplastic syndrome market size in 2023 was more than USD 2.8 billion in the 7 major markets (7MM), with the U.S. being the largest market, estimated at nearly USD 2 billion in 2023. North America's myelodysplastic syndromes drugs market dominated with a revenue share of 35.44% in 2023.

1. Successful Clinical Development and Regulatory Progress for PYX-201 (MICVO): As Pyxis Oncology's lead asset, positive data from the ongoing Phase 1/2 clinical trials for PYX-201 (also known as MICVO), particularly in recurrent or metastatic head and neck squamous cell carcinoma (R/M HNSCC), is a crucial driver. This program has received Fast Track Designation from the FDA, signaling its potential to address an unmet medical need. Favorable clinical outcomes, especially from the monotherapy and combination studies with KEYTRUDA® (pembrolizumab) through its collaboration with Merck (MSD), could trigger significant development and regulatory milestone payments from current or future partners, thereby generating revenue.
2. Formation of New Strategic Collaborations and Licensing Agreements: Given its clinical-stage status, Pyxis Oncology's revenue over the next 2-3 years is expected to largely derive from strategic partnerships rather than direct product sales. Securing new licensing or co-development agreements for its pipeline candidates, including PYX-201, or potentially other assets like PYX-106 or sotigalimab (PYX-107), would provide upfront payments, milestone payments tied to development and regulatory achievements, and future royalties. The company has already demonstrated this model by receiving a $2.8 million milestone payment from Simcere Pharmaceutical Group Limited for the approval of suvemcitug (BD0801) in China, an asset from its subsidiary Apexigen.
3. Monetization of Acquired or Out-licensed Assets and Expansion of Indications: Continued milestone payments from existing out-licensing agreements, such as the one for suvemcitug, will contribute to revenue. Additionally, successfully finding partners for currently paused programs like PYX-102 and PYX-203, or the acquired asset sotigalimab (PYX-107) which is undergoing portfolio evaluation, could generate additional revenue through partnership deals. Furthermore, demonstrating the broader applicability and efficacy of lead programs, such as PYX-201, across additional cancer indications could significantly expand their market potential and enhance the value of future collaborations or licensing arrangements.

Share Issuance

• Pyxis Oncology conducted a private placement in February 2024, agreeing to sell 8,849,371 shares of common stock and pre-funded warrants for 1,611,215 shares, anticipating gross proceeds of approximately $50 million from institutional investors.
• In 2024, the company raised $10.8 million through an At-the-Market (ATM) offering, with $106.2 million of remaining capacity under this program as of December 31, 2024.
• As part of the acquisition of Apexigen, Inc. in August 2023, Pyxis Oncology issued approximately 4.3 million shares of common stock in an all-stock transaction valued at approximately $10.7 million.

Inbound Investments

• A private placement in February 2024 brought in approximately $50 million in gross proceeds from a group of new and existing institutional investors, including Deep Track Capital, Ridgeback Capital Investments L.P., Blue Owl Healthcare Opportunities, Laurion Capital Management, and StemPoint Capital L.P.
• Pyxis Oncology received $8 million in March 2024 by transferring rights to future royalties on Beovu® as part of a settlement agreement with Novartis.

Outbound Investments

• In August 2023, Pyxis Oncology completed the acquisition of Apexigen, Inc. in an all-stock transaction valued at approximately $10.7 million.

Capital Expenditures

• Research and development expenses significantly increased to $58.7 million for the year ended December 31, 2024, up from $49.6 million in 2023, primarily driven by clinical trial-related expenses, including manufacturing for micvotabart pelidotin (PYX-201) and the PYX-106 asset.
• The company anticipates that its cash and cash equivalents, including restricted cash and short-term investments of $128.4 million as of December 31, 2024, will fund its operations into the second half of 2026, indicating substantial ongoing expenditures for its drug development pipeline.
• Capital is primarily focused on the continued development of its lead antibody-drug conjugate (ADC) therapeutic candidate, PYX-201 (micvotabart pelidotin), and other main assets.