Pyxis Oncology Reports $16.1 Million Revenue and $77.3 Million Net Loss for Fiscal Year 2024

Pyxis Oncology, Inc. has reported significant financial developments in its latest 10-K filing for the fiscal year ending December 31, 2024. The company generated total revenues of $16.1 million, a notable increase from zero in the previous year, primarily due to a one-time payment of $8 million from Novartis as part of a settlement agreement regarding royalty rights. This agreement also included the recognition of $8.1 million in previously paid royalties. Despite this revenue boost, Pyxis reported a net loss of $77.3 million, compared to a loss of $73.8 million in 2023, reflecting ongoing investments in research and development.

The company's research and development expenses rose to $58.7 million from $49.6 million in 2023, driven largely by increased costs associated with its lead product candidate, micvotabart pelidotin. This included a $10.2 million rise in contract manufacturing costs and a $4.8 million increase in clinical trial expenses due to a higher number of patients dosed. General and administrative expenses decreased to $25.4 million from $32.6 million, largely due to a reduction in workforce and lower professional fees following the acquisition of Apexigen.

Operationally, Pyxis is focusing on advancing micvotabart pelidotin, which targets Extradomain-B Fibronectin (EDB+FN) in solid tumors, particularly head and neck squamous cell carcinoma (HNSCC). The company initiated a Phase 1 dose escalation study in March 2023, with preliminary data showing a 50% objective response rate in patients with recurrent and metastatic HNSCC. In February 2025, the FDA granted Fast Track Designation for micvotabart pelidotin, which is expected to expedite its development and review process.

As of December 31, 2024, Pyxis had cash, cash equivalents, and short-term investments totaling $126.9 million, which the company believes will fund operations into the second half of 2026. However, the company anticipates needing additional capital to support ongoing clinical trials and operational expenses. The filing indicates that Pyxis may pursue various funding strategies, including equity offerings and collaborations, to secure the necessary resources for its development pipeline.

Looking ahead, Pyxis Oncology is prioritizing the clinical development of micvotabart pelidotin, with plans to initiate a dose expansion phase in early 2025. The company is also exploring combination therapy studies with Merck's KEYTRUDA® as part of its strategy to enhance the therapeutic potential of its lead candidate. Despite the promising developments, the company acknowledges the inherent risks and uncertainties associated with clinical trials and regulatory approvals, which could impact its future financial performance and operational viability.