Start here if you're new
what it is
Pyxis Oncology is developing cancer drugs for hard-to-treat tumors.
how it gets paid
Last year Pyxis Oncology made $16M in revenue. collaboration revenue was the main engine at $4.0M, or 25% of sales.
what just happened
Latest quarter revenue was $3M, and EPS was -$0.99.
At a glance
C++ balance sheet — some cracks in the foundation
-$1.32 fy2024 eps est
$16M fy2024 rev est
n/a operating margin
1.1 beta
xvary composite: 32/100 — weak
What they do
Pyxis Oncology is developing cancer drugs for hard-to-treat tumors.
You have 2 shots on goal: PYX-106 and PYX-201. Both are in Phase I, which means first human testing. That matters because 44 employees are trying to build a cancer-drug business from scratch.
How they make money
$16M
annual revenue
collaboration revenue
$4.0M
grant revenue
$4.0M
license revenue
$4.0M
other revenue
$4.0M
The products that matter
lead antibody-drug conjugate
MICVO (micvotabart pelidotin)
Phase 1 · recurrent ovarian cancer
This is the lead clinical program, now in Phase 1 for recurrent ovarian cancer. At this stage, one readout can matter more to the stock than the current $2.82M revenue line.
lead asset
antibody-drug conjugate
PYX-201
Phase 1 · solid tumors
PYX-201 is in an ongoing Phase 1 study for relapsed or refractory solid tumors. With the whole company valued at roughly $96M, early clinical relevance is most of the story.
phase 1
Key numbers
$16M
annual revenue
That is tiny next to a $96M market cap, so the stock is priced on hope, not sales.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. You lose more than $5 for every $1 of sales. That is not a rounding error.
$17M
long-term debt
Debt is 15% of capital, which is heavy for a company with only $16M in yearly revenue.
44
employees
That is a tiny team for a company trying to turn cancer science into a business.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $17M (15% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for PYXS right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue was $3M, and EPS was -$0.99.
Revenue was flat vs. prior year. The business is still burning cash while it waits on trial data.
$3.0M
revenue
-$0.99
eps
n/a
n/a
quarterly revenue
The $3M quarter matters because the whole business is still only $16M a year.
source: EDGAR 10-Q, 2025
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What could go wrong
the #1 risk here is running out of cash before the pipeline is meaningfully de-risked.
med
Going concern and runway pressure
Management said cash should last only into 2H 2026, and the company already flagged a going concern issue. That turns every quarter into a financing countdown.
impact: a capital raise before meaningful de-risking could dilute shareholders while doing little to settle the science question
med
Phase 1 failure or weak data
MICVO and PYX-201 are still in Phase 1. In early-stage oncology, disappointing safety or efficacy signals can erase most of the equity story in one release.
impact: with no approved drugs and just $2.82M in trailing revenue, the pipeline is the business
med
Leadership transition at a bad time
An interim CEO is running the company during a period that demands careful program prioritization, fundraising judgment, and clear external messaging.
impact: strategy drift or delayed decisions would matter more here than at a mature drug company
With $2.82M in trailing revenue, a n/a operating margin, and runway only into 2H 2026, almost the entire equity case depends on fresh capital and better clinical evidence.
source: institutional data · regulatory filings · risk analysis
Pay attention to
runway
Any change to the 2H 2026 cash runway
This is the metric that sits above everything else. If the runway shortens, dilution risk moves closer. If it extends, the market gets more time to care about the science.
calendar
March 16, 2026 earnings report
You want updated language on cash, trial pacing, and whether management sounds more precise or more defensive.
clinical
MICVO and PYX-201 Phase 1 updates
The stock does not need perfect data. It needs evidence the programs are becoming more investable than they are today.
capital markets
Financing or partnership news
In a company this early, a partnership can validate an asset and a financing can reset the cap table. Sometimes they arrive as the same headline.
Analyst rankings
coverage depth
thin
Coverage and ranking detail are sparse; in human-speak, you should not expect broad analyst consensus to do the thinking for you.
sentiment check
4.54%
This does not look like universal capitulation. It looks like a market that knows the risks and is waiting for real evidence.
source: institutional data
Institutional activity
institutional ownership data for PYXS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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