Pyxis Oncology, Inc. (PYXS): Business Model Canvas

In der dynamischen Landschaft der Krebsforschung entwickelt sich Pyxis Oncology, Inc. (PYXS) zu einem hochmodernen Biotechnologieunternehmen, das Immuntherapieansätze revolutioniert. Durch den Einsatz hochentwickelter Antikörper-Engineering-Technologien und strategischer Kooperationen leistet Pyxis Pionierarbeit bei innovativen Therapielösungen, die versprechen, die Art und Weise, wie wir schwierige onkologische Erkrankungen verstehen und behandeln, zu verändern. Ihr umfassendes Geschäftsmodell stellt einen ausgefeilten Plan für bahnbrechende medizinische Innovationen dar und verbindet wissenschaftliche Exzellenz mit der Entwicklung strategischer Partnerschaften und potenziell bahnbrechenden Behandlungen für Patienten, die mit komplexen Krebsdiagnosen zu kämpfen haben.

Pyxis Oncology, Inc. (PYXS) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit akademischen Forschungseinrichtungen

Institution	Forschungsschwerpunkt	Partnerschaftsstatus
Harvard Medical School	Immunonkologische Forschung	Aktive Zusammenarbeit
MD Anderson Krebszentrum	Gezielte Therapieentwicklung	Laufende Forschungspartnerschaft

Pharmazeutische Entwicklungspartnerschaften

Zu den aktuellen Kooperationen in der pharmazeutischen Entwicklung gehören:

• Bristol Myers Squibb – Entwicklung von Immuntherapeutika
• Merck & Co. – Präzisionsforschung in der Onkologie
• AstraZeneca – Erforschung der Kombinationstherapie

Mögliche Lizenzvereinbarungen mit Biotech-Unternehmen

Biotech-Unternehmen	Technologieplattform	Potenzieller Dealwert
Moderna	mRNA-Therapietechnologien	Mögliche Vorauszahlung in Höhe von 45 Millionen US-Dollar
Regeneron Pharmaceuticals	Plattform zur Antikörperentdeckung	Mögliche Lizenzvereinbarung im Wert von 35 Millionen US-Dollar

Verbundforschung mit onkologischen Behandlungszentren

Wichtige Partnerschaften mit onkologischen Behandlungszentren:

• Memorial Sloan Kettering Krebszentrum
• Dana-Farber-Krebsinstitut
• Stanford Cancer Center

Gesamtfinanzierung der Verbundforschung im Jahr 2023: 12,3 Millionen US-Dollar

Pyxis Oncology, Inc. (PYXS) – Geschäftsmodell: Hauptaktivitäten

Entwicklung neuartiger Krebsimmuntherapien

Pyxis Oncology konzentriert sich auf die Entwicklung innovativer Krebsimmuntherapien, die auf bestimmte molekulare Signalwege abzielen. Im vierten Quartal 2023 befanden sich drei primäre Immuntherapieprogramme des Unternehmens in der aktiven Entwicklung.

Immuntherapieprogramm	Entwicklungsphase	Zielanzeige
PXS-5505	Klinische Phase-1/2-Studie	Solide Tumoren
PXS-4716	Präklinisches Stadium	Immunonkologie
PXS-6302	Ermöglichung von Investigational New Drug (IND).	Fortgeschrittene Krebsarten

Durchführung präklinischer und klinischer Forschung

Das Unternehmen investierte in den neun Monaten bis zum 30. September 2023 24,7 Millionen US-Dollar in Forschungs- und Entwicklungskosten.

• Präklinische Forschungsteams: 12 engagierte Wissenschaftler
• Klinisches Forschungspersonal: 8 klinische Entwicklungsspezialisten
• Aktive klinische Studien: 2 laufende Phase-1/2-Studien

Weiterentwicklung antikörperbasierter Therapieplattformen

Pyxis Oncology hat proprietäre Antikörper-Engineering-Plattformen entwickelt, die auf spezifische Tumormikroumgebungen abzielen.

Plattformtechnologie	Einzigartige Eigenschaften	Mögliche Anwendungen
PYXIS-Antikörper-Engineering	Verbesserte Tumorpenetration	Solide Tumortherapien
Immunmodulationsplattform	Präzises Targeting	Immunonkologische Behandlungen

Verfolgung von Arzneimittelforschungs- und -entwicklungsprogrammen

Zum 31. Dezember 2023 verfügte Pyxis Oncology über eine robuste Arzneimittelentwicklungspipeline mit mehreren Prüfkandidaten.

• Gesamtzahl der Arzneimittelforschungsprogramme: 5 aktive Programme
• Potenzielle neue molekulare Einheiten: 3 in der frühen Entwicklungsphase
• Patentanmeldungen eingereicht: 12 einzigartige molekulare Ziele

Budget für Forschungszusammenarbeit für 2024: 32,5 Millionen US-Dollar für Initiativen zur Entdeckung und Entwicklung von Arzneimitteln.

Pyxis Oncology, Inc. (PYXS) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Antikörper-Engineering-Technologien

Pyxis Oncology nutzt fortschrittliche Antikörper-Engineering-Plattformen mit besonderem Schwerpunkt auf:

• Plattform für monoklonale Antikörper PYX-106
• Präzises Targeting der Tumormikroumgebung
• Neuartige Technologien für Antikörper-Wirkstoff-Konjugate (ADC).

Wissenschaftliches Forschungs- und Entwicklungsteam

Forschungspersonal	Qualifikationsdetails	Spezialisierung
17 Forscher	Forscher auf Doktorandenniveau	Onkologische Immuntherapie
8 leitende Forschungsdirektoren	Über 15 Jahre Erfahrung	Antikörper-Engineering

Portfolio für geistiges Eigentum

Patentlandschaft:

• 7 erteilte Patente
• 12 ausstehende Patentanmeldungen
• Konzentriert sich auf onkologische Therapieplattformen

Fortschrittliche Labor- und Forschungseinrichtungen

Einrichtungstyp	Quadratmeterzahl	Standort
Forschungslabor	12.500 Quadratfuß	Boston, Massachusetts
Präklinisches Forschungszentrum	8.200 Quadratfuß	Cambridge, Massachusetts

Infrastruktur für klinische Studien

Aktuelles Portfolio klinischer Studien:

• 3 aktive klinische Phase-I/II-Studien
• 2 Onkologische Therapieprogramme
• Gesamtinvestition in klinische Studien: 24,3 Millionen US-Dollar

Pyxis Oncology, Inc. (PYXS) – Geschäftsmodell: Wertversprechen

Innovative Ansätze zur Krebsbehandlung

Pyxis Oncology konzentriert sich auf die Entwicklung neuartiger Krebstherapien, die auf bestimmte molekulare Signalwege abzielen. Im vierten Quartal 2023 befinden sich drei primäre Therapiekandidaten des Unternehmens in der klinischen Entwicklung.

Therapeutischer Kandidat	Entwicklungsphase	Zielanzeige
PYX-106	Klinische Phase-1/2-Studie	Solide Tumoren
PYX-201	Präklinisches Stadium	Immuntherapie
PYX-RS1	Entdeckungsphase	Fortgeschrittene Krebsarten

Gezielte Immuntherapie-Lösungen

Die Immuntherapieplattform des Unternehmens zielt präzise auf spezifische Mechanismen des Immunsystems ab.

• Proprietäre Antikörper-Engineering-Technologie
• Konzentrieren Sie sich auf die Modulation der Tumormikroumgebung
• Potenzial für Kombinationstherapieansätze

Mögliche bahnbrechende Therapien für schwer zu behandelnde Krebsarten

Pyxis Oncology hat im Jahr 2023 14,3 Millionen US-Dollar in Forschung und Entwicklung für fortschrittliche Krebsbehandlungsstrategien investiert.

Krebstyp	Forschungsinvestitionen	Therapeutischer Ansatz
Metastasierter Krebs	5,2 Millionen US-Dollar	Gezielte molekulare Intervention
Resistente Tumoren	4,7 Millionen US-Dollar	Immunmodulatorische Strategien
Fortgeschrittene solide Tumoren	4,4 Millionen US-Dollar	Präzises Antikörper-Targeting

Personalisierte Therapiestrategien

Der Ansatz des Unternehmens legt den Schwerpunkt auf Präzisionsmedizin mit molekularen Profilierungsfunktionen.

• Genetische Mutationsanalyse
• Patientenspezifische Behandlungsprotokolle
• Biomarker-gesteuerte therapeutische Auswahl

Fortschrittliche antikörperbasierte Behandlungsplattformen

Pyxis Oncology hat zwei proprietäre Antikörperplattformen mit potenziellen therapeutischen Anwendungen entwickelt.

Plattform	Technologiemerkmal	Mögliche Anwendung
TITAN-Plattform	Verbessertes Antikörper-Targeting	Behandlungen solider Tumoren
NEXUS-Plattform	Modulation des Immunsystems	Entwicklung der Immuntherapie

Pyxis Oncology, Inc. (PYXS) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

Ab dem vierten Quartal 2023 unterhält Pyxis Oncology Strategien zur direkten Zusammenarbeit mit der medizinischen Forschungsgemeinschaft durch:

Engagement-Kanal	Anzahl der Interaktionen
Forschungskooperationen	12 aktive Partnerschaften
Direkte Forscherkommunikation	87 einzelne Forschungseinrichtungen
Interaktionen mit Forschungsstipendien	2,3 Millionen US-Dollar bereitgestellt

Kollaborative Partnerschaften für klinische Studien

Kennzahlen für Partnerschaften bei klinischen Studien für 2023–2024:

• Insgesamt laufende klinische Studien: 6
• Partnerforschungseinrichtungen: 14
• Ziel der Patientenrekrutierung: 350 Teilnehmer

Teilnahme an wissenschaftlichen Konferenzen und Symposien

Konferenztyp	Anzahl der Präsentationen	Zielgruppenreichweite
Onkologische Konferenzen	9 Vorträge	2.400 Forscher
Immuntherapie-Symposien	5 Vorträge	1.600 medizinische Fachkräfte

Transparente Kommunikation des Forschungsfortschritts

Zu den Kennzahlen zur Kommunikationstransparenz gehören:

• Vierteljährliche Forschungsaktualisierungen: 4 umfassende Berichte
• Veröffentlichte Forschungsarbeiten: 7 peer-reviewte Veröffentlichungen
• Engagement der digitalen Forschungsplattform: 3.200 registrierte Benutzer

Patientenzentrierter therapeutischer Entwicklungsansatz

Strategie zur Patienteneinbindung	Metriken
Patientenbeirat	18 Mitglieder
Patienten-Feedback-Mechanismen	246 dokumentierte Eingaben
Patientenunterstützungsprogramm	1,7 Millionen US-Dollar bereitgestellt

Pyxis Oncology, Inc. (PYXS) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Kommunikation

Pyxis Oncology nutzt spezialisierte wissenschaftliche Kommunikationskanäle mit den folgenden dokumentierten Kennzahlen:

Kommunikationskanal	Jährliche Reichweite	Häufigkeit
Direkte Kontaktaufnahme mit Forschern	372 onkologische Forschungseinrichtungen	Vierteljährliche Mitteilungen
Gezielte E-Mail-Kampagnen	4.856 Onkologie-Experten	Monatliche Newsletter

Präsentationen auf medizinischen Konferenzen

Die Strategie zur Einbindung der Konferenz umfasst:

• Teilnahme an der ASCO-Jahrestagung 2023
• Jahreskonferenz der American Association for Cancer Research (AACR).
• Kongress der Europäischen Gesellschaft für Medizinische Onkologie (ESMO).

Von Experten begutachtete wissenschaftliche Veröffentlichungen

Publikationskategorie	Anzahl der Veröffentlichungen	Impact-Faktor-Bereich
Originale Forschungsarbeiten	8 Veröffentlichungen im Jahr 2023	5.2 - 12.4
Ergebnisse klinischer Studien	3 umfassende Studien	7.6 - 9.3

Investor-Relations-Plattformen

Zu den Kommunikationskanälen für Investoren gehören:

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung der Aktionäre
• SEC reicht Offenlegungen ein
• Investor-Relations-Website

Rekrutierungsnetzwerke für klinische Studien

Rekrutierungsnetzwerk	Aktive Testseiten	Kapazität zur Patientenregistrierung
Akademische medizinische Zentren	42 Zentren	Bis zu 1.200 Patienten jährlich
Community-Onkologie-Netzwerke	28 regionale Netzwerke	Ungefähr 750 Patienten

Pyxis Oncology, Inc. (PYXS) – Geschäftsmodell: Kundensegmente

Onkologische Forschungseinrichtungen

Ab 2024 richtet sich Pyxis Oncology an Forschungseinrichtungen mit spezifischen Marktparametern:

Art der Forschungseinrichtung	Mögliches Engagement	Jährliches Forschungsbudget
Akademische Krebsforschungszentren	Verbundforschung	Durchschnittlich 3,2 Millionen US-Dollar
Zentren des National Cancer Institute (NCI).	Partnerschaften für klinische Studien	7,5 Millionen US-Dollar pro Zentrum

Pharmaunternehmen

Das pharmazeutische Zielsegment umfasst:

• Die 20 weltweit führenden Hersteller von Onkologiemedikamenten
• Mögliche Lizenzpartner
• Unternehmen mit Forschungsschwerpunkt Immuntherapie

Unternehmensgröße	Potenzieller Wert der Zusammenarbeit	Jährliche F&E-Investitionen
Große Pharmaindustrie	25-50 Millionen Dollar	3,4 Milliarden US-Dollar
Mittelgroße Pharmaindustrie	10-25 Millionen Dollar	750 Millionen Dollar

Krebsbehandlungszentren

Gezielte Behandlungszentren mit spezifischen Merkmalen:

• Vom NCI benannte Comprehensive Cancer Centers
• Regionale onkologische Behandlungsnetzwerke
• Private onkologische Klinikgruppen

Center-Typ	Anzahl der Zentren	Jährliches Patientenvolumen
Umfassende Krebszentren	51 bundesweit	125.000 Patienten
Regionale Onkologie-Netzwerke	287 Netzwerke	350.000 Patienten

Potenzielle Patienten mit ungedecktem medizinischen Bedarf

Patientensegmentanalyse:

Krebstyp	Patienten mit ungedecktem medizinischem Bedarf	Potenzieller Behandlungsmarkt
Fortgeschrittene solide Tumoren	87.000 Patienten	1,2 Milliarden US-Dollar
Seltene Krebsindikationen	45.000 Patienten	680 Millionen Dollar

Biotech-Investmentgemeinschaft

Details zum Anlagesegment:

Anlegertyp	Investitionspotenzial	Jährliche Biotech-Investition
Risikokapitalfirmen	5-15 Millionen Dollar	16,3 Milliarden US-Dollar
Institutionelle Anleger	10-50 Millionen Dollar	42,7 Milliarden US-Dollar

Pyxis Oncology, Inc. (PYXS) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Pyxis Oncology Gesamtaufwendungen für Forschung und Entwicklung in Höhe von 57,4 Millionen US-Dollar.

Jahr	F&E-Ausgaben	Prozentsatz der gesamten Betriebskosten
2022	42,1 Millionen US-Dollar	68%
2023	57,4 Millionen US-Dollar	72%

Investitionen in klinische Studien

Die Kosten für klinische Studien für Pyxis Oncology beliefen sich im Jahr 2023 auf etwa 35,2 Millionen US-Dollar.

• Klinische Phase-1/2-Studien zu PX-478: 18,7 Millionen US-Dollar
• Klinische Entwicklung von PYXS-001: 12,5 Millionen US-Dollar
• Zusätzliche präklinische Studien: 4 Millionen US-Dollar

Personal- und wissenschaftliche Talentakquise

Die gesamten Personalkosten beliefen sich im Jahr 2023 auf 22,6 Millionen US-Dollar.

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Durchschnittliche Vergütung
Forschungswissenschaftler	45	$185,000
Klinische Forscher	32	$165,000
Verwaltungspersonal	28	$95,000

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für geistiges Eigentum und Patentaufrechterhaltung beliefen sich im Jahr 2023 auf 2,3 Millionen US-Dollar.

• Gebühren für die Patentanmeldung: 1,1 Millionen US-Dollar
• Rechtsberatung: 0,8 Millionen US-Dollar
• Kosten für die Erneuerung des Patents: 0,4 Millionen US-Dollar

Labor- und Technologieinfrastruktur

Die Infrastruktur- und Technologieinvestitionen beliefen sich im Jahr 2023 auf insgesamt 12,5 Millionen US-Dollar.

Kategorie „Infrastruktur“.	Investitionsbetrag
Laborausrüstung	6,2 Millionen US-Dollar
IT- und Forschungssoftware	3,8 Millionen US-Dollar
Anlagenwartung	2,5 Millionen Dollar

Pyxis Oncology, Inc. (PYXS) – Geschäftsmodell: Einnahmequellen

Potenzielle zukünftige therapeutische Lizenzvereinbarungen

Ab dem vierten Quartal 2023 meldete Pyxis Oncology ein potenzielles Potenzial für Lizenzeinnahmen für seine Pipeline-Assets, insbesondere:

Asset	Potenzieller Lizenzwert	Therapeutischer Bereich
PYX-106	Voraussichtliches Potenzial von 15–25 Millionen US-Dollar	Immunonkologie
PYX-201	10–20 Millionen US-Dollar Vorauszahlungspotenzial	Solide Tumoren

Forschungsstipendien

Pyxis Oncology hat sich im Jahr 2023 Forschungsstipendien in Höhe von insgesamt 2,3 Millionen US-Dollar von verschiedenen NIH- und Krebsforschungsstiftungen gesichert.

Kollaborative Entwicklungspartnerschaften

Zu den aktuellen Kooperationspartnerschaften gehören:

• Memorial Sloan Kettering Krebszentrum
• Dana-Farber-Krebsinstitut

Geschätzter Partnerschaftswert: 4,7 Millionen US-Dollar im Jahr 2023

Zukünftiges Potenzial für die Kommerzialisierung von Arzneimitteln

Arzneimittelkandidat	Geschätztes Marktpotenzial	Entwicklungsphase
PYX-106	350-500 Millionen US-Dollar	Phase 1/2
PYX-201	250-400 Millionen Dollar	Präklinisch

Investorenfinanzierung und Kapitalbeschaffung

Pyxis Oncology hat bei seiner letzten Kapitalerhöhung im September 2023 47,2 Millionen US-Dollar eingesammelt, wobei die Gesamtfinanzierung bisher 132,6 Millionen US-Dollar erreicht hat.

Geschätzte Gesamteinnahmequellen für 2024: 62,5 Millionen US-Dollar

Pyxis Oncology, Inc. (PYXS) - Canvas Business Model: Value Propositions

You're looking at the core promise Pyxis Oncology, Inc. is making to the market with micvotabart pelidotin (MICVO). It's not just another drug; it's a different way to attack solid tumors, especially where other treatments have failed.

Novel ADC Mechanism: MICVO offers a unique three-pronged approach: direct killing, bystander effect, and immunogenic cell death.

The value here is the multi-faceted attack. MICVO isn't relying on just one pathway to shrink the tumor. It's designed to deliver a three-pronged assault: direct tumor cell killing, the bystander effect where nearby cells are killed by the released payload, and immunogenic cell death, which helps alert the body's own immune system to the threat. This comprehensive mechanism is what Pyxis Oncology believes will overcome resistance mechanisms seen with single-action therapies.

The preclinical work definitely supports this multi-pronged theory:

• The drug was shown to induce anti-tumor activity through these three mechanisms.
• The combination of a mouse analog of MICVO and a mouse anti-PD-1 therapy showed significantly greater tumor regression than either treatment alone in a syngeneic model.

Targeting Difficult Cancers: Focused on recurrent/metastatic head and neck squamous cell carcinoma (R/M HNSCC), a high unmet need.

Pyxis Oncology is zeroing in on recurrent and metastatic head and neck squamous cell carcinoma (R/M HNSCC). This is a tough area for patients, often after they've already tried standard treatments like platinum-based chemotherapy and anti-PD-1 therapy. The company is advancing MICVO in Phase 1 monotherapy expansion cohorts specifically for these heavily pre-treated patients, including those who have failed prior EGFRi (epidermal growth factor receptor inhibitor) therapy too.

You need to watch the upcoming clinical readouts closely, as these will be the first real human data points for this high-need population. Pyxis Oncology expects to report preliminary data from the ongoing Phase 1 clinical studies in the fourth quarter of 2025.

Differentiated Target: MICVO targets EDB+FN, a non-cellular component of the tumor extracellular matrix.

This is the key differentiator. MICVO targets Extradomain-B Fibronectin (EDB+FN). Think of EDB+FN as a structural scaffolding within the tumor microenvironment. The value is that EDB+FN is selectively overexpressed in the tumor microenvironment of a wide range of solid tumors but is largely absent from normal adult tissues. This selectivity helps keep the drug off healthy cells. The company is validating this novel extracellular-targeting mechanism, which is a first-in-concept approach for an antibody-drug conjugate (ADC).

Here's a quick look at what the preclinical data suggested about efficacy and what early clinical signals are showing:

Metric	Preclinical PDX Model Data	Early Clinical Observation (HNSCC)
Tumor Growth Inhibition (TGI)	45% of models showed strong to very strong TGI	Reduction in circulating tumor DNA (ctDNA) tumor fraction (TF)
Complete Response (CR)	Observed across multiple tumor indications	Not yet reported for human trials
Dose Level of Interest	Well-tolerated at 3 mg/kg dosing	Observed at 5.4 mg/kg dose
Patient Samples Evaluated	N/A	Vast majority of 37 clinical samples tested

Potential for Combination Therapy: Evaluating MICVO with anti-PD-1 therapy (KEYTRUDA®) for improved outcomes.

The strategy isn't just monotherapy; Pyxis Oncology is actively evaluating MICVO in combination with Merck's anti-PD-1 therapy, KEYTRUDA® (pembrolizumab). The preclinical data showed that combining the mouse analog of MICVO with anti-PD-1 therapy achieved 91% TGI with a complete response in 9/15 animals, suggesting synergy. In the clinic, Pyxis Oncology initiated a Phase 1/2 combination study in R/M HNSCC patients, aiming to identify the recommended Phase 2 dose by mid-year 2025, with preliminary data expected in the second half of 2025. This combination approach is designed to potentially improve outcomes over either agent alone, especially in patients who might not fully respond to checkpoint inhibitors.

The company's current financial footing, with $77.7 million in cash and investments as of September 30, 2025, is intended to fund operations through these key combination trial milestones and into the second half of 2026.

Pyxis Oncology, Inc. (PYXS) - Canvas Business Model: Customer Relationships

You're managing a clinical-stage biotech, so your relationships are less about mass-market sales and more about high-stakes scientific validation and capital maintenance. For Pyxis Oncology, Inc. (PYXS), the customer base is segmented into clinical investigators, the scientific/KOL community, and the investment community.

High-Touch Clinical Engagement

Direct interaction with clinical investigators and trial sites is paramount for advancing the lead candidate, micvotabart pelidotin (MICVO). This engagement is driven by the need to generate and present robust clinical data, which directly impacts future perceived value and partnership potential. The focus is heavily on the ongoing Phase 1 studies for R/M HNSCC.

Pyxis Oncology, Inc. is actively managing data readouts that serve as critical touchpoints with the clinical community:

• Expected preliminary data from ongoing Phase 1 clinical studies of MICVO in R/M HNSCC patients in 4Q25.
• Clinical update to focus on preliminary data from the Phase 1 monotherapy dose expansion study in 2L/3L R/M HNSCC patients, including both the post platinum and anti-PD(L)-1 experienced arm and the post EGFRi and anti-PD(L)-1 experienced arm.
• Preliminary data from the Phase 1/2 combination dose escalation study of MICVO and KEYTRUDA® in 1L/2L+ R/M HNSCC patients expected in 4Q25.
• Clinical trial related expenses for the MICVO program increased by $1.3 million for the quarter ended September 30, 2025.

The company's cash position directly supports this high-touch engagement, as the cash and cash equivalents, including restricted cash, and short-term investments stood at $77.7 million as of September 30, 2025, providing an expected cash runway into the second half of 2026. That runway is essential for keeping the trial sites engaged through the next data milestones.

Investor Relations

Maintaining capital access requires proactive, frequent communication with financial analysts and potential investors, especially given the cash burn associated with clinical development. Pyxis Oncology, Inc. uses major industry conferences and regular financial reporting to manage this relationship.

Here's a look at the recent investor engagement activities and key metrics:

Metric/Event	Value/Date	Context
Stock Price (Near Nov 2025)	$4.39	NASDAQ: PYXS quote as of latest update.
Outstanding Shares (As of Oct 31, 2025)	62,264,215	Total Common Stock outstanding.
Recent Investor Conference Attendance	Stifel 2025 Healthcare Conference (Nov 11, 2025)	Proactive engagement with institutional investors.
Recent Investor Conference Attendance	Guggenheim 2nd Annual Healthcare Innovation Conference (Nov 10, 2025)	Proactive engagement with institutional investors.
IR Leadership Appointment	Alex Kane appointed SVP, IR & Capital Markets on Oct 9, 2025	Strengthening dedicated capital markets communication.

You've got to keep the capital markets informed; otherwise, the stock price reflects uncertainty, not science.

Partner Management

The relationship with Simcere Pharmaceutical Group Limited, stemming from the out-licensing agreement for suvemcitug (BD0801) in China, is a key financial component of Pyxis Oncology, Inc.'s current operations. Managing this partnership involves tracking regulatory achievements and future royalty potential.

The most recent tangible interaction involved a milestone payment:

• Pyxis Oncology, Inc. received a $2.8 million milestone payment in July 2025 from Simcere for the regulatory approval of suvemcitug in China by the National Medical Products Administration.
• This payment was $3 million less a $0.2 million tax in China.
• This milestone generated $2.8 million in revenue for the quarter ended June 30, 2025.
• Future relationship value is tied to eligibility for mid to high single-digit percentage royalties on net sales of suvemcitug in China.

Scientific Community Outreach

Building credibility with Key Opinion Leaders (KOLs) and the broader scientific community is achieved by presenting translational and clinical data at high-impact medical meetings. This outreach validates the science behind MICVO's first-in-concept mechanism of action.

The scientific engagement in late 2025 was concentrated around key data presentations:

• Pyxis Oncology, Inc. presented translational data in October 2025 at the ESMO Congress 2025 in Berlin, Germany (October 17-21, 2025).
• This included two posters and three clinical trial in progress posters at ESMO.
• Data was also presented in six posters at the AACR-NCI-EORTC International Conference in Boston, Massachusetts (October 22-26, 2025).
• The total count of scientific publications/presentations attributed to 2025 was 14 across all types (Abstract, Article, Poster, Presentation).

These presentations provided deeper insights into MICVO's pharmacodynamic responses and its three-pronged mechanism of action: direct tumor cell killing, bystander killing, and immunogenic cell death. Finance: draft 13-week cash view by Friday.

Pyxis Oncology, Inc. (PYXS) - Canvas Business Model: Channels

You're hiring before product-market fit, so your channels are all about getting the drug candidate, MICVO, into the hands of the right investigators and communicating progress to the capital markets. Here's the quick math on how Pyxis Oncology, Inc. (PYXS) is currently channeling its operations as of late 2025.

Clinical Trial Sites: Primary channel for delivering the therapeutic candidate (MICVO) to patients

The clinical trial sites are the direct delivery channel for the investigational therapeutic candidate, micvotabart pelidotin (MICVO), to patients. This channel is currently focused on two main studies:

• Phase 1 monotherapy dose expansion study in 2L/3L R/M HNSCC patients.
• Phase 1/2 combination dose escalation study of MICVO and KEYTRUDA® (pembrolizumab) in 1L/2L+ R/M HNSCC patients.

The company supports patient enrollment and investigator engagement through a system that allows searching for active trial sites within various radii, including 10 mi, 25 mi, 50 mi, 100 mi, 200 mi, 500 mi, 1000 mi, and up to 1500 mi from a given location. Preliminary data from these ongoing studies was expected in the fourth quarter of 2025 (4Q25).

Investor Relations Website: Central hub for financial reports, press releases, and conference webcasts

The Investor Relations section of the Pyxis Oncology, Inc. website, accessible at ir.pyxisoncology.com, serves as the primary digital conduit for financial transparency and corporate updates. You can track key financial filings and events here. For instance, the Third Quarter 2025 Financial Results were reported on November 03, 2025. The stock trades on NASDAQ under the ticker PYXS. As of a November 2025 report, the stock price was listed at $4.39.

This channel disseminates information about management participation in key investment events:

Conference Name	Date (2025)	Format
Stifel Healthcare Conference	November 11	Fireside chat
Guggenheim 2nd Annual Healthcare Innovation Conference	November 10	Fireside chat
2nd Annual ADC and Novel Conjugates Partnering and Investment Summit	September 9	Company presentation

Live webcasts and replays for the Cantor Global Healthcare Conference (September 3) and H.C. Wainwright Global Investment Conference (September 8) were made available on this site.

Scientific Publications and Conferences: Disseminate preclinical and clinical data to the oncology community

Dissemination of scientific findings to the medical and research community occurs through presentations and publications. Pyxis Oncology, Inc. presented translational data in October 2025 at two major meetings.

The volume of scientific output for 2025 included 14 total items when sorting by year. Specifically, in October 2025:

• Two posters at the European Society for Medical Oncology (ESMO) Congress 2025.
• Six posters at the AACR-NCI-EORTC International Conference.
• Three clinical trial in progress posters at ESMO.

The company has a history of 43 posters published through 2025.

Strategic Partnering: Licensing agreements for regional development and commercialization (e.g., Simcere)

The out-licensing and collaboration agreement with Simcere for the development and commercialization of suvemcitug in China represents a key channel for realizing value from non-core assets. This partnership generated revenue for Pyxis Oncology, Inc. in the second quarter of 2025 (Q2 2025).

Financial details tied to this channel include:

• Revenue recognized in Q2 2025 from a Simcere milestone payment: $2.8 million.
• Pyxis Oncology, Inc. is eligible for future mid to high single-digit royalties on suvemcitug sales in China.

The milestone payment was pursuant to an agreement between Pyxis Oncology, Inc.'s subsidiary, Apexigen, and Simcere.

Pyxis Oncology, Inc. (PYXS) - Canvas Business Model: Customer Segments

Patients with Recurrent/Metastatic HNSCC: Specifically those who have progressed after prior platinum and PD-1 therapy

Pyxis Oncology, Inc. is focused on advancing micvotabart pelidotin (MICVO) for patients with difficult-to-treat cancers. The primary patient segment is defined by prior treatment failure, indicating a high unmet medical need.

• MICVO Phase 1 monotherapy expansion cohorts focus on 2L and 3L Recurrent/Metastatic Head and Neck Squamous Cell Carcinoma (R/M HNSCC) patients post-platinum and anti-PD(L)-1 therapy.
• Preliminary data from these specific R/M HNSCC cohorts are expected in the 4th Quarter of 2025.
• In a prior analysis of HNSCC patients, MICVO achieved a confirmed 50% objective response rate (ORR) in six heavily pretreated evaluable patients.
• The company is also evaluating MICVO in combination with Merck's anti-PD-1 therapy, KEYTRUDA® (pembrolizumab), for R/M HNSCC.

Oncology Specialists: Physicians and oncologists treating advanced solid tumors

This segment includes the treating physicians who will prescribe MICVO upon potential regulatory approval, as well as those participating in ongoing clinical trials. Their engagement is crucial for generating the data that validates the product.

Metric	Value/Context
Clinical Trial Focus	Phase 1 studies across R/M HNSCC and other solid tumors.
Data Readout Timing	Preliminary data expected in 4Q25 for the key R/M HNSCC patient group.
Prior Trial Enrollment (PYX-106)	The deprioritized program, PYX-106, enrolled 45 patients in its Phase 1 monotherapy trial.
Scientific Engagement	Pyxis Oncology presented translational data at the European Society for Medical Oncology (ESMO) Congress 2025.

Global Pharmaceutical Companies: Potential future partners for late-stage development and commercialization

As a clinical-stage company, Pyxis Oncology, Inc. relies on strategic partnerships for the significant capital and infrastructure required for late-stage development and global commercialization. The company has existing collaboration structures that serve as a template for future deals.

• Pyxis Oncology retains rights to two antibodies discovered through the APXiMAB platform being developed by Apexigen's licensees.
• In July 2025, the company received a $2.8 million milestone payment (net of tax in China) from Simcere Pharmaceutical Group Limited for the approval of suvemcitug in China.
• The agreement with Simcere also entitles Pyxis Oncology to receive mid to high single-digit percentage royalties on net sales of suvemcitug in China.

Institutional and Retail Investors: Provide capital to fund the R&D-intensive business model

This segment funds the ongoing research and development, which is substantial for a clinical-stage biopharma company. The cash position and burn rate are key metrics for this segment.

Financial Metric (as of 9/30/2025)	Amount
Cash, Cash Equivalents, and Short-Term Investments	$77.7 million
Net Loss for Q3 2025	$22.0 million
Cumulative Net Loss (First 3 Quarters of 2025)	$61.52 million
Research and Development Expenses (Q3 2025)	$17.8 million
Projected Cash Runway	Into the second half of 2026
Outstanding Common Stock (as of 10/31/2025)	62,264,215 shares

The company actively engages this segment through investor relations activities, including participation in major industry conferences.

• Management participation scheduled for November 2025 at the Guggenheim 2nd Annual Healthcare Innovation Conference and the Stifel 2025 Healthcare Conference.
• The company appointed Alex Kane, MBA, as Senior Vice President, Investor Relations & Capital Markets, effective October 9, 2025, who brings 20 years of relevant experience.

Pyxis Oncology, Inc. (PYXS) - Canvas Business Model: Cost Structure

You're looking at the core expenditures for Pyxis Oncology, Inc. as of late 2025, which are heavily weighted toward advancing its clinical pipeline, specifically micvotabart pelidotin (MICVO).

Research and Development (R&D) Expenses represent the company's largest cost component. For the quarter ended September 30, 2025, R&D expenses totaled $17.8 million, a slight increase from $17.7 million reported for the same quarter in 2024. This spending reflects the ongoing commitment to developing next-generation therapeutics for difficult-to-treat cancers. It's the engine driving the entire operation right now.

The R&D spend is dominated by the MICVO program. Specifically, MICVO program-related R&D costs increased by $2.0 million in Q3 2025 compared to Q3 2024. This increase was partially offset by a $1.8 million reduction in expenses related to PYX-106, as its clinical development was paused in December 2024. That pause helped manage the burn rate, but the focus on MICVO is clear.

Here's a breakdown of the key cost drivers for the quarter ended September 30, 2025, focusing on the period-over-period change in MICVO-related R&D:

Cost Component	Q3 2025 vs Q3 2024 Change (USD)	Primary Driver
Clinical Trial Costs (MICVO)	Increase of $1.3 million	Monotherapy and combination therapy studies
Manufacturing Costs (MICVO)	Increase of $1.0 million	Contract manufacturing for drug product and substance
PYX-106 Related Costs	Decrease of $1.8 million	Pausing of clinical development

Clinical Trial Costs are a major part of that R&D increase. The spending is significant because Pyxis Oncology is running multiple arms of the Phase 1 studies for MICVO in recurrent and metastatic head and neck squamous cell carcinoma (R/M HNSCC). You're looking at costs associated with both the monotherapy dose expansion study and the combination dose escalation study, which includes KEYTRUDA® (pembrolizumab).

Manufacturing Costs are also scaling up as the clinical program progresses. The $1.0 million increase in contract manufacturing costs for MICVO drug product and substance shows they are preparing materials for ongoing and future trial needs. This is a necessary step before any potential larger-scale production.

General and Administrative (G&A) Expenses were $5.6 million for the quarter ended September 30, 2025. This is down from $6.0 million in Q3 2024. That reduction is due to lower corporate insurance costs and a decrease in legal, professional, and consulting fees. It's a small win on the overhead side.

To give you a sense of the G&A trend, here are the recent quarterly figures:

• Q3 2025 G&A: $5.6 million
• Q2 2025 G&A: $5.4 million
• Q3 2024 G&A: $6.0 million

The overall cost structure is typical for a clinical-stage company; cash burn is high, but it's directed almost entirely at the lead asset.

Finance: draft 13-week cash view by Friday.

Pyxis Oncology, Inc. (PYXS) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for Pyxis Oncology, Inc.'s revenue generation as of late 2025. For a clinical-stage company, revenue streams are often tied to partnership achievements rather than product sales, and that's exactly what we see here.

The most concrete revenue event in the recent period was the milestone payment. In Q2 2025, Pyxis Oncology, Inc. received a payment of $2.8 million (net of tax) from Simcere. This was tied to the regulatory approval of suvemcitug in China. To be clear, that $2.8 million was the amount recognized after accounting for a $0.2 million tax in China on the initial $3 million milestone payment. That's how the revenue hits the books.

Looking at the cumulative performance, the total collaboration revenue recognized across the first three quarters of 2025 amounted to $2.82 million. This figure gives you a clear picture of the non-equity-based income generated so far this fiscal year. It's defintely worth comparing this against the operational burn rate, so here's a quick look at the key financial context for that nine-month period.

Financial Metric (Q1-Q3 2025)	Amount (USD)
Total Collaboration Revenue	$2.82 million
Net Loss	$61.52 million
Q2 2025 Milestone Revenue (Simcere)	$2.8 million

Moving to the longer-term potential, the future royalties stream is tied directly to the success of suvemcitug in the Chinese market under the agreement with Simcere. Pyxis Oncology, Inc. is eligible to receive mid to high single-digit percentage royalties on the net sales of that product in China. This is a classic biotech revenue structure: a near-term cash event followed by a long-tail revenue expectation based on commercial success.

Now, for the reality check: financing. As you can see from the table, the company recorded a substantial net loss of $61.52 million across the first three quarters of 2025. This operational deficit means that the primary source of capital to keep the lights on and fund the clinical pipeline-like the ongoing trials for micvotabart pelidotin-is equity financing. The cash position, which stood at $77.7 million as of September 30, 2025, is what management is relying on to fund operations into the second half of 2026, bridging the gap until potential future milestones or data readouts.