Pyxis Oncology, Inc. (PYXS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la recherche sur le cancer, Pyxis Oncology, Inc. (PYXS) émerge comme une entreprise de biotechnologie de pointe révolutionnant des approches d'immunothérapie. En tirant parti des technologies d'ingénierie d'anticorps sophistiquées et des collaborations stratégiques, les Pyxis sont des solutions thérapeutiques innovantes pionnières qui promettent de transformer la façon dont nous comprenons et traitons des conditions oncologiques difficiles. Leur modèle commercial complet représente un plan sophistiqué pour l'innovation médicale révolutionnaire, mélangeant l'excellence scientifique avec le développement de partenariat stratégique et les traitements révolutionnaires potentiels pour les patients luttant contre des diagnostics de cancer complexes.

Pyxis Oncology, Inc. (PYXS) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec les établissements de recherche universitaires

Institution	Focus de recherche	Statut de partenariat
École de médecine de Harvard	Recherche d'immuno-oncologie	Collaboration active
MD Anderson Cancer Center	Développement de la thérapie ciblée	Partenariat de recherche en cours

Partenariats de développement pharmaceutique

Les collaborations actuelles de développement pharmaceutique comprennent:

• Bristol Myers Squibb - Développement de médicaments à l'immunothérapie
• Miserrer & Co. - Recherche en oncologie de précision
• AstraZeneca - Exploration de la thérapie combinée

Accords de licence potentiels avec des entreprises biotechnologiques

Entreprise de biotechnologie	Plate-forme technologique	Valeur potentielle de l'accord
Moderne	technologies thérapeutiques de l'ARNm	45 millions de dollars de paiement initial potentiel
Regeneron Pharmaceuticals	Plate-forme de découverte d'anticorps	Contrat potentiel de 35 millions de dollars

Recherche collaborative avec les centres de traitement en oncologie

PARTENARS DE CENTRE DE TRAITEMENT ONCOLOGIE CLÉS:

• Memorial Sloan Kettering Cancer Center
• Dana-Farber Cancer Institute
• Stanford Cancer Center

Financement total de recherche collaborative en 2023: 12,3 millions de dollars

Pyxis Oncology, Inc. (PYXS) - Modèle d'entreprise: activités clés

Développer de nouvelles immunothérapies contre le cancer

L'oncologie pyxis se concentre sur le développement d'immunothérapies innovantes contre le cancer ciblant des voies moléculaires spécifiques. Au quatrième trimestre 2023, la société avait 3 programmes d'immunothérapie primaire en développement actif.

Programme d'immunothérapie	Étape de développement	Indication cible
PXS-5505	Essai clinique de phase 1/2	Tumeurs solides
PXS-4716	Étape préclinique	Immuno-oncologie
PXS-6302	Nouveau médicament enquête (IND) permettant	Cancers avancés

Effectuer des recherches précliniques et cliniques

La société a investi 24,7 millions de dollars dans les frais de recherche et de développement pour les neuf mois clos le 30 septembre 2023.

• Équipes de recherche préclinique: 12 scientifiques dévoués
• Personnel de recherche clinique: 8 spécialistes du développement clinique
• Essais cliniques actifs: 2 études en cours de phase 1/2

Faire avancer les plates-formes thérapeutiques basées sur des anticorps

L'oncologie pyxis a développé des plates-formes d'ingénierie d'anticorps propriétaires ciblant des microenvironnements tumoraux spécifiques.

Technologie de plate-forme	Caractéristiques uniques	Applications potentielles
Ingénierie d'anticorps Pyxis	Pénétration améliorée de la tumeur	Thérapies tumorales solides
Plate-forme de modulation immunitaire	Ciblage de précision	Traitements d'immuno-oncologie

Poursuivre des programmes de découverte et de développement de médicaments

Au 31 décembre 2023, l'oncologie pyxis a maintenu un pipeline de découverte de médicaments robuste avec de multiples candidats enquêts.

• Programmes totaux de découverte de médicaments: 5 programmes actifs
• De nouvelles entités moléculaires potentielles: 3 en démarrage à un stade précoce
• Demandes de brevet déposées: 12 cibles moléculaires uniques

Budget de collaboration de recherche pour 2024: 32,5 millions de dollars alloués aux initiatives de découverte et de développement de médicaments.

Pyxis Oncology, Inc. (PYXS) - Modèle d'entreprise: Ressources clés

Technologies d'ingénierie d'anticorps propriétaires

Pyxis Oncology exploite les plates-formes d'ingénierie des anticorps avancés, avec un accent spécifique sur:

• Plate-forme d'anticorps monoclonale PYX-106
• Ciblage de précision du microenvironnement tumoral
• Nouvelles technologies de conjugué d'anticorps (ADC)

Équipe de recherche et développement scientifique

Personnel de recherche	Détails de qualification	Spécialisation
17 chercheurs	Chercheurs de doctorat	Immunothérapie en oncologie
8 directeurs de recherche principaux	Plus de 15 ans d'expérience	Ingénierie des anticorps

Portefeuille de propriété intellectuelle

Paysage breveté:

• 7 brevets accordés
• 12 demandes de brevet en instance
• Axé sur les plateformes thérapeutiques en oncologie

Installations avancées de laboratoire et de recherche

Type d'installation	En pieds carrés	Emplacement
Laboratoire de recherche	12 500 pieds carrés	Boston, Massachusetts
Centre de recherche préclinique	8 200 pieds carrés	Cambridge, Massachusetts

Infrastructure d'essais cliniques

Portfolio actuel des essais cliniques:

• 3 essais cliniques de phase I / II active
• 2 programmes thérapeutiques en oncologie
• Investissement total des essais cliniques: 24,3 millions de dollars

Pyxis Oncology, Inc. (PYXS) - Modèle d'entreprise: propositions de valeur

Approches innovantes de traitement du cancer

L'oncologie pyxis se concentre sur le développement de nouvelles thérapies contre le cancer ciblant des voies moléculaires spécifiques. Depuis le quatrième trimestre 2023, la société a 3 candidats thérapeutiques primaires en développement clinique.

Candidat thérapeutique	Étape de développement	Indication cible
Pyx-106	Essai clinique de phase 1/2	Tumeurs solides
Pyx-20101	Étape préclinique	Immunothérapie
Pyx-rs1	Étape de découverte	Cancers avancés

Solutions d'immunothérapie ciblées

La plate-forme d'immunothérapie de l'entreprise cible des mécanismes spécifiques du système immunitaire avec précision.

• Technologie d'ingénierie des anticorps propriétaires
• Concentrez-vous sur la modulation du microenvironnement tumoral
• Potentiel d'approches de thérapie combinée

Thérapies révolutionnaires potentielles pour les cancers difficiles à traiter

Pyxis Oncology a investi 14,3 millions de dollars dans la recherche et le développement des stratégies de traitement du cancer avancé en 2023.

Type de cancer	Investissement en recherche	Approche thérapeutique
Cancers métastatiques	5,2 millions de dollars	Intervention moléculaire ciblée
Tumeurs résistantes	4,7 millions de dollars	Stratégies immunomodulatrices
Tumeurs solides avancées	4,4 millions de dollars	Ciblage d'anticorps de précision

Stratégies thérapeutiques personnalisées

L'approche de l'entreprise met l'accent sur la médecine de précision avec les capacités de profilage moléculaire.

• Analyse de mutation génétique
• Protocoles de traitement spécifiques au patient
• Sélection thérapeutique axée sur les biomarqueurs

Plates-formes de traitement basées sur des anticorps avancés

L'oncologie pyxis a développé 2 plates-formes d'anticorps propriétaires avec des applications thérapeutiques potentielles.

Plate-forme	Caractéristique technologique	Application potentielle
Plate-forme Titan	Ciblage d'anticorps amélioré	Traitements tumoraux solides
Plate-forme Nexus	Modulation du système immunitaire	Développement d'immunothérapie

PYXIS ONCOLOGY, Inc. (PYXS) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de la recherche médicale

Depuis le quatrième trimestre 2023, Pyxis Oncology maintient des stratégies d'engagement directes avec la communauté de recherche médicale à travers:

Canal de fiançailles	Nombre d'interactions
Collaborations de recherche	12 partenariats actifs
Communications des chercheurs directs	87 institutions de recherche individuelles
Interactions de subvention de recherche	2,3 millions de dollars alloués

Partenariats collaboratifs d'essais cliniques

Métriques de partenariat d'essai cliniques pour 2023-2024:

• Total des essais cliniques en cours: 6
• Institutions de recherche en partenariat: 14
• Patient Inscription Cobile: 350 participants

Conférence scientifique et participation au symposium

Type de conférence	Nombre de présentations	Poutenir
Conférences en oncologie	9 présentations	2 400 chercheurs
Symposiums d'immunothérapie	5 présentations	1 600 professionnels de la santé

Communication transparente des progrès de la recherche

Les métriques de transparence de la communication comprennent:

• Mises à jour de la recherche trimestrielle: 4 rapports complets
• Documents de recherche publiés: 7 publications évaluées par des pairs
• Engagement de la plate-forme de recherche numérique: 3 200 utilisateurs enregistrés

Approche de développement thérapeutique axé sur les patients

Stratégie d'engagement des patients	Métrique
Conseil consultatif des patients	18 membres
Mécanismes de rétroaction des patients	246 entrées documentées
Programme d'assistance aux patients	1,7 million de dollars alloués

Pyxis Oncology, Inc. (PYXS) - Modèle d'entreprise: canaux

Communication scientifique directe

Pyxis Oncology utilise des canaux de communication scientifiques spécialisés avec les mesures documentées suivantes:

Canal de communication	Portée annuelle	Fréquence
La sensibilisation du chercheur direct	372 Institutions de recherche en oncologie	Communications trimestrielles
Campagnes par e-mail ciblées	4 856 professionnels en oncologie	Newsletters mensuels

Présentations de la conférence médicale

La stratégie d'engagement de la conférence comprend:

• 2023 Participation de la réunion annuelle de l'ASCO
• Conférence annuelle American Association for Cancer Research (AACR)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)

Publications scientifiques évaluées par des pairs

Catégorie de publication	Nombre de publications	Plage du facteur d'impact
Articles de recherche originaux	8 publications en 2023	5.2 - 12.4
Résultats des essais cliniques	3 études complètes	7.6 - 9.3

Plateformes de relations avec les investisseurs

Les canaux de communication des investisseurs comprennent:

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Divulgations de classement de la SEC
• Site Web de relations avec les investisseurs

Réseaux de recrutement d'essais cliniques

Réseau de recrutement	Sites d'essai actifs	Capacité d'inscription des patients
Centres médicaux académiques	42 centres	Jusqu'à 1 200 patients par an
Réseaux d'oncologie communautaire	28 réseaux régionaux	Environ 750 patients

Pyxis Oncology, Inc. (PYXS) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

En 2024, l'oncologie pyxis cible les institutions de recherche avec des paramètres de marché spécifiques:

Type d'institution de recherche	Engagement potentiel	Budget de recherche annuel
Centres de recherche sur le cancer universitaire	Recherche collaborative	Moyenne de 3,2 millions de dollars
Centres du National Cancer Institute (NCI)	Partenariats d'essais cliniques	7,5 millions de dollars par centre

Sociétés pharmaceutiques

Le segment pharmaceutique cible comprend:

• Top 20 fabricants mondiaux de médicaments en oncologie
• Partenaires de licence potentiels
• Les entreprises avec une recherche sur l'immunothérapie se concentrent

Taille de l'entreprise	Valeur de collaboration potentielle	Investissement annuel de R&D
Grand pharmacie	25 à 50 millions de dollars	3,4 milliards de dollars
Pharma de taille moyenne	10-25 millions de dollars	750 millions de dollars

Centres de traitement du cancer

Centres de traitement ciblés avec des caractéristiques spécifiques:

• Centres de cancer complets désignés par le NCI
• Réseaux de traitement régional en oncologie
• Groupes de cliniques d'oncologie privée

Type de centre	Nombre de centres	Volume annuel des patients
Centres de cancer complets	51 à l'échelle nationale	125 000 patients
Réseaux d'oncologie régionaux	287 réseaux	350 000 patients

Patients potentiels ayant des besoins médicaux non satisfaits

Analyse du segment des patients:

Type de cancer	Patients médicaux non satisfaits	Marché du traitement potentiel
Tumeurs solides avancées	87 000 patients	1,2 milliard de dollars
Indications de cancer rares	45 000 patients	680 millions de dollars

Communauté d'investissement en biotechnologie

Détails du segment d'investissement:

Type d'investisseur	Potentiel d'investissement	Investissement annuel de biotechnologie
Sociétés de capital-risque	5-15 millions de dollars	16,3 milliards de dollars
Investisseurs institutionnels	10-50 millions de dollars	42,7 milliards de dollars

Pyxis Oncology, Inc. (PYXS) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Pyxis Oncology a déclaré des dépenses totales de R&D de 57,4 millions de dollars.

Année	Dépenses de R&D	Pourcentage des dépenses d'exploitation totales
2022	42,1 millions de dollars	68%
2023	57,4 millions de dollars	72%

Investissements d'essais cliniques

Les coûts des essais cliniques pour l'oncologie pyxis en 2023 étaient d'environ 35,2 millions de dollars.

• PX-478 Essais cliniques de phase 1/2: 18,7 millions de dollars
• PYXS-001 Développement clinique: 12,5 millions de dollars
• Études précliniques supplémentaires: 4 millions de dollars

Acquisition du personnel et des talents scientifiques

Les dépenses totales du personnel en 2023 étaient de 22,6 millions de dollars.

Catégorie des employés	Nombre d'employés	Compensation moyenne
Chercheur	45	$185,000
Chercheurs en clinique	32	$165,000
Personnel administratif	28	$95,000

Maintenance de la propriété intellectuelle

Les coûts annuels de la propriété intellectuelle et de l'entretien des brevets étaient de 2,3 millions de dollars en 2023.

• Frais de dépôt de brevets: 1,1 million de dollars
• Consultation juridique: 0,8 million de dollars
• Dépenses de renouvellement des brevets: 0,4 million de dollars

Infrastructure de laboratoire et technologique

Les investissements en infrastructure et en technologie ont totalisé 12,5 millions de dollars en 2023.

Catégorie d'infrastructure	Montant d'investissement
Équipement de laboratoire	6,2 millions de dollars
It et logiciel de recherche	3,8 millions de dollars
Entretien d'installation	2,5 millions de dollars

PYXIS ONCOLOGY, Inc. (PYXS) - Modèle d'entreprise: Strots de revenus

Attributions potentielles de licences thérapeutiques potentiels

Depuis le quatrième trimestre 2023, l'oncologie pyxis a signalé un potentiel potentiel de revenus de licence pour ses actifs de pipeline, en particulier:

Asset	Valeur de licence potentielle	Zone thérapeutique
Pyx-106	Potentiel initial de 15 à 25 millions de dollars	Immuno-oncologie
Pyx-20101	Potentiel initial de 10 à 20 millions de dollars	Tumeurs solides

Subventions de recherche

Pyxis Oncology a obtenu des subventions de recherche totalisant 2,3 millions de dollars en 2023 auprès de diverses fondations de recherche sur le NIH et le cancer.

Partenariats de développement collaboratif

Les partenariats collaboratifs actuels comprennent:

• Memorial Sloan Kettering Cancer Center
• Dana-Farber Cancer Institute

Valeur du partenariat estimé: 4,7 millions de dollars en 2023

Potentiel de commercialisation des médicaments futurs

Drogue	Potentiel de marché estimé	Étape de développement
Pyx-106	350 à 500 millions de dollars	Phase 1/2
Pyx-20101	250 à 400 millions de dollars	Préclinique

Financement des investisseurs et augmentation du capital

Pyxis Oncology a levé 47,2 millions de dollars dans sa dernière augmentation de capital en septembre 2023, avec un financement total à ce jour, atteignant 132,6 millions de dollars.

Total des sources de revenus estimées pour 2024: 62,5 millions de dollars

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.