Pyxis Oncology, Inc. (PYXS): Business Model Canvas [Dec-2025 Updated]

You're digging into Pyxis Oncology, Inc. (PYXS) and need the unvarnished truth on its business engine, right? Forget the fluff; this is a textbook, high-burn clinical-stage biotech where everything hinges on their lead asset, micvotabart pelidotin (MICVO). As a former BlackRock analyst, I see the risk clearly: they posted a net loss of $61.52 million through the first three quarters of 2025, driven by R&D costs like the $17.8 million spent in Q3 alone. But there's a plan, backed by $77.7 million in cash as of September 30, 2025, and crucial alliances, including the one with Merck. Keep reading; I've broken down the entire nine-block canvas so you can see the precise structure of their bet on next-generation Antibody Drug Conjugates.

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

You're looking at how Pyxis Oncology, Inc. structures its external relationships to drive its pipeline forward, especially for its lead candidate, micvotabart pelidotin (MICVO). These partnerships are critical for clinical execution and market access outside their core focus area.

Merck: Collaboration for Phase 1/2 combination study of MICVO with KEYTRUDA® (pembrolizumab)

Pyxis Oncology has a Clinical Trial Collaboration Agreement with Merck (known as MSD outside of the US and Canada) to evaluate MICVO in combination with KEYTRUDA®. This trial, designated NCT06795412, is actively investigating the combination in multiple solid tumors, focusing on recurrent and metastatic head and neck squamous cell carcinoma (R/M HNSCC) patients. The study targets include first-line (1L) and second-line + (2L+) R/M HNSCC patients. Pyxis Oncology aimed to identify the recommended Phase 2 dose by mid-year 2025. Preliminary data from this Phase 1/2 combination dose escalation study is expected in the second half of 2025.

Here's a snapshot of the MICVO clinical program progress relevant to this partnership as of late 2025:

Simcere Pharmaceutical Group Limited: Out-licensing and collaboration for suvemcitug (BD0801) in China

The out-licensing deal with Simcere Pharmaceutical Group Limited covers the development and commercialization of suvemcitug (marketed as ENZESHU®) for oncology in China. This partnership generated near-term, non-dilutive capital for Pyxis Oncology, Inc. The National Medical Products Administration (NMPA) approved ENZESHU® on June 30, 2025, for recurrent ovarian cancer, fallopian tube cancer, or primary peritoneal cancer in combination with chemotherapy in adults who have received no more than one systemic therapy after platinum resistance. This regulatory event triggered a milestone payment.

The financial impact from this specific partnership in the third quarter of 2025 was significant:

• Milestone Payment Received: $2.8 million (net of tax).
• Gross Milestone Amount: $3.0 million.
• Tax Withheld in China: $0.2 million.
• Q2 2025 Revenue Recognition: $2.8 million.

Looking ahead, Pyxis Oncology, Inc. is positioned to receive mid to high single-digit percentage royalties on net sales of suvemcitug in China for up to 15 years after the first commercial sale.

Contract Manufacturing Organizations (CMOs)

Pyxis Oncology, Inc. relies on CMOs to produce the drug substance and drug product necessary for its clinical supply chain, particularly for MICVO. While specific CMO names aren't public, the financial commitment is visible within the R&D spend. For the three months ended September 30, 2025, the MICVO program saw specific cost increases directly tied to manufacturing activities.

The financial data shows the direct cost implication of using CMOs:

• Total MICVO program R&D cost increase (Q3 2025 vs. prior period): $2.0 million.
• Portion attributed to contract manufacturing costs: $1.0 million.

This spend supports the ongoing Phase 1 studies for MICVO.

Academic and Clinical Research Organizations (CROs)

CROs are essential for executing and managing the complex, multi-site Phase 1 clinical trials for MICVO, including the monotherapy expansion cohorts and the combination study with Merck's KEYTRUDA®. The operational expenses associated with these organizations are captured within the clinical trial related expenses reported by Pyxis Oncology, Inc. For the quarter ended September 30, 2025, the MICVO program incurred a $1.3 million increase in clinical trial related expenses, which covers the costs managed by these CRO partners.

The company's overall financial position, which underpins its ability to fund these CRO engagements, was:

• Cash, cash equivalents, and short-term investments as of September 30, 2025: $77.7 million.
• Expected cash runway: Into the second half of 2026.

Finance: draft 13-week cash view by Friday.

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

You're running a clinical-stage biotech, so the core of your business is executing trials and keeping the lights on through smart capital management. Here's a look at what Pyxis Oncology, Inc. was actively driving as of late 2025.

Advancing lead candidate micvotabart pelidotin (MICVO) through Phase 1 clinical trials

The primary activity centers on advancing micvotabart pelidotin (MICVO), a first-in-concept antibody drug conjugate (ADC) targeting extradomain-B of fibronectin (EDB+FN). This work is focused heavily on patients with recurrent and metastatic head and neck squamous cell carcinoma (R/M HNSCC).

The company was executing on several key clinical milestones for MICVO:

• Evaluating MICVO as monotherapy and in combination with Merck's anti-PD-1 therapy, KEYTRUDA® (pembrolizumab).
• Expecting preliminary data from the Phase 1 monotherapy dose expansion study in 2L/3L R/M HNSCC patients in the fourth quarter of 2025 (4Q25).
• Expecting preliminary data from the Phase 1/2 combination study with KEYTRUDA in 1L/2L+ R/M HNSCC patients in 4Q25.

To give you some context on the potential, an earlier Phase 1 dose-escalation trial showed a 50% objective response rate (ORR) and a 100% disease control rate (DCR) in six heavily pretreated R/M HNSCC patients. That's the kind of signal that drives the entire operation.

Research and development (R&D) of next-generation Antibody Drug Conjugates (ADCs)

Pyxis Oncology, Inc. is focused on building next-generation therapeutics, with MICVO exemplifying this by using a unique non-cellular targeting strategy. The R&D activity is about validating and expanding this platform, which is designed to use a three-pronged mechanism of action: direct tumor cell killing, bystander effect, and immunogenic cell death.

Here are some of the financial markers tied to this R&D engine for the third quarter of 2025:

The company's cash position is directly funding this R&D pipeline; as of September 30, 2025, cash and equivalents stood at $77.7 million, with an expected runway into the second half of 2026. That runway is critical for hitting those 4Q25 data milestones.

Presenting clinical and translational data at major oncology conferences (e.g., ESMO 2025)

Communicating the science is a non-negotiable key activity for a clinical-stage company. Pyxis Oncology, Inc. actively presented data to validate MICVO's mechanism of action (MOA) and support its clinical development.

The company presented translational data at two major medical meetings in October 2025:

• European Society for Medical Oncology (ESMO) Congress 2025 in Berlin, Germany (October 17-21, 2025).
• AACR-NCI-EORTC International Conference in Boston, Massachusetts (October 22-26, 2025).

Specifically, they presented two posters at ESMO 2025 and six posters at the AACR-NCI-EORTC conference, detailing MICVO's effects on tumor microenvironment remodeling and immune activation.

Securing capital and managing investor relations at conferences like Stifel and Guggenheim in November 2025

Keeping the capital flowing requires direct engagement with the investment community. Management dedicated time in November 2025 to present the company's strategic direction and clinical progress at key investor events.

Pyxis Oncology, Inc. management participated in fireside chats at these conferences:

This outreach supports the financial health, especially given the ongoing cash burn associated with advancing the Phase 1 studies. As of October 31, 2025, the total outstanding shares of Common Stock was 62,264,215.

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

You're looking at the core assets Pyxis Oncology, Inc. is relying on right now to push its pipeline forward. These are the tangible and intangible things they absolutely must have to make their business model work.

Intellectual Property: Patents covering the first-in-concept ADC, MICVO, and its mechanism of action.

The intellectual property centers on micvotabart pelidotin (MICVO), which is a first-in-concept antibody-drug conjugate (ADC). This ADC uniquely targets extradomain-B of fibronectin (EDB+FN), a non-cellular structural component found in the tumor extracellular matrix. The patented mechanism is designed to deliver a multi-pronged attack on solid tumors.

The three synergistic mechanisms of action validated through translational data include:

• Direct tumor cell killing.
• Bystander killing via payload diffusion.
• Immunogenic cell death through host immune activation.

This extracellular-cleaving strategy is what sets MICVO apart from conventional ADCs that target cellular surfaces.

Cash and Investments: $77.7 million as of September 30, 2025, providing runway into H2 2026.

Financially, the company's immediate strength is its liquidity position. As of the close of the third quarter on September 30, 2025, Pyxis Oncology reported $77.7 million in cash, cash equivalents, including restricted cash, and short-term investments. Management projects this capital base is sufficient to fund operations into the second half of 2026, covering key data milestones.

APXiMAB Platform: Proprietary antibody discovery and engineering platform acquired via Apexigen.

The APXiMAB platform is a critical technology asset. It is a commercially and clinically validated system that uses proprietary rabbit fusion cell lines and MLG humanization technologies. This platform enables the discovery of high-affinity antibodies suitable for targeted payload delivery. Furthermore, this platform has already generated at least one marketed product, which contributes a royalty stream to Pyxis Oncology.

Scientific and Clinical Talent: Specialized personnel for oncology drug development and trial execution.

The human capital is concentrated in specialized roles, reflecting the focus on clinical execution for MICVO. The total workforce size as of September 30, 2025, was reported at 60 total employees. The leadership team, including President, CEO, and Chief Medical Officer Lara S. Sullivan, M.D., possesses deep experience in oncology research and development, which is vital for navigating late-stage clinical programs.

Here's a quick snapshot of the key quantifiable resources as of late 2025:

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:

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:

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:

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.

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.

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:

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.

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.