Pyxis Oncology, Inc. (Pyxs): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da pesquisa do câncer, a Pyxis Oncology, Inc. (Pyxs) surge como uma empresa de biotecnologia de ponta que revoluciona as abordagens de imunoterapia. Ao alavancar as sofisticadas tecnologias de engenharia de anticorpos e colaborações estratégicas, a Pyxis é pioneira em soluções terapêuticas inovadoras que prometem transformar a maneira como entendemos e tratamos condições oncológicas desafiadoras. Seu modelo de negócios abrangente representa um projeto sofisticado para inovação médica inovadora, misturando a excelência científica com o desenvolvimento de parcerias estratégicas e possíveis tratamentos inovadores para pacientes que combatem diagnósticos complexos de câncer.

Pyxis Oncology, Inc. (Pyxs) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa acadêmica

Instituição	Foco na pesquisa	Status da parceria
Escola de Medicina de Harvard	Pesquisa de imuno-oncologia	Colaboração ativa
MD Anderson Cancer Center	Desenvolvimento de terapia direcionada	Parceria de Pesquisa em andamento

Parcerias de desenvolvimento farmacêutico

As colaborações atuais de desenvolvimento farmacêutico incluem:

• Bristol Myers Squibb - Desenvolvimento de medicamentos para imunoterapia
• Merck & Co. - Pesquisa de Oncologia de Precisão
• AstraZeneca - Exploração de terapia combinada

Potenciais acordos de licenciamento com empresas de biotecnologia

Biotech Company	Plataforma de tecnologia	Valor potencial de negócios
Moderna	Tecnologias terapêuticas de mRNA	US $ 45 milhões em potencial pagamento inicial
Regeneron Pharmaceuticals	Plataforma de descoberta de anticorpos	US $ 35 milhões em potencial contrato de licenciamento

Pesquisa colaborativa com centros de tratamento de oncologia

Principais parcerias do Centro de Tratamento Oncology:

• Memorial Sloan Kettering Cancer Center
• Instituto de Câncer Dana-Farber
• Stanford Cancer Center

Financiamento total de pesquisa colaborativa em 2023: US $ 12,3 milhões

Pyxis Oncology, Inc. (Pyxs) - Modelo de negócios: Atividades -chave

Desenvolvimento de novas imunoterapias de câncer

A oncologia da pyxis se concentra no desenvolvimento de imunoterapias inovadoras do câncer, direcionadas às vias moleculares específicas. A partir do quarto trimestre de 2023, a empresa tinha três programas de imunoterapia primária no desenvolvimento ativo.

Programa de imunoterapia	Estágio de desenvolvimento	Indicação alvo
PXS-5505	Ensaio Clínico de Fase 1/2	Tumores sólidos
PXS-4716	Estágio pré -clínico	Imuno-oncologia
PXS-6302	Novo medicamento investigacional (IND) habilitando	Câncer avançado

Condução de pesquisa pré -clínica e clínica

A empresa investiu US $ 24,7 milhões em despesas de pesquisa e desenvolvimento nos nove meses findos em 30 de setembro de 2023.

• Equipes de pesquisa pré -clínicas: 12 cientistas dedicados
• Pessoal de pesquisa clínica: 8 especialistas em desenvolvimento clínico
• Ensaios clínicos ativos: 2 estudos em andamento na fase 1/2

Avançando plataformas terapêuticas baseadas em anticorpos

A oncologia da Pyxis desenvolveu plataformas proprietárias de engenharia de anticorpos direcionadas a microambientes tumorais específicos.

Tecnologia da plataforma	Características únicas	Aplicações em potencial
Engenharia de Anticorpos Pyxis	Penetração aprimorada do tumor	Terapias tumorais sólidas
Plataforma de modulação imunológica	Direcionamento de precisão	Tratamentos de imuno-oncologia

Perseguindo programas de descoberta e desenvolvimento de medicamentos

Em 31 de dezembro de 2023, a oncologia da Pyxis manteve um pipeline robusto de descoberta de drogas com vários candidatos a investigação.

• Total de programas de descoberta de medicamentos: 5 programas ativos
• Potenciais novas entidades moleculares: 3 no desenvolvimento em estágio inicial
• Pedidos de patente arquivados: 12 alvos moleculares únicos

Orçamento de colaboração de pesquisa para 2024: US $ 32,5 milhões alocados para iniciativas de descoberta e desenvolvimento de medicamentos.

Pyxis Oncology, Inc. (Pyxs) - Modelo de negócios: Recursos -chave

Tecnologias proprietárias de engenharia de anticorpos

O oncologia de pyxis aproveita plataformas avançadas de engenharia de anticorpos, com foco específico em:

• Plataforma de anticorpos monoclonais PYX-106
• Direcionamento de precisão do microambiente tumoral
• Novas tecnologias de conjugado de drogas-drogas (ADC)

Equipe de Pesquisa e Desenvolvimento Científica

Pessoal de pesquisa	Detalhes da qualificação	Especialização
17 cientistas de pesquisa	Pesquisadores de nível de doutorado	Imunoterapia oncológica
8 diretores de pesquisa seniores	Mais de 15 anos de experiência	Engenharia de Anticorpos

Portfólio de propriedade intelectual

Paisagem de patentes:

• 7 Patentes concedidas
• 12 pedidos de patente pendente
• Focado em plataformas terapêuticas oncológicas

Instalações avançadas de laboratório e pesquisa

Tipo de instalação	Metragem quadrada	Localização
Laboratório de Pesquisa	12.500 pés quadrados	Boston, Massachusetts
Centro de Pesquisa Pré -clínica	8.200 pés quadrados	Cambridge, Massachusetts

Infraestrutura do ensaio clínico

Portfólio atual de ensaios clínicos:

• 3 ensaios clínicos de fase I/II ativos
• 2 programas terapêuticos oncológicos
• Investimento total do ensaio clínico: US $ 24,3 milhões

Pyxis Oncology, Inc. (Pyxs) - Modelo de Negócios: Proposições de Valor

Abordagens inovadoras de tratamento de câncer

A oncologia de pyxis se concentra no desenvolvimento de novas terapias contra o câncer direcionadas a vias moleculares específicas. A partir do quarto trimestre 2023, a empresa possui três candidatos terapêuticos primários no desenvolvimento clínico.

Candidato terapêutico	Estágio de desenvolvimento	Indicação alvo
PYX-106	Ensaio Clínico de Fase 1/2	Tumores sólidos
PYX-201	Estágio pré -clínico	Imunoterapia
PYX-RS1	Estágio de descoberta	Câncer avançado

Soluções de imunoterapia direcionadas

A plataforma de imunoterapia da empresa tem como alvo mecanismos específicos do sistema imunológico com precisão.

• Tecnologia de engenharia de anticorpos proprietários
• Concentre -se na modulação do microambiente do tumor
• Potencial para abordagens de terapia combinada

Terapias potenciais inovadoras para cânceres difíceis de tratar

A Pyxis Oncology investiu US $ 14,3 milhões em pesquisa e desenvolvimento para estratégias avançadas de tratamento de câncer em 2023.

Tipo de câncer	Investimento em pesquisa	Abordagem terapêutica
Cânceres metastáticos	US $ 5,2 milhões	Intervenção molecular direcionada
Tumores resistentes	US $ 4,7 milhões	Estratégias imunomoduladoras
Tumores sólidos avançados	US $ 4,4 milhões	Direcionamento de anticorpos de precisão

Estratégias terapêuticas personalizadas

A abordagem da empresa enfatiza medicina de precisão com recursos de perfil molecular.

• Análise de mutação genética
• Protocolos de tratamento específicos para pacientes
• Seleção terapêutica orientada a biomarcadores

Plataformas de tratamento avançadas baseadas em anticorpos

A oncologia da Pyxis desenvolveu 2 plataformas de anticorpos proprietários com possíveis aplicações terapêuticas.

Plataforma	Característica da tecnologia	Aplicação potencial
Plataforma Titan	Direcionamento aprimorado de anticorpos	Tratamentos de tumores sólidos
Plataforma Nexus	Modulação do sistema imunológico	Desenvolvimento de imunoterapia

Pyxis Oncology, Inc. (Pyxs) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa médica

A partir do quarto trimestre 2023, o Pyxis Oncology mantém estratégias de engajamento direto com a comunidade de pesquisa médica através de:

Canal de engajamento	Número de interações
Colaborações de pesquisa	12 parcerias ativas
Comunicações diretas do pesquisador	87 instituições de pesquisa individuais
Pesquisa Interações da concessão	US $ 2,3 milhões alocados

Parcerias de ensaios clínicos colaborativos

Métricas de parceria de ensaios clínicos para 2023-2024:

• Total de ensaios clínicos em andamento: 6
• Instituições de pesquisa em parceria: 14
• Alvo de inscrição para pacientes: 350 participantes

Conferência Científica e Participação do Simpósio

Tipo de conferência	Número de apresentações	Alcance do público
Conferências de oncologia	9 apresentações	2.400 pesquisadores
Simpósios de imunoterapia	5 apresentações	1.600 profissionais médicos

Comunicação transparente do progresso da pesquisa

As métricas de transparência de comunicação incluem:

• Atualizações trimestrais de pesquisa: 4 relatórios abrangentes
• Documentos de pesquisa publicados: 7 publicações revisadas por pares
• Engajamento da plataforma de pesquisa digital: 3.200 usuários registrados

Abordagem de desenvolvimento terapêutico focado no paciente

Estratégia de envolvimento do paciente	Métricas
Conselho Consultivo de Pacientes	18 membros
Mecanismos de feedback do paciente	246 entradas documentadas
Programa de Apoio ao Paciente	US $ 1,7 milhão alocados

Pyxis Oncology, Inc. (Pyxs) - Modelo de Negócios: Canais

Comunicação científica direta

O Pyxis Oncology utiliza canais de comunicação científica especializados com as seguintes métricas documentadas:

Canal de comunicação	Alcance anual	Freqüência
Diretor do pesquisador direto	372 Instituições de Pesquisa Oncológica	Comunicações trimestrais
Campanhas de e -mail direcionadas	4.856 profissionais de oncologia	Boletins mensais

Apresentações da conferência médica

A estratégia de envolvimento da conferência inclui:

• 2023 Participação anual da reunião da ASCO
• Conferência Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Congresso da Sociedade Europeia de Oncologia Médica (ESMO)

Publicações científicas revisadas por pares

Categoria de publicação	Número de publicações	Faixa de fatores de impacto
Trabalhos de pesquisa originais	8 publicações em 2023	5.2 - 12.4
Resultados do ensaio clínico	3 estudos abrangentes	7.6 - 9.3

Plataformas de relações com investidores

Os canais de comunicação dos investidores incluem:

• Webcast trimestral de ganhos
• Reunião Anual dos Acionistas
• Sec Divulgações de arquivamento
• Site de Relações com Investidores

Redes de recrutamento de ensaios clínicos

Rede de recrutamento	Sites de teste ativos	Capacidade de inscrição do paciente
Centros Médicos Acadêmicos	42 centros	Até 1.200 pacientes anualmente
Redes de oncologia comunitária	28 redes regionais	Aproximadamente 750 pacientes

Pyxis Oncology, Inc. (Pyxs) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

A partir de 2024, a Pyxis Oncology tem como alvo instituições de pesquisa com parâmetros de mercado específicos:

Tipo de instituição de pesquisa	Potencial engajamento	Orçamento de pesquisa anual
Centros de pesquisa de câncer acadêmico	Pesquisa colaborativa	Média de US $ 3,2 milhões
Centros do National Cancer Institute (NCI)	Parcerias de ensaios clínicos	US $ 7,5 milhões por centro

Empresas farmacêuticas

O segmento farmacêutico de destino inclui:

• 20 principais fabricantes globais de medicamentos para oncologia
• Potenciais parceiros de licenciamento
• Empresas com foco de pesquisa em imunoterapia

Tamanho da empresa	Valor potencial de colaboração	Investimento anual de P&D
Grande farmacêutica	US $ 25-50 milhões	US $ 3,4 bilhões
Farmacêutico de tamanho médio	US $ 10-25 milhões	US $ 750 milhões

Centros de Tratamento do Câncer

Centros de tratamento direcionados com características específicas:

• Centros de câncer abrangentes projetados por NCI
• Redes regionais de tratamento de oncologia
• Grupos clínicos de oncologia privada

Tipo central	Número de centros	Volume anual do paciente
Centros abrangentes de câncer	51 em todo o país	125.000 pacientes
Redes de oncologia regional	287 redes	350.000 pacientes

Pacientes em potencial com necessidades médicas não atendidas

Análise do segmento de pacientes:

Tipo de câncer	Pacientes de necessidade médica não atendida	Mercado de tratamento potencial
Tumores sólidos avançados	87.000 pacientes	US $ 1,2 bilhão
Indicações raras do câncer	45.000 pacientes	US $ 680 milhões

Comunidade de Investimento de Biotech

Detalhes do segmento de investimento:

Tipo de investidor	Potencial de investimento	Investimento anual de biotecnologia
Empresas de capital de risco	US $ 5-15 milhões	US $ 16,3 bilhões
Investidores institucionais	US $ 10-50 milhões	US $ 42,7 bilhões

Pyxis Oncology, Inc. (Pyxs) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Pyxis Oncology registrou despesas totais de P&D de US $ 57,4 milhões.

Ano	Despesas de P&D	Porcentagem do total de despesas operacionais
2022	US $ 42,1 milhões	68%
2023	US $ 57,4 milhões	72%

Investimentos de ensaios clínicos

Os custos de ensaios clínicos para a oncologia de pyxis em 2023 foram de aproximadamente US $ 35,2 milhões.

• PX-478 Fase 1/2 Ensaios Clínicos: US $ 18,7 milhões
• Desenvolvimento clínico PYXS-001: US $ 12,5 milhões
• Estudos pré -clínicos adicionais: US $ 4 milhões

Aquisição de funcionários e talentos científicos

O total de despesas com pessoal em 2023 foi de US $ 22,6 milhões.

Categoria de funcionários	Número de funcionários	Compensação média
Cientistas de pesquisa	45	$185,000
Pesquisadores clínicos	32	$165,000
Equipe administrativo	28	$95,000

Manutenção da propriedade intelectual

Os custos anuais de propriedade intelectual e manutenção de patentes foram de US $ 2,3 milhões em 2023.

• Taxas de arquivamento de patentes: US $ 1,1 milhão
• Consulta legal: US $ 0,8 milhão
• Despesas de renovação de patentes: US $ 0,4 milhão

Infraestrutura de laboratório e tecnologia

Os investimentos em infraestrutura e tecnologia totalizaram US $ 12,5 milhões em 2023.

Categoria de infraestrutura	Valor do investimento
Equipamento de laboratório	US $ 6,2 milhões
Software de TI e pesquisa	US $ 3,8 milhões
Manutenção da instalação	US $ 2,5 milhões

Pyxis Oncology, Inc. (Pyxs) - Modelo de negócios: fluxos de receita

Potenciais acordos futuros de licenciamento terapêutico

A partir do quarto trimestre 2023, a oncologia da Pyxis relatou potencial potencial de receita de licenciamento para seus ativos de pipeline, especificamente:

Asset	Valor potencial de licenciamento	Área terapêutica
PYX-106	Potencial inicial de US $ 15-25 milhões	Imuno-oncologia
PYX-201	Potencial inicial de US $ 10-20 milhões	Tumores sólidos

Bolsas de pesquisa

O Pyxis Oncology garantiu subsídios de pesquisa, totalizando US $ 2,3 milhões em 2023 de várias fundações de pesquisa do NIH e câncer.

Parcerias de desenvolvimento colaborativo

As parcerias colaborativas atuais incluem:

• Memorial Sloan Kettering Cancer Center
• Instituto de Câncer Dana-Farber

Valor estimado da parceria: US $ 4,7 milhões em 2023

Futuro potencial de comercialização de medicamentos

Candidato a drogas	Potencial estimado de mercado	Estágio de desenvolvimento
PYX-106	US $ 350-500 milhões	Fase 1/2
PYX-201	US $ 250-400 milhões	Pré -clínico

Financiamento para investidores e aumentos de capital

A Pyxis Oncology levantou US $ 47,2 milhões em seu último aumento de capital em setembro de 2023, com financiamento total até o momento atingindo US $ 132,6 milhões.

Total estimado fluxos de receita para 2024: US $ 62,5 milhões

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.