Pyxis Oncology Q2 2024 Financial Results and Corporate Update

Pyxis Oncology, Inc., a clinical-stage company based in Boston and specializing in next-generation cancer therapeutics, has announced its second-quarter financial results for 2024 and provided a corporate update. As of June 30, 2024, Pyxis Oncology held $157.2 million in cash, cash equivalents, restricted cash, and short-term investments. This financial reserve is projected to sustain the company's operations into the second half of 2026, encompassing the forthcoming phase of PYX-201's clinical development expected to be disclosed in the fall of 2024.

Dr. Lara S. Sullivan, President and CEO of Pyxis Oncology, expressed satisfaction with the company's performance. She highlighted the operational and clinical execution that is on schedule to deliver preliminary data from the ongoing Phase 1 trial of PYX-201, a pioneering tumor stroma targeting antibody-drug conjugate (ADC) against the stromal Extradomain-B Fibronectin (EDB+FN) target.

Dr. Sullivan further elaborated that 72 subjects have been dosed in the PYX-201 dose escalation study, which continues to focus on cancers such as head and neck squamous cell carcinoma (HNSCC), non-small cell lung cancer (NSCLC), ovarian cancer, soft tissue sarcoma, and pancreatic ductal adenocarcinoma (PDAC). The safety data observed so far supports the continuation of monotherapy and potential combination clinical development strategies, which could provide new treatment options for patients with challenging cancer types.

In the recent clinical program updates, PYX-201 is highlighted as the leading clinical program of the company. This ADC, targeting EDB+FN within the tumor stroma, is under evaluation in a Phase 1 trial involving multiple solid tumors. To date, 72 subjects have participated in the study. Preliminary data, including efficacy, safety, and pharmacokinetics, is expected in the fall of 2024, along with updates on future development plans.

PYX-106, another key candidate, is a fully human antibody targeting Siglec-15 designed to block the suppression of T-cell proliferation and function. This drug is currently in Phase 1 clinical trials involving multiple solid tumors, with 33 subjects dosed so far. Preliminary data, including pharmacokinetic and pharmacodynamic results, will be reported by the end of 2024.

Regarding financial results for the second quarter of 2024, Pyxis Oncology reported research and development expenses of $13.9 million, up from $11.4 million in the same period of 2023. The increase is mainly attributed to higher clinical trial-related expenses, including the production of drug products and substances for ongoing trials of PYX-201 and PYX-106. General and administrative expenses were $6.1 million, a slight decline from $6.7 million in the previous year, primarily due to reduced professional and consultant fees.

The net loss for the quarter ended June 30, 2024, was $17.3 million, or $0.29 per common share, compared to a net loss of $15.9 million, or $0.41 per common share, in the same period of 2023. The net losses included non-cash stock-based compensation expenses of $2.9 million for 2024 and $3.7 million for 2023.

As of August 14, 2024, Pyxis Oncology had 58,942,243 shares of common stock outstanding. The company's operations are sustained by a substantial financial reserve, which aligns with their strategic plans for advancing clinical programs.

Pyxis Oncology is committed to developing innovative therapeutics to treat difficult cancers. Their leading candidates, PYX-201 and PYX-106, are under ongoing Phase 1 trials aiming to address solid tumors resistant to current treatments, potentially offering new therapeutic options through both monotherapies and combination therapies.