Pyxis Oncology (PYXS) Q3 2026 earnings summary

Executive summary

• MICVO monotherapy data in previously treated recurrent/metastatic HNSCC showed a 36% confirmed ORR and 94% DCR in 33 evaluable patients; a global Phase 3 trial is planned for mid-2027.

• October’s $110.0M gross public offering extended expected funding runway into the first half of 2028, while losses and clinical-development spending continue.

Financial highlights

• Q3 2026 net loss was $20.0M versus $22.0M in Q3 2025; nine-month net loss was $68.6M versus $61.5M.

• Q3 operating expenses were $20.5M versus $23.5M; nine-month expenses were $70.9M versus $68.9M.

• No milestone revenue was recorded in 9M 2026, versus $2.8M in 9M 2025 from a Simcere regulatory milestone; no product sales revenue to date.

• September 30 cash and cash equivalents were $3.9M, marketable debt securities $51.7M, and total assets $76.8M; accumulated deficit was $511.8M.

Outlook and guidance

• Cash, cash equivalents and marketable securities at September 30, together with net proceeds from the October offering, are expected to fund operations into 1H 2028.

• Headliner global pivotal Phase 3 monotherapy trial is planned for mid-2027, subject to FDA dose-selection alignment; FDA feedback is expected in 1Q 2027.

• Updated MICVO monotherapy overall-survival data are expected in 1H 2027; updated 1L combination data are expected in December 2026, with durability and dose-selection data expected in 2H 2027.

• If October warrants are not exercised, available funds will not fully fund Headliner and additional capital will be needed beyond 1H 2028.