PYXS

MKT CAP:$122M

Pyxis Oncology, Inc.

Market Cap

$122M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$1.72+$0.57 (+49.57%)

Apr 23, 2026

Company Details

Pyxis Oncology, Inc., a preclinical stage biopharmaceutical company, engages in the development of therapies to treat cancers. Its immune-oncology product candidates include PYX-106, an investigational fully human immunoglobulin G1 isotype ...

CEO

Thomas Civik

IPO Date

Oct 8, 2021

Website

www.pyxisoncology.com

Key Metrics TTM

Revenue

$14M

-14.2% YoY

Net Income

-$80M

EPS (Diluted)

-$1.29

Free Cash Flow

-$64M

Revenue / Share

$0.22

Gross Margin

103.1%

Operating Margin

-609.2%

Net Margin

-574.5%

FCF Margin

-458.3%

P/S

8.8x

P/E

—

Earnings Reports

FY 2025

Mar 23, 2026

$14M-14.2%EPS -$1.28

Q4 2025

Mar 23, 2026

$11MEPS -$0.29

Q3 2025

Nov 3, 2025

$0EPS -$0.35

Q2 2025

Aug 14, 2025

$3MEPS -$0.30

Q1 2025

May 15, 2025

$0-100.0%EPS -$0.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$31M
Q2 22	$0	$0	-$26M
Q3 22	$0	$0	-$28M
Q4 22	$0	$0	-$38M
Q1 23	$0	$0	-$21M
Q2 23	$0	$0	-$18M
Q3 23	$0	$0	-$25M
Q4 23	$0	$0	-$18M
Q1 24	$16M	$16M	-$6M
Q2 24	$0	$0	-$20M
Q3 24	$0	$0	-$24M
Q4 24	$0	$0	-$40M
Q1 25	$0	$0	-$23M
Q2 25	$3M	$3M	-$20M
Q3 25	$0	$0	-$23M
Q4 25	$11M	$11M	-$18M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	17.9x	—
Q2 24	12.0x	—
Q3 24	13.8x	—
Q4 24	5.9x	—
Q1 25	—	—
Q2 25	23.8x	—
Q3 25	48.3x	—
Q4 25	4.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$28M	-$28M
Q2 22	-$24M	-$24M
Q3 22	-$21M	-$25M
Q4 22	-$17M	-$19M
Q1 23	-$27M	-$31M
Q2 23	-$11M	-$13M
Q3 23	-$18M	-$18M
Q4 23	-$15M	-$15M
Q1 24	-$21M	-$21M
Q2 24	-$3M	-$3M
Q3 24	-$15M	-$15M
Q4 24	-$19M	-$19M
Q1 25	-$23M	-$23M
Q2 25	-$17M	-$17M
Q3 25	-$13M	-$13M
Q4 25	-$10M	-$10M

Capital Expenditures

Quarter	CapEx
Q1 22	$146.0K
Q2 22	$129.0K
Q3 22	$4M
Q4 22	$2M
Q1 23	$4M
Q2 23	$2M
Q3 23	$61.0K
Q4 23	$0
Q1 24	$237.0K
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$9.0K
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	-12.1%
Q2 22	—	+333.0%
Q3 22	—	+144.3%
Q4 22	—	+131.2%
Q1 23	—	-33.2%
Q2 23	—	-29.6%
Q3 23	—	-10.7%
Q4 23	—	-53.2%
Q1 24	—	+3.8%
Q2 24	—	+10.5%
Q3 24	—	-6.3%
Q4 24	—	+125.5%
Q1 25	-100.0%	+5.3%
Q2 25	—	+12.7%
Q3 25	—	-1.2%
Q4 25	—	-26.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	—
Q2 22	$4M	—
Q3 22	$4M	—
Q4 22	$4M	—
Q1 23	$5M	—
Q2 23	$4M	—
Q3 23	$5M	—
Q4 23	$3M	—
Q1 24	$4M	26.8%
Q2 24	$3M	—
Q3 24	$3M	—
Q4 24	$3M	—
Q1 25	$4M	—
Q2 25	$3M	106.9%
Q3 25	$3M	—
Q4 25	$2M	18.9%

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$20M	$11M
Q2 22	$17M	$9M
Q3 22	$19M	$9M
Q4 22	$30M	$8M
Q1 23	$12M	$9M
Q2 23	$11M	$7M
Q3 23	$15M	$11M
Q4 23	$12M	$6M
Q1 24	$13M	$8M
Q2 24	$14M	$6M
Q3 24	$18M	$6M
Q4 24	$14M	$5M
Q1 25	$17M	$6M
Q2 25	$17M	$5M
Q3 25	$18M	$6M
Q4 25	$22M	$5M

Revenue Segments

Quarter	Royalty	Milestone Revenue
Q2 24	$8M	—
Q3 24	$8M	—
Q3 25	—	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$247M	$0	$247M
Q2 22	$223M	$0	$223M
Q3 22	$199M	$0	$199M
Q4 22	$179M	$0	$179M
Q1 23	$53M	$96M	$149M
Q2 23	$26M	$117M	$143M
Q3 23	$15M	$118M	$133M
Q4 23	$10M	$110M	$119M
Q1 24	$28M	$129M	$157M
Q2 24	$25M	$131M	$156M
Q3 24	$12M	$133M	$145M
Q4 24	$19M	$107M	$127M
Q1 25	$13M	$93M	$105M
Q2 25	$11M	$78M	$89M
Q3 25	$10M	$67M	$78M
Q4 25	$15M	$51M	$67M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	32M	+1.8%	+46.1%
Q2 22	32M	+0.4%	+2.3%
Q3 22	33M	+0.3%	+2.6%
Q4 22	35M	+7.4%	+10.2%
Q1 23	35M	+1.1%	+9.4%
Q2 23	38M	+8.6%	+18.3%
Q3 23	41M	+7.7%	+26.9%
Q4 23	45M	+8.3%	+28.0%
Q1 24	51M	+14.6%	+45.1%
Q2 24	60M	+17.9%	+57.6%
Q3 24	61M	+0.4%	+46.9%
Q4 24	61M	0.0%	+35.7%
Q1 25	61M	+0.5%	+19.0%
Q2 25	62M	+1.4%	+2.4%
Q3 25	63M	+1.0%	+3.0%
Q4 25	62M	-0.7%	+2.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	56
Q2 22	$0	56
Q3 22	$0	56
Q4 22	$0	75
Q1 23	$0	75
Q2 23	$0	75
Q3 23	$0	75
Q4 23	$0	50
Q1 24	$322.9K	50
Q2 24	$0	50
Q3 24	$0	50
Q4 24	$0	44
Q1 25	$0	44
Q2 25	$64.1K	44
Q3 25	$0	44
Q4 25	$55	200K

Revenue / Employee