CAMBRIDGE, Mass., March 22, 2023 (GLOBE NEWSWIRE) -- Pyxis Oncology, Inc. (Nasdaq: PYXS), a clinical-stage company focused on developing next-generation therapeutics to target difficult-to-treat cancers, today reported financial results for the full year ended December 31, 2022, and provided a corporate update.
“Over the past year, our team has made significant progress in advancing PYX-201, our antibody-drug conjugate (ADC) product candidate, and PYX-106, our immunotherapy product candidate, into Phase 1 clinical trials,” said Lara S. Sullivan, M.D., President and Chief Executive Officer of Pyxis Oncology. “Our strong balance sheet gives us a cash runway into the first half of 2025 as we continue to advance these programs for patients. We anticipate preliminary data from both trials, including biomarker results and potential early signs of clinical activity, in late 2023 to early 2024.”
Recent Corporate Updates
Full-Year 2022 Financial Results
Pam Connealy, Chief Financial Officer of Pyxis Oncology, added, “As our clinical programs have advanced, our team has established a strong financial foundation with no debt and a cash runway into the first half of 2025. We expect our balance sheet will enable us to evaluate early signs of clinical activity in our two clinical programs and initiate tumor-specific expansion cohorts following dose selection.”
About Pyxis Oncology, Inc.
Pyxis Oncology, Inc. is a clinical stage company focused on defeating difficult-to-treat cancers. The company is efficiently building next-generation therapeutics that hold the potential for mono and combination therapies. Pyxis Oncology’s therapeutic candidates are designed to directly kill tumor cells and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. Pyxis Oncology’s antibody-drug conjugates (ADCs) and immuno-oncology (IO) programs employ novel and emerging strategies to target a broad range of solid tumors resistant to current standards of care. To learn more, visit www.pyxisoncology.com or follow us on Twitter and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are often identified by the use of words such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “to be,” “will,” “would,” or the negative or plural of these words, or similar expressions or variations, although not all forward-looking statements contain these words. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur and actual results could differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified herein, and those discussed in the section titled “Risk Factors” set forth in Part II, Item 1A. of the Company’s Annual Report on Form 10-K filed with SEC on March 22, 2023, and in our other filings with the SEC. These risks are not exhaustive. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date hereof and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
Pyxis Oncology Contact
Jennifer Davis Ruff
VP, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
---tables to follow---
PYXIS ONCOLOGY, INC.
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
| Year Ended December 31, | ||||||||
| 2022 | 2021 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 86,129 | $ | 51,054 | ||||
| General and administrative | 37,352 | 18,663 | ||||||
| Total operating expenses | 123,481 | 69,717 | ||||||
| Loss from operations | (123,481 | ) | (69,717 | ) | ||||
| Other income (expense): | ||||||||
| Interest income | 2,764 | 23 | ||||||
| Service fee income from related party | — | 181 | ||||||
| Change in fair value of derivative liability | — | (6,231 | ) | |||||
| Total other income (expense) | 2,764 | (6,027 | ) | |||||
| Loss from equity method investment in joint venture | — | (231 | ) | |||||
| Net loss and comprehensive loss | $ | (120,717 | ) | $ | (75,975 | ) | ||
| Net loss per common share - basic and diluted | $ | (3.65 | ) | $ | (8.95 | ) | ||
| Weighted average shares of common stock outstanding - basic and diluted | 33,033,081 | 8,493,273 | ||||||
PYXIS ONCOLOGY, INC.
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
| December 31, | ||||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 179,293 | $ | 274,735 | ||||
| Restricted cash | 1,472 | 1,472 | ||||||
| Prepaid expenses and other current assets | 5,847 | 2,466 | ||||||
| Total current assets | 186,612 | 278,673 | ||||||
| Property and equipment, net | 11,165 | 1,007 | ||||||
| Operating lease right-of-use assets | 13,602 | 232 | ||||||
| Other assets, noncurrent | — | 109 | ||||||
| Total assets | $ | 211,379 | $ | 280,021 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 7,097 | $ | 11,951 | ||||
| Accrued expenses and other current liabilities | 24,537 | 6,592 | ||||||
| Operating lease liabilities, current portion | — | 165 | ||||||
| Total current liabilities | 31,634 | 18,708 | ||||||
| Operating lease liabilities, net of current portion | 18,921 | — | ||||||
| Total liabilities | 50,555 | 18,708 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 34 | 32 | ||||||
| Additional paid-in capital | 373,225 | 352,999 | ||||||
| Accumulated deficit | (212,435 | ) | (91,718 | ) | ||||
| Total stockholders’ equity | 160,824 | 261,313 | ||||||
| Total liabilities and stockholders’ equity | $ | 211,379 | $ | 280,021 | ||||
| Last Trade: | US$1.57 |
| Daily Change: | -0.03 -1.57 |
| Daily Volume: | 915,717 |
| Market Cap: | US$93.070M |
November 20, 2024 November 12, 2024 August 14, 2024 | |
Astria Therapeutics is a biopharmaceutical company, and our mission is to bring life-changing therapies to patients and families affected by rare and niche allergic and immunological diseases. Our lead program, STAR-0215, is a monoclonal antibody inhibitor of plasma kallikrein in clinical development...
CLICK TO LEARN MORE
C4 Therapeutics is pioneering a new class of small-molecule drugs that selectively destroy disease-causing proteins via degradation using the innate machinery of the cell. This targeted protein degradation approach offers advantages over traditional drugs, including the potential to treat a wider range of diseases...
CLICK TO LEARN MORE
