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Pyxis Oncology(PYXS) - 2024 Q4 - Annual Results
PYXSPyxis Oncology(PYXS)2025-03-18 11:57

Financial Performance - The company reported a net loss of 77.3million,or(77.3 million, or (1.32) per common share, for the year ended December 31, 2024, compared to a net loss of 73.8million,or(73.8 million, or (1.85) per common share, in 2023[12]. - Total revenues for 2024 were 16.1million,including16.1 million, including 8.1 million in royalty revenues and 8.0millionfromthesaleofroyaltyrights[15].−Researchanddevelopmentexpensesincreasedto8.0 million from the sale of royalty rights[15]. - Research and development expenses increased to 58.7 million for the year ended December 31, 2024, compared to 49.6millionin2023,primarilyduetoclinicaltrial−relatedexpenses[12].−Generalandadministrativeexpensesdecreasedto49.6 million in 2023, primarily due to clinical trial-related expenses[12]. - General and administrative expenses decreased to 25.4 million in 2024 from 32.6millionin2023,attributedtoloweremployeecostsandreducedlegalandconsultingfees[12].−Aworkforcereductionofapproximately2032.6 million in 2023, attributed to lower employee costs and reduced legal and consulting fees[12]. - A workforce reduction of approximately 20% was implemented to streamline operations and focus resources on the micvotabart pelidotin clinical program[7]. Cash and Assets - As of December 31, 2024, Pyxis Oncology had cash and cash equivalents of 128.4 million, sufficient to fund operations into the second half of 2026[12]. - Total current assets increased to 132,440millioninDecember2024,upfrom132,440 million in December 2024, up from 124,604 million in December 2023, representing a growth of 6.5%[17]. - Cash and cash equivalents rose significantly to 19,473million,comparedto19,473 million, compared to 9,664 million in the previous year, marking an increase of 101.4%[17]. - Total assets decreased to 157,181millionfrom157,181 million from 173,726 million, a decline of 9.6%[17]. - Total stockholders' equity slightly decreased to 120,751millionfrom120,751 million from 125,704 million, reflecting a decline of 4.0%[17]. Liabilities and Deficits - Total liabilities decreased to 36,430millioninDecember2024from36,430 million in December 2024 from 48,022 million in December 2023, a reduction of 24.2%[17]. - Accounts payable increased to 4,859million,upfrom4,859 million, up from 3,896 million, indicating a rise of 24.6%[17]. - Accumulated deficit widened to (363,556)millioninDecember2024from(363,556) million in December 2024 from (286,225) million in December 2023, an increase of 27.1%[17]. - Operating lease liabilities, net of current portion, decreased to 18,650millionfrom18,650 million from 20,099 million, a decrease of 7.2%[17]. - Deferred revenues were reported as zero in December 2024, down from 7,660millioninDecember2023[17].ClinicalDevelopments−PyxisOncologyachievedaconfirmed507,660 million in December 2023[17]. Clinical Developments - Pyxis Oncology achieved a confirmed 50% objective response rate in its Phase 1 trial of micvotabart pelidotin for recurrent and metastatic head and neck squamous cell carcinoma[4]. - The company received Fast Track Designation from the FDA for micvotabart pelidotin targeting adult patients with recurrent and metastatic head and neck squamous cell carcinoma[4]. - Preliminary data from ongoing trials of micvotabart pelidotin are expected in the second half of 2025 and the first half of 2026[4]. - The company recorded a non-cash impairment loss of 21.0 million related to in-process research and development intangible asset for PYX-107[12].