Pyxis Oncology(PYXS) - 2024 Q4 - Annual Results

Financial Performance - The company reported a net loss of $77.3 million, or ($1.32) per common share, for the year ended December 31, 2024, compared to a net loss of $73.8 million, or ($1.85) per common share, in 2023[12]. - Total revenues for 2024 were $16.1 million, including $8.1 million in royalty revenues and $8.0 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 $49.6 million in 2023, primarily due to clinical trial-related expenses[12]. - General and administrative expenses decreased to $25.4 million in 2024 from $32.6 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 $132,440 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 $19,473 million, compared to $9,664 million in the previous year, marking an increase of 101.4%[17]. - Total assets decreased to $157,181 million from $173,726 million, a decline of 9.6%[17]. - Total stockholders' equity slightly decreased to $120,751 million from $125,704 million, reflecting a decline of 4.0%[17]. Liabilities and Deficits - Total liabilities decreased to $36,430 million in December 2024 from $48,022 million in December 2023, a reduction of 24.2%[17]. - Accounts payable increased to $4,859 million, up from $3,896 million, indicating a rise of 24.6%[17]. - Accumulated deficit widened to $(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 $18,650 million from $20,099 million, a decrease of 7.2%[17]. - Deferred revenues were reported as zero in December 2024, down from $7,660 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].