Pyxis Oncology (NasdaqGS:PYXS) Update / Briefing December 18, 2025 08:30 AM ET Company ParticipantsAlex Kane - SVP, IR and Capital MarketJeff La Rosa - Equity ResearchLara Sullivan - President, CEO and CMOConference Call ParticipantsAndy Hsieh - Biotechnology and Equity Research AnalystStephen Willey - MD and Senior Equity Research AnalystSwayampakula Ramakanth - MD and Senior Healthcare AnalystParsons Hack - AnalystSam Slutsky - Senior Research AnalystNone - AnalystBradley Canino - Biotechnology and Equity ...

Summary of Pliant Therapeutics FY Conference Call Company Overview - **Company**: Pliant Therapeutics (NasdaqGS:PLRX) - **Event**: 37th Annual Piper Sandler Healthcare Conference - **Date**: December 04, 2025 Key Highlights - **Phase 1 Study Results**: - The study showed a median treatment duration of **15 months** with **four responders**, including **one complete responder** in heavily pretreated patients [2][3] - Notable case: A cholangiocarcinoma patient achieved a complete response after failing multiple therapies, including chemotherapy and radiotherapy [3] - **Interferon Gamma Response**: - The interferon gamma signal was identified as a significant predictor of response, observed after **14 days** of monotherapy with the drug **10-10-95** [5] - This signal was statistically significant compared to baseline and was also seen preclinically in animal models [5] - **Safety Profile**: - The drug was well tolerated, with the most common adverse event being mild to moderate rash, leading to only one discontinuation due to rash [5][6] - **Program Advancement**: - The company plans to move forward with part two of the study, focusing on **non-small cell lung carcinoma** and other tumor types [10] - The study will continue to explore the interferon gamma signal and other biomarkers [10] - **Future Data Timeline**: - Anticipated data from the ongoing studies may be available in **2027**, depending on cohort size and study design [15][33] Strategic Direction - **Oncology Focus**: - Pliant remains committed to its integrin platform, with a focus on oncology as the lead asset while also exploring earlier-stage programs [22][24] - The company is open to opportunistic acquisitions to enhance its pipeline [25][41] - **Competitive Landscape**: - The oncology space is competitive, particularly for ICI refractory patients, with current options showing progression-free survival (PFS) of **3 to 5 months** [26][28] - Key competitors include companies focusing on bispecifics and AbbVie, which has a similar mechanism of action [28][29] - **Platform Capabilities**: - Pliant is developing a siRNA delivery platform targeting specific cell types, with potential indications expected to be disclosed in **2026** [24][31] Financial Position - **Cash Reserves**: - The company has sufficient cash to support operations through **2028**, providing flexibility in resource allocation [37][39] Additional Insights - **Team and Execution**: - Pliant has maintained its core development capabilities and is looking to enhance expertise in clinical oncology and regulatory affairs [51] - **Pipeline Development**: - The company has several small molecules ready for development in various indications, with a focus on oncology and chronic diseases [31][32] This summary encapsulates the key points discussed during the conference call, highlighting Pliant Therapeutics' current status, future plans, and competitive positioning in the biotechnology sector.

Financial Data and Key Metrics Changes - The company expects to finish the year with close to $700 million in cash, indicating strong liquidity and access to capital [11] - The company raised $500 million in just 48 hours recently, demonstrating robust investor confidence and financial flexibility [11] Business Line Data and Key Metrics Changes - The company has four Phase 3 clinical trials currently ongoing, with positive results reported from HARMONY-A and HARMONY-2 studies, showing significant progression-free survival (PFS) benefits [21][22] - The HARMONY-6 trial, which combines the drug with chemotherapy, has also shown strong positive results against PD-1 plus chemotherapy [20][21] Market Data and Key Metrics Changes - The company is focusing on the non-small cell lung cancer (NSCLC) market, with HARMONY-3 expected to capture a significant share of the advanced NSCLC market [32] - The competitive landscape includes major players like Pfizer and BMS, but the company believes its data and positioning will allow it to dominate the market [34][32] Company Strategy and Development Direction - The company is strategically expanding its Phase 3 program beyond lung cancer, with a focus on colorectal cancer and other solid tumors [52][54] - The management emphasizes maintaining control and ownership of their assets while being open to partnerships when appropriate [60][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the drug's safety and efficacy, stating that the current data supports a strong future for the company [11][60] - The management believes that the current environment presents a scarcity of confidence rather than capital, indicating a positive outlook for their operations [11][12] Other Important Information - The company has a strong pipeline with multiple ongoing studies, and management is confident in the drug's potential to become a backbone treatment in various indications [56][60] - The company has been strategic in its approach to clinical trials, ensuring that they are not prematurely entering markets without sufficient data [68] Q&A Session Summary Question: What are the key data points that show confidence in the drug? - Management highlighted the strong PFS benefits observed in HARMONY-2 and HARMONY-A studies, as well as the positive results from HARMONY-6 [19][20] Question: How does HARMONY-3 fit into the overall strategy? - HARMONY-3 is seen as a lynchpin study that could capture a large portion of the advanced NSCLC market, reinforcing the company's competitive position [32][34] Question: What is the timeline for regulatory submissions? - The company intends to submit an application for the EGFR indication in the fourth quarter of 2025, with ongoing discussions with the FDA [50][74] Question: How does the company view partnerships with larger pharma? - Management stated that while they are open to partnerships, they are currently focused on maintaining their momentum and control over their assets [60][64]

Financial Data and Key Metrics Changes - The company expects to finish the year with close to $700 million in cash, indicating strong liquidity and access to capital [11] - The company raised $500 million in just 48 hours recently, demonstrating robust investor confidence and financial flexibility [11] Business Line Data and Key Metrics Changes - The company has four Phase III clinical trials currently ongoing, with positive results reported from all [20] - The HARMONi-2 study showed a strong progression-free survival (PFS) benefit for ivonescimab compared to pembrolizumab in the monotherapy setting [16][18] Market Data and Key Metrics Changes - The company is focusing on the non-small cell lung cancer (NSCLC) market, with HARMONi-3 and HARMONi-7 studies expected to capture a significant share of the advanced NSCLC market [32][38] - The competitive landscape includes major players like Pfizer and BMS, but the company believes its data positions it favorably against these competitors [34][60] Company Strategy and Development Direction - The company is strategically expanding its Phase III programs beyond lung cancer, including trials in colorectal cancer, which represents a significant patient population [50][52] - The management emphasizes maintaining control and ownership of their assets while being open to partnerships when appropriate [58][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the safety and efficacy of ivonescimab, stating that the drug has exceeded expectations in clinical trials [28][29] - The company is optimistic about its future, citing a strong pipeline and the ability to raise capital quickly as key advantages [11][62] Other Important Information - The company has a strong relationship with Akeso, which is running multiple Phase IIIs, allowing for a collaborative approach to drug development [63] - Management highlighted the importance of strategic timing in entering new markets and trials, ensuring that they are not outpaced by competitors [64] Q&A Session Summary Question: What are the key data points this year? - Management highlighted the strong PFS benefit of ivonescimab over pembrolizumab and the consistency of results across different studies [12][16] Question: How does HARMONi-3 fit into the overall strategy? - HARMONi-3 is seen as a lynchpin for capturing a large share of the advanced NSCLC market, similar to how pembrolizumab established its dominance [32][38] Question: What is the timeline for HARMONi-7? - Enrollment for HARMONi-7 has begun, but specific timelines have not yet been established [47] Question: What is the status of FDA discussions for EGFR? - The company intends to submit an application in the fourth quarter of 2025, with ongoing discussions with the FDA [48][49] Question: How is the company prioritizing expansion beyond lung cancer? - Colorectal cancer is a significant focus, with plans for trials designed to compare ivonescimab plus chemotherapy against existing treatments [50][51]