Core Insights - Pyxis Oncology is advancing its lead candidate micvotabart pelidotin (MICVO), demonstrating a unique three-pronged mechanism of action that includes direct tumor killing, bystander effect, and immunogenic cell death [1][5] - The company is on track to report preliminary data from Phase 1 trials for MICVO in various patient cohorts, with significant milestones expected in the second half of 2025 and early 2026 [1][5] - Financial results indicate a net loss of $21.2 million for Q1 2025, a significant increase from a net loss of $3.3 million in Q1 2024, primarily due to increased research and development expenses [10][13] Pipeline Updates - MICVO has shown broad anti-tumor activity across ten solid tumor indications in preclinical models, attributed to its unique targeting and cytotoxic payload [5] - The company is focusing on recurrent and metastatic head and neck squamous cell carcinoma (R/M HNSCC) as a key area of development, with ongoing Phase 1 studies evaluating MICVO as a monotherapy and in combination with pembrolizumab [7][5] - Preliminary data from the ongoing Phase 1 clinical trial is expected to be reported in the second half of 2025 for patients who have received prior platinum and PD-1 inhibitor therapy [5][1] Financial Overview - As of March 31, 2025, Pyxis Oncology reported cash and cash equivalents of $106.9 million, which is expected to fund operations into the second half of 2026 [4][6] - Research and development expenses increased to $17.0 million in Q1 2025 from $13.0 million in Q1 2024, reflecting heightened clinical trial activities [10] - General and administrative expenses decreased to $5.9 million in Q1 2025 from $8.2 million in Q1 2024, primarily due to lower stock-based compensation and corporate insurance costs [10]