Optimistic Buy Rating for Pyxis Oncology Driven by Promising MICVO Developments and Strategic Merck CollaborationLast week, Pyxis Oncology reported Q2 2025 earnings and provided an update on its pipeline with micvotabart pelidon (MICV O, PYX-201), its ADC targeted to extra-domain B [EDB] of fibronecn [FN] in the tumor stroma for solid tumors; as a reminder, we saw inial data in November (LINK) from the Phase 1 dose escalaon study with MICVO, where there was an efficacy signal in head and neck squamous cell carcinoma (HNSCC) paen ts that stood out from other tumor types (HNSCC data updated in Feb. 2025, Figure 1, with company posioning in Figure 2). Given the efficacy signal in HNSCC paen ts, Pyxis shared plans to develop MICVO in this paen t populaon going forward (and other solid tumors including HR+/HER2- breast cancer and TNBC, where dose-escalaon with 3 different doses of MICVO + the standard dose of Keytruda is ongoing, with dose selecon expected in mid- 2025).