Pyxis Oncology (PYXS) AI Stock Analysis

• Market Cap: $109.59M
• Dividend Yield: N/A
• Average Volume (3M): 757.02K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.18
• Revenue Growth: -82.53%
• EPS Growth: -52.00%
• Country: US
• Employees: 44
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.35
• Shares Outstanding: 62,264,214
• 10 Day Avg. Volume: 789,983
• 30 Day Avg. Volume: 757,017
• PEG Ratio: 0.04
• Price to Book (P/B): 0.76
• Price to Sales (P/S): 5.65
• P/FCF Ratio: -1.57
• Enterprise Value/Market Cap: 0.73
• Enterprise Value/Revenue: 28.45
• Enterprise Value/Gross Profit: 28.45
• Enterprise Value/Ebitda: -0.98
• 1Y Price Target: $6.90
• Price Target Upside: 234.95% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $2.00 ▼(-2.91% Downside)

Score is held down primarily by weak financial performance (large losses and high cash burn with limited revenue) and only mixed technicals. Positive corporate-event momentum from encouraging MICVO data and added financing support provides some offset, while valuation signals are limited due to negative earnings.

Positive Factors

Clinical efficacy signals (MICVO)

Robust early response rates in heavily pretreated head and neck patients and strong combo activity with a PD‑1 inhibitor materially de‑risks the MICVO program. Durable clinical efficacy and manageable safety can accelerate pivotal planning, attract partners, and improve long‑term commercialization odds.

Extended funding runway from royalty sale

Proceeds from the $11M royalty rights sale extend operational runway through key data milestones into Q4 2026, reducing immediate financing pressure. This durable extension supports executing pivotal studies and negotiating strategic partnerships without imminent dilution.

Modest leverage provides flexibility

A low debt-to-equity ratio gives the company structural optionality to use non-dilutive financing or structured deals versus highly leveraged peers. Over the medium term this strengthens strategic choices for funding development and partnering without excessive interest burdens.

Negative Factors

High cash burn and negative FCF

Sustained negative operating cash flow of ~$72M TTM creates an ongoing need for external capital. Over months this raises dilution and partnership dependence risks, constrains the pace of multiple programs, and can force prioritization or program cuts if additional funding is delayed.

Minimal and declining revenue base

Revenue has fallen sharply to negligible levels, underscoring no meaningful commercial cash flow. This structural lack of recurring revenue leaves the company reliant on financing and milestone payments, reducing resilience to funding stress and weakening negotiating leverage with partners.

Large ongoing losses and eroded equity

Persistent, large operating losses have materially eroded shareholders' equity, increasing financing vulnerability. Over the medium term this trend elevates dilution risk and may compel accelerated, potentially value‑dilutive financing or program prioritization absent successful clinical readouts or strategic partnerships.

Pyxis Oncology Business Overview & Revenue Model

Company Description

Pyxis Oncology, Inc., a preclinical stage biopharmaceutical company, engages in the development of therapies to treat cancers. Its immune-oncology product candidates include PYX-106, an investigational fully human immunoglobulin G1 isotype siglec-15 targeting antibody for the treatment of thyroid cancer, head and neck squamous cell carcinoma, non-small cell lung cancer (NSCLC), and other solid tumors; and PYX-102, an investigational immune-therapeutic for treatment of solid tumors. The company's antibody drug conjugate (ADC) product candidates comprise of PYX-201, an investigational novel ADC to treat NSCLC, breast cancer, and other solid tumors; PYX-202, an investigational novel ADC for treatment of SCLC, soft tissue sarcoma, and other solid tumors; and PYX-203, an investigational ADC for the treatment of acute myeloid leukemia and myeloid dysplastic syndrome. The company was incorporated in 2018 and is headquartered in Cambridge, Massachusetts.

How the Company Makes Money

Pyxis Oncology generates revenue through a combination of research and development collaborations, licensing agreements, and potential milestone payments from strategic partnerships with other pharmaceutical companies. The company's business model is largely reliant on advancing its pipeline of oncology therapeutics through clinical trials, securing regulatory approvals, and ultimately commercializing these products either independently or through collaborators. Revenue streams may also include upfront payments and royalties from licensing its technologies and products to other companies in the pharmaceutical industry. The success of Pyxis Oncology's revenue model depends on its ability to successfully develop and market its therapeutic candidates, as well as forming beneficial partnerships that enhance its product offerings and market reach.

Pyxis Oncology Financial Statement Overview

Summary

Pyxis Oncology is at a critical growth stage, with efforts to generate revenue, yet profitability remains elusive. Financial stability is supported by cash reserves, but negative cash flows and equity challenges pose significant risks. The company may need strategic actions to achieve sustainable financial health.

Income Statement

Pyxis Oncology's income statement shows a recent introduction of revenue, yet the company remains unprofitable with persistent negative net income. The negative EBIT and EBITDA margins indicate ongoing operational challenges, although gross profit margin has improved due to revenue generation.

Balance Sheet

The balance sheet reveals high equity levels but also significant liabilities, resulting in a moderate debt-to-equity ratio. The company has a substantial cash position, yet the negative stockholder's equity in earlier years and recent reduction in equity suggest financial vulnerabilities.

Cash Flow

Cash flow analysis indicates negative free cash flow and operating cash flow, highlighting cash burn issues. There is some improvement in financing cash flow, yet the reliance on external funding is evident. The free cash flow to net income ratio remains unfavorable.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.82M	16.15M	0.00	0.00	0.00	0.00
Gross Profit	2.82M	15.67M	0.00	0.00	0.00	-444.00K
EBITDA	-81.60M	-65.51M	-80.27M	-122.77M	-69.07M	-12.38M
Net Income	-97.09M	-77.33M	-73.79M	-120.72M	-75.97M	-12.83M
Balance Sheet
Total Assets	105.60M	157.18M	173.73M	211.38M	280.02M	10.15M
Cash, Cash Equivalents and Short-Term Investments	77.73M	126.93M	119.30M	179.29M	274.74M	8.08M
Total Debt	19.07M	20.20M	21.33M	18.92M	165.00K	780.00K
Total Liabilities	36.83M	36.43M	48.02M	50.55M	18.71M	25.80M
Stockholders Equity	68.78M	120.75M	125.70M	160.82M	261.31M	-15.64M
Cash Flow
Free Cash Flow	-72.37M	-57.91M	-77.44M	-95.73M	-35.87M	-11.57M
Operating Cash Flow	-72.36M	-57.67M	-70.71M	-89.33M	-35.33M	-10.08M
Investing Cash Flow	69.25M	8.15M	-104.85M	-6.40M	-590.00K	-1.48M
Financing Cash Flow	-25.00K	59.33M	5.93M	183.00K	304.04M	35.00K

Pyxis Oncology Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2.06
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PYXS, the sentiment is Neutral. The current price of 2.06 is above the 20-day moving average (MA) of 1.85, below the 50-day MA of 3.38, and above the 200-day MA of 2.01, indicating a neutral trend. The MACD of -0.56 indicates Negative momentum. The RSI at 46.27 is Neutral, neither overbought nor oversold. The STOCH value of 89.91 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PYXS.

Pyxis Oncology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NVCT	54 Neutral	$216.70M	-6.21	-158.88%	―	―	-16.26%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NKTX	48 Neutral	$148.45M	-1.57	-26.69%	―	―	25.84%
PYXS	47 Neutral	$109.59M	-1.29	-87.28%	―	-82.53%	-52.00%
BMEA	45 Neutral	$100.40M	-0.61	-209.00%	―	―	40.22%
ELTX	43 Neutral	$140.97M	-2.28	―	―	―	17.36%

Pyxis Oncology Corporate Events

Pyxis Oncology Reports Strong MICVO Data and Financing

On December 18, 2025, Pyxis Oncology reported positive preliminary Phase 1 data for its first-in-concept antibody-drug conjugate MICVO in recurrent/metastatic head and neck squamous cell carcinoma, showing a 46% confirmed overall response rate and 92% disease control rate as monotherapy in heavily pretreated second-line and later patients, along with generally manageable safety issues that the company aims to further address by shifting to adjusted ideal bodyweight dosing. In a separate Phase 1/2 study, MICVO combined with Merck’s checkpoint inhibitor KEYTRUDA delivered a 71% confirmed response rate and 100% disease control in a small HPV-positive cohort with no Grade 3 or 4 payload-related toxicities or treatment discontinuations, while Pyxis also strengthened its balance sheet by selling royalty rights to Enzeshu for $11 million, leaving the company funded through key data milestones and into the fourth quarter of 2026 as it advances toward pivotal studies in this high-need oncology indication.

The most recent analyst rating on (PYXS) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Pyxis Oncology stock, see the PYXS Stock Forecast page.