Pyxis Oncology (PYXS) AI Stock Analysis

• Market Cap: $94.02M
• Dividend Yield: N/A
• Average Volume (3M): 757.02K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.06
• 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: 1.09
• Enterprise Value/Revenue: 36.42
• Enterprise Value/Gross Profit: 36.42
• Enterprise Value/Ebitda: -1.26
• 1Y Price Target: $6.90
• Price Target Upside: 356.95% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $1.50 ▼(-0.66% Downside)

The score is held down primarily by weak financial performance (large persistent losses and high cash burn) and a broadly bearish technical setup (below key moving averages with negative MACD). A notable offset is the positive corporate event (strong early clinical data and incremental financing runway), but valuation support is limited given negative earnings and no dividend.

Positive Factors

Compelling clinical efficacy (MICVO)

Robust early Phase 1 MICVO efficacy (high ORR and disease control alone and with PD-1 inhibitor) signals meaningful therapeutic differentiation in a high-need oncology niche. Durable clinical signals can justify accelerated development, attract partners, and underpin long-term commercial potential if confirmed in pivotal studies.

Near-term financing runway via royalty sale

The $11M royalty-rights sale materially extends cash runway to key data milestones into Q4 2026, reducing immediate dilution risk and allowing continued pivotal-enabling development. Extending runway through structured financing is a durable operational benefit while clinical programs advance.

Strengthened leadership with biotech M&A experience

Installing an experienced biotech executive with a successful commercialization and M&A track record improves corporate strategy, partner engagement, and potential deal execution. Durable leadership quality can raise the odds of productive collaborations and effective late-stage development execution.

Negative Factors

High cash burn

Persistent negative operating and free cash flow of -$72.4M TTM reflects a high cash burn profile common to clinical-stage biotech, creating chronic financing needs. Over months, continued burn pressures capital structure and forces dilutive financing or asset sales unless clinical progress triggers non-dilutive partnerships.

Inconsistent, minimal revenue base

Revenue is small and volatile, falling from $16.1M (2024) to $2.8M TTM, showing lack of recurring commercial revenue. This structural absence of product sales means long-term sustainability depends on external financing or partnerships, increasing execution risk if clinical milestones are delayed.

Equity erosion and dilution risk

Material decline in equity and a strongly negative ROE signal cumulative losses and past dilution. This reduces financial flexibility and heightens the probability of further dilutive financings absent non-dilutive deals or approval, undermining long-term shareholder value if deficits persist.

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

Development-stage profile with very limited and inconsistent revenue (2024: $16.1M vs. TTM: $2.8M) and heavy ongoing losses (TTM EBIT -$106.2M; net income -$97.1M). Cash burn is significant with negative operating/free cash flow (TTM FCF -$72.4M). Balance sheet leverage is modest (debt-to-equity ~0.28), but equity has shrunk materially (2024 $120.8M to TTM $68.8M), elevating financing/dilution risk.

Income Statement

Revenue remains small and inconsistent for a biotech profile: 2024 revenue was $16.1M, while TTM (Trailing-Twelve-Months) revenue is down to $2.8M. Profitability is weak with persistent operating losses (TTM EBIT of -$106.2M and net income of -$97.1M), and margins are deeply negative in TTM, indicating an elevated cost structure relative to the current revenue base. A positive is that reported gross profit is strong when revenue exists, but the core issue remains heavy ongoing losses and limited scale.

Balance Sheet

Leverage is modest with debt-to-equity at ~0.28 in TTM (Trailing-Twelve-Months), which provides some balance sheet flexibility versus highly levered peers. However, equity has declined materially over time (from $120.8M in 2024 to $68.8M in TTM), reflecting cumulative losses and increasing financial pressure. Returns on equity are strongly negative (TTM return on equity of about -1.02), highlighting continued value dilution risk if losses persist.

Cash Flow

Cash generation is a key concern: operating cash flow is negative across all periods and worsened in TTM (Trailing-Twelve-Months) to -$72.4M (free cash flow also -$72.4M), implying a high cash burn profile. Free cash flow has been volatile (TTM growth -1.87 after positive growth in 2023–2024), suggesting limited near-term stability in cash usage trends. A relative positive is that free cash flow roughly tracks net losses (free cash flow to net income ~1.00 in TTM), but the absolute level of burn remains significant.

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: Negative
• Last Price: 1.51
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PYXS, the sentiment is Negative. The current price of 1.51 is below the 20-day moving average (MA) of 1.66, below the 50-day MA of 2.56, and below the 200-day MA of 2.06, indicating a bearish trend. The MACD of -0.21 indicates Negative momentum. The RSI at 39.38 is Neutral, neither overbought nor oversold. The STOCH value of 29.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	-6.41	-158.88%	―	―	-16.26%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BMEA	50 Neutral	$77.07M	-0.46	-209.00%	―	―	40.22%
NKTX	47 Neutral	$145.61M	-1.48	-26.69%	―	―	25.84%
PYXS	45 Neutral	$94.02M	-0.95	-87.28%	―	-82.53%	-52.00%
ELTX	43 Neutral	$137.29M	-2.31	―	―	―	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.