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Pyxis Oncology is a clinical-stage oncology company advancing a development strategy focused on addressing unmet medical needs in patients with solid tumors with an immediate focus on head and neck squamous cell carcinoma (HNSCC). Our lead product candidate, micvotabart pelidotin (MICVO, formerly PYX-201), is an investigational novel antibody-drug conjugate (ADC) that uniquely targets the splic…
The business is unprofitable at the operating level (-609.18% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 14.2% YoY. Margins deteriorated 55.1pp alongside, both lines moving the wrong way.
ROIC dropped from -49.08% to -62.61%, capital efficiency is deteriorating. Negative free cash flow of -$64M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$14M
▼ -14.2% YoY
Net Income (TTM)
-$82M
▼ -3.0% YoY
Op. Margin
-609.18%
▼ -55.1pp YoY
ROIC
-85.71%
▼ -13.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$67M
▼ -9.7% YoY
Op. Cash Flow (TTM)
-$67M
▼ -10.1% YoY
Net Debt
-$23M
Net Cash Position
Cash & Equiv.
$41M
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