Pyxis Oncology Files Q2 2024 10-Q

TL;DR

Pyxis Oncology dropped its Q2 10-Q. Check financials.

AI Summary

Pyxis Oncology, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results and provided updates on its operations. Specific financial figures and operational details are available within the full filing.

Why It Matters

This filing provides investors with the latest financial health and operational status of Pyxis Oncology, crucial for understanding its current trajectory and future prospects.

Risk Assessment

Risk Level: medium — As a biotechnology company, Pyxis Oncology faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• Q2 2024 — Reporting Period (Financial results for the second quarter of 2024 are detailed.)
• June 30, 2024 — As of Date (The financial position reported is as of this date.)

Key Players & Entities

• Pyxis Oncology, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 0000950170-24-097073 (other) — Accession Number
• 0001782223 (other) — Central Index Key
• 321 HARRISON AVENUE (address) — Business and Mail Address
• BOSTON (location) — City
• MA (location) — State
• 02118 (other) — ZIP Code
• (617) 221-9059 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share PYXS Nasdaq Global Select

Filing Documents

• pyxs-20240630.htm (10-Q) — 2009KB
• pyxs-ex10_1.htm (EX-10.1) — 112KB
• pyxs-ex31_1.htm (EX-31.1) — 14KB
• pyxs-ex31_2.htm (EX-31.2) — 14KB
• pyxs-ex32_1.htm (EX-32.1) — 8KB
• pyxs-ex32_2.htm (EX-32.2) — 8KB
• img32422092_0.jpg (GRAPHIC) — 119KB
• 0000950170-24-097073.txt ( ) — 7609KB
• pyxs-20240630.xsd (EX-101.SCH) — 1292KB
• pyxs-20240630_htm.xml (XML) — 896KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25 PART II. OTHER INFORMATION 27 Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 79 Item 3. Defaults Upon Senior Securities 79 Item 4. Mine Safety Disclosures 79 Item 5. Other Information 79 Item 6. Exhibits 80

Signatures

Signatures 81 i SUMMA RY RISK FACTORS You should consider carefully the risks described under "Risk Factors" in Part II, Item 1A of this Quarterly Report on Form 10-Q. References to "Pyxis Oncology," the "Company," "we," "us," and "our" in this section titled "Summary Risk Factors" refer to Pyxis Oncology, Inc. and its wholly owned subsidiaries. A summary of the risks that could materially and adversely affect our business, financial condition, operating results and prospects include the following: We are a clinical stage biopharmaceutical company with a limited operating history and have incurred significant losses since our inception. We expect to incur losses over at least the next several years and may never achieve or maintain profitability. We will require substantial additional capital to finance our operations, obtain regulatory approval for our product candidates and commercialize our product candidates. If we are unable to raise such capital when needed, or on acceptable terms, we may be forced to delay, reduce or eliminate one or more of our research and product development programs or future commercialization efforts. We are heavily dependent on the success of PYX-201 and PYX-106, which are in the early stages of development, and if PYX-201 and/or PYX-106 are not successful in clinical trials or do not receive regulatory approval or licensure or are not successfully commercialized, our business will be materially and adversely affected. Our product candidates may fail in development or suffer delays that materially and adversely affect their commercial viability. If we or our existing or future collaborators are unable to initiate and complete clinical development of, obtain regulatory approval or licensure for or commercialize our product candidates or experience significant delays in doing so, our business will be materially harmed. Our preclinical studies and clinical trials may fail to demonstrate adequately the safety, purity and p

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PYXIS ONCOLO GY, INC. Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts) (Unaudited) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 25,074 $ 9,664 Marketable debt securities, short-term 130,650 109,634 Restricted cash 1,472 1,472 Prepaid expenses and other current assets 3,842 3,834 Total current assets 161,038 124,604 Property and equipment, net 11,069 11,872 Intangible assets, net 23,675 24,308 Right-of-use asset 12,607 12,942 Total assets $ 208,389 $ 173,726 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 5,470 $ 3,896 Accrued expenses and other current liabilities 10,089 12,971 Lease liabilities, current portion 1,338 1,232 Deferred revenues — 7,660 Total current liabilities 16,897 25,759 Operating lease liabilities, net of current portion 19,399 20,099 Financing lease liabilities, net of current portion 135 — Deferred tax liability, net 2,164 2,164 Total liabilities 38,595 48,022 Commitments and contingencies (Note 14) Stockholders' equity: Preferred stock, par value $ 0.001 per share, 10,000,000 shares authorized; zero shares issued and outstanding — — Common stock, $ 0.001 par value per share; 190,000,000 shares authorized; 58,914,712 and 44,754,853 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. 59 45 Additional paid-in capital 476,619 411,821 Accumulated other comprehensive (loss) income ( 102 ) 63 Accumulated deficit ( 306,782 ) ( 286,225 ) Total stockholders' equity 169,794 125,704 Total liabilities and stockholders' equity $ 208,389 $ 173,726 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 PYXIS ONCOLOGY, INC. Condensed Cons