Detailed financial statements for Pyxis Oncology, Inc. (PYXS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Pyxis Oncology, Inc. operates as a preclinical biopharmaceutical company focused on developing novel therapeutic approaches to combat various forms of cancer. Its investigational immune-oncology pipeline includes PYX-106, a fully human immunoglobulin G1 (IgG1) antibody designed to target siglec-15, which is being explored for its potential efficacy against thyroid cancer, head and neck squamous cell carcinoma, non-small cell lung cancer (NSCLC), and other solid tumors.
Analysis Summary
Trailing-twelve-month margins: gross margin 99.8%, operating margin -8.3%, net margin -8.0%.
At the current price of $3.34, PYXS has negative trailing earnings (P/E not meaningful) and an ROE of -215.23%. Market capitalisation stands at $212M.
Balance sheet quality for PYXS: current ratio of 3.4, net cash position of $48.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | $16.1M | $13.9M |
| Cost of Revenue | 0 | $444000 | 0 | 0 | 0 | $475000 | $2.4M |
| Gross Profit | 0 | -$444000 | 0 | 0 | 0 | $15.7M | $11.5M |
| Research & Development | $1.2M | $8.6M | $51.1M | $86.1M | $49.6M | $58.7M | $73.7M |
| Selling, General & Admin | $1.7M | $3.8M | $18.7M | $37.4M | $32.6M | $25.4M | $22.2M |
| Operating Expenses | $2.9M | $12.4M | $69.7M | $123.5M | $82.2M | $105.1M | $95.9M |
| Operating Income | -$2.9M | -$12.9M | -$69.7M | -$123.5M | -$82.2M | -$89.5M | -$84.4M |
| EBITDA | -$2.8M | -$12.4M | -$75.3M | -$120.0M | -$71.9M | -$65.5M | -$73.7M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$2.8M | -$12.8M | -$76.0M | -$120.7M | -$73.8M | -$79.5M | -$78.2M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -$2.2M | $1.4M |
| Net Income | -$2.8M | -$12.8M | -$76.0M | -$120.7M | -$73.8M | -$77.3M | -$79.6M |
| EPS | $-0.08 | $-0.37 | $-2.53 | $-3.57 | $-1.85 | $-1.32 | $-1.28 |
| EPS (Diluted) | $-0.08 | $-0.37 | $-2.53 | $-3.57 | $-1.85 | $-1.32 | $-1.28 |
| Shares Outstanding (Diluted) | $34.3M | $34.3M | $32.2M | $33.0M | $39.9M | $58.4M | $62.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | $11.0M | 0 | 0 |
| Gross Profit | 0 | $11.5M | -$459000 | 0 |
| Operating Income | -$23.5M | -$18.3M | -$24.4M | -$26.0M |
| EBITDA | -$21.5M | -$14.1M | -$22.8M | -$25.0M |
| Net Income | -$22.0M | -$18.1M | -$23.3M | -$25.3M |
| EPS | $-0.35 | $-0.29 | $-0.37 | $-0.40 |
| EPS (Diluted) | $-0.35 | $-0.29 | $-0.37 | $-0.40 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $19.7M | $8.1M | $274.7M | $179.3M | $9.7M | $19.5M | $15.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | $109.6M | $107.5M | $51.4M |
| Receivables | 0 | 0 | 0 | $598000 | $21000 | 0 | $700000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $19.7M | $8.1M | $278.7M | $186.6M | $124.6M | $132.4M | $72.1M |
| Property, Plant & Equipment | $76000 | $1.9M | $1.2M | $24.8M | $24.8M | $22.1M | $19.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | $24.3M | $2.6M | 0 |
| Total Assets | $19.8M | $10.2M | $280.0M | $211.4M | $173.7M | $157.2M | $91.5M |
| Accounts Payable | $491000 | $1.1M | $12.0M | $7.1M | $3.9M | $4.9M | $10.9M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $733000 | $3.7M | $18.7M | $31.6M | $25.8M | $17.7M | $21.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $22.7M | $25.8M | $18.7M | $50.6M | $48.0M | $36.4M | $38.1M |
| Retained Earnings | -$2.9M | -$15.7M | -$91.7M | -$212.4M | -$286.2M | -$363.6M | -$443.2M |
| Total Equity | -$2.9M | -$15.6M | $261.3M | $160.8M | $125.7M | $120.8M | $53.4M |
| Total Debt | $15000 | $780000 | $165000 | $18.9M | $21.3M | $20.2M | $18.7M |
| Net Debt | -$19.7M | -$7.3M | -$274.6M | -$160.4M | -$98.0M | -$106.7M | -$48.2M |
| Working Capital | $19.0M | $4.4M | $260.0M | $155.0M | $98.8M | $114.8M | $51.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $8.9M | $15.4M | $7.2M | $18.9M |
| Total Assets | $105.6M | $91.5M | $64.3M | $54.9M |
| Total Liabilities | $36.8M | $38.1M | $33.0M | $43.5M |
| Total Equity | $68.8M | $53.4M | $31.3M | $11.4M |
| Total Debt | $19.1M | $18.7M | $18.3M | $17.8M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$2.8M | -$12.8M | -$76.0M | -$120.7M | -$73.8M | -$77.3M | -$79.6M |
| Depreciation & Amortization | 0 | $469000 | $647000 | $709000 | $1.9M | $3.0M | $4.5M |
| Stock-based Compensation | $28000 | $44000 | $6.4M | $15.8M | $16.9M | $12.9M | $11.8M |
| Change in Working Capital | $505000 | $2.3M | $6.7M | $4.5M | -$11.7M | -$11.8M | $1.9M |
| Operating Cash Flow | -$2.2M | -$10.1M | -$35.3M | -$89.3M | -$70.7M | -$57.7M | -$63.5M |
| Capital Expenditure | 0 | -$1.5M | -$540000 | -$6.4M | -$6.7M | -$237000 | -$9000 |
| Acquisitions | 0 | 0 | -$50000 | 0 | $6.7M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.2M | -$11.6M | -$35.9M | -$95.7M | -$77.4M | -$57.9M | -$63.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$13.3M | -$10.4M | -$26.0M | -$18.2M |
| Capital Expenditure | -$9000 | 0 | 0 | 0 |
| Free Cash Flow | -$13.3M | -$10.4M | -$26.0M | -$18.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.1M | $2.1M | $1.2M | $5.5M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | | -14.2% |
| Net Income Growth (YoY) | | -362.8% | -492.3% | -58.9% | +38.9% | -4.8% | -3.0% |
| EPS Growth (YoY) | | -376.2% | -583.8% | -41.1% | +48.2% | +28.6% | +3.0% |
| Shares Change (YoY) | | +0.0% | -6.1% | +2.5% | +20.8% | +46.5% | +6.3% |
| FCF Growth (YoY) | | -416.6% | -210.1% | -166.9% | +19.1% | +25.2% | -9.7% |
| Gross Margin | | | | | | 97.1% | 82.8% |
| Operating Margin | | | | | | -554.1% | -609.2% |
| EBITDA Margin | | | | | | -405.8% | -532.0% |
| Net Margin | | | | | | -478.9% | -574.5% |
| FCF Margin | | | | | | -358.7% | -458.3% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 2.7% | -1.8% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.07 | $-0.34 | $-1.11 | $-2.90 | $-1.94 | $-0.99 | $-1.02 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $34.3M | $34.3M | $32.2M | $33.0M | $39.9M | $58.4M | $62.1M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -215.23% |
| Return on Invested Capital | -314.66% |
| Return on Assets | -161.55% |
| Gross Margin | 99.76% |
| Operating Margin | -834.44% |
| Net Margin | -803.83% |
Financial Health
| Debt / Equity | 1.56 |
| Current Ratio | 1.34 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -7.88 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -169.88 | -35.68 | -4.34 | -0.38 | -0.97 | -1.18 | -0.90 |
| P/B | -157.58 | -28.95 | 1.35 | 0.28 | 0.57 | 0.76 | 1.34 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.65 | 5.16 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 97.1% | 82.8% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -554.1% | -609.2% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -478.9% | -574.5% |