Pyxis Oncology, Inc.
PYXSHealthcare|Biotechnology|US
$1.66
+0.05 (+3.11%)
DCF Value
$1.70
Tangible Book / Share
$0.49
Cash / Share
$0.67
Financials
Financial Snapshot
Market Cap
$105.2M
Enterprise Value
$118.7M
Revenue (TTM)
$11.0M
Net Income (TTM)
-$86.7M
Cash & Investments
$55.6M
Net Cash
$38.2M
Free Cash Flow (TTM)
-$70.9M
Operating CF (TTM)
-$70.9M
Debt/Equity
0.42
Cash Runway & Burn Rate
Cash on Hand
$55.6M
Quarterly Burn
$17.7M
Monthly Burn
$5.9M
Est. Runway
~3.1 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $19.7M | $8.1M | $274.7M | $179.3M | $119.3M | $126.9M | $66.9M | $55.6M | |
| Operating Cash Flow | -$2.2M | -$10.1M | -$35.3M | -$89.3M | -$70.7M | -$57.7M | -$63.5M | -$70.9M | |
| Free Cash Flow | -$2.2M | -$11.6M | -$35.9M | -$95.7M | -$77.4M | -$57.9M | -$63.5M | -$70.9M | |
| Capital Expenditure | $0.00 | -$1.5M | -$540.0K | -$6.4M | -$6.7M | -$237.0K | -$9.0K | $0.00 | |
| Financing Cash Flow | $22.0M | $35.0K | $304.0M | $183.0K | $5.9M | $59.3M | $594.0K | $49.2M |
R&D Spending
R&D (TTM)
$73.9M
R&D Intensity
669.7%
R&D Growth vs Prior
+0.3%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $16.1M | $13.9M | $11.0M | |
| R&D Expense | $1.2M | $8.6M | $51.1M | $86.1M | $49.6M | $58.7M | $73.7M | $73.9M | |
| R&D % of Revenue | — | — | — | — | — | 363.8% | 531.8% | 669.7% | |
| SG&A | $1.7M | $3.8M | $18.7M | $37.4M | $32.6M | $25.4M | $22.2M | $23.5M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $16.1M | $13.9M | $11.0M | |
| Cost of Revenue | $0.00 | $444.0K | $0.00 | $0.00 | $0.00 | $475.0K | $2.4M | $27.0K | |
| Gross Profit | $0.00 | -$444.0K | $0.00 | $0.00 | $0.00 | $15.7M | $11.5M | $11.0M | |
| R&D | $1.2M | $8.6M | $51.1M | $86.1M | $49.6M | $58.7M | $73.7M | $73.9M | |
| SG&A | $1.7M | $3.8M | $18.7M | $37.4M | $32.6M | $25.4M | $22.2M | $23.5M | |
| Operating Income | -$2.9M | -$12.9M | -$69.7M | -$123.5M | -$82.2M | -$89.5M | -$84.4M | -$89.2M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$2.8M | -$12.8M | -$76.0M | -$120.7M | -$73.8M | -$79.5M | -$78.2M | -$85.6M | |
| Net Income | -$2.8M | -$12.8M | -$76.0M | -$120.7M | -$73.8M | -$77.3M | -$79.6M | -$86.7M | |
| EPS (Diluted) | -0.08 | -0.37 | -2.53 | -3.57 | -1.85 | -1.32 | -1.28 | -1.30 | |
| EBITDA | -$2.8M | -$12.4M | -$75.3M | -$120.0M | -$71.9M | -$65.5M | -$73.7M | -$82.5M | |
| Shares Out. (M) | 34.31 | 34.31 | 32.22 | 33.03 | 39.90 | 58.45 | 62.14 | 83.51 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.7M | $8.1M | $274.7M | $179.3M | $9.7M | $19.5M | $15.4M | $3.9M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $109.6M | $107.5M | $51.4M | $51.7M | |
| Total Current Assets | $19.7M | $8.1M | $278.7M | $186.6M | $124.6M | $132.4M | $72.1M | $59.1M | |
| Total Assets | $19.8M | $10.2M | $280.0M | $211.4M | $173.7M | $157.2M | $91.5M | $76.8M | |
| Total Current Liabilities | $733.0K | $3.7M | $18.7M | $31.6M | $25.8M | $17.7M | $21.1M | $19.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $15.5M | |
| Total Liabilities | $22.7M | $25.8M | $18.7M | $50.6M | $48.0M | $36.4M | $38.1M | $35.5M | |
| Stockholders' Equity | -$2.9M | -$15.6M | $261.3M | $160.8M | $125.7M | $120.8M | $53.4M | $41.3M | |
| Retained Earnings | -$2.9M | -$15.7M | -$91.7M | -$212.4M | -$286.2M | -$363.6M | -$443.2M | -$511.8M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.2M | -$10.1M | -$35.3M | -$89.3M | -$70.7M | -$57.7M | -$63.5M | -$70.9M | |
| Capital Expenditure | $0.00 | -$1.5M | -$540.0K | -$6.4M | -$6.7M | -$237.0K | -$9.0K | $0.00 | |
| Free Cash Flow | -$2.2M | -$11.6M | -$35.9M | -$95.7M | -$77.4M | -$57.9M | -$63.5M | -$70.9M | |
| Investing Cash Flow | $0.00 | -$1.5M | -$590.0K | -$6.4M | -$104.8M | $8.2M | $58.9M | $16.6M | |
| Financing Cash Flow | $22.0M | $35.0K | $304.0M | $183.0K | $5.9M | $59.3M | $594.0K | $49.2M | |
| Issuance of Stock | $13.0K | $3.0K | $152.3M | $0.00 | $6.1M | $59.0M | $742.0K | $49.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $28.0K | $44.0K | $6.4M | $15.8M | $16.9M | $12.9M | $11.8M | $10.2M | |
| Net Change in Cash | $19.7M | -$11.5M | $268.1M | -$95.6M | -$169.6M | $9.8M | -$4.1M | -$5.1M |
Dilution Tracker
Shares outstanding grew 81.1% over 5 years — significant dilution
Shares Outstanding
63M
5-Year Share Growth
+81.1%
Stock Issuance (TTM)
$49.1M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 34.31 | 34.31 | 32.22 | 33.03 | 39.90 | 58.45 | 62.14 | 83.51 | |
| Change vs Prior % | — | 0.0% | -6.1% | 2.5% | 20.8% | 46.5% | 6.3% | 34.4% | |
| Stock Issuance | $13.0K | $3.0K | $152.3M | $0.00 | $6.1M | $59.0M | $742.0K | $49.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $28.0K | $44.0K | $6.4M | $15.8M | $16.9M | $12.9M | $11.8M | $10.2M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | 97.1% | 82.8% | 99.8% | |
| Operating Margin % | — | — | — | — | — | -554.1% | -609.2% | -807.8% | |
| Net Margin % | — | — | — | — | — | -478.9% | -574.5% | -785.5% | |
| EBITDA Margin % | — | — | — | — | — | -405.8% | -532.0% | -747.3% | |
| FCF Margin % | — | — | — | — | — | -358.7% | -458.3% | -642.6% | |
| ROE % | 96.5% | 82.0% | -29.1% | -75.1% | -58.7% | -64.0% | -149.1% | -252.4% | |
| ROA % | -14.0% | -126.4% | -27.1% | -57.1% | -42.5% | -49.2% | -87.0% | -112.9% | |
| ROIC % | -15.1% | -182.2% | -26.7% | -68.7% | -55.1% | -61.7% | -117.1% | -151.9% | |
| R&D / Revenue % | — | — | — | — | — | 363.8% | 531.8% | 669.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -14.2% | |
| Gross Profit | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | -26.8% | |
| Operating Income | 0.0% | -347.9% | -440.7% | -77.1% | 33.4% | -8.8% | 5.6% | |
| Net Income | 0.0% | -362.8% | -492.3% | -58.9% | 38.9% | -4.8% | -3.0% | |
| EPS (Diluted) | 0.0% | -376.2% | -583.8% | -41.1% | 48.2% | 28.6% | 3.0% | |
| Operating Cash Flow | 0.0% | -350.4% | -250.3% | -152.9% | 20.8% | 18.4% | -10.1% | |
| Free Cash Flow | 0.0% | -416.6% | -210.1% | -166.9% | 19.1% | 25.2% | -9.7% | |
| R&D Expense | 0.0% | 602.9% | 493.4% | 68.7% | -42.4% | 18.5% | 25.4% | |
| SG&A Expense | 0.0% | 132.4% | 385.3% | 100.1% | -12.7% | -22.0% | -12.7% | |
| Total Assets | 0.0% | -48.8% | 2658.6% | -24.5% | -17.8% | -9.5% | -41.8% | |
| Book Value / Share | 0.0% | -444.4% | 1878.4% | -40.0% | -35.3% | -34.4% | -58.4% | |
| Debt | 0.0% | 5100.0% | -78.8% | 11367.3% | 12.7% | -5.3% | -7.6% | |
| Diluted Shares | 0.0% | 0.0% | -6.1% | 2.5% | 20.8% | 46.5% | 6.3% |
Valuation
P/E (TTM)At Loss
P/S9.53
P/B3.35
10Y Low / Med / High0.28 / 0.76 / 1.35
EV/EBITDAAt Loss
EV/Revenue10.76
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$1.70
Tangible Book / Share
$0.49
Net Current Assets / Share
$0.37
Graham Net-Net
$0.24
Cash / Share
$0.67
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -169.88 | -35.68 | -4.34 | -0.38 | -0.97 | -1.18 | -0.90 | -1.28 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.65 | 5.16 | 9.53 | |
| P/B Ratio | -157.58 | -28.95 | 1.35 | 0.28 | 0.57 | 0.76 | 1.34 | 3.35 | |
| EV/EBITDA | -156.28 | -36.05 | -1.05 | 0.97 | -1.16 | -1.40 | -1.01 | -1.44 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.69 | 5.39 | 10.76 |
Analyst Estimates & Quality
Altman Z-Score
-10.50
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $21.9K | $3.1M | $15.8M |
| Net Income | -$76.0M | -$70.7M | -$59.1M |
| EPS | $-1.21 | $-1.11 | $-1.06 |
| # Analysts (EPS) | 6 | 6 | 7 |
Revenue Segments
By Product
| Segment | 2025 |
|---|---|
| Milestone Revenue | $2.8M |