Pyxis Oncology Posts Q2 Revenue of $0, Net Loss of $25.35M

Pyxis Oncology, Inc., the biopharmaceutical company behind MICVO, has reported its Q2 2026 financial results. The company saw revenue of $0 for the quarter, down from $2.82M in Q2 2025. The net loss attributable to stockholders was a significant $25.35M, compared to a net loss of $18.35M in the same period last year.

Pyxis Oncology's clinical momentum continued with positive MICVO data in monotherapy and combination trials, showing high objective response rates (46-71%) in recurrent/metastatic head and neck squamous cell carcinoma across lines. The company has also completed enrollment in the 5.4 mg/kg dose expansion (~40 patients) and continued dose escalation in the PYX-201-102 combination study to define the recommended phase 2 dose (RP2D).

To address toxicity concerns, Pyxis Oncology implemented a dose cap and adjusted dosing to adjusted ideal body weight (AIBW). The company secured $50M in private placement proceeds to fund operations into Q2 2027, supporting ongoing trial enrollment and data readouts. Additionally, preclinical work presented at AACR 2026 showed synergy of MICVO with anti-PD-1 agents, and the company is collaborating with Merck on a MICVO plus pembrolizumab study.