Business
Pyxis Oncology Reports Financial Results for the Quarter Ended March 31, 2022 and Provides Business Update
CAMBRIDGE, Mass., May 13, 2022 (GLOBE NEWSWIRE) -- Pyxis Oncology, Inc. (Nasdaq: PYXS), a multi-asset multi-modality company focused on developing
About this update from Pyxis Oncology, Inc.
[{"type":"text","content":"CAMBRIDGE, Mass., May 13, 2022 (GLOBE NEWSWIRE) -- Pyxis Oncology, Inc. (Nasdaq: PYXS), a multi-asset multi-modality company focused on developing next-generation therapeutics for difficult to treat cancers, today reported financial results for its first quarter ended March 31, 2022. The Company ended the quarter with approximately $247 million in cash and cash equivalents. Pyxis Oncology remains on target to file INDs for anti-EDB, PYX-201, and anti-Siglec-15, PYX-106, in the second half of 2022 and INDs for anti-CD123, PYX-203, and anti-KLRG1, PYX-102, in the second half of 2023. Further, as previously disclosed, the Company expects to provide an update on its anti-DLK1 ADC, PYX-202, in mid-2022. Financial Update As of May 13, 2022, Pyxis Oncology had cash and cash equivalents of approximately $231 million (preliminary, unaudited), which is expected to fund operations into the third quarter of 2024.Research and development expenses were $20.1 million for the three months ended March 31, 2022, compared to $32.8 million for the three months ended March 31, 2021. The period-over-period decrease was primarily due to a lower license fee partially offset by increased expenses associated with cell line development and an increase in employee headcount to support research and development activities.General and administrative expenses were $11.3 million for the three months ended March 31, 2022, compared to $2.9 million for the three months ended March 31, 2021. The period-over-period increase was primarily due to a higher personnel-related expenses (including stock-based compensation), and increase in legal, professional, recruiting and consulting fee to support our growth and operations.Net loss was $31.4 million, or $0.97 per common share, for the three months ended March 31, 2022, compared to $36.8 million, or $27.26 per common share, for the three months ended March 31, 2021. The reduction in net loss is primarily due to a one-time license fee for the addition of three antibody-drug conjugates to the Company’s portfolio in the first quarter of 2021.As of May 13, 2022, the outstanding number of shares of Common Stock of Pyxis Oncology was 32,817,062. About Pyxis Oncology, Inc. Pyxis Oncology, Inc. is a multi-asset multi-modality company focused on defeating difficult to treat cancers and improving patient lives. By leveraging our f...