Pyxis Oncology, Inc. · NASDAQ:PYXS
Pyxis Oncology — Corporate Update (September 2026)
33 slides from Pyxis Oncology's corporate update, Sep 9, 2026
Slide 1: Pyxis Oncology MICVO Clinical Update
Pyxis Oncology MICVO Clinical Update September 9, 2026 Exhibit 99.2
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical facts contained in this pre
Slide 3: Pyxis Oncology – Meet the Team
Pyxis Oncology – Meet the Team Tom Dorney, MS, MBA SVP, Strategy & Financial Planning Tom Civik, MBA Chief Executive Officer Brian Freeman, MBA Chief Program Officer Marsha Crochiere, PhD VP, Head of Translational Medicine & Research Hongwei Wang, MD, PhD SVP, Head of ADC Development & Clinical Stra
Slide 4: Alan L. Ho, MD, PhD
Alan L. Ho, MD, PhD Chief, Head and Neck Oncology Service and Attending Medical Oncologist, Memorial Sloan Kettering Cancer Center Alan L. Ho, MD, PhD, is Chief of the Head and Neck Oncology Service and an attending medical oncologist at Memorial Sloan Kettering Cancer Center. He specializes in the
Slide 5: MICVO is Uniquely Positioned to Become a Meaningful Treatment Option
PATH FORWARD RESULTS STUDY NEED MICVO is Uniquely Positioned to Become a Meaningful Treatment Option for Patients with Cancer PROGRAM FIRST-IN-CONCEPT ADC Novel ADC target in the tumor extracellular matrix SIGNIFICANT UNMET NEED IN 2L+ HNSCC DRIVEN BY POTENTIAL CHANGE IN 1L Inadequate options for 2L
Slide 6: Micvotabart Pelidotin (MICVO) First-in-Concept ADC
Micvotabart Pelidotin (MICVO) First-in-Concept ADC Designed to Target EDB+FN in the Tumor Extracellular Matrix
Slide 7: MICVO Construct
MICVO Construct MICVO is the First ADC with a Target in the Tumor ECM, Not on the Cell Surface Composed of a mAb targeting EDB+FN with site-specific protease-cleavable linkers and optimized auristatin payloads Abbreviations: ADC: antibody-drug conjugate; ECM: extracellular matrix; mAb: monoclonal an
Slide 8: MICVO Designed to Deliver Potent Anti-Tumor Activity Through Three-Pronged MOA
Direct cancer cell killing: MICVO designed to bind to EDB+FN and release payload within tumor ECM Immunogenic cell death: Cancer cell death releases neoantigens leading to T-cell activation Immune driven Payload driven Bystander cancer cell killing: Cancer cell dies releasing payload for additional
Slide 9: Rationale to Pursue HNSCC as the Initial Tumor Type
Similar TME features, in vivo efficacy data, and clinical signals observed in multiple solid tumors Rationale to Pursue HNSCC as the Initial Tumor Type to Investigate with MICVO Abbreviations: HNSCC: head and neck squamous cell carcinoma; TME: tumor microenvironment; EDB+FN: extra domain B of fibron
Slide 10: Unmet Need & Opportunity in HNSCC
Unmet Need & Opportunity in 2L+ R/M HNSCC
Slide 11: Next-gen EGFRi therapies emerging in 1L create demand for non-EGFRi in 2L+
Next-gen EGFRi therapies emerging in 1L create significant demand for non-EGFRi mechanism in 2L+ Abbreviations: 2L+: second line and beyond; R/M HNSCC: recurrent or metastatic head and neck squamous cell carcinoma; HPV: human papillomavirus; 1L: first line; 2L: second line; 2L+: second line and beyo
Slide 12: Limited Options Exist for Efficacious and Durable Therapies in 2L+ HNSCC
Control arm data from 2L+ R/M HNSCC randomized trials show modest benefit Abbreviations: ORR: objective response rate; PFS: progression-free survival; OS: overall survival; N/n: number of patients. Note: This analysis is the aggregation of results across independent studies. There are risks inherent
Slide 13: Unlocking the Potential of a First-in-Concept ADC
Unlocking the Potential of a First-in-Concept ADC HNSCC Identified as Initial Tumor Type for Clinical Development
Slide 14: MICVO Global Development Advanced from Dose Escalation to Expansion
Expansion arm 1 and 2 designed to study MICVO after current and potential future 1L treatments Abbreviations: anti-PD-(L)1: anti-programmed cell death protein 1/ligand 1; EGFRi: epidermal growth factor receptor inhibitor; HPV: human papillomavirus; cORR: confirmed objective response rate; AEs: adver
Slide 15: Interim Data Analyses Focus on Patients Treated at or Below a Dose Cap
Interim Data Analyses Focus on Patients Treated at or Below a Dose Cap Abbreviations: RECIST: Response Evaluation Criteria in Solid Tumors; N: number of patients. Notes: 1. Two verrucous subtype patients are excluded for all patient group and one patient from dose cap group; these patients are typic
Slide 16: Patient Baseline Characteristics (Dose Cap, N=35)
2L+ R/M HNSCC Dose Cap (N=35) Primary Cancer Site, n (%) Oropharynx Oral cavity Larynx 22 (62.9%) 6 (17.1%) 7 (20.0%) HPV Status (local) HPV+ Oropharyngeal SCC, n (%) 18 (51.4%) HPV-Unrelated, n (%) 17 (48.6%) Prior Systemic Therapy, Median Lines (min-max) 3 (1-5) Prior Systemic Therapy in R/M Setti
Slide 17: MICVO Monotherapy Showed Best-in-Disease Potential at 5.4 mg/kg Q3W with Dose Cap
MICVO Monotherapy Showed Best-in-Disease Potential in 2L+ R/M HNSCC 5.4 mg/kg Q3W with Dose Cap
Slide 18: MICVO Achieved Substantial Survival Benefit Regardless of Prior Therapy or HPV Status
Rapid and deep responses achieved with a manageable safety profile MICVO Achieved Substantial Survival Benefit Regardless of Prior Therapy or HPV Status No new safety signals2 Tolerability profile expected & consistent with prolonged Auristatin exposure Dose cap reduced the frequency and severity of
Slide 19: MICVO Consistently Achieved Robust Response Rates Across Key Subgroups
Abbreviations: HPV: human papillomavirus; OPC: oropharyngeal cancer; cORR: confirmed objective response rate; c+uORR: ORR including confirmed and all unconfirmed PR/CR; DCR: disease control rate; BOR: best objective response; CR: complete response; PR: partial response; uPR: unconfirmed PR; SD: stab
Slide 20: MICVO Achieved Rapid and Deep Responses
* -50% -30% +20% MICVO Achieved Rapid and Deep Responses *Tumor assessment at Day 326 for target lesions was non-evaluable and not shown on the spider plot. 1.Best percent change of target lesions ≥ 50% from baseline per RECIST v1.1 Key Takeaways MICVO 5.4 mg/kg Q3W with Dose Cap RAPID RESPONSES 75%
Slide 21: MICVO Demonstrated Substantial Survival Benefit
+ censored MICVO Demonstrated Substantial Survival Benefit MICVO 5.4 mg/kg Q3W with Dose Cap Efficacy Evaluable (N=33) mPFS months, (95% CI) 6.2 months (4.8 - 8.8) 6-month PFS probability %, (95% CI) 54.9% (35.8, 70.4) MICVO 5.4 mg/kg Q3W with Dose Cap Efficacy Evaluable (N=33) mOS months, (95% CI)
Slide 22: Consistently High Survival Benefit Across Key Patient Subgroups
MICVO Consistently Achieved High Survival Benefit Across Key Patient Subgroups MICVO 5.4 mg/kg Q3W with Dose Cap Efficacy Evaluable (N=33) mPFS months, (95% CI) 6.2 mos (4.8 – 8.8) 6-month PFS probability (95% CI), % 54.9% (35.8, 70.4) + censored Survival Probability (%) Months Number of patients at
Slide 23: Safety Profile Supports Continued Development
TRAEs 5.4 mg/kg with Dose Cap (N=35) Treatment duration – median days (range) 120 (21-470) All TRAEs 32 (91.4%) TRAEs of CTCAE Grade ≥ 3 19 (54.3%) Non-Hematologic TRAEs of CTCAE Grade ≥ 3 15 (42.9%) Serious TRAEs 5 (14.3%) TRAEs leading to treatment discontinuation1 TRAEs leading to treatment disco
Slide 24: Late-Onset, Often Reversible Peripheral Neuropathy
Time to Gr3 PN Onset is 5+ Months Gr3 PN Patients Showed 67% cORR Majority of Gr3 PN Resolved or Resolving Gr3 PN Patients Showed 8.8 Months mPFS Clinical benefit preceded onset of neuropathy, providing an opportunity for early detection and timely dose modification to preserve therapeutic benefit L
Slide 25: MICVO Response and Survival Benefit Exceeded Benchmarks
MICVO Response and Survival Benefit Exceeded Benchmarks MICVO data represented >5X improvement in ORR, >2X improvement on mPFS and significant improvement on mOS compared to historical control arm data in 2L+ R/M HNSCC Abbreviations: ORR: objective response rate; mPFS: median progression-free surviv
Slide 26: Next Steps in Clinical Development
Next Steps in Clinical Development
Slide 27: Progressing with 5.4 mg/kg Versus 3.6 mg/kg to Satisfy Project Optimus
Progressing with 5.4 mg/kg Versus 3.6 mg/kg to Satisfy Project Optimus 5.4 mg/kg with dose cap shows strong benefit-risk N=35 patients enrolled at 5.4 mg/kg with dose cap in 2L+ R/M HNSCC N=20+ patients enrolled at 3.6 mg/kg in 2L+ R/M HNSCC Preliminary profile indicates 5.4 mg/kg with a dose cap pr
Slide 28: Aligned with FDA and EMA Feedback on Phase 3 Study Design
Aligned with FDA and EMA Feedback on Phase 3 Study Design Phase 3 initiation planned for mid-2027 Abbreviations: FDA: US Food and Drug Administration; EMA: European Medicines Agency; PD-(L)1: programmed cell death protein 1/ligand 1; ORR: objective response rate; OS: overall survival; PFS: progressi
Slide 29: MICVO Key Value Drivers and Anticipated Clinical Data Timeline
MICVO Key Value Drivers and Anticipated Clinical Data Timeline Monotherapy and combination highlights, plus five milestones expected from 4Q 2026 through 2H 2027 Abbreviations: 1L: frontline; 2L: second line; MOA: mechanism of action; PD-1: programmed cell death protein 1; OS: overall survival; RP3D
Slide 30: MICVO is Well Positioned to Become a Meaningful Treatment Option
PATH FORWARD RESULTS STUDY NEED MICVO is Well Positioned to Become a Meaningful Treatment Option for Patients with Cancer PROGRAM FIRST-IN-CONCEPT ADC Novel ADC target in the tumor extracellular matrix SIGNIFICANT UNMET NEED IN 2L+ HNSCC DRIVEN BY POTENTIAL CHANGE IN 1L Inadequate options for 2L+ HN
Slide 31: Charting a Course to Therapeutics for Difficult-to-Treat Cancers
Charting a Course to Therapeutics for Difficult-to-Treat Cancers September 9, 2026
Slide 32: MICVO Demonstrated Substantial Results vs. Current and Emerging Therapies
2L+ R/M HNSCC MICVO Demonstrated Substantial Results for Entire 2L+ Population vs. Current and Emerging Therapies Abbreviations: OPSCC: Oropharyngeal Squamous Cell Carcinoma; IRR: Infusion Related Reactions * NOTE: Note: This analysis is the aggregation of results across independent studies. Cross-t
Slide 33: Solid Tumor ADC Dosing Approach Summary
Solid Tumor ADC Dosing Approach Summary Abbreviations: DC: dose cap; AIBW: adjusted ideal body weight; TBW: total body weight Kadcyla® – Roche, Enhertu® – Daiichi Sankyo and Astrazeneca, Padcev® – Astellas Pharma Inc. and Pfizer Inc., Trodelvy® – Gilead, Inc., Tivdak® – Pfizer Inc and Genmab A/S, El