Pyxis Oncology, Inc. · NASDAQ:PYXS
Pyxis Oncology — Investor Presentation (March 2026)
43 slides from Pyxis Oncology's investor presentation, Mar 23, 2026
Slide 1: Building a Differentiated ADC Company
Building a Differentiated ADC Company Nasdaq: PYXS March 2026 Exhibit 99.2
Slide 2: Forward Looking Statement
Forward Looking Statement 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 pres
Slide 3: Multiple Clinical Data Catalysts Expected in 2026
Multiple Clinical Data Catalysts Expected in 2026 Positioned to be a Differentiated ADC Company First-in-Concept Extracellular ADC Technology Clinical focus on significant unmet need in R/M HNSCC Validated monotherapy & combination efficacy signal in R/M HNSCC
Slide 4: MICVO is a First-in-Concept ADC
MICVO is a First-in-Concept ADC
Slide 5: MICVO is the First-in-Concept Extracellular Targeting ADC in Clinical Development
MICVO is the First-in-Concept Extracellular Targeting ADC in Clinical Development *CAFs = cancer-associated fibroblasts Targets EDB+FN, a splice variant of fibronectin and novel non-cellular ADC target Tumor Vasculature (e.g., Avastin) Fibronectin CAFs* EDB+FN (MICVO) Immune Cells (e.g., KEYTRUDA®)
Slide 6: EDB+FN is Expressed in ECM of Many Solid Tumors, Negligibly in Normal Tissue
Binding of MICVO to EDB+FN Presence of extracellular proteases (cathepsins) Low pH to enable cathepsin proteolytic activity Stromal architecture (e.g., spatial orientation of ECM fibers) Immunogenic tumor microenvironment1 Key biological drivers of response in addition to EDB+FN expression EDB+FN is
Slide 7: MICVO is an ADC Designed for Optimized Stability, Potency and Permeability
MICVO construct MICVO is an ADC Designed for Optimized Stability, Potency and Permeability in the Tumor ECM *DAR = Drug Antibody Ratio EDB+FN targeting mAb AUR0101 payload (x4) Valine Citrulline linker Light chain Heavy chain Engineered cysteine Disulfide bond Key potential advantages mAb specifical
Slide 8: MICVO Delivers Potent Anti-Tumor Activity Through a Three-Pronged MOA
Payload diffuses into & kills tumors cells MICVO designed to bind to EDB and releases payload within tumor ECM Additional bystander killing PAYLOAD DRIVEN Tumor cell dies, releasing payload for additional cycles of tumor cell killing 1 2 MICVO Delivers Potent Anti-Tumor Activity Through a Three-Pron
Slide 9: MICVO PK Profile Demonstrates Superior Stability in Circulation
MICVO PK Profile Demonstrates Superior Stability in Circulation Compared to Approved Val-Cit-MMAE ADCs 1. Based on the corresponding FDA label, shown as ADC half-life; Padcev® - Astellas Pharma Inc. and Pfizer Inc. MMAE: Monomethyl Auristatin E MICVO linear PK profile across doses demonstrates absen
Slide 10: Initial MICVO Clinical Data Informs Path Forward
Initial MICVO Clinical Data Informs Path Forward
Slide 11: Phase 1 Dose Escalation Basket Study Identified Range of Potentially Effective Doses
Phase 1 Part 1 Dose Escalation Basket Study with Multiple Tumor Types Identified Range of Potentially Effective Doses 1. As of Oct 4, 2024 data cut off Observed dose- dependent responses starting at 3.6 mg/kg 52% of patients recruited into 5.4 mg/kg dose 8.0 mg/kg N=3 Identified Dose Range Not fully
Slide 12: Pronounced Responses Observed in Six Tumor Types in Phase 1 Dose Escalation
Pronounced Responses Observed in Six Tumor Types In Phase 1 Dose Escalation Note: Efficacy population defined by dose received; dose level for patients who escalated or de-escalated = starting dose 1. N=65; 3 patients dosed after 10/4/24 data cutoff and do not yet have scans; 12 patients of the 77 p
Slide 13: Strong Monotherapy Signal in Heavily Pre-treated R/M HNSCC Patients
Strong Monotherapy Signal in Heavily Pre-treated R/M HNSCC Patients During Phase 1 Part 1 Dose Escalation 1. Does not include patient dosed at 5.4 mg/kg who received scan on Day 97 after receiving 1 dose and whose scan was disallowed per protocol due to excessive time between dosing and scan; 2 2 n
Slide 14: Unmet Need in R/M HNSCC
Unmet Need in R/M HNSCC PYAIS
Slide 15: R/M HNSCC is a Large, Growing and Uncrowded Market Ripe for Innovation
R/M HNSCC is a Large, Growing and Uncrowded Market Ripe for Innovation Source: Clarivate/Decision Resources Group: Squamous Cell Carcinoma of the Head and Neck, Epidemiology dashboard, 2022 ~31K 1L ~21K 2L ~8K 3L US-specific data of drug treatable patients projected to 2029 7th largest oncology mark
Slide 16: Current US R/M HNSCC Standard of Care Leaves Patients with Few Options
Current US R/M HNSCC Standard of Care Leaves Patients with Few Options and Poor Efficacy CPI: Checkpoint Inhibitor; Cetux: Cetuximab CPI 3.0K 1L CPS<1 CPS≥1 CPI +/- Chemo ORR: 36% Chemo ORR: 20% 2L Cetux (EGFRi) and/or Chemo ORR: 11% CPI ORR: 13% 3L Cetux ORR<10% No established SOC
Slide 17: Next Gen EGFRi Likely to Become New SOC in HPV unrelated 1L R/M HNSCC
Next Gen EGFRi Likely to Become New SOC in HPV unrelated 1L R/M HNSCC CPI: Checkpoint Inhibitor; Cetux: Cetuximab; KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA *Petosemtamab HPV+ ORR=13% (N=15) per ESMO 2024 presentation and Cetux
Slide 18: Market Opportunity for MICVO in R/M HNSCC is Substantial
Market Opportunity for MICVO in R/M HNSCC is Substantial Source: Clarivate/DRG: Squamous Cell Carcinoma of the Head and Neck, Epidemiology dashboard, 2022 CPI: Checkpoint Inhibitor; Cetux: Cetuximab *Petosemtamab HPV+ ORR=13% (N=15) per ESMO 2024 presentation and Cetuximab HPV+ ORR=0% per INTERLINK
Slide 19: MICVO's Clinical Programs Address the Areas of Highest Unmet Need in R/M HNSCC
November 2024 Monotherapy Dose Escalation Data Disclosure December 2025 Preliminary R/M HNSCC Mono Dose Expansion & Combo Dose Escalation Data Disclosure MICVO’s Clinical Programs Address the Areas of Highest Unmet Need in R/M HNSCC *Clinical trial collaboration with Merck to evaluate MICVO in combi
Slide 20: MICVO Monotherapy in 2L+ R/M HNSCC December 2025 Preliminary Data
MICVO Monotherapy in 2L+ R/M HNSCC December 2025 Preliminary Data
Slide 21: MICVO Preliminary Data Revealed Unsurpassed Efficacy in 2L+ R/M HNSCC
MICVO Preliminary Data Revealed Unsurpassed Efficacy in 2L+ R/M HNSCC 1. Efficacy evaluable (N=13) does not include N=1 dose escalation patient dosed at 5.4 mg/kg who received scan on Day 97 after receiving 1 dose and whose scan was disallowed per protocol due to excessive time between dosing and sc
Slide 22: MICVO Phase 1 Monotherapy Patient Demographics and Disease Characteristics at 5.4 mg/kg
MICVO Phase 1 Monotherapy Patient Demographics and Disease Characteristics at 5.4 mg/kg Demographics Total (N=18) Age Years Median (min-max) 63 (41- 72) Sex Male 12 (67%) Race White Black or African American Not Reported 14 (78%) 1 (6%) 3 (16%) Baseline ECOG Performance Status 0 1 3 (17%) 15 (83%) B
Slide 23: MICVO Monotherapy Demonstrated Clear Activity at 5.4 mg/kg
MICVO Monotherapy Demonstrated Clear Activity at 5.4 mg/kg with Deep Responses and Exceptional Disease Control *Arm 1: Post Platinum & anti-PD(L)-1; Arm 2: Post EGFRi & anti-PD(L)-1; Esc: Dose Escalation; **Patient with loco-regional recurrence, verrucous subtype of HNSCC in oral cavity; progressive
Slide 24: MICVO Monotherapy Demonstrated Rapid Onset of Response and Disease Control
MICVO Monotherapy at 5.4 mg/kg Demonstrated Rapid Onset of Response and Disease Control with Emerging Durability Still Maturing 1. Efficacy evaluable (N=13) does not include N=1 dose escalation patient dosed at 5.4 mg/kg who received scan on Day 97 after receiving 1 dose and whose scan was disallowe
Slide 25: MICVO Safety at 5.4 mg/kg in R/M HNSCC
MICVO Safety at 5.4 mg/kg in R/M HNSCC 1. No prophylactic treatments dictated or administered to-date No Grade 4 or Grade 5 ADC payload TRAEs of interest observed TRAEs Part 1 Dose Escalation Part 2 Dose Expansion Total N 5 13 18 All TRAEs 5 (100%) 11 (85%) 16 (89%) Grade 1/2 TRAEs 2 (40%) 4 (31%) 6
Slide 26: MICVO Modified Weight-Based Dosing
MICVO Modified Weight-Based Dosing
Slide 27: MICVO Discontinuations Driven by Overexposure in High Body Weight Patients
MICVO Discontinuations Driven by Overexposure in High Body Weight Patients IBW = Ideal Body Weight; AIBW = Adjusted Ideal Body Weight; TBW = Total Body Weight AIBW calculated using Devine formula (Devine et al, 1974) 6 of 7 patients with Grade 3 payload-related events had high body weight 0% Treatme
Slide 28: Pyxis Oncology is Actively Exploring Well-Established Modified Weight-Based Dosing Methods
AIBW Dose Cap Pyxis Oncology is Actively Exploring Well-Established Modified Weight-Based Dosing Methods with MICVO 1. PADCEV® label December 2019; 2. DATROWAY label January 2025; 3. ELAHERE® label December 2024; 4. Maura L. Gillison et al. Initial safety and efficacy of PDL1V (PF-08046054), a vedot
Slide 29: PK Simulation for 5.4 mg/kg Q3W
PK Simulation for 5.4 mg/kg Q3W PK Modeling Shows That Overexposure to MICVO in Higher Body Weight Patients Can Be Mitigated Through Modified Weight-Based Dosing IBW = Ideal Body Weight; AIBW = Adjusted Ideal Body Weight; TBW = Total Body Weight AIBW calculated using Devine formula (Devine et al, 19
Slide 30: Addressing Patient Tolerability Through Modified Weight-Based Dosing with MICVO
Overexposure can be mitigated through modified weight-based dosing Both dose capping and AIBW have been validated by approved ADCs1 that demonstrate improved tolerability without sacrificing efficacy Internal Proof Points No treatment related discontinuations among patients at or below AIBW PK simul
Slide 31: Monotherapy Program Dose Expansion Enrollment Completed in 1Q26
November 2024 Monotherapy Dose Escalation Data Disclosure December 2025 Preliminary R/M HNSCC Mono Dose Expansion & Combo Dose Escalation Data Disclosure Target enrollment in 2L+ R/M HNSCC Dose Expansion Completed in 1Q26 Clinical trial collaboration with Merck to evaluate MICVO in combination with
Slide 32: MICVO + Keytruda in R/M HNSCC December 2025 Preliminary Data
MICVO + Keytruda® in R/M HNSCC December 2025 Preliminary Data
Slide 33: MICVO + KEYTRUDA Combination Summary in R/M HNSCC
MICVO + KEYTRUDA® Combination Summary in R/M HNSCC KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA 71% Confirmed ORR, 100% DCR (n=7, 3.6 mg/kg & 4.4 mg/kg) Initial data support lack of overlapping toxicities observed between MICVO +
Slide 34: Immunogenic Potential of MICVO Mechanism May Amplify Benefits of KEYTRUDA
Payload diffuses into & kills tumors cells MICVO designed to bind to EDB and releases payload within tumor ECM Additional Bystander killing PAYLOAD DRIVEN Tumor cell dies, releasing payload for additional cycles of tumor cell killing 1 2 Immunogenic Potential of MICVO Mechanism May Amplify Benefits
Slide 35: MICVO 1L/2L+ R/M HNSCC Combo Dose Escalation Patient Demographics
Demographics Total (N=7) Race Asian Black African American White Other 0 0 7 (100%) 0 Age (years) Median (min-max) 69 (57 – 76) Baseline weight (kg) Median (min-max) 83 (65 – 107) Gender Male 7 (100%) Baseline ECOG Performance Status 0 1 3 (43%) 4 (57%) MICVO 1L/2L+ R/M HNSCC Combo Dose Escalation P
Slide 36: Promising Preliminary Data with MICVO in Combination with KEYTRUDA
Promising Preliminary Data with MICVO at 3.6 mg/kg and 4.4 mg/kg in Combination with KEYTRUDA® All patients received prior platinum therapy, were HPV positive, with tumor located in Oropharynx; #Prior tx = Number of unique prior systemic therapies KEYTRUDA® is a registered trademark of Merck Sharp &
Slide 37: Preliminary MICVO Combination Data Indicates Rapid Response with Disease Control
Preliminary MICVO Combination Data with KEYTRUDA® Indicates Rapid Response with Disease Control; Durability Data Maturing KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA * Patient discontinued after one dose of study treatment after
Slide 38: MICVO + KEYTRUDA Dose Escalation Safety in R/M HNSCC
MICVO + KEYTRUDA® Dose Escalation Safety in R/M HNSCC KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA No Grade 3, Grade 4 or Grade 5 ADC payload TRAEs of interest TRAEs 3.6 mg/kg 4.4 mg/kg Total N 4 3 7 All TRAEs 3 (75%) 3 (100%) 6 (
Slide 39: Multiple MICVO Clinical Data Milestones Expected in 2026
Multiple MICVO Clinical Data Milestones Expected in 2026 Updated Data from 2L+ R/M HNSCC Phase 1 Monotherapy Study 2H 2026 Updated Data from 1L/2L+ R/M HNSCC Phase 1/2 Dose Escalation Combination Study Mid 2026
Slide 40: Appendix
Appendix
Slide 41: Solid Tumor ADC Dosing Approach Summary
Solid Tumor ADC Dosing Approach Summary 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, Elahere® – Abb
Slide 42: Recent Translational Posters Further Support Three-Pronged MOA of MICVO
Recent Translational Posters Build on Previous Publications to Further Support Three-Pronged MOA of MICVO [1] Hooper A et al., Mol Cancer Ther (2022) 21(9):1462-1472 [2] Shen C & Iovino M et al., AACR-NCI-EORTC (2025) [3] Graziani EI et al., Mol Cancer Ther (2020) 19: 2068-78 [4] Iovino M et al., AA
Slide 43: MICVO Dose Linear PK Demonstrates No Antigen Sink
Nominal time after dose (d) Median plasma concentration (µg/mL) 0.3 mg/kg 0.6 mg/kg 1.2 mg/kg 2.4 mg/kg 3.6 mg/kg 4.4 mg/kg 5.4 mg/kg 6.6 mg/kg MICVO ADC (ug/mL) Total Ab (ug/mL) Identified Dose Range MICVO Dose Linear PK Demonstrates No Antigen Sink (Q3W Dosing) Consistent with differentiated EDB+F