Pyxis Oncology, Inc. · NASDAQ:PYXS
Pyxis Oncology — Corporate Update (December 2025)
29 slides from Pyxis Oncology's corporate update, Dec 18, 2025
Slide 1: MICVO R/M HNSCC Clinical Update December 2025
Pyxis Oncology MICVO R/M HNSCC Clinical Update December 2025 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: MICVO R/M HNSCC Executive Summary
Promising emerging efficacy profile for MICVO+KEYTRUDA® combo in 1L/2L+ R/M HNSCC FDA alignment on 2L+ monotherapy pivotal trial design MICVO R/M HNSCC Executive Summary 46% Confirmed ORR 92% DCR (n=13, 5.4 mg/kg) 71% Confirmed ORR 100% DCR (n=7, 3.6 mg/kg & 4.4 mg/kg) Validated monotherapy efficacy
Slide 4: 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 Tumor Vasculature (e.g., Avastin) Fibronectin CAFs EDB+FN (MICVO) Immune Cells (e.g., KEYTRUDA®) Tumor Cells (e.g., Enhertu) EDB+FN - splice variant of fibronectin abundant in the t
Slide 5: EDB+FN is an Ideal Solid Tumor Target; Recent Translational Findings
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 6: MICVO's Construct Optimized for Stability, Potency and Permeability in the Tumor ECM
MICVO construct MICVO’s Construct Optimized for Stability, Potency and Permeability in the Tumor Extracellular Matrix (ECM) EDB+FN targeting mAb AUR0101 payload (x4) Valine Citrulline linker Light chain Heavy chain Engineered cysteine Disulfide bond Key potential advantages mAb specifically directed
Slide 7: MICVO Designed to Deliver Powerful Anti-Tumor Activity Through 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 Designed to Deliver Powerful Anti-Tumor Activity Through
Slide 8: Reminder: Strong Monotherapy Signal in Heavily Pre-treated R/M HNSCC During Dose Escalation
Reminder: Strong Monotherapy Signal in Heavily Pre-treated R/M HNSCC During 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 non-evaluable (
Slide 9: R/M HNSCC is a Large, Growing, & Uncrowded Market Ripe for Innovation
R/M HNSCC is a Large, Growing, & 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 6th largest oncology marke
Slide 10: Current US R/M HNSCC Standard of Care
Current US R/M HNSCC Standard of Care CPI: Checkpoint Inhibitor; Cetux: Cetuximab CPI 3.0K 1L CPS<1% CPS≥1% CPI +/- Chemo Chemo 2L Cetuximab (EGFRi) and/or Chemo CPI 3L Cetux No established SOC
Slide 11: Projected 2029 Standard of Care if Next Generation EGFRi Combos Move to 1L
Projected 2029 Standard of Care if Next Generation EGFRi Combos Move to 1L and Additional Patient Segments Emerge CPI 3.0K 1L CPS<1% All HPV CPS≥20% HPV+ CPS 1-19% HPV+ CPS≥1% HPV- or HPV Status Not Applicable Next-gen EGFRi# + KEYTRUDA® Chemo CPI CPI + Chemo 2L No established SOC* No established SO
Slide 12: R/M HNSCC Projected 2029 US Market Epidemiology
R/M HNSCC Projected 2029 US Market Epidemiology Source: Clarivate/DRG: Squamous Cell Carcinoma of the Head and Neck, Epidemiology dashboard, 2022 HPV+ : HPV+ (oropharyngeal); HPV- (oropharyngeal) or HPV status not applicable for patients with non-oropharyngeal HNSCC CPI: Checkpoint Inhibitor; Cetux:
Slide 13: MICVO's R/M HNSCC Clinical Programs Address the Standard of Care Today and Moving Forward
November 2024 Monotherapy Dose Escalation Data Disclosure December 2025 Preliminary Mono Dose Expansion & Combo Dose Escalation Data Disclosure MICVO’s R/M HNSCC Clinical Programs Address the Standard of Care Today and Moving Forward Clinical trial collaboration with Merck to evaluate MICVO in combi
Slide 14: MICVO 5.4 mg/kg Monotherapy R/M HNSCC Efficacy Data Summary
MICVO 5.4 mg/kg Monotherapy R/M HNSCC Efficacy Data Summary Phase 1 Confirmed ORR of 46% (n=13) Phase 1 Disease Control Rate of 92% (N=13) Arm 11: 60% Confirmed ORR (N=5) in post-PD1/post-Platinum setting Arm 21: Post-PD1/post-EGFRi Confirmed ORR of 25% (N=4) exceeds PI benchmark of 20%+ 1. Arm 1 en
Slide 15: Monotherapy Patient Demographics and Disease Characteristics at 5.4 mg/kg
Phase 1 Monotherapy Patient Demographics and Disease Characteristics at 5.4 mg/kg 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 dosi
Slide 16: MICVO Monotherapy Demonstrated Clear Activity at 5.4 mg/kg with Deep Responses
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; **HPV status not applicable based on anatomical location ***Patient with loco-regional recurren
Slide 17: MICVO Monotherapy at 5.4 mg/kg 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 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 p
Slide 18: MICVO Safety at 5.4 mg/kg in R/M HNSCC
MICVO Safety at 5.4 mg/kg in R/M HNSCC 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 (33%) Grade 3/4 TRAEs 3 (60%) 7 (54%) 10 (56%) TRAEs leading to treatment discontinuation 2 (40%) 3 (23%) 5 (28%) TRAEs lea
Slide 19: 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 20: 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 21: Promising Preliminary Combination Data at 3.6 mg/kg and 4.4 mg/kg with KEYTRUDA
Promising Preliminary Combination Data at 3.6 mg/kg and 4.4 mg/kg 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 & Dohme LLC, a
Slide 22: Preliminary Combination Data Indicates Rapid Response with Disease Control
Preliminary Combination Data at 3.6 mg/kg and 4.4 mg/kg with KEYTRUDA® Indicates Rapid Response with Disease Control; Durability Data Maturing * Patient discontinued after one dose of study treatment after enrollment criteria deviation identified; PR was observed after one dose and subsequently conf
Slide 23: 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 TRAEs 3.6 mg/kg 4.4 mg/kg Total N 4 3 7 All TRAEs 3 (75%) 3 (100%) 6 (86%) Grade 3/4 TRAEs 0 0 0 TRAEs leading to treatment discont
Slide 24: 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 25: MICVO's Differentiated Mechanism, Benefit/Risk Profile and Broad Combinability Potential
MICVO’s Differentiated Mechanism, Compelling Benefit/Risk Profile and Broad Combinability Potential Offers Agility Across Projected R/M HNSCC Market Source: Clarivate/DRG: Squamous Cell Carcinoma of the Head and Neck, Epidemiology dashboard, 2022 HPV+ : HPV+ (oropharyngeal); HPV- (oropharyngeal) or
Slide 26: MICVO 2026 Clinical Data Milestones
MICVO 2026 Clinical Data Milestones Mature Data from 2L+ R/M HNSCC Monotherapy Dose Expansion Study 2H 2026 Updated Data from Combination Dose Escalation Study including R/M HNSCC and other tumor types Mid 2026
Slide 27: Appendix
Appendix PYAIS
Slide 28: Adjusted Ideal Bodyweight (AIBW) Dosing Expected to Improve MICVO Tolerability Profile
Adjusted Ideal Bodyweight (AIBW) Dosing Expected to Improve MICVO Tolerability Profile Without Impacting Efficacy 1: Moore et al, Cancer. 2017 August 15; 123(16): 3080–3087; 2: Peters et al. Efficacy and safety of sigvotatug vedotin, an investigational ADC, in NSCLC: Updated phase 1 results (SGNB6A-
Slide 29: 2L+ R/M HNSCC Monotherapy Pivotal Trial Design
2L+ R/M HNSCC Monotherapy Pivotal Trial Design Key Design Elements FDA aligned with 2L+ R/M HNSCC Monotherapy pivotal study design Control arm to be current commercially available standard(s) of care1 Study expected to implement Adjusted Ideal Bodyweight (AIBW) dosing 1. Investigator’s choice in com