Pyxis Oncology Reports Financial Results for the Quarter Ended March 31, 2022 and Provides Business Update
May 13 2022 - 8:03AM
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 fully integrated research,
development and commercial capabilities, our expert team is
efficiently building a diversified portfolio of next-generation
therapeutics. Pyxis Oncology’s therapeutic candidates are designed
to directly kill tumor cells, and to address the underlying
pathologies created by cancer that enable its uncontrollable
proliferation and immune evasion. Since its launch in 2019, Pyxis
Oncology has developed a broad portfolio of novel antibody-drug
conjugate product candidates, immuno-oncology, or IO, product
candidates and monoclonal antibody, or mAb, preclinical discovery
programs that it is developing as monotherapies and in combination
with other therapies. To learn more about Pyxis Oncology, visit
www.pyxisoncology.com.
Forward-Looking Statements
This press release 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.
These statements are often identified by the use of words such as
“anticipate,” “believe,” “can,” “continue,” “could,” “estimate,”
“expect,” “intend,” “likely,” “may,” “might,” “objective,”
“ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “to
be,” “will,” “would,” or the negative or plural of these words, or
similar expressions or variations, although not all forward-looking
statements contain these words. We cannot assure you that the
events and circumstances reflected in the forward-looking
statements will be achieved or occur and actual results could
differ materially from those expressed or implied by these
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to, those
identified herein, and those discussed in the section titled “Risk
Factors” set forth in Part II, Item 1A. of the Company's Quarterly
Report on Form 10-Q filed with SEC on May 13, 2022 and in our other
filings with the SEC. These risks are not exhaustive. New risk
factors emerge from time to time, and it is not possible for our
management to predict all risk factors, nor can we assess the
impact of all factors on our business or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements. In addition, statements that “we believe” and similar
statements reflect our beliefs and opinions on the relevant
subject. These statements are based upon information available to
us as of the date hereof and while we believe such information
forms a reasonable basis for such statements, such information may
be limited or incomplete, and our statements should not be read to
indicate that we have conducted an exhaustive inquiry into, or
review of, all potentially available relevant information. These
statements are inherently uncertain, and investors are cautioned
not to unduly rely upon these statements. Except as required by
law, we undertake no obligation to update any forward-looking
statements to reflect events or circumstances after the date of
such statements.
Investor and Media ContactCourtney DuganVP,
Head of Investor Relations and Corporate Communications
ir@pyxisoncology.com
---tables to follow---
PYXIS ONCOLOGY, INC. |
|
Condensed Consolidated Statements of Operations and
Comprehensive Loss(In thousands, except share and
per share amounts)(Unaudited) |
|
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
2021 |
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
$ |
20,071 |
|
|
$ |
32,774 |
|
General and administrative |
|
|
11,318 |
|
|
|
2,955 |
|
Total operating expenses |
|
|
31,389 |
|
|
|
35,729 |
|
Loss
from operations |
|
|
(31,389 |
) |
|
|
(35,729 |
) |
Other
income (expense): |
|
|
|
|
|
|
Interest income |
|
|
9 |
|
|
|
4 |
|
Change in fair value of derivative liability |
|
|
— |
|
|
|
(1,100 |
) |
Total other income (expense) |
|
|
9 |
|
|
|
(1,096 |
) |
Net loss and comprehensive loss |
|
$ |
(31,380 |
) |
|
$ |
(36,825 |
) |
Net loss
per common share - basic and diluted |
|
$ |
(0.97 |
) |
|
$ |
(27.26 |
) |
Weighted
average shares of common stock outstanding - basic and diluted |
|
|
32,316,689 |
|
|
|
1,350,743 |
|
|
|
|
|
|
|
|
|
|
PYXIS ONCOLOGY, INC. |
|
Condensed Consolidated Balance Sheets(In
thousands, except share and per share
amounts)(Unaudited) |
|
|
|
|
|
|
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
247,087 |
|
|
$ |
274,735 |
|
Restricted cash |
|
|
1,472 |
|
|
|
1,472 |
|
Prepaid expenses and other current assets |
|
|
2,698 |
|
|
|
2,466 |
|
Total current assets |
|
|
251,257 |
|
|
|
278,673 |
|
Property
and equipment, net |
|
|
995 |
|
|
|
1,007 |
|
Operating lease right-of-use assets |
|
|
— |
|
|
|
232 |
|
Other
assets, noncurrent |
|
|
449 |
|
|
|
109 |
|
Total assets |
|
$ |
252,701 |
|
|
$ |
280,021 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
2,055 |
|
|
$ |
11,951 |
|
Accrued expenses and other current liabilities |
|
|
17,132 |
|
|
|
6,592 |
|
Operating lease liabilities, current portion |
|
|
— |
|
|
|
165 |
|
Total current liabilities |
|
|
19,187 |
|
|
|
18,708 |
|
Total
liabilities |
|
|
19,187 |
|
|
|
18,708 |
|
Commitments and contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
32 |
|
|
|
32 |
|
Additional paid-in capital |
|
|
356,580 |
|
|
|
352,999 |
|
Accumulated deficit |
|
|
(123,098 |
) |
|
|
(91,718 |
) |
Total stockholders’ equity |
|
|
233,514 |
|
|
|
261,313 |
|
Total liabilities and stockholders’ equity |
|
$ |
252,701 |
|
|
$ |
280,021 |
|
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