Pyxis Oncology, Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2026 with the Securities and Exchange Commission on November 5, 2026, disclosing continued net losses and a significant decline in cash and cash equivalents from the year-end 2025 level.

Key Highlights

  • Cash position: Cash and cash equivalents stood at $3,856 thousand as of September 30, 2026, down from $15,422 thousand as of December 31, 2025, according to the filing.
  • Marketable debt securities: The company reported marketable debt securities of $51,716 thousand as of September 30, 2026, compared with $51,435 thousand at December 31, 2025.
  • Total assets: Total assets were $76,770 thousand as of September 30, 2026, versus $91,520 thousand at December 31, 2025.
  • Shares outstanding: As of November 4, 2026, the registrant had 119,607,855 shares of common stock, $0.001 par value per share, outstanding.
  • Lead product candidate: The company disclosed it is "heavily dependent on the success of our lead product candidate, micvotabart pelidotin (MICVO), formerly known as PYX-201, which is in the early stages of clinical development."
  • Company classification: Pyxis Oncology is classified as a non-accelerated filer, smaller reporting company, and emerging growth company under the Exchange Act.

Pyxis Oncology Reports Declining Cash and Continued Clinical-Stage Losses for September 30, 2026

Pyxis Oncology, Inc. (NASDAQ:PYXS), a clinical-stage oncology company headquartered at 321 Harrison Avenue, Boston, Massachusetts, filed its Form 10-Q for the quarterly period ended September 30, 2026. According to the filing, cash and cash equivalents declined to $3,856 thousand from $15,422 thousand at December 31, 2025. Total current assets fell to $59,127 thousand from $72,105 thousand over the same period, while total assets decreased to $76,770 thousand from $91,520 thousand.

The filing reports that total current liabilities were $19,942 thousand as of September 30, 2026, compared with $21,131 thousand at December 31, 2025. Total liabilities stood at $35,450 thousand, down from $38,112 thousand at year-end 2025. The company disclosed that it has authorized 190,000,000 shares of common stock at $0.001 par value and 10,000,000 shares of preferred stock at $0.001 par value, with zero preferred shares issued or outstanding as of the balance sheet date.

The company disclosed that it "will require substantial additional capital to finance our operations" and cautioned that if it is "unable to raise such capital when needed, or on acceptable terms," it "may be forced to delay, reduce or eliminate one or more of our research and product development programs or future commercialization efforts." The filing also noted that the company has "incurred significant losses since our inception" and anticipates continuing to incur losses "over at least the next several years" and "may never achieve or maintain profitability." These statements are the company's own characterizations and are subject to its cautionary language in the filing.

What Was Disclosed

Pyxis Oncology's 10-Q for the quarter ended September 30, 2026 disclosed balance sheet data showing a decline in cash and total assets from year-end 2025, continued clinical-stage operations centered on micvotabart pelidotin (MICVO), and 119,607,855 shares of common stock outstanding as of November 4, 2026.