Cambridge biotech tracker · Boston
Pyxis Oncology
Listed on Nasdaq as PYXS, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $55.6M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- $17.7M
- avg. operating cash flow, 4 qtrs
- Runway
- 9.4 mo
- Under 12 months
- Net loss
- $20.0M
- Q3 '26
- R&D expense
- $16.6M
- 81% of opex
- Raised, last 4 qtrs
- +$49.2M
- net financing cash flow
- Next readout
- Apr 2027
- Phase 1 · cash to the catalyst, barely
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
9.4 months
Cash at Q3 '26 divided by the average burn of the last four quarters, $5.9M a month.
Management’s own date
Into H1 2028
Jan–Jun 2028
Guidance counts money received after quarter end, so it is not converted into a burn rate.
“We expect that our existing cash, cash equivalents and marketable debt securities, together with the net upfront proceeds from the public offering, will be sufficient to fund our operating expenses and capital expenditure requirements into the first half of 2028.”
Cash against the calendar
What the runway has to reach.
Apr 2027estimated
A Study of PYX-201 in Advanced Solid Tumors
Solid Tumor · Advanced Solid Tumor
NCT05720117 on ClinicalTrials.govDoes the cash reach it?
Cash to the catalyst, barely
- Runway
- 9.4 months
- Time to the date
- 6 months
It is about 6 months out. At the current burn the cash lasts roughly 4 months past it. That is a thin margin: a slipped enrollment date or a delayed database lock turns a data-driven raise into a necessary one.
Catalysts ahead
- Apr 2027Phase 1A Study of PYX-201 in Advanced Solid Tumors
- Dec 2027Phase 1/2Phase 1/2 Study of PYX-201 in Combination With Pembrolizumab in Advanced Solid Tumors
Pipeline
3 active trials, through phase 1/2.
Phase 1 · 2Phase 1/2 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| Phase 1/2 Study of PYX-201 in Combination With Pembrolizumab in Advanced Solid TumorsNCT06795412 · Advanced Solid TumorsPhase 1/2Dec 2027est. | Phase 1/2 | Recruiting | ||
| Study of PYX-106 in Solid TumorsNCT05718557 · Solid TumorPhase 1May 2026est. | Phase 1 | Active, not recruiting | ||
| A Study of PYX-201 in Advanced Solid TumorsNCT05720117 · Solid Tumor, Advanced Solid TumorPhase 1Apr 2027est. | Phase 1 | Recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash reaches the next catalyst with little to spare
The next dated event is a phase 1 readout in Apr 2027, about 6 months out. That leaves roughly 4 months of cash on the other side. Enrollment slipping a quarter would erase it, which is why the cash forecast and the clinical timeline belong in the same model.
About 9.4 months of runway
Cash and investments of $55.6M at Q3 '26 against an average operating cash burn of $17.7M per quarter over the last four reported quarters runs out around June 2027. Under a year of runway is where ASC 205-40 going-concern evaluations, financing timing, and cost plans all get decided at once.
Cash position down $71.4M since Q4 '24
Net financing inflows of $49.2M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $3.7M above cash burn
The Q3 '26 net loss of $20.0M includes non-cash charges, including $1.3M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 81% of operating expenses
$16.6M of R&D against $20.5M of total operating expenses in Q3 '26, with G&A at $4.0M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Going-concern language in the 10-Q filed Aug 13, 2026
The filing contains definite substantial-doubt language, the conclusion of an ASC 205-40 evaluation that cash may not cover twelve months from the issuance date without additional financing or cost actions. Read the liquidity note in the filing for management's plans and whether they are considered probable.
Accumulated deficit of $512M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $127M | −$19.3M | −$35.6M | $14.0M | $5.1M | $0 | $2.8M | $50K |
| Q1 '25 · Mar 31, 25 | $105M | −$22.5M | −$21.2M | $17.0M | $5.9M | — | $3.6M | $0 |
| Q2 '25 · Jun 30, 25 | $88.9M | −$17.3M | −$18.4M | $17.1M | $5.4M | $2.8M | $3.0M | −$67K |
| Q3 '25 · Sep 30, 25 | $76.3M | −$13.3M | −$22.0M | $17.8M | $5.7M | — | $3.1M | −$8K |
| Q4 '25 · Dec 31, 25 | $66.9M | −$10.4M | −$18.1M | $21.7M | $5.2M | $11.0M | $2.1M | $669K |
| Q1 '26 · Mar 31, 26 | $41.0M | −$26.0M | −$23.3M | $20.0M | $4.4M | — | $1.2M | −$25K |
| Q2 '26 · Jun 30, 26 | $33.0M | −$18.2M | −$25.3M | $16.1M | $9.9M | — | $5.5M | $10.0M |
| Q3 '26 · Sep 30, 26 | $55.6M | −$16.3M | −$20.0M | $16.6M | $4.0M | — | $1.3M | $38.6M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.