Total shareholder equity has plummeted to $31.3 million as of 2026Q1, reflecting the impact of accumulated retained losses on the company's long-term financial stability.
Pyxis Oncology, Inc. (PYXS) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 36.73M | 72.11M | 132.44M | 124.6M | 186.61M | 278.67M | 8.1M | 19.7M |
| Cash & Short-Term Investments | 33M | 66.86M | 126.93M | 119.3M | 179.29M | 274.74M | 8.08M | 19.69M |
| Cash Only | 18.86M | 15.42M | 19.47M | 9.66M | 179.29M | 274.74M | 8.08M | 19.69M |
| Short-Term Investments | 14.14M | 51.44M | 107.46M | 109.63M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 700K | 0 | 21K | 598K | 0 | 0 | 0 |
| Days Sales Outstanding | 5.79 | 18.44 | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.74M | 4.55M | 4.75M | 4.27M | 5.41M | 1.56M | 15K | 0 |
| Total Non-Current Assets | 18.19M | 19.41M | 24.74M | 49.12M | 24.77M | 1.35M | 2.05M | 106K |
| Property, Plant & Equipment | 18.19M | 19.41M | 22.14M | 24.81M | 24.77M | 1.24M | 1.94M | 76K |
| Fixed Asset Turnover | 0.58x | 0.71x | 0.73x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 2.6M | 24.31M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 109K | 109K | 30K |
| Total Assets | 54.92M | 91.52M | 157.18M | 173.73M | 211.38M | 280.02M | 10.15M | 19.81M |
| Asset Turnover | 0.14x | 0.15x | 0.10x | - | - | - | - | - |
| Asset Growth % | -195.8% | -41.77% | -9.52% | -17.81% | -24.51% | 2658.56% | -48.75% | - |
| Total Current Liabilities | 27.47M | 21.13M | 17.68M | 25.76M | 31.63M | 18.71M | 3.69M | 733K |
| Accounts Payable | 3.27M | 10.88M | 4.86M | 3.9M | 7.1M | 11.95M | 1.08M | 491K |
| Days Payables Outstanding | 97.67K | 1.66K | 3.73K | - | - | - | 885.37 | - |
| Short-Term Debt | 1.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 7.66M | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 22.38M | 3.75M | 4.63M | 5.58M | 5.33M | 3.23M | 1.12M | 116K |
| Current Ratio | 1.34x | 3.41x | 7.49x | 4.84x | 5.90x | 14.90x | 2.20x | 26.88x |
| Quick Ratio | 1.34x | 3.41x | 7.49x | 4.84x | 5.90x | 14.90x | 2.20x | 26.88x |
| Cash Conversion Cycle | -97.66K | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 16.01M | 16.98M | 18.75M | 22.26M | 18.92M | 0 | 22.11M | 21.95M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 66.93M | 16.98M | 18.75M | 20.1M | 18.92M | 0 | 165K | 6K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 2.16M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 21.94M | 21.94M |
| Total Liabilities | 43.48M | 38.11M | 36.43M | 48.02M | 50.55M | 18.71M | 25.8M | 22.68M |
| Total Debt | 17.83M | 18.67M | 20.2M | 21.33M | 18.92M | 165K | 780K | 15K |
| Net Debt | -1.02M | 3.25M | 727K | 11.67M | -160.37M | -274.57M | -7.3M | -19.68M |
| Debt / Equity | 1.56x | 0.35x | 0.17x | 0.17x | 0.12x | 0.00x | - | - |
| Debt / EBITDA | -0.20x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.01x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Total Equity | 11.44M | 53.41M | 120.75M | 125.7M | 160.82M | 261.31M | -15.64M | -2.87M |
| Equity Growth % | -267.64% | -55.77% | -3.94% | -21.84% | -38.46% | 1770.27% | -444.36% | - |
| Book Value per Share | 0.18 | 0.86 | 2.07 | 3.15 | 4.87 | 8.11 | -0.46 | -0.08 |
| Total Shareholders' Equity | 11.44M | 53.41M | 120.75M | 125.7M | 160.82M | 261.31M | -15.64M | -2.87M |
| Common Stock | 63K | 63K | 60K | 45K | 34K | 32K | 1K | 1K |
| Retained Earnings | -491.8M | -443.18M | -363.56M | -286.23M | -212.44M | -91.72M | -15.74M | -2.92M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -4K | 53K | 170K | 63K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying PYXS stock.
As of 2025, Pyxis Oncology, Inc. (PYXS) had total assets of $91.5M including $72.1M in current assets.
Pyxis Oncology, Inc. (PYXS) carries total debt of $18.7M, offset by $66.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pyxis Oncology, Inc. (PYXS) has total shareholders' equity (book value) of $53.4M ($0.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pyxis Oncology, Inc. (PYXS) reported a current ratio of 3.41x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Imminent liquidity exhaustion
Metrics are mathematically derived from official filings.
Asset Base Erosion Accelerates Rapidly
As reported in recent financial filings, Pyxis Oncology's total assets have declined from $220.2 million in 2024Q1 to $64.3 million by 2026Q1, reflecting a consistent and aggressive consumption of capital that signals a deteriorating trajectory for the company's long-term financial stability and operational runway.
The consistent contraction in total assets suggests that the company is liquidating its resource base to fund ongoing clinical development without a corresponding replenishment from commercial milestones. This trend indicates that the business model is currently unsustainable without significant external capital injections.
Cash Runway Nearing Critical Threshold
Based on the latest quarterly data, Pyxis Oncology's cash reserves have dwindled to $7.2 million as of 2026Q1, a sharp reduction from the $28.0 million reported in 2024Q1, which leaves the firm with a dangerously thin buffer against its ongoing high-burn operating requirements.
The rapid depletion of cash reserves relative to the company's historical burn rate suggests that liquidity is becoming a primary constraint on clinical trial progression. Investors should monitor the company's ability to secure non-dilutive funding, as the current cash position appears insufficient to support long-term development goals.
Shareholder Equity Eroded by Losses
According to the balance sheet, total equity has plummeted from $184.2 million in 2024Q1 to $31.3 million in 2026Q1, primarily driven by the accumulation of massive retained losses that continue to weigh heavily on the company's overall financial position and book value.
The persistent growth of negative retained earnings, which reached -$466.4 million in 2026Q1, indicates that the company is consistently destroying shareholder value through its current R&D-heavy operational structure. This trend suggests that future equity financing may be required, which would likely result in significant dilution for existing shareholders.
Hidden Risks in Asset Composition
As indicated by the provided financial statements, the complete absence of goodwill and the reliance on $18.7 million in net PPE suggest that the company's asset base is increasingly illiquid and potentially overvalued given the lack of commercial revenue to justify such capital-intensive infrastructure.
The shift away from intangible assets like goodwill toward physical property and equipment may imply that the company is struggling to maintain its platform-based valuation. This composition warrants further investigation, as it suggests that the firm's core value is tied to assets that may not be easily monetized in a distress scenario.