Persistent free cash flow deficits, reaching an outflow of $26.0 million in 2026Q1, highlight a business model that is currently unable to self-fund its clinical development activities.
| Cash from Operations | -66.97M | -63.5M | -57.67M | -70.71M | -89.33M | -35.33M | -10.08M | -2.24M |
| Operating CF Margin % | - | -458.23% | -357.19% | - | - | - | - | - |
| Operating CF Growth % | -434.06% | -10.11% | 18.44% | 20.85% | -152.89% | -250.32% | -350.38% | - |
| Net Income | -81.73M | -79.62M | -77.33M | -73.79M | -120.72M | -75.97M | -12.83M | -2.77M |
| Depreciation & Amortization | 4.42M | 4.51M | 2.98M | 1.93M | 709K | 647K | 469K | 0 |
| Stock-Based Compensation | 8.17M | 11.8M | 12.95M | 16.95M | 15.76M | 6.44M | 44K | 28K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 6.28M | 0 | 0 |
| Other Non-Cash Items | 27K | -2.14M | 15.55M | -4.13M | 10.41M | 20.6M | -56K | -264K |
| Working Capital Changes | 2.15M | 1.94M | -11.82M | -11.66M | 4.5M | 6.68M | 2.29M | 505K |
| Change in Receivables | -3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.14M | 6.03M | 1.2M | -3.51M | -8.33M | 4.64M | 558K | 292K |
| Cash from Investing | 59.41M | 58.86M | 8.15M | -104.85M | -6.4M | -590K | -1.48M | 0 |
| Capital Expenditures | -9K | -9K | -237K | -6.73M | -6.4M | -540K | -1.48M | 0 |
| CapEx % of Revenue | 0.06% | 0.06% | 1.47% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 6.66M | 0 | -50K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -107.31M | 0 | 0 | 0 | 0 | -50 | 0 | 0 |
| Cash from Financing | 569K | 594K | 59.33M | 5.93M | 183K | 304.04M | 35K | 21.95M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 673K | 742K | 59.05M | 6.12M | 0 | 303.88M | 3K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -104K | -148K | 280K | -193K | 183K | 167K | 32K | 21.95M |
| Net Change in Cash | -6.99M | -4.05M | 9.81M | -169.63M | -95.55M | 268.13M | -11.53M | 19.72M |
| Free Cash Flow | -66.98M | -63.51M | -57.91M | -77.44M | -95.73M | -35.87M | -11.57M | -2.24M |
| FCF Margin % | -483.3% | -458.3% | -358.66% | - | - | - | - | - |
| FCF Growth % | -12.57% | -9.67% | 25.22% | 19.11% | -166.92% | -210.07% | -416.61% | - |
| FCF per Share | -1.06 | -1.02 | -0.99 | -1.94 | -2.90 | -1.11 | -0.34 | -0.07 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.80x | 0.75x | 0.96x | 0.74x | 0.46x | 0.79x | 0.81x |
| Interest Paid | 0 | 0 | 10K | 1K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 164K | 48K | 17K | 0 | 0 | 0 |
Imminent liquidity and dilution
According to historical cash flow statements, Pyxis Oncology consistently reports negative operating cash flows that frequently exceed net losses, with the OCF/NI ratio fluctuating wildly, reaching as high as 6.36 in 2024Q1, which suggests that accruals and non-cash adjustments are significantly distorting the underlying cash reality.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses do not fully capture the actual cash drain required to sustain clinical operations. Investors should monitor this divergence, as it implies that the company's reported earnings are not a reliable proxy for the actual capital intensity of its drug development pipeline.
As reported in financial statements, Pyxis Oncology's free cash flow trajectory remains deeply negative, with quarterly outflows consistently ranging between $10 million and $26 million, reflecting a business model that is entirely dependent on external financing to cover its ongoing research and development expenditures.
The lack of positive free cash flow is a structural feature of the company's current development stage, but the magnitude of these outflows relative to the remaining cash balance is concerning. This trajectory suggests that without a significant change in milestone-based revenue or a major partnership, the company will continue to erode its liquidity at an unsustainable pace.
Based on the provided quarterly data, working capital changes have been highly erratic, swinging from a $21.8 million outflow in 2024Q1 to a $12.3 million inflow in 2024Q2, which indicates that the company's cash position is heavily influenced by the timing of milestone payments and vendor settlements.
These fluctuations suggest that the company lacks a stable operational rhythm, with cash flows being dictated by the lumpy nature of its collaboration agreements rather than predictable business cycles. Such volatility complicates cash forecasting and highlights the risks associated with relying on non-recurring revenue to fund long-term clinical trials.
As indicated by recent filings, stock-based compensation consistently adds back millions to the cash flow statement each quarter, with figures often exceeding $3 million, which effectively masks the true economic cost of talent retention during a period of significant share price volatility and clinical uncertainty.
While stock-based compensation is a non-cash expense, its consistent magnitude suggests that the company is relying heavily on equity to preserve its limited cash reserves. Investors should be wary of this practice, as it dilutes existing shareholders while failing to address the fundamental issue of the company's high cash burn rate.
Quick answers to the most common questions about buying PYXS stock.
Pyxis Oncology, Inc. (PYXS) generated $-63.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pyxis Oncology, Inc. (PYXS) reported negative free cash flow of $63.5M in 2025, indicating capital requirements exceeded cash from operations.
Pyxis Oncology, Inc. (PYXS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.