The company exhibits a volatile revenue profile dependent on milestone payments, resulting in a negative operating margin of 609.18% as of the most recent reporting period.
| Sales/Revenue | 13.86M | 13.86M | 16.15M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | -14.17% | - | - | - | - | - | - |
| Cost of Goods Sold | 27K | 2.39M | 475K | 0 | 0 | 0 | 444K | 0 |
| COGS % of Revenue | - | 17.23% | 2.94% | - | - | - | - | - |
| Gross Profit | 13.83M | 11.47M | 15.67M | 0 | 0 | 0 | -444K | 0 |
| Gross Margin % | 99.81% | 82.77% | 97.06% | - | - | - | - | - |
| Gross Profit Growth % | - | -26.81% | - | - | - | 100% | - | - |
| Operating Expenses | 99.7M | 95.89M | 105.13M | 82.2M | 123.48M | 69.72M | 12.45M | 2.88M |
| OpEx % of Revenue | - | 691.95% | 651.13% | - | - | - | - | - |
| Selling, General & Admin | 20.02M | 22.19M | 25.42M | 32.61M | 37.35M | 18.66M | 3.85M | 1.66M |
| SG&A % of Revenue | - | 160.15% | 157.44% | - | - | - | - | - |
| Research & Development | 76.25M | 73.7M | 58.75M | 49.59M | 86.13M | 51.05M | 8.6M | 1.22M |
| R&D % of Revenue | - | 531.79% | 363.85% | - | - | - | - | - |
| Other Operating Expenses | 1.61M | 0 | 20.96M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -85.87M | -84.42M | -89.46M | -82.2M | -123.48M | -69.72M | -12.89M | -2.88M |
| Operating Margin % | -619.61% | -609.18% | -554.07% | - | - | - | - | - |
| Operating Income Growth % | - | 5.63% | -8.84% | 33.43% | -77.12% | -440.69% | -347.86% | - |
| EBITDA | -81.45M | -79.91M | -86.48M | -80.27M | -122.77M | -69.07M | -12.45M | -2.77M |
| EBITDA Margin % | -587.73% | -576.63% | -535.6% | - | - | - | - | - |
| EBITDA Growth % | 21.95% | 7.6% | -7.74% | 34.62% | -77.75% | -454.78% | -349.13% | - |
| D&A (Non-Cash Add-back) | 4.42M | 4.51M | 2.98M | 1.93M | 709K | 647K | 444K | 0 |
| EBIT | -84.41M | -84.42M | -68.5M | -82.2M | -123.48M | -69.72M | -12.83M | -2.77M |
| Net Interest Income | 2.83M | 3.61M | 7.04M | 6.63M | 2.76M | 23K | 66K | 107K |
| Interest Income | 2.83M | 3.61M | 7.04M | 6.63M | 2.76M | 23K | 66K | 107K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 5.52M | 6.18M | 9.96M | 8.41M | 2.76M | -6.26M | 66K | 107K |
| Pretax Income | -80.35M | -78.23M | -79.5M | -73.79M | -120.72M | -75.97M | -12.83M | -2.77M |
| Pretax Margin % | -579.8% | -564.55% | -492.35% | - | - | - | - | - |
| Income Tax | 1.39M | 1.39M | -2.16M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -1.72% | -1.77% | 2.72% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -81.73M | -79.62M | -77.33M | -73.79M | -120.72M | -75.97M | -12.83M | -2.77M |
| Net Margin % | -589.8% | -574.55% | -478.95% | - | - | - | - | - |
| Net Income Growth % | 14.17% | -2.96% | -4.8% | 38.87% | -58.89% | -492.26% | -362.77% | - |
| Net Income (Continuing) | -81.73M | -79.62M | -77.33M | -73.79M | -120.72M | -75.97M | -12.83M | -2.77M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.29 | -1.28 | -1.32 | -1.85 | -3.57 | -2.53 | -0.37 | -0.08 |
| EPS Growth % | 16.56% | 3.03% | 28.65% | 48.18% | -41.11% | -583.78% | -376.19% | - |
| EPS (Basic) | - | -1.28 | -1.32 | -1.85 | -3.57 | -2.53 | -0.37 | -0.08 |
| Diluted Shares Outstanding | 63.47M | 62.14M | 58.45M | 39.9M | 33.03M | 32.22M | 34.31M | 34.31M |
| Basic Shares Outstanding | 63.47M | 62.14M | 58.45M | 39.9M | 33.03M | 32.22M | 34.31M | 34.31M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution
As reported in recent financial filings, Pyxis Oncology's revenue remains entirely dependent on non-recurring milestone payments, with the absence of consistent commercial income and a 14.17% year-over-year decline highlighting the inherent volatility and lack of sustainable growth drivers within the current clinical-stage business model.
The company's revenue profile is characterized by sporadic recognition of collaboration milestones rather than predictable commercial sales. This lumpy revenue stream suggests that the firm's top-line performance is currently decoupled from operational success, making it an unreliable indicator of long-term value creation.
Based on the provided income statement data, Pyxis Oncology maintains a high-fixed cost structure dominated by R&D expenditures, which consistently outpace partnership revenue and contribute to the company's significant operating losses as it attempts to advance its pipeline of antibody-drug conjugates through clinical trials.
The persistent R&D spend, often exceeding $17 million per quarter, reflects the capital-intensive nature of the firm's clinical development strategy. Investors should monitor whether this expenditure level yields meaningful clinical data readouts, as the current cost structure appears unsustainable without frequent external capital injections.
According to the latest quarterly figures, Pyxis Oncology exhibits a negative operating margin of 609.18%, indicating that the company's overhead and research costs are scaling significantly faster than its ability to generate revenue, thereby placing immense pressure on its limited cash reserves and future financing options.
The lack of operating leverage is a structural reality for a pre-revenue biotech firm, yet the magnitude of these losses suggests that the company is far from achieving self-sustaining operations. The reliance on equity-based financing to cover these gaps may continue to dilute existing shareholders until a major clinical milestone is achieved.
As indicated by the historical income statements, Pyxis Oncology's net income is consistently negative, with stock-based compensation expenses frequently exceeding $2 million per quarter, which serves to further erode shareholder value while the company remains in a pre-revenue state of heavy clinical investment.
The consistent use of stock-based compensation suggests a strategy to preserve cash while retaining specialized talent, though this practice effectively shifts the cost of operations onto shareholders through dilution. Analysts should scrutinize the impact of these non-cash charges on the company's overall capital structure and long-term equity value.
Based on the reported cash balance of $15.4 million and ongoing quarterly operating losses, the company faces a critical risk of capital exhaustion, which may force management into dilutive financing or asset divestitures that could undermine the long-term potential of the APXiMAB platform.
While the platform-based strategy offers potential for future discovery, the current financial runway appears insufficient to reach key clinical inflection points without significant external support. The market may be underestimating the urgency of the company's liquidity needs, which could lead to unfavorable terms in future capital raises.
Quick answers to the most common questions about buying PYXS stock.
For fiscal year 2025, Pyxis Oncology, Inc. (PYXS) reported total revenue of $13.9M.
Pyxis Oncology, Inc. (PYXS) reported a net loss of $79.6M for the fiscal year ending 2025.
Pyxis Oncology, Inc. (PYXS) reported an operating income of $-84.4M, resulting in an operating profit margin of -609.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Pyxis Oncology, Inc. (PYXS) generated $11.5M in gross profit for the year, representing a gross profit margin of 82.8%. This demonstrates the company's core pricing power and production efficiency.