News release
Pyxis Oncology Reports Financial Results for the Quarter Ended March 31, 2022 and Provides Business Update
Financial Update
- As of
May 13, 2022 ,Pyxis Oncology had cash and cash equivalents of approximately$231 million (preliminary, unaudited), which is expected to fund operations into the third quarter of 2024. - Research and development expenses were
$20.1 million for the three months endedMarch 31, 2022 , compared to$32.8 million for the three months endedMarch 31, 2021 . The period-over-period decrease was primarily due to a lower license fee partially offset by increased expenses associated with cell line development and an increase in employee headcount to support research and development activities. - General and administrative expenses were
$11.3 million for the three months endedMarch 31, 2022 , compared to$2.9 million for the three months endedMarch 31, 2021 . The period-over-period increase was primarily due to a higher personnel-related expenses (including stock-based compensation), and increase in legal, professional, recruiting and consulting fee to support our growth and operations. - Net loss was
$31.4 million , or$0.97 per common share, for the three months endedMarch 31, 2022 , compared to$36.8 million , or$27.26 per common share, for the three months endedMarch 31, 2021 . The reduction in net loss is primarily due to a one-time license fee for the addition of three antibody-drug conjugates to the Company’s portfolio in the first quarter of 2021. - As of
May 13, 2022 , the outstanding number of shares of Common Stock ofPyxis Oncology was 32,817,062.
About
Forward-Looking Statements
This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are often identified by the use of words such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “to be,” “will,” “would,” or the negative or plural of these words, or similar expressions or variations, although not all forward-looking statements contain these words. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur and actual results could differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified herein, and those discussed in the section titled “Risk Factors” set forth in Part II, Item 1A. of the Company's Quarterly Report on Form 10-Q filed with
Investor and Media Contact
VP, Head of Investor Relations and Corporate Communications
ir@pyxisoncology.com
---tables to follow---
Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share amounts) (Unaudited) |
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Three Months Ended |
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2022 | 2021 | |||||||
Operating expenses: | ||||||||
Research and development | $ | 20,071 | $ | 32,774 | ||||
General and administrative | 11,318 | 2,955 | ||||||
Total operating expenses | 31,389 | 35,729 | ||||||
Loss from operations | (31,389 | ) | (35,729 | ) | ||||
Other income (expense): | ||||||||
Interest income | 9 | 4 | ||||||
Change in fair value of derivative liability | — | (1,100 | ) | |||||
Total other income (expense) | 9 | (1,096 | ) | |||||
Net loss and comprehensive loss | $ | (31,380 | ) | $ | (36,825 | ) | ||
Net loss per common share - basic and diluted | $ | (0.97 | ) | $ | (27.26 | ) | ||
Weighted average shares of common stock outstanding - basic and diluted | 32,316,689 | 1,350,743 | ||||||
Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts) (Unaudited) |
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Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 247,087 | $ | 274,735 | ||||
Restricted cash | 1,472 | 1,472 | ||||||
Prepaid expenses and other current assets | 2,698 | 2,466 | ||||||
Total current assets | 251,257 | 278,673 | ||||||
Property and equipment, net | 995 | 1,007 | ||||||
Operating lease right-of-use assets | — | 232 | ||||||
Other assets, noncurrent | 449 | 109 | ||||||
Total assets | $ | 252,701 | $ | 280,021 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,055 | $ | 11,951 | ||||
Accrued expenses and other current liabilities | 17,132 | 6,592 | ||||||
Operating lease liabilities, current portion | — | 165 | ||||||
Total current liabilities | 19,187 | 18,708 | ||||||
Total liabilities | 19,187 | 18,708 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | 32 | 32 | ||||||
Additional paid-in capital | 356,580 | 352,999 | ||||||
Accumulated deficit | (123,098 | ) | (91,718 | ) | ||||
Total stockholders’ equity | 233,514 | 261,313 | ||||||
Total liabilities and stockholders’ equity | $ | 252,701 | $ | 280,021 |
Source: Pyxis Oncology