News release
Pyxis Reports Financial Results for the Third Quarter of 2021 and Provides Business Update
“Our initial public offering was a tremendous milestone for Pyxis, allowing us to debut as a public company with a strong balance sheet well positioned to advance our lead programs toward the clinic,” said
Initial Public Offering (IPO)
In
Third Quarter 2021 Financial Results
Cash: Pyxis has a strong cash position of approximately
Research and Development (R&D) Expenses: R&D expenses were
General and Administrative (G&A) Expenses: G&A expenses were
Net Loss: Net loss was
Upcoming Investor Event
November 18, 2021 – Pyxis will present at theJefferies Virtual London Healthcare Conference
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 most recent Quarterly Report on Form 10-Q and in our other filings with the SEC. These risks are not exhaustive. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
(Unaudited)
| Three Months Ended |
Nine Months Ended |
|||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 7,849 | $ | 2,425 | $ | 43,828 | $ | 5,909 | ||||||||
| General and administrative | 3,772 | 767 | 9,463 | 2,406 | ||||||||||||
| Total operating expenses | 11,621 | 3,192 | 53,291 | 8,315 | ||||||||||||
| Loss from operations | (11,621 | ) | (3,192 | ) | (53,291 | ) | (8,315 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 6 | 1 | 16 | 66 | ||||||||||||
| Service fee income from related party | — | — | 181 | — | ||||||||||||
| Change in fair value of derivative liability | (2,560 | ) | — | (5,821 | ) | — | ||||||||||
| Total other income (expense) | (2,554 | ) | 1 | (5,624 | ) | 66 | ||||||||||
| Loss from equity method investment in joint venture | — | — | (231 | ) | — | |||||||||||
| Net loss and comprehensive loss | $ | (14,175 | ) | $ | (3,191 | ) | $ | (59,146 | ) | $ | (8,249 | ) | ||||
| Net loss per common share, basic and diluted | $ | (8.96 | ) | $ | (2.93 | ) | $ | (40.27 | ) | $ | (8.43 | ) | ||||
| Weighted average common shares outstanding, basic and diluted | 1,581,610 | 1,088,222 | 1,468,777 | 979,081 | ||||||||||||
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
2021 |
2020 |
|||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 133,477 | $ | 8,080 | ||||
| Prepaid expenses and other current assets | 859 | 23 | ||||||
| Total current assets | 134,336 | 8,103 | ||||||
| Property and equipment, net | 1,154 | 1,103 | ||||||
| Operating lease right-of-use assets | 388 | 836 | ||||||
| Deferred offering costs | 3,501 | — | ||||||
| Other assets, noncurrent | 109 | 109 | ||||||
| Total assets | $ | 139,488 | $ | 10,151 | ||||
| Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,927 | $ | 1,077 | ||||
| Accrued expenses and other current liabilities | 5,462 | 1,997 | ||||||
| Derivative liability, current portion | 9,123 | — | ||||||
| Operating lease liabilities, current portion | 325 | 615 | ||||||
| Total current liabilities | 16,837 | 3,689 | ||||||
| Derivative liability, net of current portion | 67 | — | ||||||
| Operating lease liabilities, net of current portion | — | 165 | ||||||
| Total liabilities | 16,904 | 3,854 | ||||||
| Commitments and contingencies | ||||||||
| Series A Convertible Preferred Stock | 21,942 | 21,942 | ||||||
| Series B Convertible Preferred Stock | 172,081 | — | ||||||
| Stockholders’ deficit: | ||||||||
| Common stock | 2 | 1 | ||||||
| Additional paid-in capital | 3,448 | 97 | ||||||
| Accumulated deficit | (74,889 | ) | (15,743 | ) | ||||
| Total stockholders’ deficit | (71,439 | ) | (15,645 | ) | ||||
| Total liabilities, convertible preferred stock and stockholders’ deficit | $ | 139,488 | $ | 10,151 | ||||
Investor and Media Contact
Vice President - Investor Relations
ir@pyxisoncology.com
Source: Pyxis Oncology
