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Marketable Debt Securities - Summary of Marketable Securities Classified as Available-for-sale (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Marketable debt securities, Amortized Cost	$ 116,850,000
Marketable debt securities, Unrealized Gains	5,000
Marketable debt securities, Unrealized Losses	(90,000)
Marketable debt securities, Aggregate Fair Value	116,765,000	$ 0
U S Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Marketable debt securities, Amortized Cost	116,850,000
Marketable debt securities, Unrealized Gains	5,000
Marketable debt securities, Unrealized Losses	(90,000)
Marketable debt securities, Aggregate Fair Value	$ 116,765,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 320
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

2022 Equity Inducement Plan

On July 1, 2022, the Company’s board of directors approved the 2022 Equity Inducement Plan (the “2022 Plan”), which became effective on that date. The 2022 Plan allows the Company to make equity-based incentive awards to its officers and employees without stockholder approval pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules, or any successor rule relating to inducement awards. Unless earlier terminated by the Board, 2022 Plan will terminate on the tenth anniversary of the effective date. The Company has initially reserved 1,400,000 shares of its common stock for the issuance of awards under the 2022 Plan. As of June 30, 2023, options to purchase 447,018 shares of common stock and 346,864 restricted stock units were outstanding under the 2022 Plan and 595,372 shares remained available for future issuance under the 2022 Plan.

2021 Equity and Incentive Plan

On September 27, 2021, the Company’s board of directors and stockholders approved the 2021 Equity and Incentive Plan (the “2021 Plan”), which became effective on October 7, 2021, when the Company’s registration statement was declared effective by the SEC. The 2021 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The Company has initially reserved 3,852,807 shares of its common stock for the issuance of awards under the 2021 Plan. The number of shares of common stock reserved for issuance under the 2021 Plan will automatically increase annually on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2022, and continuing until (and including) the fiscal year ending December 31, 2031 by the lesser of (i) 5% of the total number of shares of common stock outstanding on December 31st of the immediately preceding fiscal year and (ii) the number of shares as may be determined by the board of directors. As a result of the evergreen provision of the 2021 Plan, the Company added an additional 1,755,501 shares of common stock to the 2021 Plan as of January 1, 2023. The maximum number of shares of common stock that may be issued pursuant to the exercise of incentive options under the 2021 Plan is 7,705,614. Unless earlier terminated by the Board, 2021 Plan will terminate on the tenth anniversary of the effective date. As of June 30, 2023, options to purchase 2,410,836 shares of common stock and 2,590,379 restricted stock units were outstanding under the 2021 plan and 771,662 shares remained available for future issuance under the 2021 plan.

2019 Equity Incentive Plan

In 2019, the Company established the 2019 Equity and Incentive Plan (the "2019 Plan"), under which the Company is allowed to grant options and restricted stock to its employees and non-employees. The maximum number of shares of common stock reserved for issuance under the 2019 Plan is 4,042,408 shares. Options granted under the 2019 Plan include incentive stock options that can be granted only to the Company’s employees and non-statutory stock options that can be granted to the Company’s employees, consultants, advisors and directors. The 2019 Plan also permits the Company to issue restricted stock awards. Unless earlier terminated by the Board, the 2019 Plan will terminate on the tenth anniversary of the effective date. As of June 30, 2023, options to purchase 2,446,417 shares of common stock and 828,511 restricted stock units were outstanding under the 2019 Plan and 108,822 shares remained available for future issuance under the 2019 Plan.

2021 Employee Stock Purchase Plan

On September 27, 2021, the Company’s board of directors and stockholders approved the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective on October 7, 2021, when the Company’s registration statement was declared effective by the SEC. The 2021 ESPP initially reserved and authorized the issuance of up to a total of 424,595 shares of common stock to participating employees. The number of shares of common stock reserved for issuance under the ESPP will automatically increase annually on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2022, and continuing until (and including) the fiscal year ending December 31, 2031 by the lesser of (i) 110,080 shares, (ii) 1% of the total number of shares of common stock outstanding on December 31st of the immediately preceding fiscal year and (iii) the number of shares as may be determined by the board of directors. As a result of the evergreen provision of the 2021 ESPP, the Company added an additional 110,080 shares of common stock to the 2021 ESPP as of January 1, 2023. No shares are issued under 2021 ESPP plan as of the date of issuance of these unaudited condensed consolidated financial statements. As of June 30, 2023, the authorized number of shares and shares available for issuance under the 2021 ESPP is 644,755.

Repricing of Outstanding and Unexercised Options

On March 24, 2023 and in accordance with the terms of the 2019 Plan, the board of directors approved a stock option repricing (the “Repricing”) where the exercise price of each Relevant Option (as defined below) was reduced to $2.21 per share, the closing stock price on the date of approval by the board of directors. “Relevant Options” are all outstanding stock options as of March 24, 2023 (vested or unvested) to acquire shares of the Company’s common stock that were issued to current employees of the Company under the 2019 Plan prior to the Company’s IPO. Members of the board of directors did not participate in the Repricing. The board of directors believes that the Repricing is in the best interests of the Company, as the amended stock options will provide added incentives to retain and motivate key contributors of the Company without incurring the stock dilution resulting from significant additional equity grants or significant additional cash expenditures resulting from additional cash compensation. The board of directors also believes that the Repricing better aligns the interests of the key contributors with the goals of the Company.

The option repricing resulted in incremental stock-based compensation of $1.1 million, of which $0.1 million and $0.8 million was recorded as expense in the three and six months ended June 30, 2023, respectively. The remaining expense will be recognized over the requisite service period in which the stock options vest.

Stock Options

Stock options granted under the 2022 Plan, 2021 Plan and 2019 Plan (together, the “Plans”) to employees generally vest over four years and expire after 10 years.

The summary of stock option activity for the six months ended June 30, 2023 (in thousands, except share and per share amounts):


	Number of Options			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2023		5,720,415		$	9.68			8.8	$	72
Granted		77,901			3.82
Exercised		(20,496	)		0.28
Expired		(81,151	)		5.46
Forfeited		(392,398	)		10.93
Outstanding at June 30, 2023		5,304,271		$	7.74	(1)		7.9	$	1,041	(1)
Options exercisable at June 30, 2023		2,659,673		$	7.53	(1)		7.2	$	348	(1)


(1)	The weighted average exercise price and aggregate intrinsic value as of June 30, 2023 reflect the impact of the stock option repricing discussed above.

The weighted-average grant date fair value of options granted during the three and six months ended June 30, 2023 was $2.04 and $3.04 per share, respectively, and $2.22 and $4.93 per share, respectively, for the three and six months ended June 30, 2022. The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable stock options and the fair value of the Company’s common stock of $2.56 per share as of June 30, 2023. The aggregate intrinsic value of stock options exercised during each of the three and six months ended June 30, 2023 was $0.1 million. For the three and six months ended June 30, 2022, the aggregate intrinsic value of stock options exercised was $42 thousand and $0.2 million, respectively.

The Company estimated the fair value of each option on the date of grant using the Black-Scholes option-pricing model applying the range of assumptions in the following table:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Expected volatility	97.11%	101.14% - 101.63%	97.11% - 97.82%	98.05% - 101.66%
Risk-free interest rate	4.05%	2.53% - 3.34%	3.58% - 4.05%	1.6% - 3.34%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected term (in years)	6.08	6.08 - 6.11	6.08	6.08 - 6.11

Stock-based compensation expense related to stock options is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	1,104	$	1,095	$	2,347	$	1,567
General and administrative		1,682		1,726		3,823		4,600
Total	$	2,786	$	2,821	$	6,170	$	6,167

The Company has an aggregate $16.6 million of unrecognized stock-based compensation expense as of June 30, 2023, remaining to be amortized over a weighted average period of 1.68 years. The Company has not recognized and does not expect to recognize in the near future, any tax benefit related to employee stock-based compensation expense as a result of the full valuation allowance related to its net deferred tax assets.

Restricted Stock Awards

Under the 2019 Plan, 2021 Plan and 2022 Inducement Plan, the Company issued 2,888,142 restricted stock units ("RSUs") to employees and non-employees. Compensation costs related to these RSUs were recorded based on the Company's stock price on the date of issuance and amortized over the service period. Under the 2019 Plan, 2021 Plan and 2022 Inducement Plan, the Company has 70 days to settle the RSUs once vested.

Additionally, the Company issued certain shares of restricted common stock ("RSA") to the employee co-founders and certain non-employee consultants in 2019. The shares of restricted common stock were issued pursuant to standalone restricted stock purchase agreements that are independent of the 2019 Plan, 2021 Plan and 2022 Inducement Plan. The shares of restricted common stock pursuant to standalone restricted stock purchase agreements carried a purchase price equivalent of $0.01 per share. As of June 30, 2023, 37,349 RSAs were unvested and outstanding.

Under the terms of the restricted stock purchase agreements, the Company has a repurchase option whereby it has the right to repurchase any unvested shares upon termination at a price per share equal to the lesser of (i) the fair market value of the Company’s common stock on the date of repurchase and (ii) the original purchase price. The shares of restricted common stock issued to the Company’s co-founders and non-employee consultants vest based on a predefined number of shares.

The Company recognized an associated deposit liability for restricted stock awards issued pursuant to standalone restricted stock purchase agreements upon issuance based on the purchase price of the awards as the unvested shares are subject to repurchase upon termination. As the awards of restricted stock vest, the Company reclassifies the deposit liability to additional paid-in capital. The compensation cost was measured based on the fair value of the underlying common stock less the purchase price of the restricted common stock and the Company recognizes compensation costs over the requisite service period.

The summary of restricted stock activity for the six months ended June 30, 2023:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested and unsettled at January 1, 2023		3,015,387		$	3.64
Granted		2,888,142			2.19
Forfeited		(515,513	)		3.68
Vested and settled		(1,584,913	)		3.30
Non-vested and unsettled at June 30, 2023		3,803,103		$	2.72

The Company has recorded stock-based compensation expense related to the restricted stock awards of $0.9 million and $1.2 million for the three months ended June 30, 2023 and 2022, respectively, and $2.4 million and $1.2 million for the six months ended June 30, 2023 and 2022, respectively. The Company has an aggregate $9.4 million of gross unrecognized restricted stock-based compensation expense as of June 30, 2023 remaining to be amortized over a weighted average period of 2.90 years.

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Nature of Business Pyxis Oncology, Inc. (the “Company”), a Delaware corporation, was founded in June 2018 and launched its operations in July 2019. The Company is a clinical stage company focused on defeating difficult-to-treat cancers. The Company is efficiently building next-generation therapeutics that hold the potential for mono and combination therapies. The Company's therapeutic candidates are designed to directly kill tumor cells and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. The Company's antibody-drug conjugates ("ADCs") and immuno-oncology ("IO") programs employ novel and emerging strategies to target a broad range of solid tumors resistant to current standards of care. The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources.

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,786	$ 2,821	$ 6,170	$ 6,167
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,104	1,095	2,347	1,567
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,682	$ 1,726	$ 3,823	$ 4,600

Marketable Debt Securities - Additional Information (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Marketable debt securities at fair value	$ 116,765,000	$ 0
U S Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Marketable debt securities at fair value	$ 116,765,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity - Common Stock Reserved for Issuance (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	11,227,985	10,967,643
Stock Options Outstanding
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	5,304,271	5,720,415
Unvested Restricted Stock Awards and Units
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	3,803,103	3,015,387
Stock Options Available for Issuance
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	1,475,856	1,697,166
Employee Stock Purchase Plan
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	644,755	534,675

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The Company’s effective tax rate from continuing operations was 0% for the three and six months ended June 30, 2023 and 2022. The Company has not recorded a federal income tax provision for the three and six months ended June 30, 2023 and 2022. The Company recorded a nominal state and local income tax provision for the three and six months ended June 30, 2023 and 2022.

The Company assesses the realizability of the deferred tax assets at each reporting date. The Company continues to maintain a full valuation allowance for its U.S. federal and state deferred tax assets, which significantly consists of net operating losses and tax credits. If certain substantial changes in the entity's ownership occur, there may be an annual limitation on the amount of the carryforwards that can be utilized. The Company will continue to assess the need for a valuation allowance on its deferred tax assets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Carried at Fair Value on Recurring Basis

The following tables set forth the fair value of the Company’s financial instruments subject to fair value measurements on a recurring basis and the level of inputs used in such measurements in accordance with the FASB ASC 820 hierarchy (in thousands):


	June 30, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	23,491	$	—	$	—	$	23,491
Marketable debt securities
U.S. Treasury securities		116,765		—		—		116,765
Total	$	140,256	$	—	$	—	$	140,256

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	177,279	$	—	$	—	$	177,279
Restricted cash
Money market funds		1,472		—		—		1,472
Total	$	178,751	$	—	$	—	$	178,751

Joint Venture

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Joint Venture

5. Joint Venture

In March 2021, the Company entered into definitive transaction agreements with Alloy Therapeutics, Inc. (“Alloy”) and Voxall Therapeutics, LLC (“Voxall”), to finance and operate Voxall, a joint venture company formed in collaboration with Alloy to leverage the Company’s technology and Alloy’s ATX-Gx™ platform and antibody discovery services. Voxall granted to the Company and Alloy, 50% of the voting membership units of Voxall in exchange for certain initial contributions.

The Company accounted for the investment in Voxall under the equity method of accounting. Voxall has incurred losses since inception and the Company's share in the losses of Voxall was $0.1 million and $0 for the three and six months ended June 30, 2023 and 2022, respectively. The Company recognized its share of losses of Voxall only to the extent of the carrying value of its investment in Voxall and the promissory note issued by Voxall, which aggregated to $0.2 million and was recognized during the year ended December 31, 2021. The remaining unabsorbed loss will be offset against future income, if any. As the Company has no commitment to fund the losses of the equity method investment, the carrying value of the equity method investment has not been reduced below zero.

Net Loss per Common Share - Anti-Dilutive Effect Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	11,227,985	9,780,812
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	5,304,271	5,752,526
Unvested Restricted Stock Awards and Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	3,803,103	2,960,980
Stock Options Available for Issuance
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	1,475,856	532,631
Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	644,755	534,675

Operating Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2023
Leases [Abstract]
Weighted-average remaining lease term	9 years 4 months 24 days
Weighted-average discount rate	9.40%

Marketable Debt Securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Debt Securities

4. Marketable Debt Securities

Marketable debt securities, all of which were classified as available-for-sale, consist of the following (in thousands):


	June 30, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Marketable debt securities
U.S. Treasury securities	$	116,850	$	5	$	(90	)	$	116,765
Total	$	116,850	$	5	$	(90	)	$	116,765

As of December 31, 2022, the Company did not have marketable debt securities.

As of June 30, 2023, the remaining contractual terms of the U.S. Treasury securities are less than 12 months.

Interest and Investment Income

Interest and investment income consists of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest income	$	396	$	164	$	1,462	$	173
Accretion of discount, net		1,260		—		1,867		—
Total interest and investment income	$	1,656	$	164	$	3,329	$	173

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit	$ (247,579)				$ (247,579)		$ (212,435)
Net loss	15,901	$ 19,243	$ 25,562	$ 31,380	35,144	$ 56,942
Cash, cash equivalents and short-term investments	$ 142,700				$ 142,700
ASU 2016-13
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true				true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2023				Jan. 01, 2023
Change in accounting principle, accounting standards update, immaterial effect [true false]	true				true
ASU 2021-08
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true				true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2023				Jan. 01, 2023
Change in accounting principle, accounting standards update, immaterial effect [true false]	true				true

- Definition

Indicates (true false) whether accounting standards update was adopted.

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Amount of accumulated undistributed earnings (deficit).

+ References + Details

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The Company’s fiscal year ends on December 31 and its first three fiscal quarters end on March 31, June 30 and September 30. The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

In the opinion of management, the unaudited condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods. The results for the three and six months ended June 30, 2023 are not necessarily indicative of those expected for the year ending December 31, 2023 or for any future period. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2023.

Liquidity

As of June 30, 2023, the Company had an accumulated deficit of $247.6 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $35.1 million and $56.9 million for the six months ended June 30, 2023 and 2022, respectively.

The Company has not generated any revenue to date and does not anticipate generating any revenues unless and until it successfully completes development and obtains regulatory approval for its current or any future product candidates. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to expand its research and development programs and develop its product candidates.

The Company currently expects that its existing cash, cash equivalents and short-term investments of $142.7 million as of June 30, 2023 will fund its operating expenses and capital requirements at least twelve months from the date these unaudited consolidated financial statements are issued. Additional funding may be necessary to fund future clinical and preclinical activities.

The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity, convertible or debt financing or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects.

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expense, and related disclosures. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, operating leases, assessment of the useful lives of property and equipment, marketable debt securities, and research and development costs, including clinical trial accruals. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates and there may be changes to management’s estimates in future periods.

Risks and Uncertainties

The Company is subject to risks common to early-stage companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key suppliers for active ingredients and third-party service providers such as contract research and manufacturing organizations, protection of intellectual property rights and the ability to make milestone, royalty or other payments due under any license, collaboration or supply agreements.

Concentration of Credit Risks

Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents, restricted cash and short-term investments.

The Company invests its excess cash primarily in money market funds and highly liquid U.S. Treasury securities. The Company has adopted an investment policy that includes guidelines relative to credit quality, diversification and maturities to preserve principal and liquidity.

Significant Accounting Policies

Other than the new accounting policy for "Investments", detailed below, there have been no other changes to the Company’s significant accounting policies disclosed in “Note 2 – Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2023.

Investments

Short-term investments consist of U.S. Treasury securities with original maturities greater than three months. The Company may sell investments at any time for use in current operations even if the investments have not yet reached maturity. As a result, the Company classifies its investments as current assets. All investments have been classified as available-for-sale marketable debt securities. Marketable debt securities are recorded at fair value, with unrealized gains and losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit) and a component of total comprehensive loss in the condensed consolidated statements of operations and comprehensive loss, until realized. The fair value of these securities is determined based upon quoted market prices or pricing models for similar securities at period end. Premiums paid or discounts received at the time of purchase of marketable securities, are amortized to interest and investment income over the terms of the related securities. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold.

At each reporting date the Company will evaluate available-for-sale marketable debt securities in an unrealized loss position, using the discounted cash flow model, to determine whether the unrealized loss or any potential credit losses should be recognized in net loss. For available-for-sale marketable debt securities in an unrealized loss position, the Company will assess (i) whether it intends to sell, or (ii) it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If the aforementioned criteria is met, such marketable debt security’s amortized cost basis will be written down to its fair value through earnings along with any existing allowance for credit losses. For available-for-sale marketable debt securities that do not meet this criteria, the Company will evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, underlying credit ratings, and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded as an allowance in interest income.

There have been no impairment or credit losses recognized during the periods presented in the accompanying condensed consolidated statements of operations and comprehensive loss.

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses on available-for-sale debt securities to be recorded through an allowance for credit losses instead of as a reduction in the amortized cost basis of the securities. On January 1, 2023, the Company adopted ASU 2016-13, which did not have a material effect on the Company's financial position, results of operations, or cash flows.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"), which amends the accounting related to contract assets and liabilities acquired in business combinations. ASU 2021-08 requires that entities recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively to businesses combinations occurring on or after the effective date of the amendment. Early adoption is permitted, including adoption in an interim period. On January 1, 2023, the Company adopted ASU 2021-08, which did not have a material effect on the Company's financial position, results of operations, or cash flows.

Recently Issued Accounting Pronouncements

Recent authoritative guidance issued by the FASB (including technical corrections to the ASC), the American Institute of Certified Public Accountants, and the SEC did not, or are not expected to, have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net loss	$ (35,144)	$ (56,942)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	714	317
Stock-based compensation	8,552	7,417
Non-cash lease expense	319	548
Accretion of discount on marketable debt securities	(1,867)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	678	698
Accounts payable	(2,313)	(4,131)
Accrued expenses and other current liabilities	(11,147)	504
Operating lease liabilities	2,336	198
Net cash used in operating activities	(37,872)	(51,391)
Investing activities
Redemption of marketable debt securities	15,193
Purchase of marketable debt securities	(130,176)
Purchase of property and equipment	(6,665)	(275)
Net cash used in investing activities	(121,648)	(275)
Financing activities
Proceeds from shares issued under ATM, net of commission	6,122
Proceeds from the exercise of stock options	3	177
Net cash provided by financing activities	6,125	177
Net decrease in cash, cash equivalents, and restricted cash	(153,395)	(51,489)
Cash, cash equivalents and restricted cash at beginning of year	180,765	276,316
Cash, cash equivalents and restricted cash at end of period	27,370	224,827
Supplemental cash flow information:
Cash received for interest	1,407	157
Cash paid for taxes	48
Noncash investing and financing activities:
Property and equipment in accounts payable and accrued expenses	3
Operating lease right-of-use assets obtained in exchange for operating lease liabilities		15,319
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	25,898	223,355
Restricted cash	1,472	1,472
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 27,370	$ 224,827

Pending Acquisition - Additional Information (Details) - $ / shares	May 23, 2023	Aug. 11, 2023	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Common stock, par value	$ 0.001		$ 0.001	$ 0.001
Right to receive shares conversion	0.1725
Subsequent Event
Business Acquisition [Line Items]
Ownership interest percentage		90.00%
Apexigen, Inc.
Business Acquisition [Line Items]
Common stock, par value	$ 0.0001
Apexigen, Inc. \| Subsequent Event
Business Acquisition [Line Items]
Ownership interest percentage		10.00%

Related Parties

6 Months Ended

Jun. 30, 2023

Related Parties

12. Related Parties

The Company was founded out of Dr. Thomas Gajewski’s laboratory at the University of Chicago. In 2020, the Company entered into the License Agreement with the University of Chicago, as well as a sponsored research agreement. During the three and six months ended June 30, 2023 and 2022, the Company did not incur expenses related to the University License Agreement. Refer to Note 6 for additional discussion.

Pfizer owns more than 10% of the Company and is considered the principal owner of the Company. During the three and six months ended June 30, 2023 and 2022, the Company did not incur expenses related to Pfizer. Refer to Note 6 for additional discussion.

The Company and Alloy formed a joint venture company, Voxall Therapeutics, LLC (“Voxall”) to leverage the Company’s technology and Alloy’s ATX-Gx™ platform and antibody discovery services. During the three and six months ended June 30, 2023 and 2022, the Company did not incur expenses related to Voxall. Refer to Note 5 for additional discussion.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Stock-Based Compensation - Summary of Stock Option Activity (Parenthetical) (Details)	Mar. 24, 2023 $ / shares
2019 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reduction in exercise price of relevant option	$ 2.21

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Marketable Debt Securities (Table)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities Classified as Available-for-sale

Marketable debt securities, all of which were classified as available-for-sale, consist of the following (in thousands):


	June 30, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Marketable debt securities
U.S. Treasury securities	$	116,850	$	5	$	(90	)	$	116,765
Total	$	116,850	$	5	$	(90	)	$	116,765

Interest and Investment Income

Interest and investment income consists of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest income	$	396	$	164	$	1,462	$	173
Accretion of discount, net		1,260		—		1,867		—
Total interest and investment income	$	1,656	$	164	$	3,329	$	173

Licensing Agreements

6 Months Ended

Jun. 30, 2023

License Agreements [Abstract]

Licensing Agreements

6. Licensing Agreements

The University of Chicago Agreement

In April 2020, the Company entered into a license agreement (the “University License Agreement”), as well as a sponsored research agreement, with the University of Chicago (the “University”). Under the terms of the license, the Company has the global right to develop and commercialize products that are covered by a valid claim of a licensed patent, incorporate or use the licensed know-how and materials or are known to assess, modulate or utilize the activity of certain specified biological targets. In partial consideration for the license from the University, the Company issued to the University 48,919 shares of its common stock in 2020.

Pursuant to the University License Agreement, the Company is obligated to pay potential development and commercial milestones as well as running royalties on net sales of licensed products at varying rates.

The Company assessed the milestone and royalty events under University License Agreement as of June 30, 2023 and 2022, and determined that no such amounts were required.

Pfizer Inc. Agreement

In December 2020, the Company entered into a license agreement (as amended, the “Pfizer License Agreement”) with Pfizer Inc. (“Pfizer”) for worldwide development and commercialization rights to ADC product candidates directed to certain licensed targets, including PYX-201 and PYX-203, and products containing the ADC product candidates. The Company’s rights are exclusive with respect to certain patents owned or controlled by Pfizer covering the licensed ADCs. Pfizer has also granted the Company a non-exclusive license to use Pfizer’s ADC technology (“FACT”) platform. The initial licensed targets include CD123 and extra domain B (EDB of fibronectin) and the Company has the option to expand the scope of its license to add additional licensed targets that have not been licensed to a third party or are not the subject of a Pfizer ADC development program. The Pfizer License Agreement became effective in March 2021 and the Company paid a combined $25.0 million for the license fee, consisting of an upfront cash payment of $5.0 million and issued 12,152,145 shares of Series B convertible preferred stock, which was converted into 1,911,015 shares of its common stock upon the initial public offering ("IPO") in October 2021, with a value of $20.0 million to Pfizer.

On October 6, 2022, the Company entered into an amended and restated license agreement (the “A&R License Agreement”) with Pfizer, which amends and restates the Pfizer License Agreement. Pursuant to the A&R License Agreement, Pfizer granted to the Company exclusive worldwide rights under Pfizer’s FACT Platform technology to develop and commercialize ADC product candidates directed to certain licensed targets, including PYX-201 and PYX-203, and products containing the ADC product candidates. Additional ADC targets may be licensed for a nominal upfront payment and milestones. In accordance with the terms of the A&R License Agreement, the Company issued 2,229,654 shares of its common stock in October 2022, paid $8.0 million to Pfizer in January 2023 and issued 1,811,594 shares of its common stock in March 2023.

Further, pursuant to the A&R License Agreement, the Company is obligated to pay future contingent payments including development, regulatory and commercial milestones as well as running royalties on net sales of licensed products at varying rates. The Company assessed the milestone and royalty events under A&R License Agreement as of June 30, 2023 and 2022, and determined that no such amounts were required.

LegoChem Biosciences, Inc. Agreements

In December 2020, the Company entered into a license agreement (the “LegoChem License Agreement”) and an opt-in, investment and additional consideration agreement (the “Opt-In Agreement”) with LegoChem Biosciences, Inc. (“LegoChem”). Pursuant to the LegoChem License Agreement, the Company obtained a worldwide (other than Korea) license for development and commercialization rights for LCB67, an ADC product candidate targeting DLK-1, and products containing the licensed compound. Additionally, the Company may purchase certain initial quantities of licensed products from LegoChem for an estimated cost of $7.0 million. No amounts were due and payable related to the manufacturing of the initial quantities of licensed product as of June 30, 2023.

Further, the Company is obligated to make future contingent payments including development, regulatory and commercial milestones as well as running royalties on net sales of licensed products at varying rates. The Company assessed the milestone and royalty events under LegoChem License Agreement as of June 30, 2023 and 2022, and determined that no such amounts were required.

License Agreement with Biosion USA, Inc.

On March 28, 2022, the Company entered into a license agreement (the “Biosion License Agreement”) with Biosion USA, Inc. ("Biosion"), pursuant to which the Company obtained an exclusive, worldwide (other than Greater China (mainland China, Hong Kong, Macau and Taiwan)) license for development, manufacturing and commercialization rights for BSI-060T, a Siglec-15 targeting antibody, an IO product candidate (now referred to as PYX-106), and products containing the licensed compound.

Pursuant to the Biosion License Agreement, the Company paid an upfront license fee of $10.0 million in March 2022, which was recorded as research and development expenses. Further, the Company is also obligated to pay future contingent payments including development, regulatory and commercial milestones and, if products are launched, the Company will pay Biosion tiered royalties on net sales of licensed products in varying royalty rates ranging from low single digits to low teens. The Company is also obligated to pay Biosion a percentage of certain sublicensing revenue ranging from mid-double to low-double digits based on the stage of development of the licensed product at the time of entering into the applicable sublicense.

The Company assessed the milestone and royalty events involving Biosion as of June 30, 2023 and 2022 and determined that no such amounts were required.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development expense	$ 11,391	$ 17,170	$ 23,292	$ 37,241
General and administrative	6,730	8,556	15,783	19,874
Total operating expenses	18,121	25,726	39,075	57,115
Loss from operations	(18,121)	(25,726)	(39,075)	(57,115)
Other income, net:
Interest and investment income	1,656	164	3,329	173
Sublease income	564		602
Total other income, net	2,220	164	3,931	173
Net loss	$ (15,901)	$ (25,562)	$ (35,144)	$ (56,942)
Net loss per common share - basic	$ (0.41)	$ (0.79)	$ (0.95)	$ (1.76)
Net loss per common share - diluted	$ (0.41)	$ (0.79)	$ (0.95)	$ (1.76)
Weighted average shares of common stock outstanding - basic	38,389,123	32,451,610	36,878,787	32,384,522
Weighted average shares of common stock outstanding - diluted	38,389,123	32,451,610	36,878,787	32,384,522
Other comprehensive loss:
Net unrealized loss on marketable debt securities	$ (781)		$ (85)
Other comprehensive loss	(781)		(85)
Comprehensive loss	$ (16,682)	$ (25,562)	$ (35,229)	$ (56,942)

Stock-Based Compensation - Schedule of Estimated Fair Value Assumptions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum		101.14%	97.11%	98.05%
Expected volatility, maximum		101.63%	97.82%	101.66%
Expected volatility	97.11%
Risk-free interest rate	4.05%
Risk-free interest rate, minimum		2.53%	3.58%	1.60%
Risk-free interest rate, maximum		3.34%	4.05%	3.34%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected term (in years)	6 years 29 days		6 years 29 days
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)		6 years 29 days		6 years 29 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)		6 years 1 month 9 days		6 years 1 month 9 days

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Common Stock Reserved for Issuance

Reserved Shares— The Company reserved the following shares of common stock for issuance:


	June 30, 2023		December 31, 2022
Stock options outstanding		5,304,271		5,720,415
Unvested restricted stock awards and units		3,803,103		3,015,387
Stock options available for issuance		1,475,856		1,697,166
Employee stock purchase plan		644,755		534,675
Total		11,227,985		10,967,643

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate from continuing operations	0.00%	0.00%	0.00%	0.00%
Federal income tax provision	$ 0	$ 0	$ 0	$ 0

Stock-Based Compensation - Additional Information (Details) - USD ($)			3 Months Ended		6 Months Ended
	Mar. 24, 2023	Jan. 01, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jul. 01, 2022	Sep. 27, 2021	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved and autorized for future issuance			11,227,985		11,227,985		10,967,643
Number of options to purchase common stock			5,304,271		5,304,271		5,720,415
Number of option to purchase restricted stock			3,803,103		3,803,103		3,015,387
Incremental stock-based compensation expense					$ 1,100,000
Incremental stock-based compensation expense recognized			$ 100,000		$ 800,000
Fair value of common stock per share			$ 2.56		$ 2.56
Weighted-average fair value of options granted			$ 2.04	$ 2.22	$ 3.04	$ 4.93
Intrinsic value of options exercised			$ 100,000	$ 42,000	$ 100,000	$ 200,000
Stock options exercised					20,496
Gross unrecognized stock-based compensation expense			16,600,000		$ 16,600,000
Unrecognized stock-based compensation expense weighted average amortized period					1 year 8 months 4 days
Stock-based compensation expense			$ 2,786,000	2,821,000	$ 6,170,000	6,167,000
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved and autorized for future issuance			3,803,103		3,803,103		3,015,387
Unrecognized stock-based compensation expense weighted average amortized period					2 years 10 months 24 days
Common stock public offering price per share			$ 0.01		$ 0.01
RSAs unvested and outstanding			37,349		37,349
Stock-based compensation expense			$ 900,000	$ 1,200,000	$ 2,400,000	$ 1,200,000
Gross unrecognized stock-based compensation expense			$ 9,400,000		$ 9,400,000
Restricted Stock Units ('RSU')
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock units issued					2,888,142
2022 Equity Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved and autorized for future issuance								1,400,000
Number of options to purchase common stock			447,018		447,018
Number of common shares reserved for future issuance			595,372		595,372
2022 Equity Inducement Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of option to purchase restricted stock			346,864		346,864
2022 Equity Inducement Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award expiration period					10 years
2021 Equity and Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved and autorized for future issuance									3,852,807
Number of shares of common stock outstanding percentage					5.00%
Maximum number of common shares issuable under exercise of options			7,705,614		7,705,614
Number of options to purchase common stock			2,410,836		2,410,836
Number of common shares reserved for future issuance			771,662		771,662
Number of additional shares authorized		1,755,501
2021 Equity and Incentive Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of option to purchase restricted stock			2,590,379		2,590,379
2021 Equity and Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award expiration period					10 years
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options to purchase common stock			2,446,417		2,446,417
Number of common shares reserved for future issuance			108,822		108,822
Reduction in exercise price of relevant option	$ 2.21
2019 Equity Incentive Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of option to purchase restricted stock			828,511		828,511
2019 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved and autorized for future issuance										4,042,408
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved and autorized for future issuance			644,755		644,755				424,595
Number of shares of common stock outstanding percentage					1.00%
Number of additional shares authorized		110,080			110,080
Number of shares issued					0
Stock Options 2022 Plan, 2021 Plan and 2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award expiration period					10 years
Stock options vesting period					4 years

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding, Beginning Balance \| shares	5,720,415
Number of Options, Granted \| shares	77,901
Number of Options, Exercised \| shares	(20,496)
Number of Options, Expired \| shares	(81,151)
Number of Options, Forfeited \| shares	(392,398)
Number of Options, Outstanding, Ending Balance \| shares	5,304,271	5,720,415
Number of Options, Exercisable at June 30, 2023 \| shares	2,659,673
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 9.68
Weighted Average Exercise Price, Granted \| $ / shares	3.82
Weighted Average Exercise Price, Exercised \| $ / shares	0.28
Weighted Average Exercise Price, Expired \| $ / shares	5.46
Weighted Average Exercise Price, Forfeited \| $ / shares	10.93
Weighted Average Exercise Price, Ending Balance \| $ / shares	7.74	$ 9.68
Weighted Average Exercise Price, Exercisable at June 30, 2023 \| $ / shares	$ 7.53
Weighted Average Remaining Contractual Term, Outstanding	7 years 10 months 24 days	8 years 9 months 18 days
Weighted Average Remaining Contractual Term, Exercisable	7 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding \| $	$ 1,041	$ 72
Aggregate Intrinsic Value, Exercisable at June 30, 2023 \| $	$ 348

Fair Value Measurements - Summary of Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	$ 116,765,000	$ 0
U S Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	116,765,000
Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	140,256,000	178,751,000
Fair Value, Recurring \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	23,491,000	177,279,000
Restricted Cash	1,472,000
Fair Value, Recurring \| U S Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	116,765,000
Fair Value, Recurring \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	140,256,000	178,751,000
Fair Value, Recurring \| Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	23,491,000	$ 177,279,000
Restricted Cash	1,472,000
Fair Value, Recurring \| Level 1 \| U S Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	$ 116,765,000

Net Loss per Common Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Numerator:
Net loss	$	(15,901	)	$	(25,562	)	$	(35,144	)	$	(56,942	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		38,389,123			32,451,610			36,878,787			32,384,522
Net loss per share, basic and diluted	$	(0.41	)	$	(0.79	)	$	(0.95	)	$	(1.76	)

Anti-Dilutive Effect Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders

The following potentially dilutive securities have been excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect:


	June 30,
	2023		2022
Stock options outstanding		5,304,271		5,752,526
Unvested restricted stock awards and units		3,803,103		2,960,980
Stock options available for issuance		1,475,856		532,631
Employee stock purchase plan		644,755		534,675
Total		11,227,985		9,780,812

Joint Venture - Additional Information (Details) - Voxall - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021	Mar. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Loss from equity method investment in joint venture	$ 100,000	$ 0	$ 100,000	$ 0
Promissory note issued					$ 200,000
Equity method investment, description			As the Company has no commitment to fund the losses of the equity method investment, the carrying value of the equity method investment has not been reduced below zero
Alloy Therapeutics, Inc.
Schedule Of Equity Method Investments [Line Items]
Percentage of voting membership units						50.00%

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 25,898	$ 179,293
Marketable debt securities, short-term	116,765
Restricted cash	1,472	1,472
Prepaid expenses and other current assets	5,169	5,847
Total current assets	149,304	186,612
Property and equipment, net	12,643	11,165
Operating lease right-of-use assets	13,283	13,602
Total assets	175,230	211,379
Current liabilities:
Accounts payable	1,305	7,097
Accrued expenses and other current liabilities	7,393	24,537
Operating lease liabilities, current portion	527
Total current liabilities	9,225	31,634
Operating lease liabilities, net of current portion	20,730	18,921
Total liabilities	29,955	50,555
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, par value $0.001 per share, 10,000,000 shares authorized; zero shares issued and outstanding
Common stock, $0.001 par value per share; 190,000,000 shares; 39,414,292 and 35,110,016 shares issued as of June 30, 2023 and December 31, 2022, respectively, 39,376,941 and 34,958,730 shares outstanding as of June 30, 2023 and December 31, 2022, respectively	39	34
Additional paid-in capital	392,900	373,225
Accumulated other comprehensive loss	(85)
Accumulated deficit	(247,579)	(212,435)
Total stockholders' equity	145,275	160,824
Total liabilities and stockholders' equity	$ 175,230	$ 211,379

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders' Equity

7. Stockholders' Equity

Shelf Registration Statement and ATM Offering Program

On November 1, 2022, the Company filed a registration statement on Form S-3 with the SEC for the issuance of common stock, preferred stock, warrants, debt securities, rights and units up to an aggregate of $250.0 million. On November 14, 2022, the registration statement was declared effective by the SEC. The registration statement includes an ATM offering program for the sale of up to $125.0 million of shares of the Company's common stock.

Any shares offered and sold in the ATM offering will be issued pursuant to the Company’s effective shelf registration statement on Form S-3 and the related prospectus supplement. Under the ATM, the sales agents may sell shares of common stock by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended. The Company will pay the sales agents a commission rate of up to 3% of the gross sales proceeds of any shares sold and has agreed to provide the sales agents with customary indemnification, contribution and reimbursement rights. The ATM contains customary representations and warranties and conditions to the placements of the shares pursuant thereto.

During the six months ended June 30, 2023, the Company completed the sale of an aggregate of 1,001,208 shares of common stock under the ATM offering program with an average gross sale price of $6.30 per share, resulting in gross proceeds of $6.3 million. The Company paid commissions of $0.2 million to the placement agent under the ATM offering program.

Preferred Stock

There were no issued and outstanding shares of preferred stock as of June 30, 2023 and December 31, 2022.

Common Stock

Voting, dividend and liquidation rights of the holders of the common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock.

Voting—Each holder of outstanding shares of common stock shall be entitled to one vote in respect of each share.

Reserved Shares— The Company reserved the following shares of common stock for issuance:


	June 30, 2023		December 31, 2022
Stock options outstanding		5,304,271		5,720,415
Unvested restricted stock awards and units		3,803,103		3,015,387
Stock options available for issuance		1,475,856		1,697,166
Employee stock purchase plan		644,755		534,675
Total		11,227,985		10,967,643

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Related Parties - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pfizer License Agreement
Related Party Transaction [Line Items]
Ownership percentage	10.00%		10.00%
Pfizer License Agreement \| Related Party
Related Party Transaction [Line Items]
Related party transaction expenses incurred	$ 0	$ 0	$ 0	$ 0
Voxall \| Related Party
Related Party Transaction [Line Items]
Related party transaction expenses incurred	0	0	0	0
University License Agreement \| Related Party
Related Party Transaction [Line Items]
Related party transaction expenses incurred	$ 0	$ 0	$ 0	$ 0

Pending Acquisition

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Pending Acquisition

14. Pending Acquisition

On May 23, 2023, the Company, Ascent Merger Sub Corp., a Delaware corporation and wholly-owned subsidiary of the Company, or Merger Sub, and Apexigen, Inc., or Apexigen, entered into a definitive agreement for the Company to acquire Apexigen, or the Merger Agreement. Under the terms of the Merger Agreement, each outstanding share of Apexigen's common stock, par value $0.0001 per share, or Apexigen common stock, that is issued and outstanding immediately prior to the effective time of the acquisition (other than: (i) treasury shares, and (ii) any shares of Apexigen common stock held directly by the Company or Merger Sub) will automatically be converted into the right to receive 0.1725 shares of common stock, par value $0.001 per share, of the Company.

Upon completion of the acquisition, it is expected that the Company’s stockholders and certain other equity holders will own approximately 90% of the combined company’s outstanding common stock and Apexigen’s stockholders and certain other equityholders will own approximately 10% of the combined company’s outstanding common stock.

The transaction is subject to satisfaction of customary closing conditions, including approval from Apexigen stockholders. The transaction is expected to close later in August 2023.

Operating Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 663	$ 732	$ 1,319	$ 732
Variable lease cost	230	39	288	104
Short-term lease cost		387	488	576
Total lease cost	$ 893	$ 1,158	$ 2,095	$ 1,412

Description of Business - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 Segment
Segment Reporting [Abstract]
Operating and Reporting Segment	1

Stock-Based Compensation - Summary of Restricted Stock Activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning Balance \| shares	3,015,387
Number of Shares, Granted \| shares	2,888,142
Number of Shares, Forfeited \| shares	(515,513)
Number of Shares, Vested and settled \| shares	(1,584,913)
Number of Shares, Outstanding, Ending Balance \| shares	3,803,103
Weighted Average Grant ate fair value, Outstanding, Beginning Balance \| $ / shares	$ 3.64
Weighted Average Grant Date Fair Value, Outstanding, Granted \| $ / shares	2.19
Weighted Average Grant Date Fair Value, Outstanding, Forfeited \| $ / shares	3.68
Weighted Average Grant Date Fair Value, Outstanding, Vested and settled \| $ / shares	3.3
Weighted Average Grant ate fair value, Outstanding, Ending Balance \| $ / shares	$ 2.72

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Operating Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Operating Leases

9. Operating Leases

Leases classified as operating leases are included in operating lease right-of-use assets ("ROU"), operating lease liabilities, current portion and operating lease liabilities, net of current portion, in the Company's condensed consolidated balance sheets. Cash paid for operating lease liabilities was $1.2 million and $0.6 million during the six months ended June 30, 2023 and 2022, respectively, which is included in operating cash flows.

On February 2, 2023, the Company entered into a sublease agreement for approximately 17,729 square feet of office and laboratory space in the building located at 321 Harrison Avenue, Boston, Massachusetts. The sublease included a rent-free period, with rent payments commencing on May 24, 2023. Under the terms of the sublease, the sublessee is to pay the Company approximately $1.5 million in year one and $1.9 million per year thereafter, which is subject to a 3.0% annual rent increase, plus certain other costs under the sublease, such as operating expenses, taxes, insurance, property management fee and utilities. The Company remains jointly and severally liable under the head lease and accounts for the sublease as an operating lease. The lease term commenced on March 24, 2023 and is expected to end in March 2026. The sublessee has the option to extend the sublease for a one-year period on the same terms and conditions as the current sublease, subject to a change in base rent for the extended period equal to a 3% increase to the then current rent. Upon execution of the sublease agreement, the sublessee provided the Company a security deposit of $0.4 million which is held in the form of a letter of credit. The Company recognized sublease income of $0.6 million for both the three and six months ended June 30, 2023.

The components of lease expense were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Lease cost
Operating lease cost	$	663	$	732	$	1,319	$	732
Variable lease cost		230		39		288		104
Short-term lease cost		—		387		488		576
Total lease cost	$	893	$	1,158	$	2,095	$	1,412

Variable lease costs primarily relate to common area costs and other operating costs, which are assessed based on the Company’s proportionate share of such costs for the leased premises.

The weighted-average remaining lease term and weighted-average discount rate for operating leases were:


	As of June 30, 2023
Weighted-average remaining lease term (in years)		9.40
Weighted-average discount rate		9.40	%

Operating Leases - Additional Information (Details) $ in Thousands		3 Months Ended	6 Months Ended
	Feb. 02, 2023 USD ($) ft²	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Leases [Abstract]
Cash paid for operating lease liabilities			$ 1,200	$ 600
Sublease agreement, square feet space area in building \| ft²	17,729
Sublease payment in year one	$ 1,500
Sublease payment per year thereafter	$ 1,900
Annual rent increase percentage	3.00%
Lessee, operating sublease, option to extend			The sublessee has the option to extend the sublease for a one-year period on the same terms and conditions as the current sublease, subject to a change in base rent for the extended period equal to a 3% increase to the then current rent.
Lessee, Operating Sublease, Existence of Option to Extend [true false]			true
Percentage of increase in current rent	3.00%
Security deposit	$ 400
Sublease income		$ 564	$ 602

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Nov. 14, 2022	Nov. 01, 2022
Schedule of Equity Method Investments [Line Items]
Maximum value of stock and debt instruments authorized to issue					$ 250,000
Common stock issued, value	$ 39	$ 39	$ 34
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
ATM Offering Program
Schedule of Equity Method Investments [Line Items]
Sales agents commission rate	3.00%	3.00%
ATM Offering Program \| Maximum
Schedule of Equity Method Investments [Line Items]
Common stock issued, value				$ 125,000
Common Stock
Schedule of Equity Method Investments [Line Items]
Common stock issued under ATM offering program	1,001,208	1,001,208
Common Stock \| ATM Offering Program
Schedule of Equity Method Investments [Line Items]
Gross proceeds from sale of shares		$ 6,300
Average gross sale price per share	$ 6.3	$ 6.3
Commissions paid to the placement agent		$ 200

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The carrying amounts of the Company’s financial instruments, including prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value due to their relatively short maturities. The Company’s financial instruments consist of Level I assets which consist primarily of highly liquid money market funds and U.S. Treasury securities that are included in marketable debt securities.


	June 30, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	23,491	$	—	$	—	$	23,491
Marketable debt securities
U.S. Treasury securities		116,765		—		—		116,765
Total	$	140,256	$	—	$	—	$	140,256

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	177,279	$	—	$	—	$	177,279
Restricted cash
Money market funds		1,472		—		—		1,472
Total	$	178,751	$	—	$	—	$	178,751

Money market funds and U.S. Treasury securities are classified as Level 1 within the fair value hierarchy, as they are valued using quoted prices in active markets. There were no transfers of financial instruments among Level 1, Level 2, and Level 3 during the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Nature of Business	Nature of Business Pyxis Oncology, Inc. (the “Company”), a Delaware corporation, was founded in June 2018 and launched its operations in July 2019. The Company is a clinical stage company focused on defeating difficult-to-treat cancers. The Company is efficiently building next-generation therapeutics that hold the potential for mono and combination therapies. The Company's therapeutic candidates are designed to directly kill tumor cells and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. The Company's antibody-drug conjugates ("ADCs") and immuno-oncology ("IO") programs employ novel and emerging strategies to target a broad range of solid tumors resistant to current standards of care. The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources.
Basis of Presentation	Basis of Presentation The Company’s fiscal year ends on December 31 and its first three fiscal quarters end on March 31, June 30 and September 30. The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the unaudited condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods. The results for the three and six months ended June 30, 2023 are not necessarily indicative of those expected for the year ending December 31, 2023 or for any future period. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2023.
Liquidity	Liquidity As of June 30, 2023, the Company had an accumulated deficit of $247.6 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $35.1 million and $56.9 million for the six months ended June 30, 2023 and 2022, respectively. The Company has not generated any revenue to date and does not anticipate generating any revenues unless and until it successfully completes development and obtains regulatory approval for its current or any future product candidates. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to expand its research and development programs and develop its product candidates. The Company currently expects that its existing cash, cash equivalents and short-term investments of $142.7 million as of June 30, 2023 will fund its operating expenses and capital requirements at least twelve months from the date these unaudited consolidated financial statements are issued. Additional funding may be necessary to fund future clinical and preclinical activities. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity, convertible or debt financing or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expense, and related disclosures. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, operating leases, assessment of the useful lives of property and equipment, marketable debt securities, and research and development costs, including clinical trial accruals. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates and there may be changes to management’s estimates in future periods.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks common to early-stage companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key suppliers for active ingredients and third-party service providers such as contract research and manufacturing organizations, protection of intellectual property rights and the ability to make milestone, royalty or other payments due under any license, collaboration or supply agreements.
Concentration of Credit Risk	Concentration of Credit Risks Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents, restricted cash and short-term investments. The Company invests its excess cash primarily in money market funds and highly liquid U.S. Treasury securities. The Company has adopted an investment policy that includes guidelines relative to credit quality, diversification and maturities to preserve principal and liquidity.
Significant Accounting Policies	Significant Accounting Policies Other than the new accounting policy for "Investments", detailed below, there have been no other changes to the Company’s significant accounting policies disclosed in “Note 2 – Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2023.
Investments	Investments Short-term investments consist of U.S. Treasury securities with original maturities greater than three months. The Company may sell investments at any time for use in current operations even if the investments have not yet reached maturity. As a result, the Company classifies its investments as current assets. All investments have been classified as available-for-sale marketable debt securities. Marketable debt securities are recorded at fair value, with unrealized gains and losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit) and a component of total comprehensive loss in the condensed consolidated statements of operations and comprehensive loss, until realized. The fair value of these securities is determined based upon quoted market prices or pricing models for similar securities at period end. Premiums paid or discounts received at the time of purchase of marketable securities, are amortized to interest and investment income over the terms of the related securities. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. At each reporting date the Company will evaluate available-for-sale marketable debt securities in an unrealized loss position, using the discounted cash flow model, to determine whether the unrealized loss or any potential credit losses should be recognized in net loss. For available-for-sale marketable debt securities in an unrealized loss position, the Company will assess (i) whether it intends to sell, or (ii) it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If the aforementioned criteria is met, such marketable debt security’s amortized cost basis will be written down to its fair value through earnings along with any existing allowance for credit losses. For available-for-sale marketable debt securities that do not meet this criteria, the Company will evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, underlying credit ratings, and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded as an allowance in interest income. There have been no impairment or credit losses recognized during the periods presented in the accompanying condensed consolidated statements of operations and comprehensive loss.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses on available-for-sale debt securities to be recorded through an allowance for credit losses instead of as a reduction in the amortized cost basis of the securities. On January 1, 2023, the Company adopted ASU 2016-13, which did not have a material effect on the Company's financial position, results of operations, or cash flows. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"), which amends the accounting related to contract assets and liabilities acquired in business combinations. ASU 2021-08 requires that entities recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively to businesses combinations occurring on or after the effective date of the amendment. Early adoption is permitted, including adoption in an interim period. On January 1, 2023, the Company adopted ASU 2021-08, which did not have a material effect on the Company's financial position, results of operations, or cash flows. Recently Issued Accounting Pronouncements Recent authoritative guidance issued by the FASB (including technical corrections to the ASC), the American Institute of Certified Public Accountants, and the SEC did not, or are not expected to, have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.

License Agreements - Additional Information (Details) - USD ($)	1 Months Ended					6 Months Ended
	Jan. 31, 2023	Mar. 31, 2022	Oct. 31, 2021	Mar. 31, 2021	Apr. 30, 2020	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Oct. 06, 2022	Jun. 30, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Common stock, shares issued						39,414,292		35,110,016
Pfizer License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Payment for license fee				$ 25,000,000
Milestone and royalties required						$ 0				$ 0
Upfront payments	$ 8,000,000			$ 5,000,000
Common stock, shares issued							1,811,594		2,229,654
Pfizer License Agreement \| IPO
Research And Development Arrangement Contract To Perform For Others [Line Items]
Number of common shares issued upon conversion of preferred stock			1,911,015
Pfizer License Agreement \| Series B Convertible Preferred Stock
Research And Development Arrangement Contract To Perform For Others [Line Items]
Issuance of convertible preferred stock shares			12,152,145
Issuance of convertible preferred stock value			$ 20,000,000
LegoChem License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone and royalties required						0				0
Estimated cost to purchase licensed products						7,000,000
LegoChem License Agreement \| Related Party
Research And Development Arrangement Contract To Perform For Others [Line Items]
Amount payable related to licensed products						0
Biosion License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone and royalties required						0				0
Biosion License Agreement \| Research and Development Expenses
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront fee		$ 10,000,000
University License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Common stock issued to university					48,919
Milestone and royalties required						$ 0				$ 0

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies

Legal Proceedings

From time to time, the Company may become involved in various legal proceedings that arise in the ordinary course of business. The Company is not currently a party to any material legal proceedings and is not aware of any pending or threatened legal proceeding against it that the Company believes could have an adverse effect on its business, operating results or financial condition.

Commitments

In the normal course of business, the Company enters into agreements with various third parties for clinical trials, preclinical research studies and testing, manufacturing and other services and products for operating purposes, which are generally cancellable by the Company at any time, subject to payment of remaining obligations under binding purchase orders and, in certain cases, nominal early-termination fees. These commitments are not deemed significant.

Operating Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Lease cost
Operating lease cost	$	663	$	732	$	1,319	$	732
Variable lease cost		230		39		288		104
Short-term lease cost		—		387		488		576
Total lease cost	$	893	$	1,158	$	2,095	$	1,412

Weighted Average Remaining Lease Term and Discount Rate

The weighted-average remaining lease term and weighted-average discount rate for operating leases were:


	As of June 30, 2023
Weighted-average remaining lease term (in years)		9.40
Weighted-average discount rate		9.40	%

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Pfizer License Agreement	Common Stock	Common Stock Pfizer License Agreement	Additional Paid-in Capital	Additional Paid-in Capital Pfizer License Agreement	Accumulated Other Comprehensive Income/(Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2021	$ 261,313		$ 32		$ 352,999			$ (91,718)
Beginning Balance, Shares at Dec. 31, 2021			32,222,881
Stock options exercised	176				176
Stock options exercised (Shares)			51,118
Vesting of restricted common stock	1				1
Vesting of restricted common stock (Shares)			100,908
Stock-based compensation	3,404				3,404
Net loss	(31,380)							(31,380)
Ending balance at Mar. 31, 2022	233,514		$ 32		356,580			(123,098)
Ending balance (in shares) at Mar. 31, 2022			32,374,907
Beginning balance at Dec. 31, 2021	261,313		$ 32		352,999			(91,718)
Beginning Balance, Shares at Dec. 31, 2021			32,222,881
Net loss	(56,942)
Ending balance at Jun. 30, 2022	211,966		$ 32		360,594			(148,660)
Ending balance (in shares) at Jun. 30, 2022			32,483,883
Beginning balance at Mar. 31, 2022	233,514		$ 32		356,580			(123,098)
Beginning Balance, Shares at Mar. 31, 2022			32,374,907
Stock options exercised	1				1
Stock options exercised (Shares)			13,720
Vesting of restricted common stock (Shares)			95,256
Stock-based compensation	4,013				4,013
Net loss	(25,562)							(25,562)
Ending balance at Jun. 30, 2022	211,966		$ 32		360,594			(148,660)
Ending balance (in shares) at Jun. 30, 2022			32,483,883
Beginning balance at Dec. 31, 2022	160,824		$ 34		373,225			(212,435)
Beginning Balance, Shares at Dec. 31, 2022			34,958,730
Issuance of common stock		$ 5,000		$ 2		$ 4,998
Issuance of common stock (Shares)				1,811,594
Vesting of restricted common stock	2		$ 1		1
Vesting of restricted common stock (Shares)			148,047
Stock-based compensation	4,884				4,884
Net unrealized gains/(losses) on marketable debt securities	696						$ 696
Net loss	(19,243)							(19,243)
Ending balance at Mar. 31, 2023	152,163		$ 37		383,108		696	(231,678)
Ending balance (in shares) at Mar. 31, 2023			36,918,371
Beginning balance at Dec. 31, 2022	$ 160,824		$ 34		373,225			(212,435)
Beginning Balance, Shares at Dec. 31, 2022			34,958,730
Shares issued pursuant to at-the-market ("ATM") program, net of commission (Shares)			1,001,208
Stock options exercised (Shares)	20,496
Net unrealized gains/(losses) on marketable debt securities	$ (85)						(781)
Net loss	(35,144)
Ending balance at Jun. 30, 2023	145,275		$ 39		392,900		(85)	(247,579)
Ending balance (in shares) at Jun. 30, 2023			39,376,941
Beginning balance at Mar. 31, 2023	152,163		$ 37		383,108		696	(231,678)
Beginning Balance, Shares at Mar. 31, 2023			36,918,371
Shares issued pursuant to at-the-market ("ATM") program, net of commission	6,122		$ 1		6,121
Shares issued pursuant to at-the-market ("ATM") program, net of commission (Shares)			1,001,208
Stock options exercised	3				3
Stock options exercised (Shares)			20,496
Vesting of restricted common stock	(1)		$ 1
Vesting of restricted common stock (Shares)			1,436,866
Stock-based compensation	3,668				3,668
Net unrealized gains/(losses) on marketable debt securities	(781)
Net loss	(15,901)							(15,901)
Ending balance at Jun. 30, 2023	$ 145,275		$ 39		$ 392,900		$ (85)	$ (247,579)
Ending balance (in shares) at Jun. 30, 2023			39,376,941

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The summary of stock option activity for the six months ended June 30, 2023 (in thousands, except share and per share amounts):


	Number of Options			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2023		5,720,415		$	9.68			8.8	$	72
Granted		77,901			3.82
Exercised		(20,496	)		0.28
Expired		(81,151	)		5.46
Forfeited		(392,398	)		10.93
Outstanding at June 30, 2023		5,304,271		$	7.74	(1)		7.9	$	1,041	(1)
Options exercisable at June 30, 2023		2,659,673		$	7.53	(1)		7.2	$	348	(1)


(1)	The weighted average exercise price and aggregate intrinsic value as of June 30, 2023 reflect the impact of the stock option repricing discussed above.

Schedule of Estimated Fair Value Assumptions

The Company estimated the fair value of each option on the date of grant using the Black-Scholes option-pricing model applying the range of assumptions in the following table:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Expected volatility	97.11%	101.14% - 101.63%	97.11% - 97.82%	98.05% - 101.66%
Risk-free interest rate	4.05%	2.53% - 3.34%	3.58% - 4.05%	1.6% - 3.34%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected term (in years)	6.08	6.08 - 6.11	6.08	6.08 - 6.11

Summary of Stock-Based Compensation Expense

Stock-based compensation expense related to stock options is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	1,104	$	1,095	$	2,347	$	1,567
General and administrative		1,682		1,726		3,823		4,600
Total	$	2,786	$	2,821	$	6,170	$	6,167

Summary of Restricted Stock Activity

The summary of restricted stock activity for the six months ended June 30, 2023:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested and unsettled at January 1, 2023		3,015,387		$	3.64
Granted		2,888,142			2.19
Forfeited		(515,513	)		3.68
Vested and settled		(1,584,913	)		3.30
Non-vested and unsettled at June 30, 2023		3,803,103		$	2.72

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 09, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Document Transition Report	false
Document Quarterly Report	true
Entity Registrant Name	Pyxis Oncology, Inc.
Entity Central Index Key	0001782223
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-40881
Entity Tax Identification Number	83-1160910
Entity Address, Address Line One	321 Harrison Avenue
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02118
Entity Incorporation, State or Country Code	DE
City Area Code	617
Local Phone Number	221-9059
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PYXS
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		39,526,842

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares issued	39,414,292	35,110,016
Common stock, shares outstanding	39,376,941	34,958,730

Marketable Debt Securities - Interest and Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Interest income	$ 396	$ 164	$ 1,462	$ 173
Accretion of discount, net	1,260		1,867
Total interest and investment income	$ 1,656	$ 164	$ 3,329	$ 173

Net Loss per Common Share - Summary of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss	$ (15,901)	$ (19,243)	$ (25,562)	$ (31,380)	$ (35,144)	$ (56,942)
Denominator:
Weighted average shares of common stock outstanding - basic	38,389,123		32,451,610		36,878,787	32,384,522
Weighted average shares of common stock outstanding - diluted	38,389,123		32,451,610		36,878,787	32,384,522
Net loss per common share - basic	$ (0.41)		$ (0.79)		$ (0.95)	$ (1.76)
Net loss per common share - diluted	$ (0.41)		$ (0.79)		$ (0.95)	$ (1.76)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Loss per Common Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss per Common Share

11. Net Loss per Common Share

Basic and diluted net loss per common share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Numerator:
Net loss	$	(15,901	)	$	(25,562	)	$	(35,144	)	$	(56,942	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		38,389,123			32,451,610			36,878,787			32,384,522
Net loss per share, basic and diluted	$	(0.41	)	$	(0.79	)	$	(0.95	)	$	(1.76	)

The Company’s potentially dilutive securities, which include restricted stock, and stock options, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

The following potentially dilutive securities have been excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect:


	June 30,
	2023		2022
Stock options outstanding		5,304,271		5,752,526
Unvested restricted stock awards and units		3,803,103		2,960,980
Stock options available for issuance		1,475,856		532,631
Employee stock purchase plan		644,755		534,675
Total		11,227,985		9,780,812