0000950170-24-124602 | 10-Q | XBRL Viewer

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

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.

During the three months ended September 30, 2024, the Company completed the sale of an aggregate of 450,000 shares of common stock under the ATM offering program, with an average sale price of $3.66 per share, resulting in gross proceeds of $1.7 million, before deducting placement agent fees. During the three months ended September 30, 2023, the Company made no sales under the ATM offering program.

During the nine months ended September 30, 2024, the Company completed the sale of an aggregate of 4,050,000 shares of common stock under the ATM offering program, with an average sale price of $3.07 per share, resulting in gross proceeds of $12.5 million, before deducting placement agent fees. During the nine months ended September 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 sale price of $6.30 per share, resulting in gross proceeds of $6.3 million, before deducting placement agent fees.

As of September 30, 2024, the Company had $106.2 million of remaining capacity available under the ATM facility.

Private Offerings

On February 26, 2024, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) for a private placement (the “Private Placement”) with certain institutional and accredited investors (each, a “Purchaser” and collectively, the “Purchasers”).

Pursuant to the Securities Purchase Agreement, the Company issued and sold to the Purchasers an aggregate of (i) 8,849,371 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share, at a purchase price of $4.78 per share, and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 1,611,215 shares of the Company’ common stock (the “Pre-Funded Warrant Shares”) at a purchase price of $4.779 per Pre-Funded Warrant.

The Private Placement closed on February 29, 2024, and the Company received gross proceeds from the Private Placement of $50 million, before deducting placement agent fees and offering expenses directly related to the Private Placement.

On February 26, 2024, the Company also entered into a registration rights agreement (the “Registration Rights Agreement”) with the Purchasers, pursuant to which the Company agreed to register for the resale of the Shares and Pre-Funded Warrants (together, the “Registrable Securities”). The Registrable Securities were registered on Form S-3 (Registration No. 333-278282) on March 27, 2024. The Form S-3 was deemed effective by the SEC on April 3, 2024.

Preferred Stock

There were no issued and outstanding shares of preferred stock as of September 30, 2024 and December 31, 2023.

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:


	September 30, 2024		December 31, 2023
Stock options outstanding		6,964,592		5,982,464
Non-vested and unsettled restricted stock units		2,987,279		3,631,431
Shares reserved for future issuance		1,547,455		1,013,840
Pre-Funded Warrant Shares		1,611,215		—
Apexigen replacement warrants		1,003,191		1,003,191
Employee stock purchase plan		589,004		565,405
Total		14,702,736		12,196,331

- Definition

The entire disclosure for equity.

+ References

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Carried at Fair Value on Recurring Basis

The following tables present the financial instruments carried at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, respectively, in accordance with the FASB ASC 820 hierarchy (in thousands):


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	7,201	$	—	$	—	$	7,201
Marketable debt securities
U.S. Treasury securities		132,762		—		—		132,762
Total	$	139,963	$	—	$	—	$	139,963

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash Equivalents
Money market funds	$	8,360	$	—	$	—	$	8,360
Marketable debt securities
U.S. Treasury securities		109,634		—		—		109,634
Total	$	117,994	$	—	$	—	$	117,994

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (41,760)	$ (58,193)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,432	1,237
Stock-based compensation	10,172	13,731
Non-cash operating lease expense	514	473
Accretion of discount on marketable debt securities	(4,576)	(3,347)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,256	1,712
Accounts payable	1,210	(3,857)
Accrued expenses and other current liabilities	1,017	(10,435)
Operating lease liabilities	(908)	2,697
Financing lease liabilities	(79)
Deferred revenues	(7,660)	527
Net cash used in operating activities	(38,382)	(55,455)
Investing activities
Cash acquired in acquisition of Apexigen, Inc.		6,659
Redemption of marketable debt securities	137,483	71,594
Purchase of marketable debt securities	(155,748)	(186,604)
Purchase of property and equipment	(237)	(6,726)
Net cash used in investing activities	(18,502)	(115,077)
Financing activities
Proceeds from issuance of common stock and pre-funded warrants in private placement, net of offering costs	46,872
Proceeds from issuance of common stock pursuant to ATM program, net of offering costs	12,174	6,122
Tax withholding payments related to net settlement of restricted common stock	(240)	(393)
Proceeds from the exercise of stock options	293	120
Proceeds from issuance of common stock under ESPP	177	105
Net cash provided by financing activities	59,276	5,954
Net increase (decrease) in cash, cash equivalents and restricted cash	2,392	(164,578)
Cash, cash equivalents and restricted cash at beginning of year	11,136	180,765
Cash, cash equivalents and restricted cash at end of period	13,528	16,187
Noncash investing and financing activities:
Shares, warrants, and replacement stock options and restricted stock units ("RSUs") issued for acquisition of Apexigen, Inc.		10,732
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	12,056	14,715
Restricted cash	1,472	1,472
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 13,528	$ 16,187

Related Parties

9 Months Ended

Sep. 30, 2024

Related Parties

13. 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 nine months ended September 30, 2024, the Company incurred $0 and $40 thousand in expenses related to the University License Agreement, respectively. During the three and nine months ended September 30, 2023, the Company did not incur expenses related to the University License Agreement. Refer to Note 5. Licensing Agreements for additional discussion.

Pfizer owns more than 10% of the Company and is considered the principal owner of the Company. The Company did not incur expenses related to Pfizer during the three and nine months ended September 30, 2024. During the nine months ended September 30, 2023, in accordance with the terms of the A&R License Agreement, the Company paid $8.0 million to Pfizer in January 2023 and issued 1,811,594 shares of its common stock in March 2023. Refer to Note 5. Licensing Agreements 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.

+ References

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+ Details

Marketable Debt Securities - Summary of Marketable Securities Classified as Available-for-sale (Details) - U S Treasury Securities - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Marketable debt securities, Amortized Cost	$ 132,411	$ 109,571
Marketable debt securities, Unrealized Gains	352	71
Marketable debt securities, Unrealized Losses	(1)	(8)
Marketable debt securities, Aggregate Fair Value	$ 132,762	$ 109,634

- 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.

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+ Details

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

10. Leases

The Company leases its office and facilities in Boston, Massachusetts under a non-cancellable operating lease agreement that continues through December 31, 2032. Cash paid for operating lease liabilities were $2.4 million and $1.7 million during the nine months ended September 30, 2024 and 2023, respectively, which is included in operating cash flows within the accompanying unaudited condensed consolidated statements of cash flows.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Lease cost
Operating lease cost	$	663	$	678	$	1,990	$	1,997
Variable lease cost		402		230		1,359		518
Short-term lease cost		—		—		—		488
Total operating lease cost	$	1,065	$	908	$	3,349	$	3,003

The Company subleases approximately 17,729 square feet of office and laboratory space in the building located at 321 Harrison Avenue, Boston, Massachusetts. 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 Company recognized sublease income of $0.7 million and $2.2 million for the three and nine months ended September 30, 2024, respectively, and $0.6 million and $1.2 million for the three and nine months ended September 30, 2023, respectively.

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved and autorized for future issuance	14,702,736		14,702,736		12,196,331
Number of options to purchase common stock	6,964,592		6,964,592		5,982,464
Number of option to purchase restricted common stock	2,987,279		2,987,279		3,631,431
Fair value of common stock per share	$ 3.67		$ 3.67
Weighted-average grant-date fair value of options granted	$ 2.91	$ 1.29	$ 3.14	$ 1.58
Aggregate intrinsic value of stock options exercised	$ 0	$ 100,000	$ 300,000	$ 100,000
Gross unrecognized stock-based compensation expense	10,400,000		$ 10,400,000
Unrecognized stock-based compensation expense weighted average amortized period			2 years 1 month 6 days
Number of restricted stock units granted			1,329,832
Stock-based compensation expense	2,981,000	$ 5,178,000	$ 10,172,000	$ 13,731,000
Restricted Stock Units ('RSU')
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense weighted average amortized period			2 years 8 months 12 days
Gross unrecognized stock-based compensation expense	$ 7,000,000		$ 7,000,000
Issuance of restricted common stock, net of tax withholdings, (Shares)			1,587,161
Restricted common stock shares issued, gross			1,651,108
2022 Equity Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	105,749		105,749
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	1,014,149		1,014,149
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	132,314		132,314
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	589,004		589,004
Number of shares issued	26,599		86,481
Apexigen Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	295,243		295,243

Sale of Royalty Rights

9 Months Ended

Sep. 30, 2024

Sale of Royalty Rights [Abstract]

Sale of Royalty Rights

6. Sale of Royalty Rights

In March 2007, Epitomics entered into an antibody candidate discovery and development agreement with ESBATech AG (“ESBATech”) (the “ESBATech Agreement”). ESBATech was acquired by Alcon Research, Ltd. in 2009 and later merged with Novartis AG (“Novartis”) in 2011.

Novartis, the successor in interest to ESBATech, has successfully developed and commercialized one of those drug product candidates, brolucizumab-dbll, a single-chain antibody fragment (scFv) targeting all of the isoforms of VEGF-A, which was approved for commercial sale in 2019 and marketed under the brand name Beovu®.

Upon commercialization, pursuant to the ESBATech Agreement, Novartis was obligated to pay Apexigen a very low single-digit royalty on net sales of the Beovu® product. However, Novartis disputed its obligation to pay these royalties on Beovu® sales under the ESBATech Agreement. As a result, Apexigen and the Company determined that any sales-based Beovu® product royalties received under the ESBATech Agreement should be fully constrained and reported royalties received by Apexigen and the Company as deferred revenues. The Company assessed this position at each period end to determine if events or changes in circumstances indicate a change in position.

On March 25, 2024, the Company entered into the Fourth Amendment, Settlement Agreement, and Royalty Purchase Agreement (the “Settlement Agreement”) with Novartis, pursuant to which Novartis agreed to pay the Company $8.0 million to transfer its rights to future royalties on the net sales of Beovu®. Additionally, the dispute regarding Novartis’ obligation to pay royalties on Beovu® sales was resolved and royalties previously received by Apexigen and the Company agreed to be free from any reclaim rights.

The ESBATech Agreement and the Settlement Agreement with Novartis both constitute contracts with a customer. Therefore, the Company has accounted for the payments received under these agreements as revenues in accordance with ASC 606, Revenue Recognition, (“ASC 606”). Upon execution of the Settlement Agreement, the $8.0 million payment was recorded as revenues within the accompanying unaudited condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2024. Additionally, the related deferred revenues of $8.1 million previously constrained was also recorded as revenues within the accompanying unaudited condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2024, as the uncertainty resulting in the revenue constraint has been resolved.

Description of Business - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 Segment
Segment Reporting [Abstract]
Operating and Reporting Segment	1

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2024 (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, 2024		5,982,464		$	7.31		7.6	$	141
Granted		1,485,247			3.89
Exercised		(122,132	)		2.14
Expired		(282,928	)		14.28
Forfeited		(98,059	)		8.55
Outstanding at September 30, 2024		6,964,592		$	6.37		7.7	$	5,266
Options exercisable September 30, 2024		3,639,795		$	7.42		6.8	$	3,098

Schedule of Estimated Fair Value Assumptions

The Company estimated the fair value of each stock option on the date of grant using the following key input assumptions in the Black-Scholes option-pricing model:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Expected volatility	99.87%	98.23% - 118.90%	99.41% - 102.27%	97.11% - 118.90%
Risk-free interest rate	3.55%	4.36% - 5.57%	3.55% - 4.48%	3.58% - 5.57%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected term (in years)	6.08	0.25 - 6.08	5.00 - 6.08	0.25 - 6.08

Summary of Restricted Stock Awards and Restricted Stock Units

The following table summarizes restricted stock units activity for the nine months ended September 30, 2024:


	Number of Units			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2024		3,631,431		$	2.51
Granted		1,329,832			3.80
Forfeited		(280,007	)		2.57
Vested and settled(1)		(1,693,977	)		2.64
Non-vested and unsettled at September 30, 2024		2,987,279		$	3.00

(1) includes 42,869 RSUs which are vested but unsettled as of September 30, 2024.

Summary of Total Stock-based Compensation Expense

The following table summarizes the total stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
General and administrative	$	2,145	$	4,196	$	7,887	$	9,787
Research and development		836		982		2,285		3,944
Total	$	2,981	$	5,178	$	10,172	$	13,731

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2024
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 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. On August 23, 2023, the Company completed the acquisition of Apexigen, Inc. (“Apexigen”) pursuant to a business combination agreement, whereby Ascent Merger Sub Corp., a Delaware corporation and wholly-owned subsidiary of the Company merged with and into Apexigen, with Apexigen surviving as a wholly owned subsidiary of the Company (the “Merger”). 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 Restricted Stock Awards and Restricted Stock Units (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning Balance \| shares	3,631,431
Number of Shares, Granted \| shares	1,329,832
Number of Shares, Forfeited \| shares	(280,007)
Number of Shares, Vested and settled \| shares	(1,693,977)
Number of Shares, Outstanding, Ending Balance \| shares	2,987,279
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance \| $ / shares	$ 2.51
Weighted Average Grant Date Fair Value, Outstanding, Granted \| $ / shares	3.8
Weighted Average Grant Date Fair Value, Outstanding, Forfeited \| $ / shares	2.57
Weighted Average Grant Date Fair Value, Outstanding, Vested and settled \| $ / shares	2.64
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance \| $ / shares	$ 3

- 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 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Marketable Debt Securities - Interest and Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Interest income	$ 194	$ 227	$ 843	$ 1,689
Accretion of discount, net	1,652	1,480	4,576	3,347
Total interest and investment income	$ 1,846	$ 1,707	$ 5,419	$ 5,036

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding, Beginning Balance	5,982,464
Number of Options, Granted	1,485,247
Number of Options, Exercised	(122,132)
Number of Options, Expired	(282,928)
Number of Options, Forfeited	(98,059)
Number of Options, Outstanding, Ending Balance	6,964,592	5,982,464
Number of Options, Exercisable at September 30, 2024	3,639,795
Weighted Average Exercise Price, Beginning Balance	$ 7.31
Weighted Average Exercise Price, Granted	3.89
Weighted Average Exercise Price, Exercised	2.14
Weighted Average Exercise Price, Expired	14.28
Weighted Average Exercise Price, Forfeited	8.55
Weighted Average Exercise Price, Ending Balance	6.37	$ 7.31
Weighted Average Exercise Price, Exercisable at September 30, 2024	$ 7.42
Weighted Average Remaining Contractual Term, Outstanding	7 years 8 months 12 days	7 years 7 months 6 days
Weighted Average Remaining Contractual Term, Exercisable	6 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding	$ 5,266	$ 141
Aggregate Intrinsic Value, Exercisable at September 30, 2024	$ 3,098

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Summary of Operating Lease Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Lease cost
Operating lease cost	$	663	$	678	$	1,990	$	1,997
Variable lease cost		402		230		1,359		518
Short-term lease cost		—		—		—		488
Total operating lease cost	$	1,065	$	908	$	3,349	$	3,003

Marketable Debt Securities

9 Months Ended

Sep. 30, 2024

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):


	September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Marketable debt securities
U.S. Treasury securities	$	132,411	$	352	$	(1	)	$	132,762

	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Marketable debt securities
U.S. Treasury securities	$	109,571	$	71	$	(8	)	$	109,634

As of September 30, 2024, the remaining contractual terms of the U.S. Treasury securities were less than 12 months.

To date, the Company has not recognized any allowances for credit losses or impairments in relation to its marketable securities as these securities are comprised of high credit quality, investment grade securities that the Company does not intend or expect to be required to sell prior to their anticipated recovery, and the decline in fair value of these securities is attributable to factors other than credit losses.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest income	$	194	$	227	$	843	$	1,689
Accretion of discount, net		1,652		1,480		4,576		3,347
Total interest and investment income	$	1,846	$	1,707	$	5,419	$	5,036

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit	$ (327,985)		$ (327,985)		$ (286,225)
Net loss	21,203	$ 23,049	41,760	$ 58,193
Cash, cash equivalents and short-term investments	$ 144,800		$ 144,800
ASU 2020-06
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, 2024		Jan. 01, 2024
Change in accounting principle, accounting standards update, immaterial effect [true false]	true		true

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Leases - Summary of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 663	$ 678	$ 1,990	$ 1,997
Variable lease cost	402	230	1,359	518
Short-term lease cost				488
Total operating lease cost	$ 1,065	$ 908	$ 3,349	$ 3,003

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. 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.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	59,449,998	44,754,853
Common stock, shares outstanding	59,449,998	44,754,853

Net Loss per Common Share - Additional Information (Details)	Sep. 30, 2024 shares
Pre-Funded Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares are included in the computation of basic and diluted net loss per common share	1,611,215

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues			$ 16,146
Costs and operating expenses:
Cost of revenues			475
Research and development	$ 17,741	$ 14,687	44,723	$ 37,979
General and administrative	6,013	10,667	20,339	26,450
Total costs and operating expenses	23,754	25,354	65,537	64,429
Loss from operations	(23,754)	(25,354)	(49,391)	(64,429)
Other income, net:
Interest and investment income	1,846	1,707	5,419	5,036
Sublease income	705	598	2,212	1,200
Total other income, net	2,551	2,305	7,631	6,236
Net loss	$ (21,203)	$ (23,049)	$ (41,760)	$ (58,193)
Net loss per common share - basic	$ (0.35)	$ (0.56)	$ (0.73)	$ (1.52)
Net loss per common share - diluted	$ (0.35)	$ (0.56)	$ (0.73)	$ (1.52)
Weighted average shares of common stock outstanding - basic	60,715,041	41,331,806	57,511,997	38,379,401
Weighted average shares of common stock outstanding - diluted	60,715,041	41,331,806	57,511,997	38,379,401
Other comprehensive income (loss):
Net unrealized gain (loss) on marketable debt securities	$ 453	$ (20)	$ 288	$ (105)
Other comprehensive income (loss)	453	(20)	288	(105)
Comprehensive loss	$ (20,750)	$ (23,069)	(41,472)	$ (58,298)
Royalty Revenues
Revenues			8,146
Sale of Royalty Rights
Revenues			$ 8,000

Leases - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Additional Information (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Feb. 02, 2023 ft²
Leases [Abstract]
Sublease agreement, square feet space area in building \| ft²					17,729
Operating lease, payments			$ 2,400	$ 1,700
Sublease income	$ 705	$ 598	$ 2,212	$ 1,200

Fair Value Measurements - Summary of Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
U S Treasury Securities
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	$ 132,762	$ 109,634
Fair Value, Recurring
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	139,963	117,994
Fair Value, Recurring \| Money market funds
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	7,201	8,360
Fair Value, Recurring \| U S Treasury Securities
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	132,762	109,634
Fair Value, Recurring \| Level 1
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	139,963	117,994
Fair Value, Recurring \| Level 1 \| Money market funds
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	7,201	8,360
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	$ 132,762	$ 109,634

Sale of Royalty Rights - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Mar. 25, 2024	Sep. 30, 2024
Sale of Royalty Rights [Line Items]
Revenues		$ 16,146
Royalty Revenues
Sale of Royalty Rights [Line Items]
Revenues		8,146
Sale of Royalty Rights
Sale of Royalty Rights [Line Items]
Revenues		8,000
Fourth Amendment, Settlement Agreement, and Royalty Purchase Agreement \| Novartis \| Royalty Revenues
Sale of Royalty Rights [Line Items]
Revenues		8,100
Fourth Amendment, Settlement Agreement, and Royalty Purchase Agreement \| Novartis \| Sale of Royalty Rights
Sale of Royalty Rights [Line Items]
Sale of royalty rights of Beovu	$ 8,000
Revenues		$ 8,000

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Net Loss per Common Share - Anti-Dilutive Effect Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
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	13,091,521	12,781,480
Apexigen Replacement Warrants
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	1,003,191	1,003,191
Employee Stock Option
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	6,964,592	6,022,413
Non-Vested and Unsettled Restricted Stock 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	2,987,279	3,822,944
Shares Reserved for Future 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	1,547,455	1,348,744
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	589,004	584,188

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 11, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		59,465,729

Net Loss per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss per Common Share

12. Net Loss per Common Share

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


	September 30,
	2024		2023
Stock options outstanding		6,964,592		6,022,413
Non-vested and unsettled restricted stock units		2,987,279		3,822,944
Shares reserved for future issuance		1,547,455		1,348,744
Apexigen replacement warrants		1,003,191		1,003,191
Employee stock purchase plan		589,004		584,188
Total		13,091,521		12,781,480

Pre-Funded Warrant Shares of 1,611,215 shares are included in the computation of basic and diluted net loss per common share for the three and nine months ended September 30, 2024 as the Pre-Funded Warrants are issuable for nominal consideration.

Common Stock Warrants

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Common Stock Warrants

8. Common Stock Warrants

Apexigen Replacement Warrants

Upon the Merger, each outstanding warrant issued by Apexigen was assumed and converted into a warrant to acquire the Company’s common stock, on substantially similar terms and conditions as were applicable under such Apexigen warrant agreements. The Company replaced 5,815,613 Apexigen warrants with 1,003,191 Pyxis Oncology warrants.

As of September 30, 2024, there were 344,259 warrants outstanding with an exercise price of $8.12 per share, 17,212 warrants outstanding with an exercise price of $10.14 per share and 641,720 warrants with an exercise price of $66.67 per share. Each of the warrants with an exercise price of $66.67 per share will expire on the fifth anniversary of July 29, 2022, or earlier upon redemption or liquidation. Each of the warrants with an exercise price of $8.12 per share and $10.14 per share will expire on July 30, 2028, or earlier upon redemption or liquidation.

Private Placement Warrants

In connection with the Private Placement, the Company issued Pre-Funded Warrants to purchase up to an aggregate of 1,611,215 shares of the Company’s common stock at a purchase price of $4.779 per Pre-Funded Warrant, which represents the per share purchase price of the Shares less the $0.001 per share exercise price for each Pre-Funded Warrant. The Pre-Funded Warrants will be exercisable at any time after the date of issuance and will not expire. As of September 30, 2024, 1,611,215 Pre-Funded Warrants were outstanding.

The Company determined that the Pre-Funded Warrants and Apexigen replacement warrants met all of the criteria for equity classification. Accordingly, the warrants were recorded as a component of additional paid-in capital within the accompanying unaudited condensed consolidated balance sheets.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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 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. On August 23, 2023, the Company completed the acquisition of Apexigen, Inc. (“Apexigen”) pursuant to a business combination agreement, whereby Ascent Merger Sub Corp., a Delaware corporation and wholly-owned subsidiary of the Company merged with and into Apexigen, with Apexigen surviving as a wholly owned subsidiary of the Company (the “Merger”). 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 subsidiaries. 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 nine months ended September 30, 2024 are not necessarily indicative of those expected for the year ending December 31, 2024 or for any future period. The condensed consolidated balance sheet as of December 31, 2023 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, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 21, 2024 (“Fiscal 2023 10-K”).
Liquidity	Liquidity As of September 30, 2024, the Company had an accumulated deficit of $328.0 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $41.8 million and $58.2 million for the nine months ended September 30, 2024 and 2023, respectively. The Company has not generated any revenues from product sales to date and does not anticipate generating any revenues from product sales 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 $144.8 million as of September 30, 2024 will fund its operating expenses and capital requirements at least twelve months from the date these unaudited condensed 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, fair value of intangible assets 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 development and manufacturing organizations (“CDMOs”), 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	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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 revises the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. On January 1, 2024, the Company adopted ASU 2020-06, 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 (“AICPA”), 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.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (21,203)	$ (23,049)	$ (41,760)	$ (58,193)

- Definition

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

+ References

+ Details

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Contingency [Line Items]
Effective tax rate	0.00%	0.00%	0.00%	0.00%
Federal income tax provision	$ 0	$ 0	$ 0	$ 0

Stock-Based Compensation - Summary of Restricted Stock Awards and Restricted Stock Units (Parenthetical) (Details)	Sep. 30, 2024 shares
Restricted Stock Units ('RSU')
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Vested but unsettled	42,869

- 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

License Agreements - Additional Information (Details) - USD ($)		1 Months Ended					3 Months Ended		9 Months Ended
	Mar. 28, 2022	Jan. 31, 2023	Oct. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Apr. 30, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Mar. 31, 2023	Oct. 06, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development							$ 17,741,000	$ 14,687,000	$ 44,723,000	$ 37,979,000
Deferred revenues											$ 7,660,000
Common stock, shares issued							59,449,998		59,449,998		44,754,853
Common Stock, Value, Issued							$ 59,000		$ 59,000		$ 45,000
Pfizer License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Payment for license fee				$ 25,000,000
Common stock, shares issued												1,811,594	2,229,654
Milestone and royalties required							0	0	0	0
Upfront payments		$ 8,000,000		$ 5,000,000
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
Biosion License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone and royalties required							0	0	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
Simcere License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Royalty obligation period for licensed products upon after first commercial sale					15 years
Milestone and royalties receivable							0		0
Mabwell Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone and royalties receivable							0		0
Toray Sublicense Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone and royalties receivable							0		0
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	$ 0	$ 0

Fair Value Measurements - Additional Information (Details) - Fair Value, Nonrecurring - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value	$ 0	$ 0
Liabilities measured at fair value	$ 0	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 12,056	$ 9,664
Marketable debt securities, short-term	132,762	109,634
Restricted cash	1,472	1,472
Prepaid expenses and other current assets	2,578	3,834
Total current assets	148,868	124,604
Property and equipment, net	10,396	11,872
Intangible assets, net	23,619	24,308
Right-of-use asset	12,428	12,942
Total assets	195,311	173,726
Current liabilities:
Accounts payable	4,870	3,896
Accrued expenses and other current liabilities	14,057	12,971
Operating lease liabilities, current portion	1,393	1,232
Deferred revenues		7,660
Total current liabilities	20,320	25,759
Operating lease liabilities, net of current portion	19,030	20,099
Financing lease liabilities, net of current portion	117
Deferred tax liability, net	2,164	2,164
Total liabilities	41,631	48,022
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, par value $0.001 per share, 10,000,000 shares authorized; zero shares issued and outstanding
Common stock, par value $0.001 per share; 190,000,000 shares authorized; 59,449,998 and 44,754,853 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.	59	45
Additional paid-in capital	481,255	411,821
Accumulated other comprehensive income	351	63
Accumulated deficit	(327,985)	(286,225)
Total stockholders' equity	153,680	125,704
Total liabilities and stockholders' equity	$ 195,311	$ 173,726

Stock-Based Compensation - Schedule of Estimated Fair Value Assumptions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	99.87%
Expected volatility, minimum		98.23%	99.41%	97.11%
Expected volatility, maximum		118.90%	102.27%	118.90%
Risk-free interest rate	3.55%
Risk-free interest rate, minimum		4.36%	3.55%	3.58%
Risk-free interest rate, maximum		5.57%	4.48%	5.57%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected term (in years)	6 years 29 days
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)		3 months	5 years	3 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)		6 years 29 days	6 years 29 days	6 years 29 days

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 26, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Nov. 14, 2022	Nov. 01, 2022
Schedule of Equity Method Investments [Line Items]
Preferred stock, par or stated value per share		$ 0.001		$ 0.001		$ 0.001
Preferred stock, shares authorized		10,000,000		10,000,000		10,000,000
Preferred stock, shares issued		0		0		0
Common stock, par value per share		$ 0.001		$ 0.001		$ 0.001
Preferred stock, shares outstanding		0		0		0
Common stock, shares authorized		190,000,000		190,000,000		190,000,000
Common stock, shares issued		59,449,998		59,449,998		44,754,853
Common stock, shares outstanding		59,449,998		59,449,998		44,754,853
Common stock voting rights				one
Maximum value of stock and debt instruments authorized to issue								$ 250,000
Common stock issued, value		$ 59		$ 59		$ 45
ATM Offering Program
Schedule of Equity Method Investments [Line Items]
Remaining capacity available under program		$ 106,200		$ 106,200
ATM Offering Program \| Maximum
Schedule of Equity Method Investments [Line Items]
Common stock issued, value							$ 125,000
Private Placement
Schedule of Equity Method Investments [Line Items]
Gross proceeds from private placement	$ 50,000
Pre-Funded Warrants
Schedule of Equity Method Investments [Line Items]
Purchase price per warrant	$ 4.779
Common Stock
Schedule of Equity Method Investments [Line Items]
Common stock issued under ATM offering program		450,000	0	4,050,000	1,001,208
Common Stock \| ATM Offering Program
Schedule of Equity Method Investments [Line Items]
Average sale price per share		$ 3.66		$ 3.07	$ 6.3
Gross proceeds from sale of shares		$ 1,700		$ 12,500	$ 6,300
Common Stock \| Private Placement
Schedule of Equity Method Investments [Line Items]
Common stock, par value per share	0.001
Common stock public offering price per share	$ 4.78
Common stock, shares issued	8,849,371
Common Stock \| Pre-Funded Warrants
Schedule of Equity Method Investments [Line Items]
Pre-Funded Warrants issued to purchase aggregate number of shares of common stock	1,611,215

Stock-Based Compensation - Summary of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,981	$ 5,178	$ 10,172	$ 13,731
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,145	4,196	7,887	9,787
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 836	$ 982	$ 2,285	$ 3,944

Licensing Agreements

9 Months Ended

Sep. 30, 2024

License Agreements [Abstract]

Licensing Agreements

5. 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 the University License Agreement as of September 30, 2024 and 2023, 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. The initial licensed targets include CD123 and Extradomain-B Fibronectin (“EDB+FN”) 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 Flexible Antibody Conjugation Technology (“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 to Pfizer in October 2022, paid $8.0 million to Pfizer in January 2023 and issued 1,811,594 shares of its common stock to Pfizer 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 the A&R License Agreement as of September 30, 2024 and 2023, 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. Further, the Company is also obligated to pay future contingent payments including development, regulatory and commercial milestones as well as running royalties on net sales of licensed products and sublicensing revenues at varying rates. The Company assessed the milestone and royalty events involving the Biosion License Agreement as of September 30, 2024 and 2023, and determined that no such amounts were required.

Acquired Out-Licensing Agreements

In August 2023, the Company completed the acquisition of Apexigen and assumed all out-licensing agreements of Apexigen upon the Merger.

Simcere License and Collaboration Agreement

In December 2008, Epitomics, Inc. (“Epitomics”) (Apexigen’s predecessor) and Jiangsu Simcere Pharmaceutical R&D Co., Ltd. (“Simcere”) entered into a license and collaboration agreement (the “Simcere Agreement”) for the development and commercialization of suvemcitug (BD0801) for oncology in China.

Simcere is obligated to pay the Company milestone payments for achievement of certain clinical development milestones and low to high single-digit percentage royalties on net sales of suvemcitug in China until 15 years after the first commercial sale of suvemcitug. The Company assessed the milestone and royalty events involving Simcere as of September 30, 2024 and determined that no such amounts were receivable.

T-Mab/Mabwell Agreement

In May 2008, Epitomics and Jiangsu T-Mab Biotechnology Ltd., Co. (“T-Mab”) entered into a license, co-development and contract manufacture agreement (the “T-Mab Agreement”) for the development and commercialization of therapeutic candidates, each directed to a specified target for specified fields, including VEGF for the treatment of ocular diseases, in China. Mabwell (Shanghai) Bioscience Co., Ltd. (“Mabwell”) acquired T-Mab in 2015.

Under the agreement, Mabwell was granted an exclusive, royalty-bearing, perpetual license (without the right to sublicense) to rights in certain intellectual property to develop and commercialize such therapeutic candidates. Mabwell is obligated to pay the Company a mid-single-digit percentage royalty on net sales of such therapeutic candidates in China. The Company assessed the milestone and royalty events involving Mabwell as of September 30, 2024 and determined that no such amounts were receivable.

Toray Sublicense Agreement

In May 2012, Epitomics and Toray Industries, Inc. (“Toray”), entered into a non-exclusive sublicense agreement (the “Toray Agreement”) under which Epitomics granted Toray a non-exclusive, worldwide sublicense, with the right to grant further sublicenses, to develop and commercialize drug product candidates that Toray developed using antibodies created using Apexigen’s antibody-discovery platform (the “APXiMAB Platform”) that target certain molecules to use in the development of its drug product candidates. Under the Toray Agreement, Toray paid an upfront fee and agreed to pay certain development- and regulatory-related milestone payments and a low single-digit percentage royalty on net sales of licensed products and sublicense revenues by Toray or its affiliates. The Company assessed the milestone and royalty events involving Toray as of September 30, 2024 and determined that no such amounts were receivable.

Related Parties - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended	9 Months Ended
	Jan. 31, 2023	Mar. 31, 2021	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Mar. 31, 2023	Oct. 06, 2022
Related Party Transaction [Line Items]
Common stock, shares issued			59,449,998	59,449,998	44,754,853
Pfizer License Agreement
Related Party Transaction [Line Items]
Ownership percentage			10.00%	10.00%
Upfront payments	$ 8,000,000	$ 5,000,000
Common stock, shares issued						1,811,594	2,229,654
Related Party \| Pfizer License Agreement
Related Party Transaction [Line Items]
Related party transaction expenses incurred				$ 0
University License Agreement \| Related Party
Related Party Transaction [Line Items]
Related party transaction expenses incurred			$ 0	$ 40,000

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Common Stock Reserved for Issuance

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


	September 30, 2024		December 31, 2023
Stock options outstanding		6,964,592		5,982,464
Non-vested and unsettled restricted stock units		2,987,279		3,631,431
Shares reserved for future issuance		1,547,455		1,013,840
Pre-Funded Warrant Shares		1,611,215		—
Apexigen replacement warrants		1,003,191		1,003,191
Employee stock purchase plan		589,004		565,405
Total		14,702,736		12,196,331

Stockholders' Equity - Common Stock Reserved for Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	14,702,736	12,196,331
Stock Options Outstanding
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	6,964,592	5,982,464
Non-Vested and Unsettled Restricted Stock Units
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	2,987,279	3,631,431
Shares Reserved for Future Issuance
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	1,547,455	1,013,840
Employee Stock Purchase Plan
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	589,004	565,405
Pre-Funded Warrant Shares
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	1,611,215
Apexigen Replacement Warrants
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	1,003,191	1,003,191

Common Stock Warrants - Additional Information (Details) - $ / shares	Feb. 26, 2024	Sep. 30, 2024	Dec. 31, 2023	Jul. 29, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Replacement of warrants		1,003,191
Pre-Funded Warrants issued to purchase aggregate number of shares of common stock		59,449,998	44,754,853
Apexigen, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Replacement of warrants		5,815,613
Pre-Funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		1,611,215
Purchase price per warrant	$ 4.779
Maximum [Member] \| Pre-Funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price per share	$ 0.001
Warrant One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		344,259
Warrants exercise price per share		$ 8.12
Warrant Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		17,212
Warrants exercise price per share		$ 10.14
Warrant Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		641,720
Warrants exercise price per share		$ 66.67		$ 66.67
Common Stock \| Pre-Funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Pre-Funded Warrants issued to purchase aggregate number of shares of common stock	1,611,215

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Marketable Debt Securities (Tables)

9 Months Ended

Sep. 30, 2024

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):


	September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Marketable debt securities
U.S. Treasury securities	$	132,411	$	352	$	(1	)	$	132,762

	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Marketable debt securities
U.S. Treasury securities	$	109,571	$	71	$	(8	)	$	109,634

Interest and Investment Income

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest income	$	194	$	227	$	843	$	1,689
Accretion of discount, net		1,652		1,480		4,576		3,347
Total interest and investment income	$	1,846	$	1,707	$	5,419	$	5,036

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 9
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

The Company’s effective tax rate from continuing operations was 0% for the three and nine months ended September 30, 2024 and 2023, respectively. The Company has not recorded a federal income tax provision for the three and nine months ended September 30, 2024 and 2023. The Company recorded a nominal state and local income tax provision for the three and nine months ended September 30, 2024 and 2023.

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.

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

Net Loss per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

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:


	September 30,
	2024		2023
Stock options outstanding		6,964,592		6,022,413
Non-vested and unsettled restricted stock units		2,987,279		3,822,944
Shares reserved for future issuance		1,547,455		1,348,744
Apexigen replacement warrants		1,003,191		1,003,191
Employee stock purchase plan		589,004		584,188
Total		13,091,521		12,781,480

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Apexigen, Inc.	Pfizer License Agreement	Common Stock	Common Stock Apexigen, Inc.	Common Stock Pfizer License Agreement	Additional Paid-in Capital	Additional Paid-in Capital Apexigen, Inc.	Additional Paid-in Capital Pfizer License Agreement	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
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		$ 10,732	$ 5,000		$ 4	$ 2		$ 10,728	$ 4,998
Issuance of common stock (Shares)					4,344,435	1,811,594
Issuance of common stock pursuant to at-the-market program, net of offering costs (See Note 7) (Shares)				1,001,208
Issuance of common stock pursuant to at-the-market program, net of offering costs (See Note 7)	6,122			$ 1			6,121
Issuance of common stock under employee stock purchase plan ("ESPP")	105						105
Issuance of common stock under employee stock purchase plan ("ESPP") (Shares)				60,567
Issuance of restricted common stock, net of tax withholdings	(390)			$ 3			(393)
Issuance of restricted common stock, net of tax withholdings, (Shares)				2,040,288
Shares issued pursuant to the ATM program, net of commission (shares)				1,001,208
Stock options exercised	120						120
Stock options exercised (Shares)				77,270
Stock-based compensation	13,731						13,731
Net unrealized (loss) gain on marketable debt securities	(105)									$ (105)
Net Income (Loss)	(58,193)										(58,193)
Ending balance at Sep. 30, 2023	137,946			$ 44			408,635			(105)	(270,628)
Ending balance (in shares) at Sep. 30, 2023				44,294,092
Beginning balance at Jun. 30, 2023	145,275			$ 39			392,900			(85)	(247,579)
Beginning Balance, Shares at Jun. 30, 2023				39,376,941
Issuance of common stock		$ 10,732			$ 4			$ 10,728
Issuance of common stock (Shares)					4,344,435
Vesting of restricted common stock, net of tax withholdings (Shares)				455,375
Vesting of restricted common stock, net of tax withholdings	(393)			$ 1			(394)
Issuance of common stock under employee stock purchase plan ("ESPP")	105						105
Issuance of common stock under employee stock purchase plan ("ESPP") (Shares)				60,567
Shares issued pursuant to the ATM program, net of commission (shares)				0
Stock options exercised	117						117
Stock options exercised (Shares)				56,774
Stock-based compensation	5,179						5,179
Net unrealized (loss) gain on marketable debt securities	(20)									(20)
Net Income (Loss)	(23,049)										(23,049)
Ending balance at Sep. 30, 2023	137,946			$ 44			408,635			(105)	(270,628)
Ending balance (in shares) at Sep. 30, 2023				44,294,092
Beginning balance at Dec. 31, 2023	125,704			$ 45			411,821			63	(286,225)
Beginning Balance, Shares at Dec. 31, 2023				44,754,853
Issuance of common stock in private placement, net of offering costs (See Note 7) (Shares)				8,849,371
Issuance of common stock in private placement, net of offering costs (See Note 7)	39,172			$ 9			39,163
Issuance of common stock pursuant to at-the-market program, net of offering costs (See Note 7) (Shares)				4,050,000
Issuance of common stock pursuant to at-the-market program, net of offering costs (See Note 7)	12,174			$ 4			12,170
Issuance of pre-funded warrants in private placement, net of offering costs (See Note 8)	7,700						7,700
Issuance of common stock under employee stock purchase plan ("ESPP")	177						177
Issuance of common stock under employee stock purchase plan ("ESPP") (Shares)				86,481
Issuance of restricted common stock, net of tax withholdings	(240)			$ 1			(241)
Issuance of restricted common stock, net of tax withholdings, (Shares)				1,587,161
Shares issued pursuant to the ATM program, net of commission (shares)				4,050,000
Stock options exercised	$ 293						293
Stock options exercised (Shares)	122,132			122,132
Stock-based compensation	$ 10,172						10,172
Net unrealized (loss) gain on marketable debt securities	288									288
Net Income (Loss)	(41,760)										(41,760)
Ending balance at Sep. 30, 2024	153,680			$ 59			481,255			351	(327,985)
Ending balance (in shares) at Sep. 30, 2024				59,449,998
Beginning balance at Jun. 30, 2024	169,794			$ 59			476,619			(102)	(306,782)
Beginning Balance, Shares at Jun. 30, 2024				58,914,712
Issuance of common stock pursuant to at-the-market program, net of offering costs (See Note 7) (Shares)				450,000
Issuance of common stock pursuant to at-the-market program, net of offering costs (See Note 7)	1,584						1,584
Issuance of common stock under employee stock purchase plan ("ESPP")	72						72
Issuance of common stock under employee stock purchase plan ("ESPP") (Shares)				26,599
Issuance of restricted common stock, net of tax withholdings	(1)						(1)
Issuance of restricted common stock, net of tax withholdings, (Shares)				58,687
Shares issued pursuant to the ATM program, net of commission (shares)				450,000
Stock-based compensation	2,981						2,981
Net unrealized (loss) gain on marketable debt securities	453									453
Net Income (Loss)	(21,203)										(21,203)
Ending balance at Sep. 30, 2024	$ 153,680			$ 59			$ 481,255			$ 351	$ (327,985)
Ending balance (in shares) at Sep. 30, 2024				59,449,998

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

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 subsidiaries. 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 nine months ended September 30, 2024 are not necessarily indicative of those expected for the year ending December 31, 2024 or for any future period. The condensed consolidated balance sheet as of December 31, 2023 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, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 21, 2024 (“Fiscal 2023 10-K”).

Liquidity

As of September 30, 2024, the Company had an accumulated deficit of $328.0 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $41.8 million and $58.2 million for the nine months ended September 30, 2024 and 2023, respectively.

The Company has not generated any revenues from product sales to date and does not anticipate generating any revenues from product sales 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 $144.8 million as of September 30, 2024 will fund its operating expenses and capital requirements at least twelve months from the date these unaudited condensed 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, fair value of intangible assets 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 development and manufacturing organizations (“CDMOs”), 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

There have been no significant changes to the Company’s significant accounting policies disclosed in “Note 2 – Summary of Significant Accounting Policies” of the Company’s Fiscal 2023 10-K.

Recently Adopted Accounting Pronouncements

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 revises the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. On January 1, 2024, the Company adopted ASU 2020-06, 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 (“AICPA”), 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.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

The Company grants stock-based incentive awards pursuant to the 2021 Equity and Incentive Plan (the “2021 Plan”), 2019 Equity Incentive Plan (the “2019 Plan”), Apexigen Equity Incentive Plans (the “Apexigen Plan”) and the 2022 Equity Inducement Plan (the “2022 Inducement Plan”). As of September 30, 2024, there were 1,014,149 shares, 132,314 shares, 295,243 shares and 105,749 shares available for future issuance under the 2021 Plan, 2019 Plan, Apexigen Plan and 2022 Inducement Plan, respectively.

On May 1, 2024, the Company’s board of directors approved the Non-Qualified Deferred Compensation Plan ("the NQDC Plan"), which became effective on that date. The NQDC Plan was made available to eligible employees, including the non-employee directors, and allows those who elect to participate to defer the settlement of certain restricted stock units to a future period. Certain members of management participated in the NQDC Plan and deferred settlement of restricted stock units to fiscal 2027 through 2031.

Stock Options

The following table summarizes stock option activity for the nine months ended September 30, 2024 (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, 2024		5,982,464		$	7.31		7.6	$	141
Granted		1,485,247			3.89
Exercised		(122,132	)		2.14
Expired		(282,928	)		14.28
Forfeited		(98,059	)		8.55
Outstanding at September 30, 2024		6,964,592		$	6.37		7.7	$	5,266
Options exercisable September 30, 2024		3,639,795		$	7.42		6.8	$	3,098

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 $3.67 per share as of September 30, 2024. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2024, was $0.3 million. There were no stock options exercised during the three months ended September 30, 2024. The aggregate intrinsic value of stock options exercised during the three and nine months ended September 30, 2023, were $0.1 million.

The weighted-average grant-date fair value of stock options granted during the three and nine months ended September 30, 2024, were $2.91 and $3.14 per share, respectively, and $1.29 and $1.58 per share for the three and nine months ended September 30, 2023, respectively.

The Company estimated the fair value of each stock option on the date of grant using the following key input assumptions in the Black-Scholes option-pricing model:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Expected volatility	99.87%	98.23% - 118.90%	99.41% - 102.27%	97.11% - 118.90%
Risk-free interest rate	3.55%	4.36% - 5.57%	3.55% - 4.48%	3.58% - 5.57%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected term (in years)	6.08	0.25 - 6.08	5.00 - 6.08	0.25 - 6.08

The Company has an aggregate $10.4 million of gross unrecognized stock-based compensation expense for stock options as of September 30, 2024, remaining to be amortized over a weighted average period of 2.1 years.

Restricted Stock Units

The following table summarizes restricted stock units activity for the nine months ended September 30, 2024:


	Number of Units			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2024		3,631,431		$	2.51
Granted		1,329,832			3.80
Forfeited		(280,007	)		2.57
Vested and settled(1)		(1,693,977	)		2.64
Non-vested and unsettled at September 30, 2024		2,987,279		$	3.00

(1) includes 42,869 RSUs which are vested but unsettled as of September 30, 2024.

During the nine months ended September 30, 2024, the Company issued 1,587,161 shares of its common stock from the settlement of 1,651,108 restricted common stock, with the remaining shares withheld for taxes. The Company has an aggregate $7.0 million of gross unrecognized restricted stock-based compensation expense as of September 30, 2024, remaining to be amortized over a weighted average period of 2.7 years.

2021 Employee Stock Purchase Plan (“2021 ESPP”)

The Company has the 2021 ESPP in force. During the three and nine months ended September 30, 2024, the Company issued 26,599 shares and 86,481 shares, respectively, of common stock pursuant to the ESPP. As of September 30, 2024, 589,004 shares are available for issuance under the 2021 ESPP.

Summary of Stock-Based Compensation Expense

The following table summarizes the total stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
General and administrative	$	2,145	$	4,196	$	7,887	$	9,787
Research and development		836		982		2,285		3,944
Total	$	2,981	$	5,178	$	10,172	$	13,731

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	7,201	$	—	$	—	$	7,201
Marketable debt securities
U.S. Treasury securities		132,762		—		—		132,762
Total	$	139,963	$	—	$	—	$	139,963

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash Equivalents
Money market funds	$	8,360	$	—	$	—	$	8,360
Marketable debt securities
U.S. Treasury securities		109,634		—		—		109,634
Total	$	117,994	$	—	$	—	$	117,994

The Company’s cash equivalents represent deposits in a short-term money market fund quoted in an active market and are classified as Level 1 assets. Marketable debt securities include investments in United States Treasury securities and are classified as Level 1 assets as they are valued using quoted prices in active markets. There were no assets or liabilities measured at fair value on a nonrecurring basis at September 30, 2024 and December 31, 2023. There were no transfers between Level 1 and Level 2 of the fair value hierarchy 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.

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