# EDGAR Filing Document

**Accession Number:** 0001782223
**File Stem:** 0001193125-26-118525
**Filing Date:** 2026-3
**Character Count:** 63273
**Document Hash:** 2138c22111e61b69c7538e45c8c8197f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-118525.hdr.sgml**: 20260323

**ACCESSION NUMBER**: 0001193125-26-118525

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20260323

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**FILED AS OF DATE**: 20260323

**DATE AS OF CHANGE**: 20260323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pyxis Oncology, Inc.
- **CENTRAL INDEX KEY:** 0001782223
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 831160910
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40881
- **FILM NUMBER:** 26779876

**BUSINESS ADDRESS:**
- **STREET 1:** 321 HARRISON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02118
- **BUSINESS PHONE:** (617) 221-9059

**MAIL ADDRESS:**
- **STREET 1:** 321 HARRISON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02118

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** March 23, 2026<br>

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Pyxis Oncology, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-40881 | 83-1160910 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 321 Harrison Avenue |  |  |
| Boston**,** Massachusetts |  | 02118 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (617) 453-3596<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | PYXS | The Nasdaq Global Select Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

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## Item 2.02 Results of Operations and Financial Condition.
On March 23, 2026, Pyxis Oncology, Inc. ("the Company") issued a press release announcing its financial results for the full year ended December 31, 2025 and provided a corporate update. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 7.01 Regulation FD Disclosure.**

On March 23, 2026, the Company made available an updated corporate presentation on the Company's website. A copy of the corporate presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The information contained in Items 2.02 and 7.01 of this Current Report, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing with the U.S. Securities and Exchange Commission made by the Company, regardless of any general incorporation language in such filings.

**Item 9.01 Financial Statements and Exhibits.**

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| | |
|:---|:---|
| (d) Exhibits | (d) Exhibits |
| Exhibit No. | Description |
| 99.1 | [<u>Press Release dated March 23, 2026</u>](pyxs-ex99_1.htm) |
| 99.2 | [<u>Pyxis Oncology Corporate Presentation dated March 23, 2026</u>](pyxs-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Pyxis Oncology, Inc.** |
| Date: | March 23, 2026 | By:  | /s/ Jitendra Wadhane |
|  |  |  | Jitendra Wadhane<br>Principal Financial and Accounting Officer<br>|

---

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## Exhibit 99.1

![img244827169_0.jpg](img244827169_0.jpg)

**Exhibit 99.1**

**Pyxis Oncology Provides Business Update and Reports Fourth Quarter and Full Year 2025 Financial Results** 

*Completed target enrollment in Phase 1 monotherapy dose expansion study of micvotabart pelidotin (MICVO) in 2L+ Recurrent/Metastatic Head and Neck Squamous Cell Carcinoma (R/M HNSCC) in the first quarter of 2026*

*Updated data from MICVO Phase 1 monotherapy study in 2L+ R/M HNSCC on track for mid-year 2026; to include patients treated with modified weight-based dosing and patients treated with total body weight dosing* 

*Updated data from MICVO Phase 1/2 dose escalation study in combination with KEYTRUDA*<sup>®</sup>*in 1L/2L+ R/M HNSCC on track for the second half of 2026*

*Announced appointment of Thomas Civik as Interim Chief Executive Officer*

*Expected cash runway into the fourth quarter of 2026*

**BOSTON, March 23, 2026 (GLOBE NEWSWIRE)**— Pyxis Oncology, Inc. (Nasdaq: PYXS), a clinical-stage company developing next-generation therapeutics for difficult-to-treat cancers, today provided a business update, and reported financial results for the year and quarter ended December 31, 2025.

"The completion of target enrollment in the Phase 1 monotherapy study of MICVO in patients with recurrent/metastatic head and neck squamous cell carcinoma is an important milestone for the Company and reflects the incredible effort of the Pyxis Oncology team," said Thomas Civik, Interim Chief Executive Officer and Director of Pyxis Oncology. "We are laser focused on clinical execution and operations so that we can deliver a robust dataset in mid-2026 that will allow us to further assess the potential of MICVO as monotherapy. Following the preliminary results shared last December, we implemented a modified weight-based dosing approach that is expected to deliver optimal drug exposure for patients across all weight ranges to further improve the benefit-risk profile for MICVO. We look forward to sharing these results mid-year, and plan to provide an assessment of whether the dosing modification achieved these intended goals. We also expect to share updated combination data in 2H26 as we continue to evaluate the potential of MICVO in the front-line setting, building on the encouraging initial combination data shared last December."

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![img244827169_0.jpg](img244827169_0.jpg)

**Pipeline Updates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pyxis Oncology announced positive preliminary data for micvotabart pelidotin (MICVO) in recurrent/metastatic head and neck squamous cell carcinoma (R/M HNSCC) in December 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Monotherapy: 46% confirmed objective response rate (ORR) and 92% disease control rate (DCR) observed with MICVO as monotherapy in 2L+ R/M HNSCC (N=13, efficacy evaluable). MICVO as monotherapy was generally well tolerated, with no Grade 4 ADC payload treatment-related adverse events (TRAEs) of interest observed. No Grade 5 events occurred. Preliminary results shared in December 2025 included all Phase 1 patients (N=18) dosed at 5.4 mg/kg IV Q3W total body weight (TBW).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Combination: 71% confirmed ORR and 100% DCR observed with MICVO in combination with a fixed dose of 200 mg of KEYTRUDA® (pembrolizumab) in 1L/2L+ R/M HNSCC at 3.6 mg/kg (N=4) and 4.4 mg/kg (N=3) IV Q3W. MICVO in combination with KEYTRUDA® was generally well tolerated, with no Grade 3 or Grade 4 ADC payload TRAEs of interest observed. No Grade 5 events occurred. The combination study is part of a Clinical Trial Collaboration Agreement with Merck (known as MSD outside of the US and Canada).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the fourth quarter of 2025, the Company obtained feedback and alignment from the U.S. Food and Drug Administration (FDA) regarding the clinical trial design for a planned pivotal monotherapy study in 2L+ R/M HNSCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pyxis Oncology expects to report updated data from the ongoing MICVO Phase 1 monotherapy study in 2L+ R/M HNSCC mid-year 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The ongoing MICVO Phase 1 monotherapy study is a two-part study. Part 1 was a dose escalation study across multiple doses and tumor types, with initial results shared in November 2024. Part 2, a dose expansion study at 5.4 mg/kg IV Q3W in 2L+ R/M HNSCC, is currently ongoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The dose expansion study of the ongoing MICVO Phase 1 monotherapy study includes two arms: post platinum & anti-PD(L)-1 experienced patients (Arm 1) and post EGFRi and/or anti-PD(L)-1 experienced patients (Arm 2). Target enrollment for each arm of the study was n=~20. Total study target enrollment of n=~40 was completed in 1Q26.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•MICVO Phase 1 monotherapy data in 2L+ R/M HNSCC expected mid-year 2026 will include patients dosed at 5.4 mg/kg IV Q3W with a dose cap for patients with higher body weight, in addition to patients previously treated at 5.4 mg/kg IV Q3W TBW. Results are anticipated to include detailed analyses of the impact of the modified weight-based dosing approach on safety and efficacy. Adjusted Ideal Body weight (AIBW) dosing, which has demonstrated improved tolerability without sacrificing activity in clinical studies of other ADCs<sup>[1]</sup>, is being implemented in ongoing clinical studies as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In the preliminary results shared in December 2025, there were no treatment-related adverse events (TRAEs) leading to discontinuation for patients at or below adjusted ideal body weight. Grade 3 auristatin ADC payload related TRAEs of interest were more frequent for high body weight<sup>[2]</sup>patients and TRAEs leading to discontinuation occurred exclusively in high body weight patients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•New PK simulation data presented in the Pyxis Oncology March 2026 corporate presentation and its 2025 Form 10-K show that modified weight-based dosing approaches, dose capping and AIBW, result in a decrease in drug exposure (Cavg) relative to TBW dosing, specifically for higher body weight patients. This reduction in exposure is expected to decrease the incidence and severity of auristatin ADC payload related TRAEs of interest and TRAEs leading to discontinuation, while

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![img244827169_0.jpg](img244827169_0.jpg)

preserving efficacy. Comparable drug exposure is predicted for dose capping and AIBW across all weight categories, including for higher body weight patients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pyxis Oncology expects to report updated data from the ongoing Phase 1/2 combination dose escalation study of MICVO and KEYTRUDA® for 1L/2L+ R/M HNSCC patients in 2H26.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The ongoing MICVO Phase 1/2 study evaluating MICVO in combination with KEYTRUDA® is currently in dose escalation across multiple doses for the treatment of 1L/2L+ R/M HNSCC. Preliminary positive results were shared in the December 2025 data update.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pyxis Oncology presendted new translational data in October 2025 in two posters at the *European Society for Medical Oncology (ESMO) Congress 2025* and in six posters at the *AACR-NCI-EORTC International Conference*, as well as three clinical trial posters at *ESMO*. The presentation posters at *ESMO* and *AACR-NCI-EORTC* provided deeper insights into the pharmacodynamic responses of tumors to MICVO as well as MICVO's unique mechanism of action and its potential to exert anti-tumor activity through three mechanisms: direct tumor cell killing, bystander killing and immunogenic cell death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In April 2026, Pyxis Oncology will present novel preclinical data at the *2026 American Association for Cancer Research (AACR) Annual Meeting*. The study abstract highlights the anti-tumor activity of a murine analog of MICVO (maMICVO) in the poorly immunogenic, immunotherapy-refractory mouse oral carcinoma 2 (MOC2) syngeneic HNSCC model. Notably, image analysis suggested modulation of the immune landscape post-maMICVO treatment, providing scientific rationale to test the combination of maMICVO with anti-PD-1 in this refractory model.

**Corporate Updates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pyxis Oncology continues to build out its senior leadership team and internal capabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pyxis Oncology announced the appointment of Thomas Civik as Interim Chief Executive Officer in February 2026. Mr. Civik has been a member of Pyxis Oncology's Board of Directors since October 2021 and is a highly experienced biotechnology executive with a proven track record in advancing cancer therapeutics. He most recently served as President and Chief Executive Officer of Five Prime Therapeutics, where he led the company through its acquisition by Amgen for $1.9 billion in April 2021. Mr. Civik previously served as Chairperson of the Board of ImCheck Therapeutics and Repare Therapeutics through their respective acquisitions by Ipsen and XOMA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pyxis Oncology appointed Heather Knowles as Senior Vice President, Head of Global Clinical Operations in January 2026. Ms. Knowles is a highly accomplished clinical development operations leader with more than 20 years of experience guiding global oncology programs across the full development continuum from first-in-human studies through registration. She has worked across solid tumors and hematologic malignancies and brings deep expertise spanning multiple modalities, including mRNA therapeutics, immune modulators, cell therapies, and small molecules. Ms. Knowles most recently served as Vice President, Clinical Operations, Therapeutics & Oncology at Moderna, where she built and scaled Moderna's global clinical operations organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company announced the appointment of Alex Kane as Senior Vice President, Investor Relations and Capital Markets in October 2025. Mr. Kane brings 20 years of experience and a proven track record in investor relations, strategic communications, and equity capital markets across the life sciences sector. Mr. Kane most recently served as Vice President of Equity Capital

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![img244827169_0.jpg](img244827169_0.jpg)

Markets at Guggenheim Securities, advising biotechnology clients on financing strategies and equity transactions. Previously, Mr. Kane held senior investor relations and communications roles at Praxis Precision Medicines and PTC Therapeutics, successfully managing IPOs, secondary offerings, and long-term investor engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pyxis Oncology appointed Brian Freeman as Senior Vice President, Global Program Leader for MICVO in May 2025. Mr. Freeman brings deep expertise in program leadership and commercialization across a broad range of modalities, including ADCs, degraders, DACs, monoclonal antibodies, and small molecules, with a focus in Oncology and Immunology. His portfolio experience includes notable therapies such as pivekimab sunirine, Kadcyla, Xolair, Avastin, Herceptin, and Tarceva. Before joining Pyxis Oncology, Mr. Freeman led the pivekimab sunirine (IMGN-632) program at ImmunoGen/AbbVie and served as Head of Commercial Strategy at Foghorn Therapeutics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In December 2025, Pyxis Oncology completed sale of its rights to royalties from the commercialization of Enzeshu® (Suvemcitug for Injection) for a one-time cash payment of $11 million and four semi-annual installments of $175,000 each. This non-dilutive funding will support the development of MICVO. As part of Pyxis Oncology's acquisition of Apexigen, Inc. in August 2023, the Company acquired rights to royalties on Enzeshu and another asset discovered using APXiMAB, Apexigen's proprietary antibody discovery platform.

**Full Year 2025 Financial Results** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of December 31, 2025, Pyxis Oncology had cash and cash equivalents, including restricted cash, and short-term investments, of $68.3 million. The Company believes that its current cash, cash equivalents, and short-term investments will be sufficient to fund its operations into the fourth quarter of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenues were $13.9 million for the year ended December 31, 2025, compared to $16.1 million for the year ended December 31, 2024. Revenues for 2025 consist of the regulatory milestone related to approval of suvemcitug in China and the sale of royalty rights for Enzeshu® to Simcere. Revenues for 2024 consist of the settlement and sale of royalty rights for Beovu® to Novartis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Research and development expenses were $73.7 million for the year ended December 31, 2025, compared to $58.7 million for the year ended December 31, 2024. The increase was primarily due to a $6.1 million increase in contract manufacturing costs and a $7.5 million increase in clinical trial related expenses related to monotherapy and combination therapy of MICVO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•General and administrative expenses were $22.2 million for the year ended December 31, 2025, compared to $25.4 million for the year ended December 31, 2024. The decrease was primarily due to lower employee-related costs including stock-based compensation, lower corporate insurance costs and a decrease in legal, professional and consulting fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net loss was $79.6 million, or ($1.28) per common share, for the year ended December 31, 2025, compared to $77.3 million, or ($1.32) per common share, for the year ended December 31, 2024. Excluding non-cash stock-based compensation expense and impairment loss, the net loss for the year ended December 31, 2025 was $67.8 million, compared to a net loss of $43.4 million for the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of March 20, 2026, the outstanding number of shares of Common Stock of Pyxis Oncology was 62,831,246.

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![img244827169_0.jpg](img244827169_0.jpg)

**About Pyxis Oncology, Inc.**

Pyxis Oncology, Inc. is a clinical-stage biopharmaceutical company developing therapeutics for difficult-to-treat cancers. The Company's lead candidate, micvotabart pelidotin (MICVO), is a first-in-concept antibody drug conjugate (ADC) that targets extradomain-B of fibronectin (EDB+FN), a non-cellular structural component of the tumor extracellular matrix (ECM). EDB+FN is selectively overexpressed in the tumor microenvironment of a wide range of solid tumors and largely absent from normal adult tissues. MICVO is designed to treat solid tumors through a three-pronged mechanism of action: direct tumor cell killing, bystander effect and immunogenic cell death. MICVO is currently being evaluated in Phase 1 clinical studies in patients with recurrent and metastatic head and neck squamous cell carcinoma (R/M HNSCC) and other solid tumors, both as monotherapy and in combination with Merck's anti-PD-1 therapy, KEYTRUDA® (pembrolizumab). Pyxis Oncology is focused on advancing MICVO, with the goal of improving outcomes for patients living with R/M HNSCC and contributing to meaningful progress in cancer treatment.

MICVO received Fast Track Designation from the U.S. Food and Drug Administration for the treatment of adult patients with R/M HNSCC whose disease has progressed following treatment with platinum-based chemotherapy and an anti-PD-(L)1 therapy.

KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.

To learn more, visit <u>www.pyxisoncology.com</u> or follow us on <u>LinkedIn</u>.

****

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![img244827169_0.jpg](img244827169_0.jpg)

**Forward Looking Statements**

*This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are often identified by the use of words such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "likely," "may," "might," "objective," "ongoing," "plan," "potential," "predict," "project," "should," "to be," "will," "would," or the negative or plural of these words, or similar expressions or variations, although not all forward-looking statements contain these words. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur and actual results could differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified herein, and those discussed in the section titled "Risk Factors" set forth in Part II, Item 1A. of the Company's Annual Report on Form 10-K filed with SEC on March 23, 2026, and our other filings, each of which is on file with the Securities and Exchange Commission. These risks are not exhaustive. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date hereof and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.*

**Pyxis Oncology Contact**

Alex Kane

<u>IR@pyxisoncology.com</u> 

**Media**

Cailyn McCutcheon

Real Chemistry

<u>cmccutcheon@realchemistry.com</u> 

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![img244827169_0.jpg](img244827169_0.jpg)

**PYXIS ONCOLOGY, INC.** 

**Consolidated Statements of Operations and Comprehensive Loss** 

**(In thousands, except share and per share amounts)** 

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;Sale of royalty rights  | $11038 | $8000 |
| &nbsp;&nbsp;&nbsp;Milestone revenue  | 2820 |  |
| &nbsp;&nbsp;&nbsp;Royalty revenues |  | 8146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 13858 | 16146 |
| **Costs and operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues | 2388 | 475 |
| &nbsp;&nbsp;&nbsp;Research and development | 73696 | 58747 |
| &nbsp;&nbsp;&nbsp;General and administrative | 22194 | 25420 |
| &nbsp;&nbsp;&nbsp;Impairment of in-process research and development intangible asset  |  | 20964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and operating expenses | 98278 | 105606 |
| Loss from operations | (84420) | (89460) |
| Other income, net |  |  |
| &nbsp;&nbsp;&nbsp;Interest and investment income, net | 3610 | 7039 |
| &nbsp;&nbsp;&nbsp;Sublease income | 2575 | 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | 6185 | 9965 |
| Loss before income taxes | (78235) | (79495) |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 1386 | (2164) |
| **Net loss** | $**(79621)** | $**(77331)** |
| Net loss per common share - basic and diluted | $(1.28) | $(1.32) |
| Weighted average shares of common stock outstanding - basic and diluted | 62143166 | 58445765 |

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![img244827169_0.jpg](img244827169_0.jpg)

**PYXIS ONCOLOGY, INC.** 

**Consolidated Balance Sheets** 

**(In thousands, except share and per share amounts)**

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $15422 | $19473 |
| &nbsp;&nbsp;&nbsp;Marketable debt securities | 51435 | 107458 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 1472 | 1472 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 3776 | 4037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 72105 | 132440 |
| Property and equipment, net | 7997 | 9899 |
| Intangible assets, net |  | 2600 |
| Operating lease right-of-use asset | 11418 | 12242 |
| **Total assets** | $**91520** | $**157181** |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $10885 | $4859 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 8554 | 11371 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 1692 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 21131 | 17680 |
| Operating lease liabilities, net of current portion | 16958 | 18650 |
| Financing lease liabilities, net of current portion | 23 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 38112 | 36430 |
| Commitments and contingencies  |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 63 | 60 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 496469 | 484077 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 53 | 170 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (443177) | (363556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 53408 | 120751 |
| **Total liabilities and stockholders' equity** | $**91520** | $**157181** |

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<sup>[1]</sup> SyBing, Andrew B., and Diane D. Wang. "Optimizing Body Size-Based Dosing Approaches for Antibody–Drug Conjugates." Clinical Pharmacology & Therapeutics (2025).

<sup>[2]</sup> High body weight defined as total body weight > 10% of AIBW; AIBW calculated using Devine formula (Devine et al, 1974)

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## Exhibit 99.2

![Slide 1](pyxs-ex99_2s1.jpg)

Building a Differentiated ADC Company Nasdaq: PYXS March 2026 Exhibit 99.2

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![Slide 2](pyxs-ex99_2s2.jpg)

Forward Looking Statement This presentation contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical facts contained in this presentation, including without limitation statements regarding the Company's plans to develop, manufacture and commercialize its product candidate, including micvotabart pelidotin ('MICVO'); preliminary data, timing and progress of the Company's ongoing clinical trials; the expected results of the Company's clinical trials; the ability of preliminary, initial and topline clinical data to de-risk MICVO and be confirmed with clinical trial progression, including the safety, tolerability, and potential efficacy of MICVO; the potential differentiation, advantage or effectiveness of MICVO compared to other approved products or products in development; the dosage and treatment potential of MICVO; the size and future of the market; the plans and objectives of management, and the future results of operations and financial position of the Company, are forward-looking statements. These statements are neither promises nor guarantees, but are statements that involve known and unknown risks, uncertainties and other important factors that are in some cases beyond the Company's control that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the risks inherent in drug research and development, the Company's projected cash runway and potential needs for additional funding; the lengthy, expensive, and uncertain process of clinical drug development, including potential delays in or failure to obtain regulatory approvals; the Company's reliance on third parties and collaborators to conduct clinical trials, manufacture their product candidate, and develop and commercialize their product candidate; and the Company's ability to compete successfully against other drug candidate. Accordingly, investors should not rely upon forward-looking statements as predictions of future events. Except as required by applicable law, the Company undertakes no obligation to update publicly or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Additionally, investors should read risk factors in the section titled "Risk Factors" set forth in Part II, Item 1A. of the Company's Annual Report on Form 10-K filed on March 23, 2026, and our other filings, each of which is on file with the Securities and Exchange Commission.

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Multiple Clinical Data Catalysts Expected in 2026 Positioned to be a Differentiated ADC Company First-in-Concept Extracellular ADC Technology Clinical focus on significant unmet need in R/M HNSCC Validated monotherapy & combination efficacy signal in R/M HNSCC

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MICVO is a First-in-Concept ADC

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MICVO is the First-in-Concept Extracellular Targeting ADC in Clinical Development \*CAFs = cancer-associated fibroblasts Targets EDB+FN, a splice variant of fibronectin and novel non-cellular ADC target Tumor Vasculature (e.g., Avastin) Fibronectin CAFs\* EDB+FN (MICVO) Immune Cells (e.g., KEYTRUDA®) Tumor Cells (e.g., Enhertu) EDB+FN - splice variant of fibronectin abundant in the tumor extracellular matrix (ECM) associated with tumor growth, angiogenesis and metastasis Fibronectin - non-cellular component of tissue ECM, which in tumors acts as a scaffold to support growth

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Binding of MICVO to EDB+FN Presence of extracellular proteases (cathepsins) Low pH to enable cathepsin proteolytic activity Stromal architecture (e.g., spatial orientation of ECM fibers) Immunogenic tumor microenvironment1 Key biological drivers of response in addition to EDB+FN expression EDB+FN is Expressed in ECM of Many Solid Tumors, Negligibly in Normal Tissue Source: Pyxis Oncology nonclinical data 1. Preclinical data support MICVO has activity in tumors that are immunologically 'cold' as well, so while immunogenic TME can be a driver, it has been shown not to be required Recent translational findings identify factors in addition to EDB+FN expression driving response EDB+FN protein shows differential expression between tumor and normal samples, with negligible expression in normal tissues EDB+FN Expression Head & Neck Thyroid TNBC Liver Sarcoma Lung Ovary Pancreas HR+BC Tumor Normal Tumor Normal Tumor Normal Tumor Normal Tumor Normal Tumor Normal Tumor Normal Tumor Normal Tumor Normal

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MICVO construct MICVO is an ADC Designed for Optimized Stability, Potency and Permeability in the Tumor ECM \*DAR = Drug Antibody Ratio EDB+FN targeting mAb AUR0101 payload (x4) Valine Citrulline linker Light chain Heavy chain Engineered cysteine Disulfide bond Key potential advantages mAb specifically directed at EDB+FN, engineered for structural integrity with high avidity-driven binding Site-specific, extracellular protease-cleavable Valine Citrulline linkers Purpose-Built Uniform DAR\* of 4 provides improved therapeutic window via conjugation with engineered cysteines Reduced free payload in serum, Cmax ~4 days after administration Predictable Four optimized cytotoxic auristatin 0101 (AUR0101) microtubule polymerization inhibiting payloads Potential to maximize tumor-killing and biological potency in multiple solid tumor types Potent Optimized for membrane permeability and diffusion to enable efficient bystander killing Fast clearance of optimized AUR0101 payload compared to other auristatins to reduce off-target effects Permeable

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Payload diffuses into & kills tumors cells MICVO designed to bind to EDB and releases payload within tumor ECM Additional bystander killing PAYLOAD DRIVEN Tumor cell dies, releasing payload for additional cycles of tumor cell killing 1 2 MICVO Delivers Potent Anti-Tumor Activity Through a Three-Pronged MOA Non-cellular approach remodeling the tumor ECM could address a primary cause of drug resistance CD8+ lymphocyte Dendritic cell MICVO Cleaved & active payload (auristatin) Tumor cell Matrix Proteases (e.g., cathepsin) KEY EDB+FN Immunogenic cell death IMMUNE DRIVEN Tumor death and exogenous antibody fragments lead to T-cell activation Dead Cell Neoantigen 3

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MICVO PK Profile Demonstrates Superior Stability in Circulation Compared to Approved Val-Cit-MMAE ADCs 1. Based on the corresponding FDA label, shown as ADC half-life; Padcev® - Astellas Pharma Inc. and Pfizer Inc. MMAE: Monomethyl Auristatin E MICVO linear PK profile across doses demonstrates absence of antigen sink The site-specific conjugation for MICVO delivers two advantages: Lower levels of free payload in circulation Longer half-life 1 2 Half-life = 3.6 days1 Half-life = 5-7 days MICVO \*1.25 mg/kg is recommended monotherapy dose for Padcev First dose Padcev® PK, 1.25 mg/kg\* First dose MICVO PK, 1.2 mg/kg Traditional MMAE ADCs with random conjugationhave poor stability and high levels of free payload MICVO uses site-specific conjugation leading to stronger stability and lower levels of free payload

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Initial MICVO Clinical Data Informs Path Forward

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Phase 1 Part 1 Dose Escalation Basket Study with Multiple Tumor Types Identified Range of Potentially Effective Doses 1. As of Oct 4, 2024 data cut off Observed dose-dependent responses starting at 3.6 mg/kg 52% of patients recruited into 5.4 mg/kg dose 8.0 mg/kg N=3 Identified Dose Range Not fully evaluated At or above MTD 6.6 mg/kg N=4 5.4 mg/kg N=42 4.4 mg/kg N=3 3.6 mg/kg N=11 2.4 mg/kg N=8 1.2 mg/kg N=3 0.6 mg/kg N=3 0.3 mg/kg N=3 80 patients dosed across 18 global sites1 Study explored doses from 0.3 – 8.0 mg/kg Q3W 3.6 - 5.4 mg/kg Q3W focus of Phase 1 Part 1 recruitment

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Pronounced Responses Observed in Six Tumor Types In Phase 1 Dose Escalation Note: Efficacy population defined by dose received; dose level for patients who escalated or de-escalated = starting dose 1. N=65; 3 patients dosed after 10/4/24 data cutoff and do not yet have scans; 12 patients of the 77 patients included in the safety dataset are not included in the waterfall for the following reasons - > 3 patients scanned after 10/4/24 data cutoff, 1 patient's scan was delayed beyond protocol allowable timeframe, 3 patients discontinued prior to 1st scan due to non-TRAEs, 1 patient withdrew from the study prior to 1st scan and 4 patients discontinued due to Progressive Disease.; 2. Does not include patient dosed at 5.4 mg/kg who received scan on Day 97 after receiving 1 dose and whose scan was disallowed per protocol due to excessive time between dosing and scan Strongest tumor regression observed in R/M HNSCC patients Summary of all responses (N=65)1 Best % change from baseline PD PR PD PD PD PD PD SD PD SD SD SD PD PD SD SD SD PR PD PD SD PD PD SD PD PD SD SD PD SD PR PR Dose level1 0.3 mg/kg 0.6 mg/kg 1.2 mg/kg 2.4 mg/kg 3.6 mg/kg 4.4 mg/kg 5.4 mg/kg 6.6 mg/kg 8 mg/kg PDAC Thyroid Cancer NSCLC CR \*Confirmed Response as of Oct 4, 2024 data cutoff; #Confirmed Response after Oct 4, 2024 data cutoff (-47% tumor regression); ##Confirmed Response after Oct 4, 2024 data cutoff (-73% tumor regression) PR Best % change from baseline PD PD SD SD SD SD SD SD SD \*PR \*PR PD SD SD PR PD PD PD SD SD PD SD SD PR PR SD SD SD SD SD \*PR \*CR SD SD Sarcoma Ovarian Cancer TNBC HR+ BC HNSCC2 ##PR #PR CR HCC

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Strong Monotherapy Signal in Heavily Pre-treated R/M HNSCC Patients During Phase 1 Part 1 Dose Escalation 1. Does not include patient dosed at 5.4 mg/kg who received scan on Day 97 after receiving 1 dose and whose scan was disallowed per protocol due to excessive time between dosing and scan; 2 2 non-evaluable (dose level not cleared) patients dosed at 6.6 mg/kg; # Confirmed Response by RECIST 1.1 after Oct 4, 2024 data cutoff (-47% tumor regression); ## Week 57 Confirmed PR by RECIST 1.1 at Feb 24, 2025 data extraction (-89% tumor regression); 3. HPV UR= HPV status unrelated Dose level 3.6 mg/kg 5.4 mg/kg PD SD SD PR CR PR CR SD PR # ## HPV Status HPV UR HPV UR HPV+ HPV UR HPV+ HPV+ Feb 2025 Part 1 Dose Escalation Update: R/M HNSCC1 Part 1 Dose Escalation R/M HNSCC Summary Multiple doses explored in R/M HNSCC during dose escalation Responses observed at 3.6 mg/kg and 5.4 mg/kg 50% Confirmed ORR1, 100% Disease Control Rate at 3.6 and 5.4 mg/kg 5.4 mg/kg presented an optimal benefit-risk profile and was selected for dose expansion

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Unmet Need in R/M HNSCC

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R/M HNSCC is a Large, Growing and Uncrowded Market Ripe for Innovation Source: Clarivate/Decision Resources Group: Squamous Cell Carcinoma of the Head and Neck, Epidemiology dashboard, 2022 ~31K 1L ~21K2L ~8K3L US-specific data of drug treatable patients projected to 2029 7th largest oncology market High rate of growth propelled by increasing incidence of HPV Recent corporate and business development highlights market value Innovation driven by a select number of modalities and sponsors Bispecifics/mABs ADCs Others (Vaccines/TKI etc) Key takeaways

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Current US R/M HNSCC Standard of Care Leaves Patients with Few Options and Poor Efficacy CPI: Checkpoint Inhibitor; Cetux: Cetuximab CPI 3.0K 1L CPS<1 CPS≥1 CPI +/- Chemo ORR: 36% Chemo ORR: 20% 2L Cetux (EGFRi) and/or Chemo ORR: 11% CPI ORR: 13% 3L Cetux ORR<10% No established SOC

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Next Gen EGFRi Likely to Become New SOC in HPV unrelated 1L R/M HNSCC CPI: Checkpoint Inhibitor; Cetux: Cetuximab; KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA \*Petosemtamab HPV+ ORR=13% (N=15) per ESMO 2024 presentation and Cetuximab HPV+ ORR=0% per INTERLINK study; #Petosemamtab, Ficerafusp Alfa and Amivantamab studying in 1L Significant unmet need will remain, both in 1L and in 2L+ R/M HNSCC in particular CPI 3.0K 1L CPS<1 All HPV CPS≥20 HPV+ CPS1-19 HPV+ CPS≥1 HPV Unrelated Next-gen EGFRi# + KEYTRUDA® ORR: 48 – 63% Chemo ORR: 20% CPI ORR: 23% CPI + Chemo ORR: 36% 2L No established SOC\* No established SOC CPI ORR: 13% 3L No established SOC Cetux ORR<10% US-specific data of drug treatable patients projected to 2029

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Market Opportunity for MICVO in R/M HNSCC is Substantial Source: Clarivate/DRG: Squamous Cell Carcinoma of the Head and Neck, Epidemiology dashboard, 2022 CPI: Checkpoint Inhibitor; Cetux: Cetuximab \*Petosemtamab HPV+ ORR=13% (N=15) per ESMO 2024 presentation and Cetuximab HPV+ ORR=0% per INTERLINK study; # Petosemamtab, Ficerafusp Alfa and Amivantamab studying in 1L Majority of market remains unserved or underserved as next-gen EGFRi compete in CPS≥1, HPV unrelated US-specific data of drug treatable patients projected to 2029 CPI 3.0K 1L CPS<1 All HPV CPS≥20 HPV+ CPS1-19 HPV+ CPS≥1 HPV Unrelated Next-gen EGFRi# + KEYTRUDA® 22.2K Chemo 4.7K CPI 2.4K CPI + Chemo 1.7K 31K 2L No established SOC\* 2.8K No established SOC 15.1K 21K CPI 3.2K 8K 3L Cetux 1.2K No established SOC 6.8K

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November 2024 Monotherapy Dose Escalation Data Disclosure December 2025 Preliminary R/M HNSCC Mono Dose Expansion & Combo Dose Escalation Data Disclosure MICVO's Clinical Programs Address the Areas of Highest Unmet Need in R/M HNSCC \*Clinical trial collaboration with Merck to evaluate MICVO in combination with KEYTRUDA® - KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA Arm 1: Post Platinum & anti-PD(L)-1 experienced patients Target Enrollment N≈20 Part 2 - 2L+ R/M HNSCC Dose Expansion Monotherapy Program Part 1 - Dose Escalation MICVO + KEYTRUDA® (Pembrolizumab) including 1L/2L+ R/M HNSCC\* Part 1 - Dose Escalation including R/M HNSCC Dose Escalation Backfill including Target R/M HNSCC Enrollment N≈20 Monotherapy Combination Arm 2: Post EGFRi and/or anti-PD(L)-1 experienced patients Target Enrollment N≈20 2023 2024 2025 February 2025 Monotherapy Granted FDA Fast Track Designation

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MICVO Monotherapy in 2L+ R/M HNSCCDecember 2025 Preliminary Data

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MICVO Preliminary Data Revealed Unsurpassed Efficacy in 2L+ R/M HNSCC 1. Efficacy evaluable (N=13) does not include N=1 dose escalation patient dosed at 5.4 mg/kg who received scan on Day 97 after receiving 1 dose and whose scan was disallowed per protocol due to excessive time between dosing and scan and N=4 patients in dose expansion who have not yet received 1st scan and are ongoing Phase 1: 46% Confirmed ORR and 92% Disease Control Rate (N=13, Efficacy Evaluable1) Correlation identified between high body weight patients and AEs has been linked to increased drug exposure Dosing interventions including dose capping and adjusted ideal body weight (AIBW) dosing are being employed to optimize MICVO benefit/risk profile moving forward Data as of Nov 3, 2025

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MICVO Phase 1 Monotherapy Patient Demographics and Disease Characteristics at 5.4 mg/kg Demographics Total (N=18) Age Years Median (min-max) 63 (41- 72) Sex Male 12 (67%) Race White Black or African American Not Reported 14 (78%) 1 (6%) 3 (16%) Baseline ECOG Performance Status 0 1 3 (17%)15 (83%) Baseline Weight Kg Median (min-max) 72 (48, 103) BMI Median (min-max) 25 (19, 32) Prior anti-Cancer Therapy Total (N=18) Elapsed Time Since Initial Diagnosis (Yr), Median (min-max) 4.0 (1.0-13.2) Prior Systemic Therapy, Median Lines (min-max) 3 (1-6) Taxane, n (%) 12 (67%) Platinum, n (%) 18 (100%) Checkpoint Inhibitor, n (%) 18 (100%) EGFR Targeting Agent, n (%) 9 (50%) Disease Characteristics Total (N=18) HPV Status n (%) HPV +, n (%) 7 (39%) HPV unrelated, n (%) 11 (61%) Data as of Nov 3, 2025

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MICVO Monotherapy Demonstrated Clear Activity at 5.4 mg/kg with Deep Responses and Exceptional Disease Control \*Arm 1: Post Platinum & anti-PD(L)-1; Arm 2: Post EGFRi & anti-PD(L)-1; Esc: Dose Escalation; \*\*Patient with loco-regional recurrence, verrucous subtype of HNSCC in oral cavity; progressive disease to prior therapies; this subtype is often resistant to chemotherapy 1. Efficacy evaluable (N=13) does not include N=1 dose escalation patient dosed at 5.4 mg/kg who received scan on Day 97 after receiving 1 dose and whose scan was disallowed per protocol due to excessive time between dosing and scan and N=4 patients in dose expansion that have not received 1st scan and are ongoing; 6th Confirmed PR after data cutoff PD PR CR ♢ Study\* Arm 2 Esc Arm 1 Arm 2 Arm 2 Esc Arm 1 Esc Arm 1 Arm 1 Arm 1 Arm 2 Esc HPV Status HPV unrelated HPV unrelated HPV unrelated HPV unrelated HPV unrelated HPV+ HPV unrelated HPV unrelated HPV+ HPV unrelated HPV+ HPV unrelated HPV+ Baseline Tumor (mm) 41 88 28 149 33 42 35 43 113 133 90 28 16 #Prior tx 5 4 4 2 3 6 2 4 3 2 1 3 1 Legend Patient ongoing Confirmed ORR= 46% (6/13)1 DCR= 92% (12/13) Confirmed PR – scan after Nov 3, 2025 ♢ \*\* Data as of Nov 3, 2025

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MICVO Monotherapy at 5.4 mg/kg Demonstrated Rapid Onset of Response and Disease Control with Emerging Durability Still Maturing 1. Efficacy evaluable (N=13) does not include N=1 dose escalation patient dosed at 5.4 mg/kg who received scan on Day 97 after receiving 1 dose and whose scan was disallowed per protocol due to excessive time between dosing and scan (patient not represented on either figure above), 2. N=4 patients in dose expansion that have not received 1st scan and are ongoing (patients represented on figure to left and not figure on right given lack of scan data Arm 1: Post Platinum & anti-PD(L)-1; Arm 2: Post EGFRi & anti-PD(L)-1; Esc: Dose Escalation + = Oropharyngeal HPV+; UR =HPV unrelated All patients received prior platinum and prior IO therapy ♢ PR confirmed with -68% tumor regression after Nov 3, 2025 HPV + Esc UR Arm 2 + Esc UR Esc UR Arm 2 UR Arm 1 UR Esc + Arm 1 + Arm 1 UR Arm 1 UR Arm 2 UR Arm 2 UR Arm 2 UR Arm 1 + Arm 1 + Arm 1 + Arm 2 PR PD CR SD Patient Ongoing Treatment Study ♢ ♢ ♢ PR confirmed with -68% tumor regression after Nov 3, 2025 Data as of Nov 3, 2025 PR PD CR SD Patient Ongoing Treatment

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MICVO Safety at 5.4 mg/kg in R/M HNSCC 1. No prophylactic treatments dictated or administered to-date No Grade 4 or Grade 5 ADC payload TRAEs of interest observed TRAEs Part 1 Dose Escalation Part 2 Dose Expansion Total N 5 13 18 All TRAEs 5 (100%) 11 (85%) 16 (89%) Grade 1/2 TRAEs 2 (40%) 4 (31%) 6 (33%) Grade 3/4 TRAEs 3 (60%) 7 (54%) 10 (56%) TRAEs leading to treatment discontinuation 2 (40%) 3 (23%) 5 (28%) TRAEs leading to dose reduction 2 (40%) 4 (31%) 6 (33%) TRAEs leading to dose delay 1 (20%) 4 (31%) 5 (28%) Treatment related Deaths (Grade 5) 0 0 0 ADC payload TRAEs of interest Part 1 Dose Escalation Part 2 Dose Expansion Total Grade 1/2 Grade 3 Grade 1/2 Grade 3 Grade 1/2 Grade 3 Cutaneous 1 (20%) 0 7 (54%) 0 8 (44%) 0 Neuropathy 0 2 (40%) 1 (8%) 3 (23%) 1 (6%) 5 (28%) Neutropenia 0 1 (20%) 2 (15%) 1 (8%) 2 (11%) 2 (11%) Ocular 1 (20%) 0 1 (8%) 1 (8%) 2 (11%) 1 (6%) Anemia 0 0 3 (23.1%) 0 3 (17%) 0% Pneumonitis 1 (20%) 0 1 (8%) 1 (8%) 2 (11%) 1 (6%) Data as of Nov 3, 20251

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MICVO Modified Weight-Based Dosing

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MICVO Discontinuations Driven by Overexposure in High Body Weight Patients IBW = Ideal Body Weight; AIBW = Adjusted Ideal Body Weight; TBW = Total Body Weight AIBW calculated using Devine formula (Devine et al, 1974) 6 of 7 patients with Grade 3 payload-related events had high body weight 0% Treatment related discontinuations among patients at or below AIBW Gr 3 Ocular Gr 3 Pneumonitis Gr 3 Peripheral Neuropathy 1/1 G3 Pneumonitis pt had high body weight 1/1 Gr3 Ocular pt had high body weight 4/5 Gr3 Neuropathy pts had high body weight D D D D D D = 5/5 TRAEs leading to discontinuation had high bodyweight For males: IBW=50kg+ 0.91 x (height in cm – 152.4) For females: IBW=45.5kg+ 0.91 x (height in cm – 152.4) AIBW = IBW + 0.4 × (TBW - IBW) (both male and female) "High body weight" is defined based on AIBW – 10% difference of TBW from AIBW (%) = (TBW-AIBW)/AIBW. Data as of Nov 3, 2025

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AIBW Dose Cap Pyxis Oncology is Actively Exploring Well-Established Modified Weight-Based Dosing Methods with MICVO 1. PADCEV® label December 2019; 2. DATROWAY label January 2025; 3. ELAHERE® label December 2024; 4. Maura L. Gillison et al. Initial safety and efficacy of PDL1V (PF-08046054), a vedotin-based ADC targeting PD-L1, in combination with pembrolizumab in patients with recurrent or metastatic (R/M) HNSCC. J Clin Oncol 43, 6033-6033(2025). DOI:10.1200/JCO.2025.43.16_suppl.6033; 5. Immunome investor presentation Jan 2026; 6. CytomX investor presentation; Padcev® – Astellas Pharma Inc. and Pfizer Inc., Datroway® – Daiichi Sankyo and Astrazeneca, Tivdak® – Pfizer Inc and Genmab A/S, EmrelisTM – AbbVie, Elahere® – AbbVie Padcev1 and Datroway2, both auristatin ADC's, leverage dose capping Elahere3 and other ADC's in development from Pfizer4, Immunome5 and CytomX6 leverage AIBW

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PK Simulation for 5.4 mg/kg Q3W PK Modeling Shows That Overexposure to MICVO in Higher Body Weight Patients Can Be Mitigated Through Modified Weight-Based Dosing IBW = Ideal Body Weight; AIBW = Adjusted Ideal Body Weight; TBW = Total Body Weight AIBW calculated using Devine formula (Devine et al, 1974) PK simulations predict comparable exposure for patients <60 kg and 60 to <80 kg receiving 5.4 mg/kg of MICVO regardless of dosing approach A marked decrease in exposure is predicted for patients weighing 80+ kg using modified weight-based dosing relative to TBW Dose Capping and AIBW exposures are comparable for patients across weight categories, including for patients weighing 80+ kg Key takeaways <60 n=23 n=23 n=23 60 to <80 n=49 n=49 n=45 80+ n=20 n=20 n=19

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Overexposure can be mitigated through modified weight-based dosing Both dose capping and AIBW have been validated by approved ADCs1 that demonstrate improved tolerability without sacrificing efficacy Internal Proof Points No treatment related discontinuations among patients at or below AIBW PK simulation predicts modified weight-based dosing can mitigate overexposure in high body weight patients Addressing Patient Tolerability Through Modified Weight-Based Dosing with MICVO 1. Padcev and Adcetris, both auristatin-payload ADC's, leverage dose caps in their labels; Elahere doses based on adjusted ideal body weight – both dose capping and AIBW have been shown to improve tolerability without sacrificing efficacy; SyBing, Andrew B., and Diane D. Wang. "Optimizing Body Size-Based Dosing Approaches for Antibody–Drug Conjugates." Clinical Pharmacology & Therapeutics (2025). All treatment related discontinuations in high body weight patients Non-linear relationship between drug clearance and body weight External Proof Points Dec. '25 Data Observation Tolerability in high body weight patients can be mitigated though proven modified weight-based dosing strategies

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November 2024 Monotherapy Dose Escalation Data Disclosure December 2025 Preliminary R/M HNSCC Mono Dose Expansion & Combo Dose Escalation Data Disclosure Target enrollment in 2L+ R/M HNSCC Dose Expansion Completed in 1Q26 Clinical trial collaboration with Merck to evaluate MICVO in combination with KEYTRUDA® - KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA Updated data from 2L+ R/M HNSCC Phase 1 monotherapy study expected mid-year 2026 Arm 1: Post Platinum & anti-PD(L)-1 experienced patients Target Enrollment N≈20 Part 2 - 2L+ R/M HNSCC Dose Expansion Monotherapy Program Part 1 - Dose Escalation MICVO + KEYTRUDA® (Pembrolizumab) including 1L/2L+ R/M HNSCC Part 1 - Dose Escalation including R/M HNSCC Dose Escalation Backfill including Target R/M HNSCC Enrollment N≈20 Monotherapy Combination Arm 2: Post EGFRi and/or anti-PD(L)-1 experienced patients Target Enrollment N≈20 2023 2024 2025 February 2025 Monotherapy Granted FDA Fast Track Designation

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MICVO + Keytruda® in R/M HNSCCDecember 2025 Preliminary Data

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MICVO + KEYTRUDA® Combination Summary in R/M HNSCC KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA 71% Confirmed ORR, 100% DCR (n=7, 3.6 mg/kg & 4.4 mg/kg) Initial data support lack of overlapping toxicities observed between MICVO + KEYTRUDA® Significant potential in 1L+ in underserved patient populations Anticipated enrollment of HPV unrelated patients provides potential to build on promising HPV+ efficacy signal Future MICVO combinations may provide a further differentiated benefit/risk profile Data as of Nov 3, 2025

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Payload diffuses into & kills tumors cells MICVO designed to bind to EDB and releases payload within tumor ECM Additional Bystander killing PAYLOAD DRIVEN Tumor cell dies, releasing payload for additional cycles of tumor cell killing 1 2 Immunogenic Potential of MICVO Mechanism May Amplify Benefits of KEYTRUDA® in R/M HNSCC KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA Non-cellular approach remodeling the tumor ECM could address a primary cause of drug resistance CD8+ lymphocyte Dendritic cell MICVO Cleaved & active payload (auristatin) Tumor cell Matrix Proteases (e.g., cathepsin) KEY EDB+FN Immunogenic cell death IMMUNE DRIVEN Tumor death and exogenous antibody fragments lead to T-cell activation Dead Cell Neoantigen 3

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Demographics Total (N=7) Race Asian Black African American White Other 0 0 7 (100%) 0 Age (years) Median (min-max) 69 (57 – 76) Baseline weight (kg) Median (min-max) 83 (65 – 107) Gender Male 7 (100%) Baseline ECOG Performance Status 0 1 3 (43%) 4 (57%) MICVO 1L/2L+ R/M HNSCC Combo Dose Escalation Patient Demographics Disease Characteristics Total (N=7) Line of Disease Setting n (%) 1L HNSCC 2L+ HNSCC 4 (57%) 3 (43%) HPV Status N=7 (% of total N=7) HPV Positive, n (%) 7 (100%) 2L+ HNSCC Prior anti-Cancer Therapy Total (N=3) Elapsed Time Since Initial Diagnosis (Yr), Median (min-max) 4.3 (2.4-6.8) Prior Systemic Therapy, Median Lines (min-max) 3 (2-5) Taxane, n (%) 1 (33%) Platinum, n (%) 3 (100%) Checkpoint Inhibitor, n (%) 3 (100%) EGFRi, n (%) 2 (67%) ADC, n (%) 0 1L HNSCC Prior anti-Cancer Therapy Total (N=4) Elapsed Time Since Initial Diagnosis (Yr), Median (min-max) 1.7 (1.3-3.9) Prior Systemic Therapy, Median Lines (min-max) 1 (1) Taxane, n (%) 1 (25%) Platinum, n (%) 4 (100%) Checkpoint Inhibitor, n (%) 0 EGFR Targeting Agent, n (%) 0 ADC, n (%) 0 Data as of Nov 3, 2025

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Promising Preliminary Data with MICVO at 3.6 mg/kg and 4.4 mg/kg in Combination with KEYTRUDA® All patients received prior platinum therapy, were HPV positive, with tumor located in Oropharynx; #Prior tx = Number of unique prior systemic therapies KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA; 1. 5th Confirmed PR after data cutoff PD PR CR CPS = 1 CPS = 1 CPS = 10 3L 1L 3L 1L 2L 1L 1L Baseline tumor (mm) 33 21 16 33 18 52 27 Prior IO    Prior Platinum        #Prior tx 3 1 5 1 2 1 1 Dose Dose Escalation; 3.6 mg/kg dose Dose Escalation; 4.4 mg/kg dose DCR= 100% CPS > 20 CPS > 1 CPS > 20 CPS = 4 Confirmed ORR= 71% (5/7)1 Patient ongoing Confirmed PR after Nov 3, 2025 ♢ ♢ Data as of Nov 3, 2025

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Preliminary MICVO Combination Data with KEYTRUDA® Indicates Rapid Response with Disease Control; Durability Data Maturing KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA \* Patient discontinued after one dose of study treatment after enrollment criteria deviation identified; PR was observed after one dose and subsequently confirmed ♢ Confirmed scan received after Nov 3, 2025 data extraction Dose Dose Escalation; 3.6 mg/kg dose Dose Escalation; 4.4 mg/kg dose 1L 1L 2L 1L 2L 1L 3L PR PD SD Patient Ongoing Treatment Line of Therapy PR SD PD Patient Ongoing Treatment \* ♢ ♢ ♢ Confirmed scan received after Nov 3, 2025 data extraction Data as of Nov 3, 2025 Days since first dose

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MICVO + KEYTRUDA® Dose Escalation Safety in R/M HNSCC KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA No Grade 3, Grade 4 or Grade 5 ADC payload TRAEs of interest TRAEs 3.6 mg/kg 4.4 mg/kg Total N 4 3 7 All TRAEs 3 (75%) 3 (100%) 6 (86%) Grade 3/4 TRAEs 0 0 0 TRAEs leading to treatment discontinuation 0 0 0 TRAEs leading to dose reduction 0 1 (33%) 1 (14%) TRAEs leading to dose delay 0 0 0 Treatment related Deaths (Grade 5) 0 0 0 ADC payload TRAEs of interest 3.6 mg/kg 4.4 mg/kg Total Grade 1/2 Grade 3 Grade 4 Grade 1/2 Grade 3 Grade 4 Grade 1/2 Grade 3 Grade 4 N 4 4 4 3 3 3 7 7 7 Cutaneous 3 (75%) 0 0 2 (67%) 0 0 5 (71%) 0 0 Neuropathy 1 (25%) 0 0 0 0 0 1 (14%) 0 0 Neutropenia 0 0 0 0 0 0 0 0 0 Ocular 0 0 0 0 0 0 0 0 0 Anemia 1 (25%) 0 0 1 (33%) 0 0 2 (29%) 0 0 Pneumonitis 0 0 0 0 0 0 0 0 0 Data as of Nov 3, 2025

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Multiple MICVO Clinical Data Milestones Expected in 2026 Updated Data from 2L+ R/M HNSCC Phase 1 Monotherapy Study 2H 2026 Updated Data from 1L/2L+ R/M HNSCC Phase 1/2 Dose Escalation Combination Study Mid 2026

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Appendix

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Solid Tumor ADC Dosing Approach Summary DC = Dose Cap; AIBW = Adjusted Ideal Body Weight; TBW = Total Body Weight Kadcyla® – Roche, Enhertu® – Daiichi Sankyo and Astrazeneca, Padcev® – Astellas Pharma Inc. and Pfizer Inc., Trodelvy® – Gilead, Inc., Tivdak® – Pfizer Inc and Genmab A/S, Elahere® – AbbVie, Datroway® – Daiichi Sankyo and Astrazeneca, EmrelisTM – AbbVie Solid Tumor ADC Dose Cap / AIBW Highest % Gr3 AE observed at TBW Target Payload Dose (mg/kg) DAR Approval Yr 2024 FY Sales Kadcyla® TBW thrombocytopenia HER2 DM1 3.6; Q3W 4 2013 $2.3B Enhertu® TBW Pneumonitis / ILD HER2 TOPO1 5.4; Q3W 8 2019 $4.2B Padcev® DC - 100 kg Neuropathy and Rash Nectin-4 MMAE 1.25; D1,8,15 Q4W 4 2019 $1.9B Trodelvy® TBW Neutropenia TROP2 SN38 10; D1D8 Q3W 8 2020 $1.3B Tivdak® DC - 100kg Neuropathy Tissue Factor MMAE 2; Q3W 4 2024 $131M Elahere® AIBW Intestinal obstruction & thrombocytopenia Folate Receptor α DM4 6; Q3W 3 2024 $479M Datroway® DC - 90kg Pneumonitis / ILD TROP2 TOPO1 6; Q3W 4 2025 N/A EmrelisTM DC - 100kg Pneumonitis / ILD & Neuropathy C-MET MMAE 1.9; Q2W 4 2025 N/A Not Approved / In Development MICVO DC & AIBW Neuropathy EDB+FN AUR0101 5.4; Q3W 4 Varsetatug masetecan (Cytomx) AIBW Diarrhea EpCAM TOPO1 8.6 and 10; Q3W 8 IM-1021 (Immunome) AIBW TBD ROR-1 TOP1 TBD 8 Sigvotatug vedotin (Pfizer) AIBW Pneumonitis / ILD IB6 MMAE 1.8; Q2W 4

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Recent Translational Posters Build on Previous Publications to Further Support Three-Pronged MOA of MICVO [1] Hooper A et al., Mol Cancer Ther (2022) 21(9):1462-1472 [2] Shen C & Iovino M et al., AACR-NCI-EORTC (2025) [3] Graziani EI et al., Mol Cancer Ther (2020) 19: 2068-78 [4] Iovino M et al., AACR-NCI-EORTC (2025) [5] Lewandowski S et al, AACR (2025). [6] Maderna A et al., J Med Chem (2014) 57: 10527-10543 [7] Trickett J et al, AACR-NCI-EORTC (2025) [8] Lewandowski S et al, AACR-NCI-EORTC (2025) [9] Rodriguez A et al, AACR-NCI-EORTC (2025) MICVO acts as a driver for the cancer-immunity cycle, inducing immunogenic cell death, activating immune cells and allowing tumor infiltration of T cells [4] Preclinical data support complementary potential with immune checkpoint inhibitors Mouse analog of MICVO showed immune response in tumors that had been refractory to anti-PD1 [9] Synergistic antitumor activity when combined with anti-PD1 [9] 1 2 3 Payload diffuses into & kills tumors cells Additional Bystander killing Immunogenic cell death Highly specific and avidity driven binding to EDB+FN [1, 2] Lack of drug sink and no off-target binding support minimal off target effects Strong binding strength to EDB+FN fibrils predicts the prolonged drug retention in TME for heightened clinical efficacy Extracellular payload release mediated by tumor-specific cathepsins [2] Improved membrane permeability for cancer cell diffusion and efficient bystander killing [2,3,4,5] Optimized payload potency by rational structure-based drug design (SBDD) to increase tumor cell killing [6] pH-dependency favors linker cleavage in acidic TME to minimize off-target toxicity [2] Observed changes to tumor stromal architecture indicate potential for extracellular mechanism to lead to unique TME remodeling and improve tumor response [7,8] Payload Driven Immune Driven

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Nominal time after dose (d) Median plasma concentration (µg/mL) 0.3 mg/kg 0.6 mg/kg 1.2 mg/kg 2.4 mg/kg 3.6 mg/kg 4.4 mg/kg 5.4 mg/kg 6.6 mg/kg MICVO ADC (ug/mL) Total Ab (ug/mL) Identified Dose Range MICVO Dose Linear PK Demonstrates No Antigen Sink (Q3W Dosing) Consistent with differentiated EDB+FN target expression in tumor ECM and negligible expression in normal tissue