Pyxis Oncology Inc., a clinical-stage company listed on Nasdaq under the ticker PYXS, has released its financial results for the first quarter ending March 31, 2025. The company reported a net loss of $21.2 million for the quarter, up from a net loss of $3.3 million in the same period last year. The significant increase in net loss is attributed to the absence of revenues from a settlement agreement with Novartis in the previous year, which included a one-time amount of $8.0 million for the sale of royalty rights of Beovu® and $8.1 million in forgone royalties. Excluding non-cash stock-based compensation expenses, the net loss for Q1 2025 was $17.5 million, compared to a net income of $1.1 million in Q1 2024. In terms of business operations, Pyxis Oncology announced promising preclinical data for its therapeutic candidate micvotabart pelidotin (MICVO, previously known as PYX-201), which demonstrated a unique three-pronged mechanism of action in combating tumors. The company is on track to report preliminary data from its Phase 1 trials for various patient cohorts in the latter half of 2025 and the first half of 2026. Additionally, Pyxis anticipates selecting a dose of MICVO in an ongoing Phase 1/2 combination study with Merck's KEYTRUDA® by mid-2025, with preliminary data expected in the second half of the year. As of March 31, 2025, Pyxis Oncology held cash, cash equivalents, and short-term investments totaling $106.9 million. The company expects this financial position to support its operations into the second half of 2026.