Pyxis Oncology, Inc. 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements. PYXIS ONCOLO GY, INC. Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts) (Unaudited) June 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 18,855 $ 15,422 Marketable debt securities 14,141 51,435 Restricted cash 1,472 1,472 Prepaid expenses and other current assets 2,266 3,776 Total current assets 36,734 72,105 Property and equipment, net 7,237 7,997 Operating lease right-of-use asset 10,951 11,418 Total assets $ 54,922 $ 91,520 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 3,269 $ 10,885 Private placement advance liability 10,000 — Accrued expenses and other current liabilities 12,381 8,554 Operating lease liabilities, current portion 1,824 1,692 Total current liabilities 27,474 21,131 Operating lease liabilities, net of current portion 16,008 16,958 Financing lease liabilities, net of current portion — 23 Total liabilities 43,482 38,112 Commitments and contingencies (Note 13) Stockholders’ equity: Preferred stock, par value $ 0.001 per share, 10,000,000 shares authorized; zero shares issued and outstanding — — Common stock, $ 0.001 par value per share; 190,000,000 shares authorized; 63,434,936 and 62,690,229 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 63 63 Additional paid-in capital 503,176 496,469 Accumulated other comprehensive (loss) income ( 4 ) 53 Accumulated deficit ( 491,795 ) ( 443,177 ) Total stockholders’ equity 11,440 53,408 Total liabilities and stockholders’ equity $ 54,922 $ 91,520 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 PYXIS ONCOLOGY, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Milestone revenue $ — $ 2,820 $ — $ 2,820 Operating expenses: Research and development 16,057 17,133 36,040 34,177 General and administrative 9,933 5,437 14,310 11,307 Total operating expenses 25,990 22,570 50,350 45,484 Loss from operations ( 25,990 ) ( 19,750 ) ( 50,350 ) ( 42,664 ) Other income, net: Interest and investment income, net 255 995 712 2,236 Sublease income 389 684 1,020 1,199 Total other income, net 644 1,679 1,732 3,435 Loss before income taxes ( 2