Pyxis Oncology, Inc.
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 3, 2025
PYXS$1.66+3.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0000950170-25-108906
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-03.
0001193125-25-261696
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 138 previous paragraphs and 128 current paragraphs.
84 unchanged; 34 reworded; 10 added; 19 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Recent Translation Data
Current report
In October 2025, we presented translational data at the European Society of Medical Oncology (ESMO) Congress 2025 in Berlin, Germany and at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics in Boston, Massachusetts. Data presented build on preclinical data previously presented in April 2025 at the American Association for Cancer Research (AACR) Annual Meeting in Chicago.
Current report
The poster presentations at the ESMO and AACR-NCI-EORTC meetings provide deeper insights into the pharmacodynamic responses of tumors to micvotabart pelidotin as well as micvotabart pelidotin’s unique mechanism of action (MOA) and its potential to exert anti-tumor activity through three mechanisms: direct tumor cell killing, bystander killing and immunogenic cell death. These translational findings highlight micvotabart pelidotin’s effects on tumor microenvironment (TME) remodeling, immune activation and tumor infiltration, further reinforcing the potential benefit of micvotabart pelidotin as both monotherapy and in combination with anti-PD-1 therapy.
Current report
Observations include changes in circulating tumor DNA (ctDNA) tumor fraction (TF) after treatment with micvotabart pelidotin to the vast majority of 37 clinical samples tested. Notably, reduction in ctDNA TF after treatment with micvotabart pelidotin, particularly in HNSCC and at the 5.4 mg/kg dose, supports a positive molecular response to micvotabart pelidotin and strengthens rationale for continued development of this tumor type and dose in the monotherapy dose expansion study. Additionally, features observed in nonclinical samples of the stromal architecture detected using digital pathology may correlate with sensitivity to micvotabart pelidotin - a finding that may be unique compared to tumor cell surface targeting ADCs, due to micvotabart pelidotin’s targeting of a non-cellular structural component of the tumor ECM.
Current report
Additional translational data supporting micvotabart pelidotin’s MOA indicate this ADC binds very specifically to EDB+FN in the TME, an important trait for the non-cellular tumor ECM targeting MOA, locally delivering the ADC close to the malignant cells for cancer cell killing after extracellular linker cleavage. Data also indicate micvotabart pelidotin binds strongly to EDB+FN, which enables the ADC to stay anchored in the TME longer allowing more time for extracellular linker cleavage by proteases. In vitro data presented indicate micvotabart pelidotin’s linker can be cleaved extracellularly via specific cathepsins and pH conditions that exist in the TME, which are necessary conditions for the bystander effect.
Current report
Multiple posters supported micvotabart pelidotin’s ability to induce immunogenic cell death as a mouse analog of micvotabart pelidotin stimulated immune response in tumors that had been refractory to anti-PD1 and synergistic antitumor activity when combined with anti-PD1.
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Current report
The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024 (in thousands):
Current report
Outlook and Going Concern
Current report
The Company’s future cash flows are dependent on key variables such as its ability to secure additional sources of funding in the form of public or private financing of equity or debt or collaboration agreements or a combination of these. While we remains optimistic to obtain additional funding in the near future, the current available cash, cash equivalents and short-term investments, will not be sufficient to fund our operations over the next 12 months from the date of this Quarterly Report on Form 10-Q. This condition raises substantial doubt about our ability to continue as a going concern for one year from the date the unaudited condensed consolidated financial statements are issued.
Removed paragraphs (19)
Previous report
Preclinical Data
Previous report
In April 2025, we presented preclinical data at the 2025 American Association for Cancer Research (AACR), Annual Meeting in Chicago. We observed broad anti-tumor activity for micvotabart pelidotin across ten solid tumor indications in PDX models, attributed to EDB+FN target expression, proteolytic activity for micvotabart pelidotin linker cleavage and tumor responsiveness to the optimized cytotoxic Auristatin0101 payload. The preclinical data is summarized below:
Previous report
45% of models demonstrated strong to very strong tumor growth inhibition (TGI%) activity (70%<TGI<90% or TGI>90% respectively), with only 25% of models showing no response (TGI<25%).
Previous report
PDX models with very strong activity (TGI>90%) were found across nine out of ten solid tumor indications.
Previous report
Complete responses to micvotabart pelidotin (tumor volume reached 0mm 3 for at least two consecutive measurements) were found across several tumor indications, consistent with previous analysis.
Previous report
micvotabart pelidotin was observed to be well-tolerated (3mg/kg, Q4Dx4).
Previous report
We also performed differential gene expression analysis, which enabled us to identify gene signatures linked to anti-tumor activity consistent with our extracellular ADC hypothesis. We observed that enzyme and tumor stroma gene signatures were the gene sets with the greatest number of differentially expressed genes. Further, the preclinical data shows upregulation of certain proteases that may contribute to increased linker cleavage and subsequent increased anti-tumor activity for micvotabart pelidotin, supporting our extracellular hypothesis.
Previous report
We also conducted preclinical studies combining a mouse analog of micvotabart pelidotin with anti-PD-1 therapy. The combination of a mouse analog of micvotabart pelidotin with anti-PD-1 therapy inhibited EMT6 tumor growth and improved survival compared to either treatment alone, suggesting potential benefit for combination therapy to deepen anti-tumor responses in solid tumors. The preclinical studies combining a mouse analog of micvotabart pelidotin with anti-PD-1 therapy is summarized below:
Previous report
Monotherapy of mouse analog of micvotabart pelidotin inhibited dose-dependent tumor outgrowth of EDB+FN expressing EMT6 tumors and was well-tolerated at 6 mg/kg.
Previous report
The mouse analog of micvotabart pelidotin boosted the immune response by activating dendritic cells and increasing CD45+ immune cell infiltration, including PD-1+ T cells, into tumors, transforming EMT6 tumors into immune-infiltrated, "hot" tumors.
Previous report
Significant TGI observed with mouse analog of micvotabart pelidotin (TGI=94%) and anti-PD-1 therapy (TGI=54%) as monotherapies.
Previous report
The combination of the mouse analog of MICVO and anti-PD-1 therapy resulted in TGI of 91% and complete response was seen in 9/15 animals – greater tumor regression and clearance than either treatment alone.
Previous report
Mouse analog of micvotabart pelidotin in combination with anti-PD1 therapy induced lasting immunological memory, enhancing tumor clearance and protecting against tumor recurrence in rechallenged mice.
Previous report
The preclinical data indicated micvotabart pelidotin alone may be eliciting immune responses in previously unresponsive tumors, as observed with the infiltration of T cells into the tumor, representing potential for micvotabart pelidotin to drive immunogenic cell death. Together, these preclinical data further support the three-pronged mechanism of action of micvotabart pelidotin driving anti-tumor activity via direct tumor killing, bystander effect and immunogenic cell death.
Previous report
Revenues
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024
Previous report
The following table summarizes our results of operations for the six months ended June 30, 2025 and 2024 (in thousands):
Previous report
Outlook
Previous report
The Jumpstart Our Business Startups Act of 2012, or the JOBS Act, permits an “emerging growth company” to take advantage of an extended transition period to comply with new or revised accounting standards. We are an “emerging growth company,” as defined in the JOBS Act. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
Reworded paragraphs (34)
Previous wording
Our product candidate, micvotabart pelidotin, formerly referred to as PYX-201, is an investigational novel antibody-drug conjugate (ADC) that uniquely targets Extradomain-B Fibronectin (EDB+FN), a non-cellular structural component within the tumor extracellular matrix (ECM). The tumor ECM is a complex network of fibrous proteins and molecules with unique composition that play an important role in cell development and tumor growth and in some instances, in supporting metastasis. The fibronectin strands within the ECM give the tumor shape and support the clustering of tumor cells.
Current wording
Our product candidate, micvotabart pelidotin (MICVO), formerly referred to as PYX-201, is an investigational novel antibody-drug conjugate (ADC) that uniquely targets Extradomain-B Fibronectin (EDB+FN), a non-cellular structural component within the tumor extracellular matrix (ECM). The tumor ECM is a complex network of fibrous proteins and molecules with unique composition that play an important role in cell development and tumor growth and in some instances, in supporting metastasis. The fibronectin strands within the ECM give the tumor shape and support the clustering of tumor cells.
Previous wording
We believe the totality of our preliminary clinical and preclinical data supports further development of both micvotabart pelidotin monotherapy expansion and combination therapy trials.
Current wording
We believe the totality of our preliminary clinical, preclinical, and translational data support further development of micvotabart pelidotin in both monotherapy and in combination studies.
Previous wording
micvotabart pelidotin monotherapy for second line (2L) and third line (3L) R/M HNSCC patients who have received prior platinum-based chemotherapy and prior PD-(L)1 inhibitor therapy. We expect to enroll approximately 20 patients in this expansion cohort at the 5.4 mg/kg IV Q3W dose, a pharmacologically active dose identified during Part 1 of this trial where we have seen clinically meaningful anti-tumor activity with manageable safety. We anticipate having preliminary data in the second half of 2025; and
Current wording
micvotabart pelidotin monotherapy for second line (2L) and third line (3L) R/M HNSCC patients who have received prior platinum-based chemotherapy and prior PD-(L)1 inhibitor therapy. We expect to enroll approximately 20 patients in this expansion cohort at the 5.4 mg/kg IV Q3W dose, a pharmacologically active dose identified during Part 1 of this trial where we have seen clinically meaningful anti-tumor activity with manageable safety. We anticipate disclosing preliminary data in the fourth quarter of 2025; and
Previous wording
micvotabart pelidotin monotherapy for 2L and 3L R/M HNSCC patients who have received prior epidermal growth factor receptor (EGFR) directed therapy and prior PD-(L)1 inhibitor therapy. We expect to enroll approximately 20 patients in this expansion cohort also at the 5.4 mg/kg IV Q3W dose and anticipate having preliminary data in the first half of 2026.
Current wording
micvotabart pelidotin monotherapy for 2L and 3L R/M HNSCC patients who have received prior epidermal growth factor receptor (EGFR) directed therapy and prior PD-(L)1 inhibitor therapy. We expect to enroll approximately 20 patients in this expansion cohort also at the 5.4 mg/kg IV Q3W dose and anticipate disclosing preliminary data in the fourth quarter of 2025.
Previous wording
We are planning to hold a discussion with the FDA to align on our approach for finding the optimal monotherapy dose, as required under Project Optimus and expect the dose optimization phase to commence in 2026.
Current wording
We are planning to hold a discussion with the FDA to align on our approach for finding the optimal monotherapy dose, as required under Project Optimus. We expect to announce next steps in the clinical development plan for MICVO for R/M HNSCC in the fourth quarter of 2025.
Previous wording
We initiated Part 1 dose escalation phase of PYX-201-102 covering multiple tumor types with an aim to identify the Recommended Phase 2 Dose (RP2D) of micvotabart pelidotin in combination with pembrolizumab. Currently, we are enrolling and dosing patients to clear the three doses that will be tested in combination with pembrolizumab. During Part 1 dose escalation, we anticipate testing a fixed dose of pembrolizumab in combination with 3 different doses of micvotabart pelidotin ranging from 3.6 mg/kg – 5.4 mg/kg IV Q3W. Pembrolizumab (standard dose at 200 mg IV) will be given with escalating doses of micvotabart pelidotin with a starting dose of 3.6 mg/kg IV every 3 weeks (Q3W). Upon clearance of the initial dose level of 3.6 mg/kg IV Q3W by the Dose Escalation and Steering Committee (DESC), and depending on observed safety data, we may escalate to 4.4 mg/kg IV Q3W of micvotabart pelidotin with 200 mg IV of pembrolizumab, with a potential of dosing at 5.4 mg/kg IV Q3W of micvotabart pelidotin with 200 mg IV of pembrolizumab. We aim to select a dose of micvotabart pelidotin in combination with pembrolizumab by mid-year 2025, which will guide our discussion with the FDA about potential RP2D for further combination study.
Current wording
We initiated Part 1 dose escalation phase of PYX-201-102 covering multiple tumor types. Currently, we are enrolling and dosing patients to clear the three doses that will be tested in combination with pembrolizumab. During Part 1 dose escalation, we anticipate testing a fixed dose of pembrolizumab in combination with 3 different doses of micvotabart pelidotin ranging from 3.6 mg/kg – 5.4 mg/kg IV Q3W. Pembrolizumab (standard dose at 200 mg IV) will be given with escalating doses of micvotabart pelidotin with a starting dose of 3.6 mg/kg IV every 3 weeks (Q3W). Upon clearance of the initial dose level of 3.6 mg/kg IV Q3W by the Dose Escalation and Steering Committee (DESC), and depending on observed safety data, we may escalate to 4.4 mg/kg IV Q3W of micvotabart pelidotin with 200 mg IV of pembrolizumab, with a potential of dosing at 5.4 mg/kg IV Q3W of micvotabart pelidotin with 200 mg IV of pembrolizumab. Dose escalation remains ongoing.
Previous wording
Concurrently to the Part 1 dose escalation and assuming each dose clears the escalation step, the Phase 1/2 combination study will evaluate micvotabart pelidotin and pembrolizumab in patients with 1L and 2L+ R/M HNSCC. We expect to enroll approximately 20 patients, which will be enrolled for each dose in their respective backfill cohort upon clearance of the dose by the DESC. Pembrolizumab (standard dose at 200 mg IV) will be given with escalating doses of micvotabart pelidotin with a starting dose of 3.6 mg/kg IV every 3 weeks, followed by dose of 4.4 mg/kg IV Q3W, if DESC clears it and then a dose of 5.4 mg/kg IV Q3W, if DESC clears it. We anticipate having preliminary data on at least a subset of these R/M HNSCC patients in the second half of 2025. Timing of data availability from the full recruitment and dosing of R/M HNSCC patients is dependent on the timing of activation of additional clinical trial sites and patient enrollment. Further guidance on anticipated timing of the full preliminary data readout will be provided in the fall of 2025.
Current wording
Concurrently to the Part 1 dose escalation and assuming each dose clears the escalation step, the Phase 1/2 combination study will evaluate micvotabart pelidotin and pembrolizumab in patients with 1L and 2L+ R/M HNSCC. We expect to enroll approximately 20 patients, which will be enrolled for each dose in their respective backfill cohort upon clearance of the dose by the DESC. Pembrolizumab (standard dose at 200 mg IV) will be given with escalating doses of micvotabart pelidotin with a starting dose of 3.6 mg/kg IV every 3 weeks, followed by dose of 4.4 mg/kg IV Q3W, if DESC clears it and then a dose of 5.4 mg/kg IV Q3W, if DESC clears it. We anticipate disclosing preliminary data of R/M HNSCC patients in the fourth quarter of 2025.
Previous wording
Since our inception, we have focused substantially all of our resources on conducting research and development activities, undertaking preclinical studies and clinical trials, organizing and staffing our company, business planning, raising capital, establishing and maintaining our intellectual property portfolio and identifying potential product candidates. We do not have any products approved for sale and have not generated any revenue from product sales. We have incurred significant operating losses since our inception. We reported net losses of $39.5 million and $20.6 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $403.1 million, net equity of $87.6 million, and cash, cash equivalents, restricted cash and short-term investments of $90.4 million. We expect to continue to incur significant expenses and operating losses for the foreseeable future. We expect that our expenses and capital expenditures will increase substantially in connection with our ongoing activities. Our operations to date have been financed primarily through sales of convertible preferred stock and sale of equity securities and additional funding may be necessary to fund future clinical and preclinical activities.
Current wording
Since our inception, we have focused substantially all of our resources on conducting research and development activities, undertaking preclinical studies and clinical trials, organizing and staffing our company, business planning, raising capital, establishing and maintaining our intellectual property portfolio and identifying potential product candidates. We do not have any products approved for sale and have not generated any revenue from product sales. We have incurred significant operating losses since our inception. We reported net losses of $61.5 million and $41.8 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, we had an accumulated deficit of $425.1 million, net equity of $68.8 million, and cash, cash equivalents, restricted cash and short-term investments of $77.7 million. We expect to continue to incur significant expenses and operating losses for the foreseeable future. We expect that our expenses and capital expenditures will increase substantially in connection with our ongoing activities. Our operations to date have been financed primarily through sales of convertible preferred stock and sale of equity securities and additional funding may be necessary to fund future clinical and preclinical activities.
Previous wording
The components of our cost of revenues are expenses directly attributable to revenues. During the three and six months ended June 30, 2025, we have not incurred any costs with respect to revenue.
Current wording
The components of our cost of revenues are expenses directly attributable to revenues. During the three and nine months ended September 30, 2025, we have not incurred any costs with respect to revenue.
Previous wording
Research and development expenses increased by $3.2 million, from $13.9 million for the three months ended June 30, 2024 to $17.1 million for the three months ended June 30, 2025.
Current wording
Research and development expenses increased by $0.1 million, from $17.7 million for the three months ended September 30, 2024 to $17.8 million for the three months ended September 30, 2025.
Previous wording
Micvotabart pelidotin program-specific research and development costs increased by $7.0 million, primarily due to a $3.9 million increase in contract manufacturing costs for the manufacturing of micvotabart pelidotin to support our ongoing clinical trials, a $1.8 million increase in clinical trial related expenses due to two clinical trials of MICVO (monotherapy and combo-therapy), and $1.3 million increase in translation work and other third party development costs.
Current wording
Micvotabart pelidotin program-specific research and development costs increased by $2.0 million, primarily due to a $1.0 million increase in contract manufacturing costs for the manufacturing of micvotabart pelidotin to support our ongoing clinical trials and a $1.3 million increase in clinical trial related expenses due to two clinical trials of MICVO (monotherapy and combo-therapy), offset by a reduction in external research costs by $0.6 million.
Previous wording
PYX-106 program-specific research and development costs decreased by $1.1 million as we paused the clinical development of PYX-106-101 in December 2024.
Current wording
PYX-106 program-specific research and development costs decreased by $1.8 million as we paused the clinical development of PYX-106-101 in December 2024.
Previous wording
General and administrative expenses decreased by $0.6 million, from $6.1 million for the three months ended June 30, 2024 to $5.4 million for the three months ended June 30, 2025. The decrease was primarily related to a decrease in corporate insurance and other facilities costs of $0.5 million.
Current wording
General and administrative expenses decreased by $0.4 million, from $6.0 million for the three months ended September 30, 2024 to $5.6 million for the three months ended September 30, 2025. The decrease was primarily related to a decrease in professional fees by $0.3 million, depreciation and corporate insurance by $0.5 million and offset by higher employee cost and stock based compensation of $0.5 million.
Previous wording
Other income, net for the three months ended June 30, 2025 and 2024 was $1.7 million and $2.7 million, respectively. The decrease was primarily due to a decrease in interest and investment income as compared to the previous year.
Current wording
Other income, net for the three months ended September 30, 2025 and 2024 was $1.4 million and $2.5 million, respectively. The decrease was primarily due to a decrease in interest and investment income as compared to the previous year.
Previous wording
Revenues for the six months ended June 30, 2025 were $2.8 million, compared to $16.1 million for the six months ended June 30, 2024. During the quarter, we recognized $2.8 million of milestone revenue ($3.0 million of milestone less $0.2 million of tax in China) related to regulatory approval of Suvemcitug in China. The regulatory milestone was pursuant to out-licensing and collaboration agreement between of our subsidiary company, Apexigen and Jiangsu Simcere Pharmaceutical R&D Co., Ltd. (“Simcere”), for the development and commercialization of Suvemcitug for oncology in China.
Current wording
Revenues for the nine months ended September 30, 2025 were $2.8 million, compared to $16.1 million for the nine months ended September 30, 2024. During the current period, we recognized $2.8 million of milestone revenue ($3.0 million of milestone less $0.2 million of tax in China) related to regulatory approval of Suvemcitug in China. The regulatory milestone was pursuant to an out-licensing and collaboration agreement between our subsidiary company, Apexigen and Jiangsu Simcere Pharmaceutical R&D Co., Ltd. (“Simcere”), for the development and commercialization of Suvemcitug for oncology in China.
Previous wording
We have not incurred any costs with respect to revenue during the six months ended June 30, 2025. During the six months ended June 30, 2024, upon execution of the Settlement Agreement with Novartis, we expensed the remaining definite-lived intangible asset of $0.5 million related to these royalty rights to cost of revenues.
Current wording
We have not incurred any costs with respect to revenue during the nine months ended September 30, 2025. During the nine months ended September 30, 2024, upon execution of the Settlement Agreement with Novartis, we expensed the remaining definite-lived intangible asset of $0.5 million related to these royalty rights to cost of revenues.
Previous wording
The following table summarizes our research and development expenses for the six months ended June 30, 2025 and 2024 (in thousands):
Current wording
The following table summarizes our research and development expenses for the nine months ended September 30, 2025 and 2024 (in thousands):
Previous wording
Research and development expenses increased by $7.2 million, from $27.0 million for the six months ended June 30, 2024 to $34.2 million for the six months ended June 30, 2025.
Current wording
Research and development expenses increased by $7.3 million, from $44.7 million for the nine months ended September 30, 2024 to $52.0 million for the nine months ended September 30, 2025.
Previous wording
Micvotabart pelidotin program-specific research and development costs increased by $4.3 million, primarily due to a $2.8 million increase in contract manufacturing costs for the manufacturing of micvotabart pelidotin to support our ongoing clinical trials, and a $1.0 million increase in clinical trial related expenses due to two clinical trials of MICVO (monotherapy and combo-therapy).
Current wording
Micvotabart pelidotin program-specific research and development costs increased by $9.1 million, primarily due to a $5.0 million increase in contract manufacturing costs for the manufacturing of micvotabart pelidotin to support our ongoing clinical trials and a $3.9 million increase in clinical trial related expenses due to two clinical trials of MICVO (monotherapy and combo-therapy).
Previous wording
PYX-106 program-specific research and development costs decreased by $2.1 million, as we paused the clinical development of PYX-106-101 in December 2024.
Current wording
PYX-106 program-specific research and development costs decreased by $3.9 million, as we paused the clinical development of PYX-106-101 in December 2024.
Previous wording
Unallocated research and development costs increased by $2.1 million from $13.0 million for the six months ended June 30, 2024 to $15.1 million for the six months ended June 30, 2025. This increase was primarily due to severance cost of $0.9 million due to the reduction in workforce implemented in March 2025 and increase in stock based compensation by $0.2 million.
Current wording
Unallocated research and development costs increased by $1.9 million from $19.6 million for the nine months ended September 30, 2024 to $21.5 million for the nine months ended September 30, 2025. This increase was primarily due to severance cost of $0.9 million and an increase in general business expense by $0.5 million.
Previous wording
The following table summarizes our general and administrative expenses for the six months ended June 30, 2025 and 2024 (in thousands):
Current wording
The following table summarizes our general and administrative expenses for the nine months ended September 30, 2025 and 2024 (in thousands):
Previous wording
General and administrative expenses decreased by $3.0 million, from $14.3 million for the six months ended June 30, 2024 to $11.3 million for the six months ended June 30, 2025. The decrease was primarily related to a decrease in stock based compensation by $0.8 million, lower professional and consultant fee by $0.5 million and lower corporate insurance, depreciation and amortization by $0.8 million.
Current wording
General and administrative expenses decreased by $3.4 million, from $20.3 million for the nine months ended September 30, 2024 to $16.9 million for the nine months ended September 30, 2025. The decrease was primarily related to a decrease in stock based compensation by $0.6 million, lower professional and consultant fees by $1.0 million and lower corporate insurance, depreciation and amortization expense by $1.1 million.
Previous wording
Other income, net for the six months ended June 30, 2025 and 2024 was $3.4 million and $5.1 million, respectively. The decrease was primarily due to a decrease in interest and investment income as compared to the previous year.
Current wording
Other income, net for the nine months ended September 30, 2025 and 2024 was $4.9 million and $7.6 million, respectively. The decrease was primarily due to a decrease in interest and investment income as compared to the previous year.
Previous wording
We had cash, cash equivalents, restricted cash and short-term investments of $90.4 million as of June 30, 2025. For the three months ended June 30, 2025 and 2024, we had net losses of $18.4 million and $17.3 million, respectively. For the six months ended June 30, 2025 and 2024, we had net losses of $39.5 million and $20.6 million, respectively. As of June 30, 2025, we had an accumulated deficit of $403.1 million.
Current wording
We had cash, cash equivalents, restricted cash and short-term investments of $77.7 million as of September 30, 2025. For the three months ended September 30, 2025 and 2024, we had net losses of $22.0 million and $21.2 million, respectively. For the nine months ended September 30, 2025 and 2024, we had net losses of $61.5 million and $41.8 million, respectively. As of September 30, 2025, we had an accumulated deficit of $425.1 million.
Previous wording
During the six months ended June 30, 2025, net cash used in operating activities was $39.8 million, which consisted of our net loss of $39.5 million and a net change in our operating assets and liabilities of $6.4 million, partially offset by non-cash charges of $6.0 million. The non-cash charges of $6.0 million was primarily due to $6.6 million of stock-based compensation and $1.1 million of depreciation and amortization expenses, offset by $2.0 million related to accretion of discounts on marketable debt securities. The net change in our operating assets and liabilities was primarily due to an increase in receivables by $3.0 million, prepaid expenses and other current assets by $2.5 million, a decrease in accrued expenses and other current liabilities by $4.7 million and an increase in accounts payable by $4.5 million primarily related to the timing of vendor payments and services performed related to our ongoing clinical trials.
Current wording
During the nine months ended September 30, 2025, net cash used in operating activities was $53.1 million, which consisted of our net loss of $61.5 million and a net change in our operating assets and liabilities of $0.9 million, partially offset by non-cash charges of $9.3 million. The non-cash charges of $9.3 million was primarily due to $9.7 million of stock-based compensation and $1.6 million of depreciation and amortization expenses, offset by $2.6 million related to accretion of discounts on marketable debt securities. The net change in our operating assets and liabilities was primarily due to a decrease in prepaid expenses and other current assets by $1.3 million, a decrease in accrued expenses and other current liabilities by $3.3 million and an increase in accounts payable by $4.9 million primarily related to the timing of vendor payments and services performed related to our ongoing clinical trials.
Previous wording
During the six months ended June 30, 2024, net cash used in operating activities was $23.7 million, which consisted of our net loss of $20.6 million and a net change in our operating assets and liabilities of $9.5 million, partially offset by non-cash charges of $6.3 million. The non-cash charges of $6.3 million was primarily due to $7.2 million of stock-based compensation and $1.7 million of depreciation and amortization expense, offset by $2.9 million of accretion of discounts on marketable debt securities. The net change in our operating assets and liabilities was primarily due to a decrease in deferred revenues of $7.7 million related to the Settlement Agreement with Novartis and reductions in accrued expenses and other current liabilities driven primarily by the timing of payments and services performed related to our ongoing clinical trials.
Current wording
During the nine months ended September 30, 2024, net cash used in operating activities was $38.4 million, which consisted of our net loss of $41.8 million and a net change in our operating assets and liabilities of $5.2 million, partially offset by non-cash charges of $8.5 million. The non-cash charges of $8.5 million was primarily due to $10.2 million of stock-based compensation, $2.4 million of depreciation and amortization expense, offset by $4.6 million of accretion of discounts on marketable debt securities. The net change in our operating assets and liabilities was primarily due to a decrease in deferred revenues of $7.7 million related to the Settlement Agreement with Novartis and reductions in accrued expenses and other current liabilities by $1.0 million driven primarily by the timing of payments and services performed related to our ongoing clinical trials.
Previous wording
During the six months ended June 30, 2025, net cash provided by investing activities was $31.1 million, which consisted primarily of redemption of marketable debt securities of $123.6 million, offset by purchases of marketable debt securities of $92.5 million.
Current wording
During the nine months ended September 30, 2025, net cash provided by investing activities was $42.6 million, which consisted primarily of redemption of marketable debt securities of $149.6 million, offset by purchases of marketable debt securities of $107.0 million.
Previous wording
During the six months ended June 30, 2024, net cash used in investing activities was $18.5 million, which consisted primarily of purchases of marketable debt securities of $132.1 million, offset by redemption of marketable debt securities of $113.8 million.
Current wording
During the nine months ended September 30, 2024, net cash used in investing activities was $18.5 million, which consisted primarily of purchases of marketable debt securities of $155.7 million, partially offset by redemption of marketable debt securities of $137.5 million.
Previous wording
During the six months ended June 30, 2025, net cash used in financing activities was $0.1 million, which consists primarily of tax withholding payments related to the net settlement of restricted common stock.
Current wording
During the nine months ended September 30, 2025, net cash used in financing activities was $0.1 million, which consists primarily of tax withholding payments related to the net settlement of restricted common stock.
Previous wording
During the six months ended June 30, 2024, net cash provided by financing activities was $57.6 million, which consists primarily of net proceeds of $46.9 million from the Private Placement which closed in February 2024 and net proceeds of $10.6 million from our ATM program.
Current wording
During the nine months ended September 30, 2024, net cash provided by financing activities was $59.3 million, which consists primarily of net proceeds of $46.9 million from the Private Placement which closed in February 2024 and net proceeds of $12.2 million from our ATM program.
Previous wording
As of June 30, 2025, we had approximately $90.4 million in cash, cash equivalents, restricted cash and short-term investments. We believe that our cash, cash equivalents and short-term investments as of June 30, 2025, will be sufficient to fund our operations into the second half of 2026. However, we have based this estimate on assumptions that may prove to be wrong, and our operating plan may change as a result of many factors currently unknown to us. In addition, we could utilize our available capital resources sooner than we expect.
Current wording
As of September 30, 2025, we had approximately $77.7 million in cash, cash equivalents, restricted cash and short-term investments. We believe that our cash, cash equivalents and short-term investments as of September 30, 2025, will be sufficient to fund our operations into the second half of 2026. However, we have based this estimate on assumptions that may prove to be wrong, and our operating plan may change as a result of many factors currently unknown to us. In addition, we could utilize our available capital resources sooner than we expect.
Previous wording
We lease an office and laboratory space in Boston, Massachusetts with lease payments that continue through December 31, 2032, and have scheduled rent increases each year of 3%. Additionally, we sublease 17,729 square feet of office and laboratory space in the building located at 321 Harrison Avenue, Boston, Massachusetts. The remaining contractual fixed lease payments, net of sublease payments and tenant improvement allowance, over the term of the lease aggregate to $26.1 million. The operating lease obligation is discussed in Note 10. Leases to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information.
Current wording
We lease an office and laboratory space in Boston, Massachusetts with lease payments that continue through December 31, 2032, and have scheduled rent increases each year of 3%. Additionally, we sublease 17,729 square feet of office and laboratory space in the building located at 321 Harrison Avenue, Boston, Massachusetts. The remaining contractual fixed lease payments, net of sublease payments and tenant improvement allowance, over the term of the lease aggregate to $25.7 million. The operating lease obligation is discussed in Note 10. Leases to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information.
Previous wording
We are also a “smaller reporting company,” meaning that the market value of our shares held by non-affiliates is less than $700 million and our annual revenues were less than $100 million during the most recently completed fiscal year. We may rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company, we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and have reduced disclosure obligations regarding executive compensation, and, similar to emerging growth companies, if we are a smaller reporting company with less than $100 million in annual revenues, we would not be required to obtain an attestation report on internal control over financial reporting issued by our independent registered public accounting firm.
Current wording
We are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. We are also a “smaller reporting company,” meaning that the market value of our shares held by non-affiliates is less than $700 million and our annual revenues were less than $100 million during the most recently completed fiscal year. We may rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company, we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and have reduced disclosure obligations regarding executive compensation, and, similar to emerging growth companies, if we are a smaller reporting company with less than $100 million in annual revenues, we would not be required to obtain an attestation report on internal control over financial reporting issued by our independent registered public accounting firm.
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Previous report — wording carried elsewhere
Revenues for the three months ended June 30, 2025, were $2.8 million, compared to $0 for the quarter ended June 30, 2024. During the quarter, we recognized $2.8 million of milestone revenue ($3.0 million of milestone less $0.2 million of tax in China) related to regulatory approval of Suvemcitug in China. The regulatory milestone was pursuant to out-licensing and collaboration agreement between of our subsidiary company, Apexigen and Jiangsu Simcere Pharmaceutical R&D Co., Ltd. (“Simcere”), for the development and commercialization of Suvemcitug for oncology in China.