Pyxis Oncology (PYXS), a clinical-stage company focused on solid tumors like HNSCC, reported significantly widened net losses for the nine months ended September 30, 2025, reaching $61.5 million compared to $41.8 million in 2024. This increased burn rate was driven by elevated R&D spending ($52.0 million, focused on lead candidate micvotabart pelidotin or MICVO) and a sharp decline in milestone revenue, which fell to $2.8 million (from $16.1 million in 2024).
Liquidity Crisis and Going Concern: The most critical investor concern is liquidity. Management stated that current cash and s
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