Pyxis Oncology to reduce workforce by 40%

Nov. 8, 2023

Pyxis Oncology is taking measures to extend its cash runway into early 2026 by implementing cost reductions, including a 40% reduction of its workforce.

The measures are an attempt to prioritize its resources for its lead antibody-drug conjugate (ADC) program. PYX-201 is a first-in-class and first-in-concept tumor stroma targeting ADC against EDB-fibronectin in tumor stroma. Currently in phase 1 trials,  preliminary data expected in the first half of 2024. According to Pyxis, the trial's efficient dose escalation process suggests a favorable safety profile for PYX-201.

The company also announced changes to a Phase 1 trial for its fully human immunotherapy antibody candidate, PYX-106. The trial is now focusing on NSCLC and other tumor types, with data expected in the second half of 2024.

While sharing its Q3 2023 financials, the Boston-based biotech also said that it will be exploring non-dilutive funding options and potential partnerships for various assets. Additionally, the company has launched efforts to generate income from its recent Apexigen acquisition and its royalty streams.