What is Pyxis Oncology, Inc.'s earnings per share (EPS)?

Pyxis Oncology, Inc. (PYXS) reported diluted earnings per share of $-1.28 for fiscal year 2025. This represents a 3.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Pyxis Oncology, Inc. Financials

PYXS

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Pyxis Oncology, Inc. (PYXS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PYXS FY2025 2026-05-14

Clinical-development spending still governs Pyxis more than product economics, and cash burn is steadily consuming its balance-sheet cushion.

FY2024's equity financing temporarily replaced the cash consumed by operations, but FY2025 brought only $594K of financing while operating cash burn still ran at -$63.5M. That mismatch helps explain why cash fell to $15.4M and the current ratio compressed to 3.4x even though liabilities changed little from FY2024.

The business still behaves like a development-stage platform: FY2025 R&D was $73.7M against just $13.9M of revenue, so current sales are not funding the research engine. Even with gross margin at 82.8%, loss intensity worsened because research spending rose, which means the revenue line is still a supplement rather than the operating foundation.

Cash conversion is unusually direct for an unprofitable company: free cash flow of -$63.5M was almost identical to operating cash flow because capital spending was only $9K. That makes this an asset-light burn profile; the financial strain comes from ongoing operating spend, not from maintaining a capital-heavy footprint.

Financial Health Signals

Financial Health Score 34/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Pyxis Oncology, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Pyxis Oncology, Inc. has an operating margin of -609.2%, meaning the company retains $-609 of operating profit per $100 of revenue. This results in a moderate score of 32/100, indicating healthy but not exceptional operating efficiency. This is down from -554.1% the prior year.

Growth

Pyxis Oncology, Inc.'s revenue declined 14.2% year-over-year, from $16.1M to $13.9M. This contraction results in a growth score of 8/100.

Leverage

Pyxis Oncology, Inc. has a moderate D/E ratio of 0.71. This balance of debt and equity financing earns a leverage score of 53/100.

Liquidity

With a current ratio of 3.41, Pyxis Oncology, Inc. holds $3.41 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 81/100.

Cash Flow

While Pyxis Oncology, Inc. generated -$63.5M in operating cash flow, capex of $9K consumed most of it, leaving -$63.5M in free cash flow. This results in a low score of 3/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Pyxis Oncology, Inc. generates a -149.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 24/100. This is down from -64.0% the prior year.

Altman Z-Score Distress

-6.32

Pyxis Oncology, Inc. scores -6.32, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($170.4M) relative to total liabilities ($38.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/8

Pyxis Oncology, Inc. passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.80x

For every $1 of reported earnings, Pyxis Oncology, Inc. generates $0.80 in operating cash flow (-$63.5M OCF vs -$79.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$13.9M

YoY-14.2%

Pyxis Oncology, Inc. generated $13.9M in revenue in fiscal year 2025. This represents a decrease of 14.2% from the prior year.

EBITDA

-$79.9M

YoY+7.6%

Pyxis Oncology, Inc.'s EBITDA was -$79.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.6% from the prior year.

Net Income

-$79.6M

YoY-3.0%

Pyxis Oncology, Inc. reported -$79.6M in net income in fiscal year 2025. This represents a decrease of 3.0% from the prior year.

EPS (Diluted)

$-1.28

YoY+3.0%

Pyxis Oncology, Inc. earned $-1.28 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$63.5M

YoY-9.7%

Pyxis Oncology, Inc. generated -$63.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 9.7% from the prior year.

Cash & Debt

$15.4M

YoY-20.8%

5Y CAGR+13.8%

Pyxis Oncology, Inc. held $15.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

63M

YoY+4.5%

Pyxis Oncology, Inc. had 63M shares outstanding in fiscal year 2025. This represents an increase of 4.5% from the prior year.

Margins & Returns

Gross Margin

82.8%

YoY-14.3pp

Pyxis Oncology, Inc.'s gross margin was 82.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 14.3 percentage points from the prior year.

Operating Margin

-609.2%

YoY-55.1pp

Pyxis Oncology, Inc.'s operating margin was -609.2% in fiscal year 2025, reflecting core business profitability. This is down 55.1 percentage points from the prior year.

Net Margin

-574.5%

YoY-95.6pp

Pyxis Oncology, Inc.'s net profit margin was -574.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 95.6 percentage points from the prior year.

Return on Equity

-149.1%

YoY-85.0pp

Pyxis Oncology, Inc.'s ROE was -149.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 85.0 percentage points from the prior year.

Capital Allocation

R&D Spending

$73.7M

YoY+25.4%

5Y CAGR+52.1%

Pyxis Oncology, Inc. invested $73.7M in research and development in fiscal year 2025. This represents an increase of 25.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$9K

YoY-96.2%

5Y CAGR-64.0%

Pyxis Oncology, Inc. invested $9K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 96.2% from the prior year.

PYXS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$13.9M-14.2%	$16.1M	N/A	N/A	N/A	N/A
Cost of Revenue	$2.4M+402.7%	$475K	N/A	N/A	N/A	N/A
Gross Profit	$11.5M-26.8%	$15.7M	N/A	N/A	N/A	N/A
R&D Expenses	$73.7M+25.4%	$58.7M+18.5%	$49.6M-42.4%	$86.1M+68.7%	$51.1M+464.3%	$9.0M
SG&A Expenses	$22.2M-12.7%	$25.4M-22.0%	$32.6M-12.7%	$37.4M+100.1%	$18.7M+385.3%	$3.8M
Operating Income	-$84.4M+5.6%	-$89.5M-8.8%	-$82.2M+33.4%	-$123.5M-77.1%	-$69.7M-440.7%	-$12.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$1.4M+164.0%	-$2.2M	N/A	N/A	N/A	N/A
Net Income	-$79.6M-3.0%	-$77.3M-4.8%	-$73.8M+38.9%	-$120.7M-58.9%	-$76.0M-492.3%	-$12.8M
EPS (Diluted)	$-1.28+3.0%	$-1.32+28.6%	$-1.85+49.3%	$-3.65+59.2%	$-8.95	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	$2.8M	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$20.0M	N/A	$17.8M+3.9%	$17.1M+0.5%	$17.0M	N/A	$17.7M+27.1%	$14.0M
SG&A Expenses	$4.4M	N/A	$5.7M+4.0%	$5.4M-7.4%	$5.9M	N/A	$6.0M-1.1%	$6.1M
Operating Income	-$24.4M	N/A	-$23.5M-18.8%	-$19.8M+13.8%	-$22.9M	N/A	-$23.8M-18.6%	-$20.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	$283K	N/A	N/A	N/A	N/A
Net Income	-$23.3M	N/A	-$22.0M-19.9%	-$18.4M+13.3%	-$21.2M	N/A	-$21.2M-22.6%	-$17.3M
EPS (Diluted)	$-0.37	N/A	$-0.35-16.7%	$-0.30+14.3%	$-0.35	N/A	$-0.35-20.7%	$-0.29

PYXS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$91.5M-41.8%	$157.2M-9.5%	$173.7M-17.8%	$211.4M-24.5%	$280.0M+2658.6%	$10.2M
Current Assets	$72.1M-45.6%	$132.4M+6.3%	$124.6M-33.2%	$186.6M-33.0%	$278.7M+3339.1%	$8.1M
Cash & Equivalents	$15.4M-20.8%	$19.5M+101.5%	$9.7M-94.6%	$179.3M-34.7%	$274.7M+3300.2%	$8.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$38.1M+4.6%	$36.4M-24.1%	$48.0M-5.0%	$50.6M+170.2%	$18.7M-27.5%	$25.8M
Current Liabilities	$21.1M+19.5%	$17.7M-31.4%	$25.8M-18.6%	$31.6M+69.1%	$18.7M+407.1%	$3.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$53.4M-55.8%	$120.8M-3.9%	$125.7M-21.8%	$160.8M-38.5%	$261.3M+1770.3%	-$15.6M
Retained Earnings	-$443.2M-21.9%	-$363.6M-27.0%	-$286.2M-34.7%	-$212.4M-131.6%	-$91.7M-482.6%	-$15.7M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$64.3M-29.7%	$91.5M-13.3%	$105.6M-14.3%	$123.2M-9.3%	$135.9M-13.6%	$157.2M-19.5%	$195.3M-6.3%	$208.4M
Current Assets	$45.6M-36.8%	$72.1M-13.2%	$83.1M-16.9%	$100.0M-10.7%	$111.9M-15.5%	$132.4M-11.0%	$148.9M-7.6%	$161.0M
Cash & Equivalents	$5.8M-62.6%	$15.4M+72.9%	$8.9M-16.9%	$10.7M-15.9%	$12.8M-34.5%	$19.5M+61.5%	$12.1M-51.9%	$25.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	$3.0M	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$33.0M-13.3%	$38.1M+3.5%	$36.8M+3.5%	$35.6M+8.6%	$32.8M-10.1%	$36.4M-12.5%	$41.6M+7.9%	$38.6M
Current Liabilities	$16.5M-21.8%	$21.1M+9.0%	$19.4M+9.6%	$17.7M+22.5%	$14.4M-18.4%	$17.7M-13.0%	$20.3M+20.3%	$16.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$31.3M-41.5%	$53.4M-22.3%	$68.8M-21.5%	$87.6M-15.0%	$103.1M-14.6%	$120.8M-21.4%	$153.7M-9.5%	$169.8M
Retained Earnings	-$466.4M-5.3%	-$443.2M-4.3%	-$425.1M-5.5%	-$403.1M-4.8%	-$384.7M-5.8%	-$363.6M-10.8%	-$328.0M-6.9%	-$306.8M

PYXS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$63.5M-10.1%	-$57.7M+18.4%	-$70.7M+20.8%	-$89.3M-152.9%	-$35.3M-250.3%	-$10.1M
Capital Expenditures	$9K-96.2%	$237K-96.5%	$6.7M+5.1%	$6.4M+1085.0%	$540K-63.6%	$1.5M
Free Cash Flow	-$63.5M-9.7%	-$57.9M+25.2%	-$77.4M+19.1%	-$95.7M-166.9%	-$35.9M-210.1%	-$11.6M
Investing Cash Flow	$58.9M+621.7%	$8.2M+107.8%	-$104.8M-1538.5%	-$6.4M-984.6%	-$590K+60.2%	-$1.5M
Financing Cash Flow	$594K-99.0%	$59.3M+900.6%	$5.9M+3139.9%	$183K-99.9%	$304.0M+868597.1%	$35K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$26.0M-149.4%	-$10.4M+21.5%	-$13.3M+23.1%	-$17.3M+23.4%	-$22.5M-16.8%	-$19.3M-31.5%	-$14.7M-387.7%	-$3.0M
Capital Expenditures	N/A	$0	N/A	N/A	N/A	$0	$0	$0
Free Cash Flow	N/A	-$10.4M	N/A	N/A	N/A	-$19.3M-31.5%	-$14.7M-387.7%	-$3.0M
Investing Cash Flow	$16.4M+0.7%	$16.3M+41.8%	$11.5M-25.0%	$15.3M-3.3%	$15.8M-40.6%	$26.7M+333312.5%	-$8K-300.0%	$4K
Financing Cash Flow	-$25K-103.7%	$669K+8462.5%	-$8K+88.1%	-$67K	$0-100.0%	$50K-97.0%	$1.7M+1404.5%	$110K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PYXS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	82.8%-14.3pp	97.1%	N/A	N/A	N/A	N/A
Operating Margin	-609.2%-55.1pp	-554.1%	N/A	N/A	N/A	N/A
Net Margin	-574.5%-95.6pp	-479.0%	N/A	N/A	N/A	N/A
Return on Equity	-149.1%-85.0pp	-64.0%-5.3pp	-58.7%+16.4pp	-75.1%-46.0pp	-29.1%	N/A
Return on Assets	-87.0%-37.8pp	-49.2%-6.7pp	-42.5%+14.6pp	-57.1%-30.0pp	-27.1%+99.2pp	-126.4%
Current Ratio	3.41-4.1	7.49+2.7	4.84-1.1	5.90-9.0	14.90+12.7	2.20
Debt-to-Equity	0.71+0.4	0.30-0.1	0.38+0.1	0.31+0.2	0.07+1.7	-1.65
FCF Margin	-458.3%-99.6pp	-358.7%	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	-700.4%	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	-650.9%	N/A	N/A	N/A	N/A
Return on Equity	-74.4%	N/A	-32.0%-11.1pp	-20.9%-0.4pp	-20.5%	N/A	-13.8%-3.6pp	-10.2%
Return on Assets	-36.2%	N/A	-20.8%-5.9pp	-14.9%+0.7pp	-15.6%	N/A	-10.9%-2.6pp	-8.3%
Current Ratio	2.76-0.7	3.41-0.9	4.29-1.4	5.65-2.1	7.75+0.3	7.49+0.2	7.33-2.2	9.53
Debt-to-Equity	1.06+0.3	0.71+0.2	0.54+0.1	0.41+0.1	0.32+0.0	0.30+0.0	0.27+0.0	0.23
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Pyxis Oncology, Inc.'s annual revenue?

Pyxis Oncology, Inc. (PYXS) reported $13.9M in total revenue for fiscal year 2025. This represents a -14.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Pyxis Oncology, Inc.'s revenue growing?

Pyxis Oncology, Inc. (PYXS) revenue declined by 14.2% year-over-year, from $16.1M to $13.9M in fiscal year 2025.

Is Pyxis Oncology, Inc. profitable?

No, Pyxis Oncology, Inc. (PYXS) reported a net income of -$79.6M in fiscal year 2025, with a net profit margin of -574.5%.

What is Pyxis Oncology, Inc.'s EBITDA?

Pyxis Oncology, Inc. (PYXS) had EBITDA of -$79.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Pyxis Oncology, Inc.'s gross margin?

Pyxis Oncology, Inc. (PYXS) had a gross margin of 82.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Pyxis Oncology, Inc.'s operating margin?

Pyxis Oncology, Inc. (PYXS) had an operating margin of -609.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Pyxis Oncology, Inc.'s net profit margin?

Pyxis Oncology, Inc. (PYXS) had a net profit margin of -574.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Pyxis Oncology, Inc.'s return on equity (ROE)?

Pyxis Oncology, Inc. (PYXS) has a return on equity of -149.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Pyxis Oncology, Inc.'s free cash flow?

Pyxis Oncology, Inc. (PYXS) generated -$63.5M in free cash flow during fiscal year 2025. This represents a -9.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Pyxis Oncology, Inc.'s operating cash flow?

Pyxis Oncology, Inc. (PYXS) generated -$63.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Pyxis Oncology, Inc.'s total assets?

Pyxis Oncology, Inc. (PYXS) had $91.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Pyxis Oncology, Inc.'s capital expenditures?

Pyxis Oncology, Inc. (PYXS) invested $9K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Pyxis Oncology, Inc. spend on research and development?

Pyxis Oncology, Inc. (PYXS) invested $73.7M in research and development during fiscal year 2025.

How many shares does Pyxis Oncology, Inc. have outstanding?

Pyxis Oncology, Inc. (PYXS) had 63M shares outstanding as of fiscal year 2025.

What is Pyxis Oncology, Inc.'s current ratio?

Pyxis Oncology, Inc. (PYXS) had a current ratio of 3.41 as of fiscal year 2025, which is generally considered healthy.

What is Pyxis Oncology, Inc.'s debt-to-equity ratio?

Pyxis Oncology, Inc. (PYXS) had a debt-to-equity ratio of 0.71 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Pyxis Oncology, Inc.'s return on assets (ROA)?

Pyxis Oncology, Inc. (PYXS) had a return on assets of -87.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Pyxis Oncology, Inc.'s cash runway?

Based on fiscal year 2025 data, Pyxis Oncology, Inc. (PYXS) had $15.4M in cash against an annual operating cash burn of $63.5M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Pyxis Oncology, Inc.'s Altman Z-Score?

Pyxis Oncology, Inc. (PYXS) has an Altman Z-Score of -6.32, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Pyxis Oncology, Inc.'s Piotroski F-Score?

Pyxis Oncology, Inc. (PYXS) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Pyxis Oncology, Inc.'s earnings high quality?

Pyxis Oncology, Inc. (PYXS) has an earnings quality ratio of 0.80x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Pyxis Oncology, Inc.?

Pyxis Oncology, Inc. (PYXS) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.