Q1 Financials; MICVO Updates in Mid:26

Research evidence excerpt

Q1 Financials; MICVO Updates in Mid:26

Company Report

May 14, 2026 Pyxis Oncology, Inc. (PYXS)

Rating: Q1 Financials; MICVO Updates in Mid:26OUTPERFORM

Price:

$2.21 The Wedbush View

12-Month Price Target:

$6.00 PYXS reported first quarter financials and provided corporate updates ahead

of MICVO updates in mid:2026. The readout will provide updated monotherapy

Analysts data from patients with 2L+ R/M HNSCC; importantly, the update will include

Robert Driscoll, Ph.D. patients having received dose-capped MICVO, which we believe should limit SAEs,

(415) 274-6863 specifically those associated with MMAE payload toxicity. Expansion data in HNSCC

Robert.Driscoll@wedbush.com was presented in December last year, among 13 heavily pretreated (median

Geoffrey Von Der Ahe 3 prior lines) patients treated with 5.4 mg/kg MICVO, cORR was 46% (6/13),

(628) 223-0517 alongside a DCR of 92%; at cutoff, 3 patients remain on treatment. Regardinggeoffrey.vonderahe@wedbush.com

tolerability, we note a decently high rate of discontinuations (28%), as well as

G3+ neuropathy (28%), associated with the payload; we expect coming data

Company Information to demonstrate improved tolerability, especially when considering 6/7 patients

Market Cap (M) $140 experiencing payload related events had high body weight. PYXS is presenting data

Enterprise Value (M) $98 from two expansion arms fully enrolled in Q1 – patients post-platinum/PD-1 (ArmShares Outst (M) 63.4

52-Week Range $0.97 - $5.55 1), as well as in post-EGFR/PD-1 patients (Arm 2), which we expect to provide

Cash/sh $0.67 robust insight to support design of a pivotal program going forward. Beyond

Tangible Book Value/sh $0.85 monotherapy data, we continue to look forward to updated data in combination