PYXS: 1Q26: On Track For Mid-Year Data And Potential Inflection

研报英文原文证据摘录

PYXS: 1Q26: On Track For Mid-Year Data And Potential Inflection

we Prev. (0.38)E (0.41)E (0.27)E (0.28)E

believe suggests hope among physicians for the approach. Meanwhile, the Revenue

ph.I/II combo dose escalation study with pembro remains on track for a 2025 0.0A 2.8A 0.0A 11.0A

2026 0.0A 0.2E 0.0E 0.2E 2H26 update, with the focus refined to 1L HNSCC patients. While exact

details on what data we will see at the updates was not disclosed, we All values in USD unless otherwise noted.

think mgmt will deliver a clearly interpretable dataset that justify their Priced as of prior trading day's market close, EST (unless otherwise noted).

enthusiasm for both the 1L combo and 2L mono opportunities, as well as

provide optionality for future lifecycle. We remain believers that micvo can

find a place in the treatment paradigm, and estimate $1B in U.S. HSNCC

sales, with potential optionality in other tumors that can see a total $1.7B

by 2035 opportunity. Finally, recall AACR preclinical data in April also added

mechanistic support for the combination approach, though we believe

clinical data remains key to moving the story forward.

Dose cap offers speed and simplicity over AIBW, and we see no major

drawbacks to the switch. While prior discussions with the company

focused on AIBW dosing, the company had implemented a dose cap in

December - and the upcoming monotherapy data will focus on patients

treated at 5.4mg/kg at or below the cap. Meanwhile, AIBW dosing is now

also being explored with a protocol amendment, and the company will

only move forward with it if it offers a better safety/efficacy balance - we

think this makes sense, as dose capping is simpler and was also faster to

implement given a focus on execution to generate a robust dataset. While