1Q: Micvo Monotx Data in 2L+ HNSCC On-Track For Mid'26

研报英文原文证据摘录

1Q: Micvo Monotx Data in 2L+ HNSCC On-Track For Mid'26

USA | Biotechnology

Pyxis EquityMayResearch14, 2026

ESTIMATE CHANGE1Q: Micvo Monotx Data in 2L+ HNSCC On-Track

RATING BUYFor Mid'26

PRICE $2.21^

PYXS is on-track to report micvo (tumor stroma-targeting ADC) monotx data

in 2L+ R/M HNSCC pts in mid'26 (stock +>100%/–30%). Tgt enrollment (~40 PRICE TARGET | % TO PT $8.00 | +262%

pts) was completed in March across post-platinum and post-EGFRi cohorts. We 52W HIGH-LOW $5.55 - $0.97

caught up w/ mgmt, and they are using dose cap as an operationally simple way FLOAT (%) | ADV MM (USD) 80.8% | 1.21

to maintain micvo's efficacy profile while improving safety/tolerability -- mid-yr MARKET CAP $140.1M

update is designed to answer that question directly. Cash into 4Q26. TICKER PYXS ^Prior trading day's closing price unless otherwise

noted.

Bigger picture, for the mid'26 update (no added granularity on timing), focus is on tolerability

profile w/ 5.4 mg/kg IV Q3W, w/ a dose equivalent to or below a dose cap and if the strong

FY (Dec) CHANGE TO JEFe JEF vs CONS

responses seen prior are maintained. HNSCC is aggressive and competitors (e.g., peto+pembro)

2026 2027 2026 2027

have set a high bar with 12+ month OS, but if micvo’s tox profile is managed w/ dosing tweaks,

these concerns should abate. Stock is up 53% QTD (vs XBI +6%). REV NA NA NA NA

EPS -4% +3% -3% -6%

Recall, prior data in Dec'25 showed 56% Gr.≥3 TRAEs and 28% tx d/c, but 100% of TRAE-driven

d/c occurred in high body weight pts. PK modeling shows that dose capping and AIBW exposures 2026 ($) Q1 Q2 Q3 Q4 FY

are comparable for pts across weight categories, including for pts weighing 80+ kg. AIBW becomes EPS (0.37) (0.39) (0.25) (0.26) (1.17)

go-forward only if it yields a superior profile to dose capping.