Pyxis Oncology Shifts Focus to Single Candidate, Cuts Workforce by 20%

Pyxis Oncology, a Boston-based biotech company, has announced a significant restructuring of its operations, including a 20% reduction in its workforce and a strategic shift to focus on a single cancer candidate. This move comes as part of the company's efforts to streamline its pipeline and allocate resources more efficiently.

Pipeline Consolidation and Leadership Changes

Pyxis has decided to concentrate its efforts on micvotabart pelidotin, an antibody-drug conjugate (ADC) originally in-licensed from Pfizer. This decision follows the company's move in December to shelve a clinical-stage monoclonal antibody targeting Siglec-15. The restructuring also involves changes in leadership, with Chief Medical Officer Ken Kobayashi, M.D., stepping down and his responsibilities being assumed by President and CEO Lara Sullivan, M.D.

In a statement, Sullivan emphasized the importance of this strategic shift: "Given the positive micvotabart pelidotin data, it is critical that we ensure the flawless execution of our clinical programs on the fastest possible timeline. To support this goal, we have streamlined our organization to allocate resources in a way that gives us the greatest opportunity to deliver on our mission and bring meaningful therapies to patients who need them most."

Clinical Progress and Financial Outlook

The company's focus on micvotabart pelidotin stems from encouraging phase 1 dose-escalation results shared in November. The ADC showed promise in treating a range of solid tumors, including difficult-to-treat head and neck cancers. This positive data has bolstered Pyxis's confidence in the candidate's potential.

Financially, Pyxis entered 2025 with $128.4 million in cash, which the company expects to sustain operations into the second half of 2026. This financial runway allows Pyxis to pursue its streamlined strategy and advance micvotabart pelidotin through clinical development.

Historical Context and Recent Developments

Pyxis Oncology has undergone significant changes since its inception in 2019. The company's pipeline expanded following a $152 million series B funding round and licensing deals with Pfizer and LegoChem Biosciences. However, like many biotech firms, Pyxis has faced challenges in the bearish market of recent years.

In November 2024, the company had already reduced its workforce by 40% following the all-stock acquisition of Apexigen, valued at approximately $10.7 million. Since then, Pyxis has out-licensed three of Apexigen's programs, further consolidating its focus on micvotabart pelidotin as the sole clinical candidate in its internal pipeline.