Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 18, 2026

Pyxis Oncology, Inc. (PYXS)

A forensic read on Pyxis Oncology, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-11.4

Distress distance

Clean

Earnings quality

Forensic signals

-2.1

P / E (ttm)

-149.1%

ROE

$252M

Market cap

0.00%

Dividend yield

-14.2%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Pyxis Oncology, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -11.4, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+23.4%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +88% over the last 3 years to FY2025 (+23.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~23.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~47%.

85% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 85% of revenue in FY2025 — about $0.19 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 24.5% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$13.9M

Revenue Growth YoY-14.2%

Net Margin-574.5%

Free Cash Flow-$63.5M

Return on Equity-149.1%

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Data from SEC EDGAR public filings · metrics as of Aug 18, 2026. Forensic signals flag probability, not certainty.