Pyxis Oncology is a clinical-stage oncology company focused entirely on developing micvotabart pelidotin (MICVO), an antibody-drug conjugate (ADC) targeting solid tumors, with a primary focus on recurrent/metastatic head and neck squamous cell carcinoma (R/M HNSCC). MICVO takes an unconventional approach for an ADC: rather than targeting antigens on cancer cell surfaces, it targets extradomain-B fibronectin (EDB+FN), a protein found in the structural scaffolding surrounding tumors that is highly expressed across many solid tumors but negligible in healthy tissue. Pyxis argues this design enables direct tumor cell killing, bystander killing of nearby cells, and immune activation — and may avoid the resistance mechanisms that limit traditional ADCs. Pyxis is running two active Phase 1 trials: a monotherapy study in 2L+ R/M HNSCC patients who have already failed platinum-based chemotherapy and checkpoint inhibitor therapy, and a combination study pairing MICVO with Merck's pembrolizumab across multiple solid tumor types, with Merck supplying pembrolizumab at no cost. Pyxis has received FDA Fast Track Designation for MICVO and has had early alignment with the FDA on a pivotal study design. The company has no product revenue and funds operations through equity raises. Pyxis intends to commercialize MICVO in the U.S. directly if approved, and may seek partners for ex-U.S. rights. Manufacturing is fully outsourced. Pyxis also holds several paused programs it is actively seeking to partner or license.