MeritValue

Pyxis Oncology, Inc.

PYXSdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Pyxis Oncology, Inc. earns about -92% on invested capital, but has diluted owners by 632% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue———$16.1M1$13.9M1
Net income−$76M2−$120.7M3−$73.8M4−$77.3M5−$79.6M5
Operating cash flow−$35.3M6−$89.3M7−$70.7M8−$57.7M9−$63.5M9
Capital expenditure$540,00010$6.4M11$6.73M12$237,00013$9,00013
Free cash flow (derived)−$35.9M6−$95.7M7−$77.4M8−$57.9M9−$63.5M9
Total debt—————
Cash & equivalents$274.7M14$179.3M15$9.66M16$19.5M17$15.4M17
Diluted shares8.5M33.0M39.9M58.4M62.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$8.59
your share of equity
Profit it earned you last year
−$12.81
Free cash flow it threw off
−$10.22
Debt you’d be carrying
—

10 shares is a claim on $8.59 of net worth that earned you −$12.81 and generated −$10.22 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-92% avg · 5y
FY21 —FY22 —FY23 -50%FY24 -62%FY25 -163%

It earned an average -92% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+632% shares · 5y

Share count is up 632% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0001193125-26-118532 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0000950170-23-009046 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0000950170-24-034868 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0000950170-25-040771 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001193125-26-118532 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000950170-23-009046 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-24-034868 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000950170-25-040771 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-118532 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-009046 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-034868 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-040771 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-118532 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-23-009046 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0000950170-24-034868 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0000950170-25-040771 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001193125-26-118532 (CashAndCashEquivalentsAtCarryingValue)