Pyxis Oncology (PYXS) 10-Q 14 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 13, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Transition Report	false
Document Quarterly Report	true
Entity Registrant Name	Pyxis Oncology, Inc.
Entity Central Index Key	0001782223
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-40881
Entity Tax Identification Number	83-1160910
Entity Address, Address Line One	321 Harrison Avenue
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02118
Entity Incorporation, State or Country Code	DE
City Area Code	617
Local Phone Number	221-9059
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PYXS
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		58,888,473

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 27,967	$ 9,664
Marketable debt securities, short-term	129,060	109,634
Restricted cash	1,472	1,472
Accounts receivable	8,000
Prepaid expenses and other current assets	5,880	3,834
Total current assets	172,379	124,604
Property and equipment, net	11,333	11,872
Intangible assets, net	23,730	24,308
Operating lease right-of-use assets	12,778	12,942
Total assets	220,220	173,726
Current liabilities:
Accounts payable	2,293	3,896
Accrued expenses and other current liabilities	10,828	12,971
Operating lease liabilities, current portion	1,020	1,232
Deferred revenues		7,660
Total current liabilities	14,141	25,759
Operating lease liabilities, net of current portion	19,759	20,099
Deferred tax liability, net	2,164	2,164
Total liabilities	36,064	48,022
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, par value $0.001 per share, 10,000,000 shares authorized; zero shares issued and outstanding
Common stock, $0.001 par value per share; 190,000,000 shares authorized; 58,803,126 and 44,754,853 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively.	59	45
Additional paid-in capital	473,638	411,821
Accumulated other comprehensive (loss) income	(60)	63
Accumulated deficit	(289,481)	(286,225)
Total stockholders' equity	184,156	125,704
Total liabilities and stockholders' equity	$ 220,220	$ 173,726

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares issued	58,803,126	44,754,853
Common stock, shares outstanding	58,803,126	44,754,853

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues	$ 16,146
Costs and operating expenses:
Cost of revenues	475
Research and development	13,029	$ 11,901
General and administrative	8,247	9,053
Total costs and operating expenses	21,751	20,954
Loss from operations	(5,605)	(20,954)
Other income, net:
Interest and investment income	1,550	1,673
Sublease income	799	38
Total other income, net	2,349	1,711
Net loss	$ (3,256)	$ (19,243)
Net loss per common share - basic	$ (0.06)	$ (0.54)
Net loss per common share - diluted	$ (0.06)	$ (0.54)
Weighted average shares of common stock outstanding - basic	51,289,284	35,351,671
Weighted average shares of common stock outstanding - diluted	51,289,284	35,351,671
Other comprehensive (loss) income:
Net unrealized (loss) gain on marketable debt securities	$ (123)	$ 696
Other comprehensive (loss) income	(123)	696
Comprehensive loss	(3,379)	$ (18,547)
Royalty Revenues
Revenues	8,146
Sale of Royalty Rights
Revenues	$ 8,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Pfizer License Agreement	Common Stock	Common Stock Pfizer License Agreement	Additional Paid-in Capital	Additional Paid-in Capital Pfizer License Agreement	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 160,824		$ 34		$ 373,225			$ (212,435)
Beginning Balance, Shares at Dec. 31, 2022			34,958,730
Issuance of common stock		$ 5,000		$ 2		$ 4,998
Issuance of common stock (Shares)				1,811,594
Issuance of restricted common stock, net of tax withholdings	2		$ 1		1
Issuance of restricted common stock, net of tax withholdings, (Shares)			148,047
Stock-based compensation	4,884				4,884
Net unrealized (loss) gain on marketable debt securities	696						$ 696
Net loss	(19,243)							(19,243)
Ending balance at Mar. 31, 2023	152,163		$ 37		383,108		696	(231,678)
Ending balance (in shares) at Mar. 31, 2023			36,918,371
Beginning balance at Dec. 31, 2023	125,704		$ 45		411,821		63	(286,225)
Beginning Balance, Shares at Dec. 31, 2023			44,754,853
Issuance of common stock in private placement, net of offering costs (See Note 7) (Shares)			8,849,371
Issuance of common stock in private placement, net of offering costs (See Note 7)	39,172		$ 9		39,163
Issuance of common stock pursuant to at-the-market program, net of offering costs (See Note 7) (Shares)			3,600,000
Issuance of common stock pursuant to at-the-market program, net of offering costs (See Note 7)	10,590		$ 4		10,586
Issuance of pre-funded warrants in private placement, net of offering costs (See Note 8)	7,700				7,700
Issuance of restricted common stock, net of tax withholdings	(196)		$ 1		(197)
Issuance of restricted common stock, net of tax withholdings, (Shares)			1,497,921
Stock options exercised	$ 245				245
Stock options exercised (Shares)	100,981		100,981
Stock-based compensation	$ 4,320				4,320
Net unrealized (loss) gain on marketable debt securities	(123)						(123)
Net loss	(3,256)							(3,256)
Ending balance at Mar. 31, 2024	$ 184,156		$ 59		$ 473,638		$ (60)	$ (289,481)
Ending balance (in shares) at Mar. 31, 2024			58,803,126

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net loss	$ (3,256)	$ (19,243)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,116	190
Stock-based compensation	4,320	4,884
Non-cash lease expense	164	144
Accretion of discount on marketable debt securities	(1,288)	(607)
Changes in operating assets and liabilities:
Accounts receivable	(8,000)
Prepaid expenses and other assets	(2,046)	486
Accounts payable	(1,365)	(753)
Accrued expenses and other current liabilities	(2,143)	(13,273)
Operating lease liabilities	(552)	1,331
Deferred revenues	(7,660)
Net cash used in operating activities	(20,710)	(26,841)
Investing activities
Redemption of marketable debt securities	74,532
Purchase of marketable debt securities	(92,793)	(94,987)
Purchase of property and equipment	(237)	(4,406)
Net cash used in investing activities	(18,498)	(99,393)
Financing activities
Proceeds from issuance of common stock and pre-funded warrants in private placement, net of offering costs	46,872
Proceeds from issuance of common stock pursuant to ATM program, net of offering costs	10,590
Tax withholding payments related to net settlement of restricted common stock	(196)
Proceeds from the exercise of stock options	245
Net cash provided by financing activities	57,511
Net increase (decrease) in cash, cash equivalents, and restricted cash	18,303	(126,234)
Cash, cash equivalents and restricted cash at beginning of year	11,136	180,765
Cash, cash equivalents and restricted cash at end of period	29,439	54,531
Noncash operating, investing and financing activities:
Property and equipment in accounts payable and accrued expenses		2,261
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	27,967	53,059
Restricted cash	1,472	1,472
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 29,439	$ 54,531

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Nature of Business Pyxis Oncology, Inc. (the “Company”), a Delaware corporation, was founded in June 2018 and launched its operations in July 2019. The Company is a clinical stage company focused on defeating difficult-to-treat cancers. The Company is efficiently building next generation therapeutics that hold the potential for mono and combination therapies. The Company’s therapeutic candidates are designed to kill tumor cells and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. The Company’s antibody-drug conjugates (“ADCs”) and immuno-oncology (“IO”) programs employ novel and emerging strategies to target a broad range of solid tumors resistant to current standards of care. On August 23, 2023, the Company completed the acquisition of Apexigen, Inc. (“Apexigen”) pursuant to a business combination agreement, whereby Ascent Merger Sub Corp., a Delaware corporation and wholly-owned subsidiary of the Company merged with and into Apexigen, with Apexigen surviving as a wholly owned subsidiary of the Company (the “Merger”). The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Company’s fiscal year ends on December 31 and its first three fiscal quarters end on March 31, June 30 and September 30. The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the unaudited condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods. The results for the three months ended March 31, 2024 are not necessarily indicative of those expected for the year ending December 31, 2024 or for any future period. The condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 21, 2024 (“Fiscal 2023 10-K”). Liquidity As of March 31, 2024, the Company had an accumulated deficit of $ 289.5 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $ 3.3 million and $ 19.2 million for the three months ended March 31, 2024 and 2023, respectively. The Company has not generated any revenues from product sales to date and does not anticipate generating any revenues from product sales unless and until it successfully completes development and obtains regulatory approval for its current or any future product candidates. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to expand its research and development programs and develop its product candidates. The Company currently expects that its existing cash, cash equivalents and short-term investments of $ 157.0 million as of March 31, 2024 will fund its operating expenses and capital requirements at least twelve months from the date these unaudited condensed consolidated financial statements are issued. Additional funding may be necessary to fund future clinical and preclinical activities. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity, convertible or debt financing or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expense, and related disclosures. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, operating leases, assessment of the useful lives of property and equipment, marketable debt securities, fair value of intangible assets and research and development costs, including clinical trial accruals. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates and there may be changes to management’s estimates in future periods. Risks and Uncertainties The Company is subject to risks common to early-stage companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key suppliers for active ingredients and third-party service providers such as contract development and manufacturing organizations (“CDMOs”), protection of intellectual property rights and the ability to make milestone, royalty or other payments due under any license, collaboration or supply agreements. Concentration of Credit Risks Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents, restricted cash and short-term investments. The Company invests its excess cash primarily in money market funds and highly liquid U.S. Treasury securities. The Company has adopted an investment policy that includes guidelines relative to credit quality, diversification and maturities to preserve principal and liquidity. Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies disclosed in “Note 2 – Summary of Significant Accounting Policies” of the Company’s Fiscal 2023 10-K. Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 revises the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. On January 1, 2024 , the Company adopted ASU 2020-06, which did no t have a material effect on the Company’s financial position, results of operations, or cash flows. Recently Issued Accounting Pronouncements Recent authoritative guidance issued by the FASB (including technical corrections to the ASC), the American Institute of Certified Public Accountants (“AICPA”), and the SEC did not, or are not expected to, have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following tables present the financial instruments carried at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, respectively, in accordance with the FASB ASC 820 hierarchy (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 24,767 $ — $ — $ 24,767 Marketable debt securities U.S. Treasury securities 129,060 — — 129,060 Total $ 153,827 $ — $ — $ 153,827 December 31, 2023 Level 1 Level 2 Level 3 Total Cash Equivalents Money market funds $ 8,360 $ — $ — $ 8,360 Marketable debt securities U.S. Treasury securities 109,634 — — 109,634 Total $ 117,994 $ — $ — $ 117,994 The Company’s cash equivalents represent deposits in a short-term money market fund quoted in an active market and are classified as Level 1 assets. Marketable debt securities include investments in United States Treasury securities and are classified as Level 1 assets as they are valued using quoted prices in active markets. There were no assets or liabilities measured at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the periods presented.

Marketable Debt Securities

Marketable Debt Securities	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable Debt Securities	4. Marketable Debt Securities Marketable debt securities, all of which were classified as available-for-sale, consist of the following (in thousands): March 31, 2024 Amortized Unrealized Unrealized Aggregate Marketable debt securities U.S. Treasury securities $ 129,120 $ 6 $ ( 66 ) $ 129,060 December 31, 2023 Amortized Unrealized Unrealized Aggregate Marketable debt securities U.S. Treasury securities $ 109,571 $ 71 $ ( 8 ) $ 109,634 As of March 31, 2024, the remaining contractual terms of the U.S. Treasury securities were less than 12 months. To date, the Company has not recognized any allowances for credit losses or impairments in relation to its marketable securities as these securities are comprised of high credit quality, investment grade securities that the Company does not intend or expect to be required to sell prior to their anticipated recovery, and the decline in fair value of these securities is attributable to factors other than credit losses. Interest and investment income consists of the following (in thousands): Three Months Ended March 31, 2024 2023 Interest income $ 262 $ 1,066 Accretion of discount, net 1,288 607 Total interest and investment income $ 1,550 $ 1,673

Licensing Agreements

Licensing Agreements	3 Months Ended
	Mar. 31, 2024
License Agreements [Abstract]
Licensing Agreements	5. Licensing Agreements The University of Chicago Agreement In April 2020, the Company entered into a license agreement (the “University License Agreement”), as well as a sponsored research agreement, with the University of Chicago (the “University”). Under the terms of the license, the Company has the global right to develop and commercialize products that are covered by a valid claim of a licensed patent, incorporate or use the licensed know-how and materials or are known to assess, modulate or utilize the activity of certain specified biological targets. In partial consideration for the license from the University, the Company issued to the University 48,919 shares of its common stock in 2020. Pursua nt to the University License Agreement, the Company is obligated to pay potential development and commercial milestones as well as running royalties on net sales of licensed products at varying rates. The Company assessed the milestone and royalty events under the University License Agreement as of March 31, 2024 and 2023, and determined that no such amounts were required. Pfizer Inc. Agreement In December 2020, the Company entered into a license agreement (as amended, the “Pfizer License Agreement”) with Pfizer Inc. (“Pfizer”) for worldwide development and commercialization rights to ADC product candidates directed to certain licensed targets, including PYX-201 and PYX-203, and products containing the ADC product candidates. The Company’s rights are exclusive with respect to certain patents owned or controlled by Pfizer covering the licensed ADCs. The initial licensed targets include CD123 and Extradomain-B Fibronectin (“EDB+FN”) and the Company has the option to expand the scope of its license to add additional licensed targets that have not been licensed to a third party or are not the subject of a Pfizer ADC development program. The Pfizer License Agreement became effective in March 2021 and the Company paid a combined $ 25.0 million for the license fee, consisting of an upfront cash payment of $ 5.0 million and issued 12,152,145 shares of Series B convertible preferred stock, which was converted into 1,911,015 shares of its common stock upon the initial public offering (“IPO”) in October 2021, with a value of $ 20.0 million to Pfizer. On October 6, 2022, the Company entered into an amended and restated license agreement (the “A&R License Agreement”) with Pfizer, which amends and restates the Pfizer License Agreement. Pursuant to the A&R License Agreement, Pfizer granted to the Company exclusive worldwide rights under Pfizer’s Flexible Antibody Conjugation Technology Flexible Antibody Conjugation Technology ( “FACT”) Platform technology to develop and commercialize ADC product candidates directed to certain licensed targets, including PYX-201 and PYX-203, and products containing the ADC product candidates. Additional ADC targets may be licensed for a nominal upfront payment and milestones. In accordance with the terms of the A&R License Agreement, the Company issued 2,229,654 shares of its common stock to Pfizer in October 2022, paid $ 8.0 million to Pfizer in January 2023 and issued 1,811,594 shares of its common stock to Pfizer in March 2023. Further, pursuant to the A&R License Agreement, the Company is obligated to pay future contingent payments including development, regulatory and commercial milestones as well as running royalties on net sales of licensed products at varying rates. The Company assessed the milestone and royalty events under the A&R License Agreement as of March 31, 2024 and 2023, and determined that no such amounts were required. License Agreement with Biosion USA, Inc. On March 28, 2022, the Company entered into a license agreement (the “Biosion License Agreement”) with Biosion USA, Inc. (“Biosion”), pursuant to which the Company obtained an exclusive, worldwide (other than Greater China (mainland China, Hong Kong, Macau and Taiwan)) license for development, manufacturing and commercialization rights for BSI-060T, a Siglec-15 targeting antibody, an IO product candidate (now referred to as PYX-106), and products containing the licensed compound. Pursuant to the Biosion License Agreement, the Company paid an upfront license fee of $ 10.0 million in March 2022. Further, the Company is also obligated to pay future contingent payments including development, regulatory and commercial milestones as well as running royalties on net sales of licensed products and sublicensing revenues at varying rates. The Company assessed the milestone and royalty events involving the Biosion License Agreement as of March 31, 2024 and 2023, and determined that no such amounts were required. Acquired Out-Licensing Agreements In August 2023, the Company completed the acquisition of Apexigen and assumed all out-licensing agreements of Apexigen upon the Merger. Simcere License and Collaboration Agreement In December 2008, Epitomics, Inc. (“Epitomics”) (Apexigen’s predecessor) and Jiangsu Simcere Pharmaceutical R&D Co., Ltd. (“Simcere”) entered into a license and collaboration agreement (the “Simcere Agreement”) for the development and commercialization of suvemcitug (BD0801) for oncology in China. Simcere is obligated to pay the Company milestone payments for achievement of certain clinical development milestones and low to high single-digit percentage royalties on net sales of suvemcitug in China until 15 years after the first commercial sale of suvemcitug. The Company assessed the milestone and royalty events involving Simcere as of March 31, 2024 and determined that no such amounts were receivable. T-Mab/Mabwell Agreement In May 2008, Epitomics and Jiangsu T-Mab Biotechnology Ltd., Co. (“T-Mab”) entered into a license, co-development and contract manufacture agreement (the “T-Mab Agreement”) for the development and commercialization of therapeutic candidates, each directed to a specified target for specified fields, including VEGF for the treatment of ocular diseases, in China. Mabwell (Shanghai) Bioscience Co., Ltd. (“Mabwell”) acquired T-Mab in 2015. Under the agreement, Mabwell was granted an exclusive, royalty-bearing, perpetual license (without the right to sublicense) to rights in certain intellectual property to develop and commercialize such therapeutic candidates. Mabwell is obligated to pay the Company a mid-single-digit percentage royalty on net sales of such therapeutic candidates in China. The Company assessed the milestone and royalty events involving Mabwell as of March 31, 2024 and determined that no such amounts were receivable. Toray Sublicense Agreement In May 2012, Epitomics and Toray Industries, Inc. (“Toray”), entered into a non-exclusive sublicense agreement (the “Toray Agreement”) under which Epitomics granted Toray a non-exclusive, worldwide sublicense, with the right to grant further sublicenses, to develop and commercialize drug product candidates that Toray developed using antibodies created using Apexigen’s antibody-discovery platform (the “APXiMAB Platform”) that target certain molecules to use in the development of its drug product candidates. Under the Toray Agreement, Toray paid an upfront fee, and agreed to pay certain development- and regulatory-related milestone payments and a low single-digit percentage royalty on net sales of licensed products and sublicense revenues by Toray or its affiliates. The Company assessed the milestone and royalty events involving Toray as of March 31, 2024 and determined that no such amounts were receivable.

Sale of Royalty Rights

Sale of Royalty Rights	3 Months Ended
	Mar. 31, 2024
Sale of Royalty Rights [Abstract]
Sale of Royalty Rights	6. Sale of Royalty Rights In March 2007, Epitomics entered into an antibody candidate discovery and development agreement with ESBATech AG (“ESBATech”) (the “ESBATech Agreement”). ESBATech was acquired by Alcon Research, Ltd. in 2009 and later merged with Novartis AG (“Novartis”) in 2011. Novartis, the successor in interest to ESBATech, has successfully developed and commercialized one of those drug product candidates, brolucizumab-dbll, a single-chain antibody fragment (scFv) targeting all of the isoforms of VEGF-A, which was approved for commercial sale in 2019 and marketed under the brand name Beovu®. Upon commercialization, pursuant to the ESBATech Agreement, Novartis was obligated to pay Apexigen a very low single-digit royalty on net sales of the Beovu® product. However, Novartis disputed its obligation to pay these royalties on Beovu® sales under the ESBATech Agreement. As a result, Apexigen and the Company determined that any sales-based Beovu® product royalties received under the ESBATech Agreement should be fully constrained and reported royalties received by Apexigen and the Company as deferred revenues. The Company assessed this position at each period end to determine if events or changes in circumstances indicate a change in position. On March 25, 2024, the Company entered into the Fourth Amendment, Settlement Agreement, and Royalty Purchase Agreement (the “Settlement Agreement”) with Novartis, pursuant to which Novartis agreed to pay the Company $ 8.0 million to transfer its rights to future royalties on the net sales of Beovu®. Additionally, the dispute regarding Novartis’ obligation to pay royalties on Beovu® sales was resolved and royalties previously received by Apexigen and the Company are free from any reclaim rights. The ESBATech Agreement and the Settlement Agreement with Novartis both constitute contracts with a customer. Therefore, the Company has accounted for the payments received under these agreements as revenues in accordance with ASC 606, Revenue Recognition , (“ASC 606”). Upon execution of the Settlement Agreement, the $ 8.0 million payment was recorded as revenue within the accompanying condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024. Additionally, the related deferred revenues of $ 8.1 million previously constrained was also recorded as revenue within the accompanying condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 as the uncertainty resulting in the revenue constraint has been resolved.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity Shelf Registration Statement and ATM Offering Program On November 1, 2022, the Company filed a registration statement on Form S-3 with the SEC for the issuance of common stock, preferred stock, warrants, debt securities, rights and units up to an aggregate of $ 250.0 million. On November 14, 2022, the registration statement was declared effective by the SEC. The registration statement includes an ATM offering program for the sale of up to $ 125.0 million of shares of the Company’s common stock. During the three months ended March 31, 2024, the Company completed the sale of an aggregate of 3,600,000 shares of common stock under the ATM offering program, with an average sale price of $ 3.00 per share, resulting in gross proceeds of $ 10.8 million, before deducting placement agent fees under the ATM offering program. The Company did no t sell any shares under the ATM offering program during the three months ended March 31, 2023. As of March 31, 2024, the Company had $ 107.9 million of remaining capacity available under the ATM facility. Private Offerings On February 26, 2024, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) for a private placement (the “Private Placement”) with certain institutional and accredited investors (each, a “Purchaser” and collectively, the “Purchasers”). Pursuant to the Securities Purchase Agreement, the Company issued and sold to the Purchasers an aggregate of (i) 8,849,371 shares (the “Shares”) of the Company’s common stock, par value $ 0.001 per share, at a purchase price of $ 4.78 per share, and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 1,611,215 shares of the Company’ common stock (the “Pre-Funded Warrant Shares”) at a purchase price of $ 4.779 per Pre-Funded Warrant. The Private Placement closed on February 29, 2024 and the Company received gross proceeds from the Private Placement of $50 million, before deducting placement agent fees and offering expenses directly related to the Private Placement. On February 26, 2024, the Company also entered into a registration rights agreement (the “Registration Rights Agreement”) with the Purchasers, pursuant to which the Company agreed to register for the resale of the Shares and Pre-Funded Warrants (together, the “Registrable Securities”). The Registrable Securities were registered on Form S-3 (Registration No. 333-278282) on March 27, 2024. The Form S-3 was deemed effective by the SEC on April 3, 2024. Preferred Stock There were no issued and outstanding shares of preferred stock as of March 31, 2024 and December 31, 2023. Common Stock Voting, dividend and liquidation rights of the holders of the common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock. Voting —Each holder of outstanding shares of common stock shall be entitled to one vote in respect of each share. Reserved Shares — The Company reserved the following shares of common stock for issuance: March 31, 2024 December 31, 2023 Stock options outstanding 6,892,951 5,982,464 Unvested restricted stock awards and units 3,110,597 3,631,431 Shares reserved for future issuance 1,649,038 1,013,840 Pre-Funded Warrant Shares 1,611,215 — Apexigen replacement warrants 1,003,191 1,003,191 Employee stock purchase plan 675,485 565,405 Total 14,942,477 12,196,331

Common Stock Warrants

Common Stock Warrants	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Common Stock Warrants	8. Common Stock Warrants Apexigen Replacement Warrants Upon the Merger, each outstanding warrant issued by Apexigen was assumed and converted into a warrant to acquire the Company’s common stock, on substantially similar terms and conditions as were applicable under such Apexigen warrant agreements. The Company replaced approximately 5,815,613 Apexigen warrants with approximately 1,003,191 Pyxis Oncology warrants. As of March 31, 2024, there were 344,259 warrants outstanding with an exercise price of $ 8.12 per share, 17,212 warrants outstanding with an exercise price of $ 10.14 per share and 641,720 warrants with an exercise price of $ 66.67 per share. Each of the warrants with an exercise price of $ 66.67 per share will expire on the fifth anniversary of July 29, 2022, or earlier upon redemption or liquidation. Each of the warrants with an exercise price of $ 8.12 per share and $ 10.14 per share will expire on July 30, 2028, or earlier upon redemption or liquidation. Private Placement Warrants In connection with the Private Placement, the Company issued Pre-Funded Warrants to purchase up to an aggregate of 1,611,215 shares of the Company’s common stock at a purchase price of $ 4.779 per Pre-Funded Warrant, which represents the per share purchase price of the Shares less the $ 0.001 per share exercise price for each Pre-Funded Warrant. The Pre-Funded Warrants will be exercisable at any time after the date of issuance and will not expire. As of March 31, 2024, 1,611,215 Pre-Funded Warrants were outstanding. The Company determined that the Pre-Funded Warrants and Apexigen replacement warrants met all of the criteria for equity classification. Accordingly, the warrants were recorded as a component of additional paid-in capital within the accompanying condensed consolidated balance sheets.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	9. Stock-Based Compensation The Company grants stock-based incentive awards pursuant to the 2021 Equity and Incentive Plan (the “2021 Plan”), 2019 Equity Incentive Plan (the “2019 Plan”), Apexigen Equity Incentive Plans (the “Apexigen Plan”) and the 2022 Equity Inducement Plan (the “2022 Inducement Plan”). As of March 31, 2024, there were 793,404 shares, 107,051 shares, 476,202 shares and 272,381 shares available for future issuance under the 2021 Plan, 2019 Plan, Apexigen Plan and 2022 Inducement Plan, respectively. Stock Options The following table summarizes stock option activity for the three months ended March 31, 2024 (in thousands, except share and per share amounts): Number of Options Weighted Average Weighted Average Aggregate Outstanding at January 1, 2024 5,982,464 $ 7.31 7.6 $ 141 Granted 1,244,626 3.95 Exercised ( 100,981 ) 2.13 Expired ( 180,872 ) 12.68 Forfeited ( 52,286 ) 16.00 Outstanding at March 31, 2024 6,892,951 $ 6.51 8.1 $ 7,727 Options exercisable at March 31, 2024 3,184,805 $ 7.68 7.0 $ 3,621 The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable stock options and the fair value of the Company’s common stock of $ 4.26 per share as of March 28, 2024, the last trading day prior to the quarter ended March 31, 2024. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2024 and 2023 was $ 0.2 million and $ 0 , respectively, as no stock options were exercised during the three months ended March 31, 2023. The Company has an aggregate $ 12.6 million of gross unrecognized stock-based compensation expense as of March 31, 2024, remaining to be amortized over a weighted average period of 2.24 years. The weighted-average grant-date fair value of options granted during the three months ended March 31, 2024 and 2023, was $ 2.32 and $ 3.19 per share, respectively, and was calculated using the following key input assumptions in the Black-Scholes option-pricing model : Three Months Ended March 31, 2024 2023 Expected volatility 99.41 % - 102.27 % 97.82 % Risk-free interest rate 4.06 % - 4.23 % 3.58 % Expected dividend yield 0.00 % 0.00 % Expected term (in years) 5 - 6.08 6.08 Restricted Stock Units The following table summarizes restricted stock units activity for the three months ended March 31, 2024: Number of Shares Weighted Average Non-vested and unsettled at January 1, 2024 3,631,431 $ 2.51 Granted 1,187,882 3.84 Forfeited ( 157,826 ) 2.56 Vested and settled ( 1,550,890 ) 2.77 Non-vested and unsettled at March 31, 2024 3,110,597 $ 2.89 During the three months ended March 31, 2024, the Company issued 1,497,921 shares of its common stock from the settlement of 1,550,890 restricted common stock, with the remaining shares withheld for taxes. The Company has an aggregate $ 8.7 million of gross unrecognized restricted stock-based compensation expense as of March 31, 2024, remaining to be amortized over a weighted average period of 3.0 years. Summary of Stock-Based Compensation Expense The following table summarizes the total stock-based compensation expense for the three months ended March 31, 2024 and 2023, respectively (in thousands): Three Months Ended March 31, 2024 2023 General and administrative $ 3,642 $ 3,256 Research and development 678 1,628 Total $ 4,320 $ 4,884 Total stock-based compensation expense for stock options includes expense related to the 2021 ESPP of less than $ 0.1 million and $ 0 for the three months ended March 31, 2024 and 2023, respectively. 2021 Employee Stock Purchase Plan (“2021 ESPP”) The Company has the 2021 ESPP in force. The Company did not issue shares under the 2021 ESPP during the three months ended March 31, 2024 and 2023. As of March 31, 2024, 675,485 shares are available for issuance under the 2021 ESPP.

Operating Leases

Operating Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Operating Leases	10. Operating Leases Leases classified as operating leases are included in operating lease right-of-use assets (“ROU”), operating lease liabilities, current portion and operating lease liabilities, net of current portion, in the Company’s accompanying condensed consolidated balance sheets. The Company leases its office and facilities in Boston, Massachusetts under a non-cancellable operating lease agreement that continues through December 31, 2032. Cash paid for operating lease liabilities was $ 1.1 million and $ 0.2 million during the three months ended March 31, 2024 and 2023, respectively, which is included in operating cash flows. Operating lease expense for the three months ended March 31, 2024 and 2023 was $ 0.7 million for both periods. Variable lease expense was $ 0.5 million and $ 0 for the three months ended March 31, 2024 and 2023, respectively. Short term lease expense was $ 0 and $ 0.5 million for the three months ended March 31, 2024 and 2023, respectively. The Company subleases approximately 17,729 square feet of office and laboratory space in the building located at 321 Harrison Avenue, Boston, Massachusetts. The Company remains jointly and severally liable under the head lease and accounts for the sublease as an operating lease. The lease term commenced on March 24, 2023 and is expected to end in March 2026. The Company recognized sublease income of $ 0.8 million and $ 38 thousand for the three months ended March 31, 2024 and 2023, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The Company’s effective tax rate from continuing operations was 0 % for the three months ended March 31, 2024 and 2023. The Company has no t recorded a federal income tax provision for the three months ended March 31, 2024 and 2023. The Company recorded a nominal state and local income tax provision for the three months ended March 31, 2024 and 2023. The Company assesses the realizability of the deferred tax assets at each reporting date. The Company continues to maintain a full valuation allowance for its U.S. federal and state deferred tax assets, which significantly consists of net operating losses and tax credits. If certain substantial changes in the entity’s ownership occur, there may be an annual limitation on the amount of the carryforwards that can be utilized. The Company will continue to assess the need for a valuation allowance on its deferred tax assets.

Net Loss per Common Share

Net Loss per Common Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss per Common Share	12. Net Loss per Common Share The following potentially dilutive securities have been excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect: March 31, 2024 2023 Stock options outstanding 6,892,951 5,706,777 Unvested restricted stock awards and units 3,110,597 5,747,172 Shares reserved for future issuance 1,649,038 600,127 Apexigen replacement warrants 1,003,191 — Employee stock purchase plan 675,485 644,755 Total 13,331,262 12,698,831 Pre-Funded Warrant Shares of 1,611,215 shares are included in the computation of basic and diluted net loss per common share for the three months ended March 31, 2024 as the Pre-Funded Warrants are issuable for nominal consideration.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Parties	13. Related Parties The Company was founded out of Dr. Thomas Gajewski’s laboratory at the University of Chicago. In 2020, the Company entered into the License Agreement with the University of Chicago, as well as a sponsored research agreement. During the three months ended March 31, 2024 and 2023, the Company incurred $ 30 thousand and $ 0 in expenses related to the University License Agreement, respectively. Refer to Note 5. Licensing Agreements for additional discussion. Pfizer owns more than 10 % of the Company and is considered the principal owner of the Company. The Company did no t incur expenses related to Pfizer during the three months ended March 31, 2024. During the three months ended March 31, 2023, in accordance with the terms of the A&R License Agreement, the Company paid $ 8.0 million to Pfizer in January 2023 and issued 1,811,594 shares of its common stock in March 2023. Refer to Note 5. Licensing Agreements for additional discussion.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies Legal Proceedings From time to time, the Company may become involved in various legal proceedings that arise in the ordinary course of business. The Company is not currently a party to any material legal proceedings and is not aware of any pending or threatened legal proceeding against it that the Company believes could have an adverse effect on its business, operating results or financial condition. Commitments In the normal course of business, the Company enters into agreements with various third parties for clinical trials, preclinical research studies and testing, manufacturing and other services and products for operating purposes, which are generally cancellable by the Company at any time, subject to payment of remaining obligations under binding purchase orders and, in certain cases, nominal early-termination fees. These commitments are not deemed significant.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Nature of Business	Nature of Business Pyxis Oncology, Inc. (the “Company”), a Delaware corporation, was founded in June 2018 and launched its operations in July 2019. The Company is a clinical stage company focused on defeating difficult-to-treat cancers. The Company is efficiently building next generation therapeutics that hold the potential for mono and combination therapies. The Company’s therapeutic candidates are designed to kill tumor cells and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. The Company’s antibody-drug conjugates (“ADCs”) and immuno-oncology (“IO”) programs employ novel and emerging strategies to target a broad range of solid tumors resistant to current standards of care. On August 23, 2023, the Company completed the acquisition of Apexigen, Inc. (“Apexigen”) pursuant to a business combination agreement, whereby Ascent Merger Sub Corp., a Delaware corporation and wholly-owned subsidiary of the Company merged with and into Apexigen, with Apexigen surviving as a wholly owned subsidiary of the Company (the “Merger”). The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources.
Basis of Presentation	Basis of Presentation The Company’s fiscal year ends on December 31 and its first three fiscal quarters end on March 31, June 30 and September 30. The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the unaudited condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods. The results for the three months ended March 31, 2024 are not necessarily indicative of those expected for the year ending December 31, 2024 or for any future period. The condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 21, 2024 (“Fiscal 2023 10-K”).
Liquidity	Liquidity As of March 31, 2024, the Company had an accumulated deficit of $ 289.5 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $ 3.3 million and $ 19.2 million for the three months ended March 31, 2024 and 2023, respectively. The Company has not generated any revenues from product sales to date and does not anticipate generating any revenues from product sales unless and until it successfully completes development and obtains regulatory approval for its current or any future product candidates. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to expand its research and development programs and develop its product candidates. The Company currently expects that its existing cash, cash equivalents and short-term investments of $ 157.0 million as of March 31, 2024 will fund its operating expenses and capital requirements at least twelve months from the date these unaudited condensed consolidated financial statements are issued. Additional funding may be necessary to fund future clinical and preclinical activities. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity, convertible or debt financing or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expense, and related disclosures. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, operating leases, assessment of the useful lives of property and equipment, marketable debt securities, fair value of intangible assets and research and development costs, including clinical trial accruals. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates and there may be changes to management’s estimates in future periods.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks common to early-stage companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key suppliers for active ingredients and third-party service providers such as contract development and manufacturing organizations (“CDMOs”), protection of intellectual property rights and the ability to make milestone, royalty or other payments due under any license, collaboration or supply agreements.
Concentration of Credit Risks	Concentration of Credit Risks Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents, restricted cash and short-term investments. The Company invests its excess cash primarily in money market funds and highly liquid U.S. Treasury securities. The Company has adopted an investment policy that includes guidelines relative to credit quality, diversification and maturities to preserve principal and liquidity.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 revises the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. On January 1, 2024 , the Company adopted ASU 2020-06, which did no t have a material effect on the Company’s financial position, results of operations, or cash flows. Recently Issued Accounting Pronouncements Recent authoritative guidance issued by the FASB (including technical corrections to the ASC), the American Institute of Certified Public Accountants (“AICPA”), and the SEC did not, or are not expected to, have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Summary of Financial Instruments Carried at Fair Value on Recurring Basis	The following tables present the financial instruments carried at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, respectively, in accordance with the FASB ASC 820 hierarchy (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 24,767 $ — $ — $ 24,767 Marketable debt securities U.S. Treasury securities 129,060 — — 129,060 Total $ 153,827 $ — $ — $ 153,827 December 31, 2023 Level 1 Level 2 Level 3 Total Cash Equivalents Money market funds $ 8,360 $ — $ — $ 8,360 Marketable debt securities U.S. Treasury securities 109,634 — — 109,634 Total $ 117,994 $ — $ — $ 117,994

Marketable Debt Securities (Tab

Marketable Debt Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Marketable Securities Classified as Available-for-sale	Marketable debt securities, all of which were classified as available-for-sale, consist of the following (in thousands): March 31, 2024 Amortized Unrealized Unrealized Aggregate Marketable debt securities U.S. Treasury securities $ 129,120 $ 6 $ ( 66 ) $ 129,060 December 31, 2023 Amortized Unrealized Unrealized Aggregate Marketable debt securities U.S. Treasury securities $ 109,571 $ 71 $ ( 8 ) $ 109,634
Interest and Investment Income	Interest and investment income consists of the following (in thousands): Three Months Ended March 31, 2024 2023 Interest income $ 262 $ 1,066 Accretion of discount, net 1,288 607 Total interest and investment income $ 1,550 $ 1,673

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Common Stock Reserved for Issuance	The Company reserved the following shares of common stock for issuance: March 31, 2024 December 31, 2023 Stock options outstanding 6,892,951 5,982,464 Unvested restricted stock awards and units 3,110,597 3,631,431 Shares reserved for future issuance 1,649,038 1,013,840 Pre-Funded Warrant Shares 1,611,215 — Apexigen replacement warrants 1,003,191 1,003,191 Employee stock purchase plan 675,485 565,405 Total 14,942,477 12,196,331

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity for the three months ended March 31, 2024 (in thousands, except share and per share amounts): Number of Options Weighted Average Weighted Average Aggregate Outstanding at January 1, 2024 5,982,464 $ 7.31 7.6 $ 141 Granted 1,244,626 3.95 Exercised ( 100,981 ) 2.13 Expired ( 180,872 ) 12.68 Forfeited ( 52,286 ) 16.00 Outstanding at March 31, 2024 6,892,951 $ 6.51 8.1 $ 7,727 Options exercisable at March 31, 2024 3,184,805 $ 7.68 7.0 $ 3,621
Schedule of Estimated Fair Value Assumptions	Black-Scholes option-pricing model : Three Months Ended March 31, 2024 2023 Expected volatility 99.41 % - 102.27 % 97.82 % Risk-free interest rate 4.06 % - 4.23 % 3.58 % Expected dividend yield 0.00 % 0.00 % Expected term (in years) 5 - 6.08 6.08
Summary of Restricted Stock Awards and Restricted Stock Units	The following table summarizes restricted stock units activity for the three months ended March 31, 2024: Number of Shares Weighted Average Non-vested and unsettled at January 1, 2024 3,631,431 $ 2.51 Granted 1,187,882 3.84 Forfeited ( 157,826 ) 2.56 Vested and settled ( 1,550,890 ) 2.77 Non-vested and unsettled at March 31, 2024 3,110,597 $ 2.89
Summary of Total Stock-based Compensation Expense	The following table summarizes the total stock-based compensation expense for the three months ended March 31, 2024 and 2023, respectively (in thousands): Three Months Ended March 31, 2024 2023 General and administrative $ 3,642 $ 3,256 Research and development 678 1,628 Total $ 4,320 $ 4,884

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Anti-Dilutive Effect Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders	The following potentially dilutive securities have been excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect: March 31, 2024 2023 Stock options outstanding 6,892,951 5,706,777 Unvested restricted stock awards and units 3,110,597 5,747,172 Shares reserved for future issuance 1,649,038 600,127 Apexigen replacement warrants 1,003,191 — Employee stock purchase plan 675,485 644,755 Total 13,331,262 12,698,831

Description of Business - Addit

Description of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Segment
Segment Reporting [Abstract]
Operating and Reporting Segment	1

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit	$ (289,481)		$ (286,225)
Net loss	3,256	$ 19,243
Cash, cash equivalents and short-term investments	$ 157,000
ASU 2020-06
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2024
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
U S Treasury Securities
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	$ 129,060	$ 109,634
Fair Value, Recurring
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	153,827	117,994
Fair Value, Recurring | Money market funds
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	24,767	8,360
Fair Value, Recurring | U S Treasury Securities
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	129,060	109,634
Fair Value, Recurring | Level 1
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	153,827	117,994
Fair Value, Recurring | Level 1 | Money market funds
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	24,767	8,360
Fair Value, Recurring | Level 1 | U S Treasury Securities
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	$ 129,060	$ 109,634

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - Fair Value, Nonrecurring - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value	$ 0	$ 0
Liabilities measured at fair value	$ 0	$ 0

Marketable Debt Securities - Su

Marketable Debt Securities - Summary of Marketable Securities Classified as Available-for-sale (Details) - U S Treasury Securities - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Marketable debt securities, Amortized Cost	$ 129,120	$ 109,571
Marketable debt securities, Unrealized Gains	6	71
Marketable debt securities, Unrealized Losses	(66)	(8)
Marketable debt securities, Aggregate Fair Value	$ 129,060	$ 109,634

Marketable Debt Securities - In

Marketable Debt Securities - Interest and Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Interest income	$ 262	$ 1,066
Accretion of discount, net	1,288	607
Total interest and investment income	$ 1,550	$ 1,673

License Agreements - Additional

License Agreements - Additional Information (Details) - USD ($)		1 Months Ended					3 Months Ended
	Mar. 28, 2022	Jan. 31, 2023	Oct. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Apr. 30, 2020	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Oct. 06, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development							$ 13,029,000	$ 11,901,000
Deferred revenues									$ 7,660,000
Common stock, shares issued							58,803,126		44,754,853
Common Stock, Value, Issued							$ 59,000		$ 45,000
Pfizer License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Payment for license fee				$ 25,000,000
Common stock, shares issued								1,811,594		2,229,654
Milestone and royalties required							0	$ 0
Upfront payments		$ 8,000,000		$ 5,000,000
Pfizer License Agreement | IPO
Research And Development Arrangement Contract To Perform For Others [Line Items]
Number of common shares issued upon conversion of preferred stock			1,911,015
Pfizer License Agreement | Series B Convertible Preferred Stock
Research And Development Arrangement Contract To Perform For Others [Line Items]
Issuance of convertible preferred stock shares			12,152,145
Issuance of convertible preferred stock value			$ 20,000,000
Biosion License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone and royalties required							0	0
Biosion License Agreement | Research and Development Expenses
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront fee	$ 10,000,000
Simcere License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Royalty obligation period for licensed products upon after first commercial sale					15 years
Milestone and royalties receivable							0
Mabwell Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone and royalties receivable							0
Toray Sublicense Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone and royalties receivable							0
University License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Common stock issued to university						48,919
Milestone and royalties required							$ 0	$ 0

Sale of Royalty Rights - Additi

Sale of Royalty Rights - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 25, 2024	Mar. 31, 2024
Sale of Royalty Rights [Line Items]
Revenues		$ 16,146
Royalty Revenues
Sale of Royalty Rights [Line Items]
Revenues		8,146
Sale of Royalty Rights
Sale of Royalty Rights [Line Items]
Revenues		8,000
Fourth Amendment, Settlement Agreement, and Royalty Purchase Agreement | Novartis | Royalty Revenues
Sale of Royalty Rights [Line Items]
Revenues		8,100
Fourth Amendment, Settlement Agreement, and Royalty Purchase Agreement | Novartis | Sale of Royalty Rights
Sale of Royalty Rights [Line Items]
Sale of royalty rights of Beovu	$ 8,000
Revenues		$ 8,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 26, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Nov. 14, 2022	Nov. 01, 2022
Schedule of Equity Method Investments [Line Items]
Preferred stock, par or stated value per share		$ 0.001		$ 0.001
Preferred stock, shares authorized		10,000,000		10,000,000
Preferred stock, shares issued		0		0
Common stock, par value per share		$ 0.001		$ 0.001
Preferred stock, shares outstanding		0		0
Common stock, shares authorized		190,000,000		190,000,000
Common stock, shares issued		58,803,126		44,754,853
Common stock, shares outstanding		58,803,126		44,754,853
Common stock voting rights		one
Maximum value of stock and debt instruments authorized to issue						$ 250,000
Common stock issued, value		$ 59		$ 45
ATM Offering Program
Schedule of Equity Method Investments [Line Items]
Stock issued			0
Remaining capacity available under program		$ 107,900
ATM Offering Program | Maximum
Schedule of Equity Method Investments [Line Items]
Common stock issued, value					$ 125,000
Pre-Funded Warrants
Schedule of Equity Method Investments [Line Items]
Purchase price per warrant	$ 4.779
Common Stock
Schedule of Equity Method Investments [Line Items]
Common stock issued under ATM offering program		3,600,000
Common Stock | ATM Offering Program
Schedule of Equity Method Investments [Line Items]
Average gross sale price per share		$ 3
Gross proceeds from sale of shares		$ 10,800
Common Stock | Private Placement
Schedule of Equity Method Investments [Line Items]
Common stock, par value per share	0.001
Common stock public offering price per share	$ 4.78
Common stock, shares issued	8,849,371
Common Stock | Pre-Funded Warrants
Schedule of Equity Method Investments [Line Items]
Pre-Funded Warrants issued to purchase aggregate number of shares of common stock	1,611,215

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Reserved for Issuance (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	14,942,477	12,196,331
Stock Options Outstanding
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	6,892,951	5,982,464
Unvested Restricted Stock Awards and Units
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	3,110,597	3,631,431
Shares Reserved for Future Issuance
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	1,649,038	1,013,840
Employee Stock Purchase Plan
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	675,485	565,405
Pre-Funded Warrant Shares
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	1,611,215
Apexigen Replacement Warrants
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	1,003,191	1,003,191

Common Stock Warrants - Additio

Common Stock Warrants - Additional Information (Details) - $ / shares	Feb. 26, 2024	Mar. 31, 2024	Dec. 31, 2023	Jul. 29, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Replacement of warrants		1,003,191
Pre-Funded Warrants issued to purchase aggregate number of shares of common stock		58,803,126	44,754,853
Apexigen, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Replacement of warrants		5,815,613
Pre-Funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		1,611,215
Purchase price per warrant	$ 4.779
Maximum [Member] | Pre-Funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price per share	$ 0.001
Warrant One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		344,259
Warrants exercise price per share		$ 8.12
Warrant Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		17,212
Warrants exercise price per share		$ 10.14
Warrant Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		641,720
Warrants exercise price per share		$ 66.67		$ 66.67
Common Stock | Pre-Funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Pre-Funded Warrants issued to purchase aggregate number of shares of common stock	1,611,215

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 28, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved and autorized for future issuance	14,942,477			12,196,331
Number of options to purchase common stock	6,892,951			5,982,464
Number of option to purchase restricted common stock	3,110,597			3,631,431
Fair value of common stock per share			$ 4.26
Weighted-average grant-date fair value of options granted	$ 2.32	$ 3.19
Aggregate intrinsic value of stock options exercised	$ 200	$ 0
Gross unrecognized stock-based compensation expense	$ 12,600
Unrecognized stock-based compensation expense weighted average amortized period	2 years 2 months 26 days
Number of restricted stock units granted	1,187,882
Stock-based compensation expense	$ 4,320	4,884
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved and autorized for future issuance	3,110,597			3,631,431
Restricted Stock Units ('RSU')
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense weighted average amortized period	3 years
Gross unrecognized stock-based compensation expense	$ 8,700
Issuance of restricted common stock, net of tax withholdings, (Shares)	1,497,921
Restricted common stock shares issued, gross	1,550,890
2022 Equity Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	272,381
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	793,404
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	107,051
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	675,485
Stock-based compensation expense		$ 0
2021 Employee Stock Purchase Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 100
Apexigen Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	476,202

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding, Beginning Balance	5,982,464
Number of Options, Granted	1,244,626
Number of Options, Exercised	(100,981)
Number of Options, Expired	(180,872)
Number of Options, Forfeited	(52,286)
Number of Options, Outstanding, Ending Balance	6,892,951	5,982,464
Number of Options, Exercisable at December 31, 2023	3,184,805
Weighted Average Exercise Price, Beginning Balance	$ 7.31
Weighted Average Exercise Price, Granted	3.95
Weighted Average Exercise Price, Exercised	2.13
Weighted Average Exercise Price, Expired	12.68
Weighted Average Exercise Price, Forfeited	16
Weighted Average Exercise Price, Ending Balance	6.51	$ 7.31
Weighted Average Exercise Price, Exercisable at December 31, 2023	$ 7.68
Weighted Average Remaining Contractual Term, Outstanding	8 years 1 month 6 days	7 years 7 months 6 days
Weighted Average Remaining Contractual Term, Exercisable	7 years
Aggregate Intrinsic Value, Outstanding	$ 7,727	$ 141
Aggregate Intrinsic Value, Exercisable at December 31, 2023	$ 3,621

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Estimated Fair Value Assumptions (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility		97.82%
Expected volatility, minimum	99.41%
Expected volatility, maximum	102.27%
Risk-free interest rate		3.58%
Risk-free interest rate, minimum	4.06%
Risk-free interest rate, maximum	4.23%
Expected dividend yield	0%	0%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years	6 years 29 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Awards and Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning Balance | shares	3,631,431
Number of Shares, Granted | shares	1,187,882
Number of Shares, Forfeited | shares	(157,826)
Number of Shares, Vested and settled | shares	(1,550,890)
Number of Shares, Outstanding, Ending Balance | shares	3,110,597
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance | $ / shares	$ 2.51
Weighted Average Grant Date Fair Value, Outstanding, Granted | $ / shares	3.84
Weighted Average Grant Date Fair Value, Outstanding, Forfeited | $ / shares	2.56
Weighted Average Grant Date Fair Value, Outstanding, Vested and settled | $ / shares	2.77
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance | $ / shares	$ 2.89

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,320	$ 4,884
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,642	3,256
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 678	$ 1,628

Operating Leases - Additional I

Operating Leases - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Feb. 02, 2023 ft²
Leases [Abstract]
Sublease agreement, square feet space area in building | ft²			17,729
Operating Lease, Payments	$ 1,100	$ 200
Operating lease expense	700	700
Variable lease cost	500	0
Short-term lease expense	0	500
Sublease income	$ 799	$ 38

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Contingency [Line Items]
Effective tax rate	0%	0%
Federal income tax provision	$ 0	$ 0

Net Loss per Common Share - Ant

Net Loss per Common Share - Anti-Dilutive Effect Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	13,331,262	12,698,831
Apexigen Replacement Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	1,003,191
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	6,892,951	5,706,777
Unvested Restricted Stock Awards and Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	3,110,597	5,747,172
Shares Reserved for Future Issuance
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	1,649,038	600,127
Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	675,485	644,755

Net Loss per Common Share - Add

Net Loss per Common Share - Additional Information (Details)	Mar. 31, 2024 shares
Pre-Funded Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares are included in the computation of basic and diluted net loss per common share	1,611,215

Related Parties - Additional In

Related Parties - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended
	Jan. 31, 2023	Mar. 31, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Oct. 06, 2022
Related Party Transaction [Line Items]
Common stock, shares issued			58,803,126		44,754,853
Pfizer License Agreement
Related Party Transaction [Line Items]
Ownership percentage			10%
Upfront payments	$ 8,000,000	$ 5,000,000
Common stock, shares issued				1,811,594		2,229,654
Related Party | Pfizer License Agreement
Related Party Transaction [Line Items]
Related party transaction expenses incurred			$ 0
University License Agreement | Related Party
Related Party Transaction [Line Items]
Related party transaction expenses incurred			$ 30,000	$ 0