Pyxis Oncology, Inc. 8-K

What Happened Pyxis Oncology (PYXS) announced that Dr. Lara Sullivan ceased serving as Chief Executive Officer and principal executive officer effective February 2, 2026. The Board appointed director Tom Civik as Interim Chief Executive Officer and principal executive officer effective that same date. The company issued a press release on February 3, 2026 and filed the Form 8-K on February 6, 2026.

Key Details

• Interim CEO: Tom Civik (current director). Prior roles include President & CEO of Five Prime Therapeutics (Apr 2020–Apr 2021) and recent chair positions at ImCheck Therapeutics and Repare Therapeutics.
• Compensation: annualized base salary of $710,000 during the Interim Term; eligible for a target bonus equal to 60% of base salary, prorated and contingent on Board-established objectives.
• Equity grants: subject to Board approval, an initial stock option representing 1.1% of outstanding common stock (as of Feb 2, 2026) vesting in 12 equal monthly installments during the Interim Term; a possible “top-up” option of 0.4% of outstanding shares that would fully vest upon a successful financing or strategic transaction during the Interim Term or within six months thereafter. Both grants to be made under the 2021 Equity Incentive Plan.
• Term: Civik will serve until the employment agreement is terminated or a permanent CEO is appointed. Unvested options cease vesting and are forfeited upon termination of his interim service.
• Filing notes: the full interim employment agreement will be filed as an exhibit to the company’s 2025 Form 10-K.

Why It Matters A CEO change is material for investors because it can affect company strategy, leadership continuity, and execution of clinical and financing plans. The compensation package ties pay to short-term objectives and potential financing/strategic deals, and the equity grants could represent up to ~1.5% of outstanding stock (1.1% initial + 0.4% contingent) if the top-up vests — a point investors may watch for potential dilution. The appointment of an experienced biotech executive as interim CEO suggests the Board is focused on leadership continuity and near-term corporate transactions.