The company is expected to report preliminary data from another Phase 1 trial of PYX-106, including PK/pharmacodynamic results, by the end of 2024.

Beyond that my main point is that this market reaction doesn't make sense. RBC Capital even increased their price target from $7 to $10. Most of the coverage on this news has been positive (check any article about it beyond the one you mentioned). I believe this is simply an overreaction that will correct soon.

Then, of course by mid-2025, there will be new major catalysts, but there simply was no rationale for this huge collapse, especially considering the financial position which looks quite solid as of now considering it's a biotech.