PYXS — Persistence Before Visibility: A Carry-Regime Case Study

Carry identified December 29 at ~$1.07. Structural resolution followed without regime stress. Timestamp: 2026-01-07 (UTC). All data sourced from ConvexityIQ™ engine runs referenced below.

Executive Summary

On December 29, 2025, Pyxis Oncology, Inc. (PYXS) was identified by the ConvexityIQ™ engine as a Carry-regime underlying at approximately $1.07. At the time of identification, PYXS did not resemble a breakout, a momentum reversal, or a volatility event. Price action reflected a prolonged drawdown, sentiment was poor, and conventional return windows were deeply negative.

What ConvexityIQ™ identified was not imminent upside, but structural survivability: convexity that had already persisted long enough to withstand both time and adverse price history.

In subsequent sessions, PYXS advanced to approximately $1.47, representing a gain of roughly +37% from the level at which the structure had already been classified as Carry.

This case reinforces a core ConvexityIQ™ principle:

Alpha is not defined by favorable optics.
It is defined by persistence that survives adversity.