CytomX Therapeutics Conference Call Summary Company Overview - **Company**: CytomX Therapeutics (NasdaqGS:CTMX) - **Focus**: Therapeutic antibody company specializing in oncology - **Technology**: ProBody Therapeutic Platform, a masking strategy to enhance therapeutic windows for various antibody modalities in oncology, including antibody-drug conjugates (ADCs), T-cell engagers, and cytokines [3][4][7] Key Developments in 2025 - **Clinical Programs**: - **CX-2051**: A masked antibody-drug conjugate targeting EpCAM, with promising phase one data presented in May 2025, showing a confirmed overall response rate of 28% in late-stage colorectal cancer (CRC) patients [10][11] - **Interferon Alpha**: A second clinical program with recent data presented at CITSI [4] - **Market Conditions**: Improvement in capital markets has positively impacted the company [5] Clinical Data Highlights - **CX-2051 Phase One Study**: - **Patient Population**: Late-stage CRC patients (median of four prior therapies) [24] - **Efficacy**: - Overall response rate of 28% across three dose levels (7.2, 8.6, and 10 mg/kg) [10] - Progression-free survival (PFS) of 5.8 months, compared to 3-3.5 months for current standard of care [29] - Disease control rate of 94% [11] - **Safety Profile**: Well tolerated with low rates of hematologic toxicity; however, 21% grade three diarrhea reported [33] Technology Differentiation - **Masking Technology**: The ProBody Therapeutic approach allows for selective binding to tumor tissues while minimizing binding to normal tissues, enhancing the therapeutic window [7][10] - **Target Selection**: EpCAM is highly expressed in CRC, making it a viable target for systemic therapy [9][25] - **Payload Mechanism**: The use of a topoisomerase I inhibitor (CAMP59) linked to the antibody is crucial for efficacy in CRC [9][16] Future Expectations - **Enrollment Expansion**: Increased patient enrollment from 70 to approximately 100 patients to confirm efficacy and safety profiles, with data disclosure expected in Q1 2026 [20][22] - **Regulatory Path**: Aiming for a registrational study in 2026 based on robust phase one data [42] Financial Position - **Cash Reserves**: Approximately $150 million, funding operations into Q2 2027 [44] - **Partnerships**: Ongoing collaborations with Regeneron and Astellas, with active business development efforts [44] Conclusion CytomX Therapeutics is positioned for significant advancements in the oncology space with its innovative masking technology and promising clinical data for CX-2051. The company is well-funded and actively pursuing regulatory pathways to bring its therapies to market, particularly in the challenging area of late-stage colorectal cancer treatment.

I've been following CytomX Therapeutics ( CTMX ) with particular optimism based on the potential of their masked antibody program, most recently reiterating a "Buy" sentiment based mainly on the promise ofI have my PhD in biochemistry and have worked for years analyzing clinical trials and biotech companies. It is my passion to educate everyone possible on the science behind the businesses that we invest in, and it's my mission to help you do your due diligence and not get burned by the pitfalls of investin ...

SOUTH SAN FRANCISCO, Calif., Nov. 13, 2025 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq: CTMX), a leader in the field of masked, conditionally activated biologics, today announced that Sean McCarthy, D.Phil., chief executive officer and chairman, will participate in a fireside chat at the Jefferies Global Healthcare Conference in London on Thursday, November 20, 2025, at 9:00 a.m. GMT. A live webcast of the presentation will be available on the Events and Presentations page of CytomX’s website at w ...

Group 1 - Antibody-drug conjugates (ADCs) are specialized antibodies designed to target specific proteins while delivering active agents, primarily utilized in cancer therapy [1] - ADCs enhance the precision of cancer treatment by targeting proteins expressed by cancer cells, allowing for the delivery of potent therapeutic agents directly to the tumor [1] Group 2 - ELAM1 provides financial professionals and investors with the necessary scientific and clinical expertise to navigate the healthcare sector, focusing on uncovering hidden value and assessing risks [1]

Core Insights - CytomX Therapeutics reported a quarterly loss of $0.09 per share, missing the Zacks Consensus Estimate of a loss of $0.04, and compared to earnings of $0.07 per share a year ago, representing an earnings surprise of -125.00% [1] - The company posted revenues of $5.96 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 53.43%, and down from $33.43 million year-over-year [2] - The stock has increased approximately 308.7% since the beginning of the year, significantly outperforming the S&P 500's gain of 15.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.04 on revenues of $13.22 million, and for the current fiscal year, it is $0.05 on revenues of $95.6 million [7] - The estimate revisions trend for CytomX Therapeutics was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Medical - Biomedical and Genetics industry, to which CytomX Therapeutics belongs, is currently in the top 41% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - As of September 30, 2025, the company reported cash, cash equivalents, and investments of $143.6 million, down from $158.1 million at the end of Q2 2025, indicating a decrease in liquidity [19] - Total revenue for Q3 2025 was $6 million, a significant decline from $33.4 million in Q3 2024, primarily due to the completion of performance obligations in the Bristol Myers Squibb collaboration [19] - Operating expenses decreased to $21.7 million in Q3 2025 from $29.3 million in Q3 2024, with R&D expenses at $15.3 million, down by $6.1 million year-over-year [20] Business Line Data and Key Metrics Changes - The company is advancing its lead drug candidate, CX-2051, which targets colorectal cancer, with promising interim Phase I data showing robust clinical activity and a preliminary median progression-free survival of 5.8 months [9][10] - CX-2051 is currently in the expansion phase of its Phase I study, with total enrollment expected to reach about 100 patients by Q1 2026 [11] - CX-801, another program in development for advanced melanoma, has shown promising initial biomarker data, indicating robust interferon signaling within the tumor microenvironment [16] Market Data and Key Metrics Changes - Colorectal cancer (CRC) represents a significant unmet need, with over 1.9 million new cases annually worldwide, projected to exceed 3 million by 2040 [5] - The company aims to position CX-2051 as a potential new standard of care in CRC, a market with substantial opportunities given the limitations of current treatments [6] Company Strategy and Development Direction - The company is focused on building an integrated commercial-stage organization around its innovative drug candidates, particularly CX-2051 and CX-801, while exploring additional indications for CX-2051 [12][22] - The strategy includes initiating a Phase IB study with the anti-VEGF antibody bevacizumab in Q1 2026, aiming to broaden the application of CX-2051 in earlier lines of CRC therapy [11][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of CX-2051 to outperform current standards of care in late-line CRC treatment, with an integrated confirmed response rate of 28% observed in early data [25] - The company remains optimistic about the differentiation of its drug candidates and their potential to address significant unmet medical needs in oncology [28][42] Other Important Information - The company completed a $100 million financing earlier in the year, positioning it to advance CX-2051 towards later-phase development [18] - Management highlighted the importance of ongoing discussions with the FDA regarding regulatory strategy and potential registrational paths for CX-2051 [41] Q&A Session Summary Question: Expectations for CX-2051 readout and ORR - Management indicated an integrated confirmed response rate of 28% and expressed optimism about the potential for improvement as data matures [25][26] Question: Enrollment feedback and trial partner insights - Management attributed increased enrollment to high interest from investigators and patients, with ongoing focus on managing adverse events like diarrhea [27] Question: Strategy for combination approach with bevacizumab - The initial strategy involves exploring multiple doses of CX-2051 in combination with bevacizumab, aiming to broaden the drug's application in earlier lines of therapy [30][31] Question: Regulatory strategy and interactions with the FDA - Management anticipates discussions with the FDA regarding registrational plans in 2026, with ongoing evaluation of data to inform strategy [41] Question: Potential for CX-2051 in other tumor types - Management expressed enthusiasm for exploring additional indications for CX-2051, including gastric, endometrial, and pancreatic cancers, while balancing development plans in CRC [37]

Financial Performance - Total revenue for Q3 2025 was $6.0 million, a decrease of 82% compared to $33.4 million in Q3 2024[9] - CytomX reported a net loss of $14.2 million for Q3 2025, compared to a net income of $5.7 million in Q3 2024[17] Operating Expenses - Total operating expenses in Q3 2025 were $21.7 million, down from $29.3 million in Q3 2024, representing a decrease of 26%[9] - Research and development expenses for Q3 2025 were $15.3 million, a decrease of 28% compared to $21.4 million in Q3 2024[10] - General and administrative expenses were $6.4 million in Q3 2025, down 19% from $7.9 million in Q3 2024[11] Cash and Investments - Cash, cash equivalents, and investments totaled $143.6 million as of September 30, 2025, down from $158.1 million as of June 30, 2025[8] - Cash and cash equivalents were $34,185 million, down from $38,052 million, a decline of 4.8%[19] - Short-term investments surged to $109,441 million, up from $62,571 million, reflecting an increase of 74.7%[19] Assets and Liabilities - Total assets increased to $158,254 million as of September 30, 2025, up from $120,533 million on December 31, 2024, representing a growth of 31.3%[19] - Total current assets rose to $149,217 million, compared to $107,305 million at the end of 2024, marking an increase of 39.1%[19] - Total liabilities decreased significantly to $50,865 million from $120,989 million, a reduction of 57.9%[19] - Stockholders' equity improved to $107,389 million, compared to a deficit of $456 million at the end of 2024, indicating a turnaround in equity position[19] - Accounts receivable decreased to $1,629 million from $3,103 million, a decline of 47.5%[19] - Deferred revenue, current portion, dropped to $22,379 million from $67,201 million, a decrease of 66.7%[19] - Operating lease right-of-use asset decreased to $4,814 million from $8,136 million, a decline of 40.5%[19] - Accumulated deficit improved to $(682,437) million from $(691,579) million, showing a reduction in losses[19] Clinical Developments - CX-2051 Phase 1 study enrollment is projected to reach approximately 100 patients by the planned data update in Q1 2026[4] - A Phase 1b CX-2051 combination study with bevacizumab in CRC is expected to start in Q1 2026[4] - Initial clinical data for CX-801 in combination with KEYTRUDA® is anticipated in 2026[6] - The company has research collaborations with major firms including Bristol Myers Squibb and Moderna, focusing on bispecific immunotherapies[10]

Core Insights - CytomX Therapeutics is advancing its pipeline with a focus on CX-2051 and CX-801, with key updates expected in 2026 [1][2][3] Pipeline Developments - CX-2051 Phase 1 data update is scheduled for Q1 2026, with ongoing dose expansions in advanced colorectal cancer (CRC) [1][5] - A Phase 1b study combining CX-2051 with bevacizumab is set to begin in Q1 2026, aimed at informing late-phase development [5] - CX-801 has shown positive initial biomarker data in advanced melanoma, supporting its combination study with KEYTRUDA® [3][5] Financial Performance - As of September 30, 2025, the company reported cash, cash equivalents, and investments totaling $143.6 million, down from $158.1 million as of June 30, 2025 [7] - Total revenue for Q3 2025 was $6.0 million, a significant decrease from $33.4 million in Q3 2024, primarily due to the completion of obligations in collaborations [8] - Total operating expenses decreased to $21.7 million in Q3 2025 from $29.3 million in Q3 2024, with research and development expenses at $15.3 million [8][9] Corporate Updates - The company appointed Rachael Lester as Senior Vice President and Chief Business Officer in October 2025 [11] - CytomX has established collaborations with major companies in oncology, including Bristol Myers Squibb, Amgen, and Moderna, focusing on bispecific immunotherapies [11][12]

Financial Performance - Total revenues for the three months ended September 30, 2025, were $5,963,000, a decrease from $33,432,000 in the same period of 2024, representing a decline of approximately 82.1%[19] - The net loss for the three months ended September 30, 2025, was $14,229,000, compared to a net income of $5,736,000 for the same period in 2024, indicating a significant shift in performance[19] - Net income for the nine months ended September 30, 2025, was $9,142,000, a decrease of 29% compared to $12,993,000 for the same period in 2024[26] - Total revenue for the three months ended September 30, 2025, was $5.96 million, a decrease from $33.43 million in the same period of 2024, while total revenue for the nine months ended September 30, 2025, was $75.54 million, down from $100.01 million in 2024[47] - The accumulated deficit as of September 30, 2025, was $682.4 million, slightly improved from $691.6 million at the end of 2024[182] Expenses and Costs - Operating expenses for the three months ended September 30, 2025, totaled $21,731,000, down from $29,321,000 in the same period of 2024, reflecting a decrease of about 26.0%[19] - Research and development expenses for the nine months ended September 30, 2025, were $47,493,000, down from $68,592,000 in the same period of 2024, a decrease of approximately 30.8%[19] - General and administrative expenses for the three months ended September 30, 2025, decreased by $1.5 million to $6.4 million compared to the same period in 2024, primarily due to lower personnel and legal expenses[152] - The Company recorded $2.9 million of stock-based compensation expense related to stock option plans for the nine months ended September 30, 2025[96] - The Company recorded $1.1 million of stock-based compensation expense related to time-based RSUs for the nine months ended September 30, 2025[99] Assets and Liabilities - Total current assets increased to $149,217,000 as of September 30, 2025, compared to $107,305,000 as of December 31, 2024, marking an increase of approximately 38.9%[16] - Total liabilities decreased to $50,865,000 as of September 30, 2025, down from $120,989,000 as of December 31, 2024, representing a reduction of about 57.9%[16] - Stockholders' equity improved to $107,389,000 as of September 30, 2025, compared to a deficit of $456,000 as of December 31, 2024, indicating a positive turnaround[16] Cash Flow and Financing - The company had cash and cash equivalents of $34,185,000 as of September 30, 2025, down from $38,052,000 as of December 31, 2024, a decrease of about 2.3%[16] - Cash provided by financing activities increased significantly to $93.8 million in 2025 from $5.3 million in 2024, mainly due to $93.4 million from common stock issuance[170][171] - The Company completed a public offering in May 2025, raising approximately $93.4 million from the sale of 76,923,076 shares at $1.30 per share[91] - The company expects existing capital resources to fund operations into the second quarter of 2027, but may need to raise additional capital in the future[163] Clinical Development and Research - The company’s PROBODY® therapeutic technology platform is designed for "conditional activation" of drug candidates in the tumor microenvironment, aiming to improve cancer treatment outcomes[29] - The IND for CX-2051 was allowed to proceed by the FDA in January 2024, with a Phase 1 clinical trial commencing in April 2024[124] - CX-2051 was generally well-tolerated, with 94% of patients achieving disease control, and no Grade 4 or 5 treatment-related adverse events reported as of the data cutoff[128] - The Company initiated dose expansions for CX-2051, aiming to enroll approximately 100 patients by the first quarter of 2026[129] - A Phase 1b study of CX-2051 in combination with bevacizumab is expected to begin enrollment in the first quarter of 2026[130] Collaborations and Agreements - Astellas Pharma's collaboration resulted in an upfront payment of $80 million and potential milestone payments totaling approximately $1.6 billion, with tiered royalties from high-single digits to mid-teens percentages on future sales[59] - The collaboration with Bristol Myers Squibb included an upfront payment of $50 million and potential contingent payments of up to $25 million for additional targets[65] - The Moderna Agreement included an upfront payment of $35 million and potential milestone payments of up to $1.2 billion, with tiered royalties on global net sales[74] - The Regeneron Agreement includes an upfront fee of $30.0 million and potential milestone payments of up to approximately $0.8 billion, with additional payments of up to $1.2 billion if the collaboration is expanded[78] Risks and Challenges - The company faces risks related to the lengthy and expensive clinical development process, which may not yield successful outcomes[180] - The company may face significant delays in clinical trials if patient enrollment is insufficient, particularly for trials targeting specific tumor types[211] - Adverse side effects from the company's product candidates could result in significant revenue loss and negatively impact business operations[207] - The company’s ability to raise additional funds may be limited due to declining stock prices and unfavorable market conditions[190]

Group 1 - Steven Cress is the Head of Quantitative Strategies at Seeking Alpha, managing quant ratings and factor grades on stocks and ETFs [1][2] - Cress leads Alpha Picks, selecting two attractive stocks to buy each month and determining when to sell them [1][2] - The Seeking Alpha Quant Rating system, created by Cress, interprets data for investors and offers insights on investment directions [2] Group 2 - Cress has over 30 years of experience in equity research, quantitative strategies, and portfolio management [2] - He previously founded CressCap Investment Research, which was acquired by Seeking Alpha in 2018 [2] - Cress has a background in running a proprietary trading desk at Morgan Stanley and leading international business development at Northern Trust [2]