Financial Data and Key Metrics Changes - As of June 30, 2025, the company ended the quarter with $158.1 million in cash, cash equivalents, and investments, compared to $79.9 million at the end of 2024 [16] - Total revenue for the quarter was $18.7 million, down from $25.1 million in 2024, primarily due to the completion of performance obligations in collaborations with BMS and Amgen, as well as decreased activity with Moderna [16] - Operating expenses decreased to $19.9 million from $33.6 million in 2024, with R&D expenses at $13.3 million, a decrease of $11.9 million compared to 2024 [16][17] Business Line Data and Key Metrics Changes - The company is focused on the CX-2051 program, which targets colorectal cancer (CRC) and has shown a 28% confirmed overall response rate in initial Phase I data [8][9] - CX-801, a masked interferon alpha-2B program, is being developed in combination with Keytruda for metastatic melanoma, with initial data expected in 2026 [11][12] Market Data and Key Metrics Changes - CRC is a significant unmet need in oncology, with approximately 1.9 million patients diagnosed globally each year, expected to rise to over 3 million in the coming decades [5] - The five-year survival rate for metastatic CRC is currently about 13%, highlighting the urgent need for new treatments [5] Company Strategy and Development Direction - The company aims to advance CX-2051 as a first-in-class treatment for late-line CRC, with plans for combination studies in earlier lines of therapy [10][18] - The strategy includes exploring partnerships for broader applications of EpCAM beyond CRC, as it is expressed in many solid tumors [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of CX-2051 in addressing the high unmet need in CRC and plans to execute against this opportunity as a top priority [18] - The company is also focused on generating proof of concept for CX-801 in combination with Keytruda, which could reestablish interferon as a key component of immunotherapy [18] Other Important Information - The company completed a $100 million follow-on offering, strengthening its financial position with a projected cash runway into 2027 [14] - Management emphasized a disciplined, data-driven capital allocation approach to advance promising opportunities in the pipeline [17] Q&A Session Summary Question: Potential to move into earlier lines of colorectal therapy - Management indicated a focus on late-line opportunities first, with plans to explore earlier lines through combination studies in the future [21][22] Question: Rationale for value creation of EpCAM beyond CRC - Management acknowledged the potential for EpCAM in various solid tumors and indicated that partnerships could be explored when the time is right [28][30] Question: Bar for accelerated approval in CRC - Management noted that while there is no precedent for accelerated approval based on overall response rate (ORR) in CRC, they are considering strategies to expedite approval due to the high unmet need [34][36] Question: Confidence in combination potential of CX-801 with KEYTRUDA - Management highlighted the strong mechanistic precedent for the combination and the ongoing study of tumor biopsies to assess the immune microenvironment [42][44] Question: Size of the dataset for CX-2051 and durability data - Management expects to have a larger dataset by Q1 2026, with plans to integrate this data into their strategy for Phase II [52][54]

[Business and Operational Highlights](index=1&type=section&id=Business%20and%20Operational%20Highlights) CytomX reported positive interim data for CX-2051, initiated a CX-801 combination study, and secured $100 million, extending its cash runway to Q2 2027 [Pipeline Program Updates](index=1&type=section&id=Pipeline%20Program%20Updates) The company provided updates on its lead candidates, CX-2051 and CX-801, detailing clinical trial progress and future milestones - **CX-2051 (EpCAM ADC):** Announced positive interim data from the ongoing Phase 1 dose escalation study in patients with advanced colorectal cancer (CRC)[2](index=2&type=chunk)[4](index=4&type=chunk)[7](index=7&type=chunk) - **CX-2051 Future Milestones:** A data update from the Phase 1 dose expansion in approximately 70 patients is expected by Q1 2026; Initiation of a Phase 2 study in advanced, late-line CRC is anticipated in the first half of 2026[2](index=2&type=chunk)[7](index=7&type=chunk) - **CX-801 (Interferon alpha-2b):** Phase 1 dose escalation of CX-801 monotherapy continues, with preliminary data expected in Q4 2025[15](index=15&type=chunk) - **CX-801 Combination Therapy:** Initiated a Phase 1 dose escalation of CX-801 in combination with KEYTRUDA® in advanced melanoma in May 2025, with initial clinical data anticipated in 2026[2](index=2&type=chunk)[15](index=15&type=chunk) [Corporate Updates](index=1&type=section&id=Corporate%20Updates) CytomX completed a $100 million stock offering and continues multiple drug discovery collaborations with key partners - Completed a **$100 million** underwritten offering of common stock, yielding **$93.4 million** in net proceeds[2](index=2&type=chunk)[15](index=15&type=chunk) - Multiple drug discovery programs continue under research collaborations with partners including Bristol Myers Squibb, Amgen, Astellas, Regeneron, and Moderna[15](index=15&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) CytomX reported Q2 2025 revenues of $18.7 million, a decrease from Q2 2024, but significantly reduced operating expenses, narrowing its net loss and strengthening its cash position to $158.1 million [Financial Performance Summary](index=2&type=section&id=Financial%20Performance%20Summary) CytomX experienced a revenue decline but significantly reduced operating expenses, leading to a narrowed net loss in Q2 2025 Q2 2025 Financial Performance | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Revenue | $18.7M | $25.1M | -25.5% | | R&D Expenses | $13.3M | $25.2M | -47.3% | | G&A Expenses | $6.6M | $8.4M | -21.4% | | Total Operating Expenses | $19.9M | $33.6M | -40.9% | | Loss from Operations | ($1.3M) | ($8.5M) | +84.6% | | Net Loss | ($0.15M) | ($6.5M) | +97.7% | | Net Loss Per Share | ($0.00) | ($0.08) | N/A | - The decrease in revenue was primarily driven by the completion of performance obligations with Bristol Myers Squibb, the decision not to further develop the CX-904 program with Amgen, and a decrease in Moderna activities[10](index=10&type=chunk) - Reduced R&D expenses were mainly due to a one-time **$5 million** milestone payment in Q2 2024, lower spending on the de-prioritized CX-904 program, and reduced research expenses following a Q1 2025 restructuring[12](index=12&type=chunk) [Financial Position](index=2&type=section&id=Financial%20Position) CytomX significantly increased its cash and investments, extending its cash runway and improving stockholders' equity due to a recent stock offering Cash, Cash Equivalents and Investments | Metric | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Cash, cash equivalents and investments | $158.1M | $79.9M | - The company's cash runway is expected to last until the **second quarter of 2027**[15](index=15&type=chunk) - Total stockholders' equity improved significantly to **$119.9 million** as of June 30, 2025, from a deficit of **$0.5 million** at the end of 2024, largely due to the recent stock offering[21](index=21&type=chunk) [Detailed Financial Statements](index=5&type=section&id=Detailed%20Financial%20Statements) The detailed financial statements reveal a significant reduction in Q2 2025 net loss and a substantial increase in cash and total assets, leading to a positive stockholders' equity position by June 30, 2025 [Condensed Statements of Operations and Comprehensive Income](index=5&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Income) The condensed statement of operations highlights a substantial reduction in total operating expenses and net loss for the three months ended June 30, 2025 Condensed Statements of Operations and Comprehensive Income (Three Months Ended June 30) | (in thousands) | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | | **Revenues** | **$18,658** | **$25,115** | | Research and development | $13,322 | $25,172 | | General and administrative | $6,622 | $8,395 | | **Total operating expenses** | **$19,944** | **$33,567** | | **Loss from operations** | **($1,286)** | **($8,452)** | | **Net Loss** | **($154)** | **($6,534)** | | **Total comprehensive loss** | **($120)** | **($6,528)** | [Condensed Balance Sheets](index=6&type=section&id=Condensed%20Balance%20Sheets) The condensed balance sheet shows a significant increase in total assets and a positive shift in stockholders' equity by June 30, 2025 Condensed Balance Sheets (as of) | (in thousands) | June 30, 2025 (in thousands) | Dec 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $49,041 | $38,052 | | Short-term investments | $109,046 | $62,571 | | **Total assets** | **$175,057** | **$120,533** | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $39,223 | $85,772 | | **Total liabilities** | **$55,147** | **$120,989** | | **Total stockholders' equity (deficit)** | **$119,910** | **($456)** | [About CytomX Therapeutics](index=2&type=section&id=About%20CytomX%20Therapeutics) CytomX Therapeutics is a clinical-stage oncology biopharmaceutical company developing novel, conditionally activated biologics using its PROBODY® platform for localized cancer therapies - CytomX focuses on developing masked, conditionally activated biologics designed to be localized to the tumor microenvironment, using its PROBODY® therapeutic platform[16](index=16&type=chunk) - The company's multi-modality platform produces candidates like antibody-drug conjugates (ADCs), T-cell engagers, and cytokines[16](index=16&type=chunk) - Key clinical-stage pipeline assets are CX-2051 (EpCAM-directed ADC) and CX-801 (masked interferon alpha-2b PROBODY® cytokine)[16](index=16&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains a legal disclaimer regarding forward-looking statements about product candidates and platform technology, noting that actual results may differ due to inherent risks and uncertainties - The press release contains forward-looking statements about the potential benefits, safety, efficacy, and progress of its product candidates like CX-2051 and CX-801[17](index=17&type=chunk) - These statements are subject to significant risks and uncertainties, including the unproven nature of the PROBODY® therapeutic technology, funding challenges, and the possibility that early clinical results may not be predictive of future outcomes[17](index=17&type=chunk)

Core Insights - CytomX Therapeutics announced positive interim data from the ongoing Phase 1 study of CX-2051, an EpCAM Antibody Drug Conjugate, in patients with advanced colorectal cancer (CRC) [1][6] - The company completed a $100 million underwritten offering of common stock, with net proceeds of $93.4 million, enhancing its financial position to support ongoing and future clinical trials [6][8] - The anticipated data update for CX-2051 is expected in Q1 2026, with a Phase 2 study initiation planned for the first half of 2026 [1][3] Pipeline Program Updates - CX-2051 is currently undergoing dose expansions at 7.2 mg/kg, 8.6 mg/kg, and 10 mg/kg doses, administered every three weeks, with approximately 70 patients involved in the Phase 1 study [6] - CX-801, a masked interferon alpha-2b, is in Phase 1 dose escalation, with preliminary data expected in Q4 2025 [6] - Combination studies for CX-2051 in earlier lines of CRC therapy are being planned for 2026 [6] Financial Performance - Total revenue for Q2 2025 was $18.7 million, a decrease from $25.1 million in Q2 2024, primarily due to the completion of performance obligations in collaborations and reduced activities with Moderna [8][10] - Total operating expenses decreased to $19.9 million in Q2 2025 from $33.6 million in Q2 2024, reflecting a reduction in research and development expenses [9][10] - The company ended Q2 2025 with $158.1 million in cash, cash equivalents, and investments, compared to $79.9 million at the end of Q1 2025, providing a cash runway until Q2 2027 [7][8] Research Collaborations - CytomX has established strategic collaborations with major oncology leaders, including Amgen, Astellas, Bristol Myers Squibb, Regeneron, and Moderna, to advance its research and development efforts [12][14]

PART I – FINANCIAL INFORMATION [Condensed Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Financial%20Statements%20(Unaudited)) This section provides unaudited condensed financial statements, highlighting significant improvements in financial position, a shift to net income, and changes in cash flows driven by a public offering and restructuring [Condensed Balance Sheets](index=5&type=section&id=Condensed%20Balance%20Sheets) This section presents the company's financial position, showing significant asset growth and a positive shift in stockholders' equity Condensed Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash, cash equivalents and short-term investments | $158,087 | $100,623 | | Total current assets | $164,621 | $107,305 | | Total assets | $175,057 | $120,533 | | **Liabilities & Equity** | | | | Deferred revenue (current & long-term) | $32,291 | $94,063 | | Total liabilities | $55,147 | $120,989 | | Total stockholders' equity (deficit) | $119,910 | $(456) | - The company's financial position strengthened significantly, with total assets increasing to **$175,057 thousand** and stockholders' equity becoming positive at **$119,910 thousand**, up from a deficit of **$456 thousand** This was primarily driven by proceeds from a recent stock offering and a substantial reduction in deferred revenue liabilities[16](index=16&type=chunk) [Condensed Statements of Operations and Comprehensive Income](index=6&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Income) This section details the company's revenues, expenses, and net income, highlighting a significant improvement in profitability Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $18,658 | $25,115 | $69,575 | $66,578 | | Research and development | $13,322 | $25,172 | $32,189 | $47,224 | | General and administrative | $6,622 | $8,395 | $16,050 | $16,149 | | Income (loss) from operations | $(1,286) | $(8,452) | $21,336 | $3,205 | | Net Income (Loss) | $(154) | $(6,534) | $23,371 | $7,257 | | Diluted Net Income (Loss) per Share | $(0.00) | $(0.08) | $0.21 | $0.09 | - For the six months ended June 30, 2025, the company reported a net income of **$23,371 thousand**, a significant improvement from the **$7,257 thousand** net income in the prior-year period This was primarily due to a **$15,035 thousand** decrease in R&D expenses and a **$2,997 thousand** increase in revenue[19](index=19&type=chunk) [Condensed Statements of Stockholders' Equity (Deficit)](index=7&type=section&id=Condensed%20Statements%20of%20Stockholders'%20Equity%20(Deficit)) This section outlines changes in stockholders' equity, primarily driven by a significant stock offering and net income - Total stockholders' equity increased from a deficit of **$456 thousand** at the end of 2024 to a positive **$119,910 thousand** at June 30, 2025 This change was primarily driven by the issuance of common stock in a follow-on offering, which raised net proceeds of **$93,400 thousand**, and the net income of **$23,371 thousand** for the period[21](index=21&type=chunk) [Condensed Statements of Cash Flows](index=8&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) This section presents the company's cash inflows and outflows from operating, investing, and financing activities Cash Flow Summary (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(36,796) | $(45,594) | | Net cash provided by (used in) investing activities | $(45,764) | $66,397 | | Net cash provided by financing activities | $93,550 | $5,273 | | Net increase in cash, cash equivalents and restricted cash | $10,990 | $26,076 | - Net cash used in operating activities decreased to **$36,796 thousand** in the first half of 2025 from **$45,594 thousand** in the prior-year period, mainly due to lower operating expenses Financing activities provided **$93,550 thousand**, primarily from a common stock offering, a significant increase from **$5,273 thousand** in the same period of 2024[24](index=24&type=chunk) [Notes to Condensed Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) This section provides detailed explanations of significant events, collaboration updates, financing activities, and corporate restructuring - Collaboration Updates: Amgen and CytomX jointly decided to discontinue CX-904 development in March 2025, and Amgen terminated its license The company's research obligations under the BMS agreement were completed in April 2025 Astellas triggered a **$5,000 thousand** milestone payment in Q1 2025 for initiating GLP toxicology studies for a second collaboration target[51](index=51&type=chunk)[57](index=57&type=chunk)[69](index=69&type=chunk) - Financing: In May 2025, the company completed an underwritten public offering of 76.9 million shares at $1.30 per share, raising approximately **$93,400 thousand** in net proceeds[86](index=86&type=chunk) - Restructuring: A restructuring plan announced in January 2025 resulted in a **40% workforce reduction** and was substantially completed in Q1 2025 The company recorded total restructuring charges of approximately **$2,900 thousand** for the six months ended June 30, 2025[107](index=107&type=chunk)[108](index=108&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's clinical-stage oncology focus, pipeline updates, financial performance, and confirms sufficient capital resources to fund operations into Q2 2027 [Overview and Pipeline Update](index=25&type=section&id=Overview%20and%20Pipeline%20Update) This section provides an overview of the company's strategic focus and updates on its key clinical development programs - CX-2051 (EpCAM ADC): Positive interim Phase 1 data in advanced metastatic colorectal cancer was announced in May 2025, showing a **28% confirmed partial response rate** in efficacy-evaluable patients at higher doses A Phase 2 study is planned for the first half of 2026[116](index=116&type=chunk)[118](index=118&type=chunk)[120](index=120&type=chunk) - CX-801 (IFNα2b): Phase 1 dose escalation in combination with KEYTRUDA® was initiated in May 2025 for advanced melanoma Initial monotherapy biomarker data is expected in Q4 2025, with combination data expected in 2026[121](index=121&type=chunk) - CX-904 (EGFRxCD3 TCE): In March 2025, CytomX and partner Amgen jointly decided to discontinue the development of the CX-904 program based on clinical observations and pipeline priorities[122](index=122&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) This section analyzes the company's revenue and expense trends, highlighting changes in collaboration revenue and R&D costs Revenue by Collaboration Partner (in thousands) | Partner | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Amgen | $332 | $994 | $(662) | | Astellas | $4,646 | $5,492 | $(846) | | Bristol Myers Squibb | $11,566 | $13,433 | $(1,867) | | Regeneron | $2,092 | $2,636 | $(544) | | Moderna | $22 | $2,560 | $(2,538) | | **Total revenue** | **$18,658** | **$25,115** | **$(6,457)** | - Revenue decreased by **$6,457 thousand** in Q2 2025 compared to Q2 2024, primarily due to the completion of performance obligations under the BMS and Amgen agreements, and reduced activity under the Moderna agreement due to budget considerations[142](index=142&type=chunk)[143](index=143&type=chunk) Research and Development Expenses (in thousands) | Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | External costs | $5,599 | $16,226 | $(10,627) | | Internal costs | $7,723 | $8,946 | $(1,223) | | **Total R&D expenses** | **$13,322** | **$25,172** | **$(11,850)** | - R&D expenses decreased by **$11,850 thousand** in Q2 2025 compared to Q2 2024 This was primarily due to a one-time **$5,000 thousand** royalty payment to ImmunoGen in Q2 2024, the termination of the CX-904 program in 2025, and reduced research expenses following the corporate restructuring[144](index=144&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's cash position and its ability to fund future operations, including recent financing activities - As of June 30, 2025, the company had **$158,087 thousand** in cash, cash equivalents, and short-term investments[152](index=152&type=chunk) - In May 2025, the company raised net proceeds of approximately **$93,400 thousand** from an underwritten public offering[156](index=156&type=chunk) - Management expects that existing capital resources will be sufficient to fund operations into the second quarter of 2027[157](index=157&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, CytomX Therapeutics is not required to provide the information for this item - The company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information under this item[168](index=168&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the Principal Executive and Principal Financial Officers, evaluated the company's disclosure controls and procedures and concluded they were effective at a reasonable assurance level as of June 30, 2025 There were no material changes to internal controls over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2025[170](index=170&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[171](index=171&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not aware of any legal proceedings, individually or in the aggregate, that would have a material adverse effect on its financial position, results of operations, or cash flows - The company is not aware of any legal matters that will have a material adverse effect on its financial position, results of operations or cash flows[173](index=173&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) This section outlines significant business, financial, clinical, operational, and collaboration risks, including the need for capital, development uncertainties, and reliance on third parties - Business & Financial Risks: The company is a clinical-stage entity with a history of losses and expects to need substantial additional funding to advance its product candidates Failure to obtain capital may force delays or termination of development programs[176](index=176&type=chunk)[180](index=180&type=chunk) - Clinical & Development Risks: Clinical development is lengthy, expensive, and uncertain Early trial results (e.g., for CX-2051 and CX-801) may not predict future success, and product candidates may cause undesirable side effects that could delay or prevent regulatory approval[185](index=185&type=chunk)[193](index=193&type=chunk)[196](index=196&type=chunk) - Operational Risks: The company relies on third-party manufacturers, most of which are sole-source suppliers, creating risks of supply interruption It also relies on third parties (CROs) to conduct all clinical trials[212](index=212&type=chunk)[241](index=241&type=chunk) - Collaboration Risks: The company's success is partly dependent on collaborations with third parties (e.g., Astellas, Regeneron) These collaborators have significant discretion over development, and termination of these agreements could materially harm the business[226](index=226&type=chunk)[231](index=231&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=115&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities, no use of proceeds from such sales, and no repurchases of its equity securities during the period - There were no unregistered sales of equity securities or repurchases of company equity securities during the period[389](index=389&type=chunk) [Defaults Upon Senior Securities](index=115&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None reported[389](index=389&type=chunk) [Mine Safety Disclosures](index=115&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[389](index=389&type=chunk) [Other Information](index=116&type=section&id=Item%205.%20Other%20Information) The company reported no other information for the period - None reported[390](index=390&type=chunk) [Exhibits](index=117&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the Amended and Restated Employee Stock Purchase Plan and certifications by the Chief Executive Officer and Chief Financial Officer as required by the Sarbanes-Oxley Act - The report includes certifications from the CEO and CFO as required by Rule 13a-14(a) and Section 1350 of the U.S Code[391](index=391&type=chunk)

Group 1 - CytomX Therapeutics, Inc. will report its second quarter financial results on August 7, 2025, after U.S. market close [1] - A conference call and webcast will follow the financial results announcement at 5:00 p.m. ET / 2:00 p.m. PT [1][2] - Participants can access the live webcast from CytomX's website and are advised to register at least 10 minutes prior to the call [2] Group 2 - CytomX is a clinical-stage biopharmaceutical company focused on developing conditionally activated biologics for cancer treatment [3] - The company's pipeline includes therapeutic candidates such as CX-2051, a masked ADC targeting EpCAM, and CX-801, a masked interferon alpha-2b PROBODY cytokine [3] - CytomX has established collaborations with major oncology leaders including Amgen, Astellas, and Bristol Myers Squibb [3]

CX-2051 Clinical Trial Results - CX-2051 demonstrated a confirmed Overall Response Rate (ORR) of 28% in patients with metastatic Colorectal Cancer (mCRC) [15, 31] - A higher ORR of 43% was observed at the 10 mg/kg dose [31] - The Disease Control Rate (DCR) was 94% in patients treated with 7.2-10 mg/kg of CX-2051 [15, 33] - Preliminary median Progression-Free Survival (PFS) was 5.8 months [15, 36] Safety and Tolerability - The Phase 1 study included 25 safety-evaluable patients treated with doses ranging from 2.4 to 10 mg/kg [28, 30] - Most Treatment-Related Adverse Events (TRAEs) were manageable and reversible, with no Grade 4-5 TRAEs reported [45] - In patients treated with 7.2-10 mg/kg, the most frequent TRAEs included diarrhea (78.3%), nausea (47.8%), and vomiting (34.8%) [45] - Serious Adverse Events occurred in 21.7% of patients [45] Future Development - Phase 1 dose expansions are underway in late-line mCRC [54, 56] - The company plans to initiate a Phase 2 study in the first half of 2026 [54]

Financials & Organization - The company had approximately $101 million in cash balance as of year-end 2024, which is expected to fund operations into Q2 2026, excluding potential milestones or new business development[6] - The company's organization consists of approximately 70 employees with integrated R&D capabilities[6] Clinical Pipeline (CX-2051) - CX-2051 (EpCAM PROBODY® Topo-1 ADC) is being developed for advanced CRC, with initial Phase 1 data expected in the first half of 2025 and determination of Phase 1b doses[7, 8] - Over 90% of CRC cases are estimated to have high EpCAM expression, making it a relevant target for CX-2051[32, 33] - In preclinical models, CX-2051 demonstrated >100x masking efficiency by ELISA and equivalent preclinical activity to deruxtecan (DXd) in irinotecan-resistant CRC models[22, 25] Clinical Pipeline (CX-801) - CX-801 (PROBODY® IFN-α2b) is being developed for advanced melanoma, with initial Phase 1 translational & biomarker data expected in the second half of 2025, and initiation of Keytruda® combination[7, 8] - Preclinical data suggests CX-801 has synergistic activity with PD-1 inhibitors and enhanced safety compared to unmasked IFNα2b[55] - CX-801 demonstrated 1000X masking efficiency based on preclinical models[54] Strategic Focus - The company is focused on addressing major unmet needs in oncology with its PROBODY® pipeline[4, 71] - The company plans to determine Phase 1b doses for potential CRC expansions and evaluate strategies for CRC combinations and additional tumor types for CX-2051[47, 72]

Summary of the Conference Call Company and Industry - **Company**: Atomic Therapeutics - **Industry**: Biotechnology, specifically focusing on oncology and cancer treatment Key Points and Arguments 1. **Introduction of APKAN ADC**: Atomic Therapeutics presented data on CX-2051, a Probody ADC targeting EpCAM, which shows potential in treating metastatic colorectal cancer (CRC) and other cancer types [4][5] 2. **Clinical Data Highlights**: - 25 patients treated with a confirmed overall response rate (ORR) of 28% across 18 efficacy evaluable patients, with a 43% ORR at the highest dose of 10 mg/kg [9] - Median progression-free survival (PFS) of 5.8 months, significantly higher than the current standard of care [10] - Disease control rate of 94% across all measures [10] 3. **Safety Profile**: - The drug demonstrated minimal on-target toxicity, which is a significant concern with EpCAM-targeting therapies due to its expression in normal tissues [12][14] - Anticipated payload toxicities were manageable, with low rates of cytopenias and moderate gastrointestinal toxicity [15][17] 4. **Expansion of Clinical Trials**: Plans to expand patient cohorts at dose levels 7.2, 8.6, and 10 mg/kg to 20 patients each by the end of the year, with a dataset expected in Q1 2026 [21][22] 5. **Regulatory Strategy**: The company aims for accelerated approval in late-line metastatic CRC, with ambitions to move into earlier treatment lines [24][25][28] 6. **Market Opportunity**: - The fourth-line CRC market is estimated to have around 15,000 treatable patients annually in the U.S., with significant revenue potential demonstrated by Fruquintinib's sales [35] - The overall market for metastatic CRC across multiple lines of treatment is approximately 150,000 patients [37] 7. **Future Development Plans**: - The company is considering combination studies with bevacizumab and exploring opportunities in other solid tumors beyond CRC [40][42] - A second drug, CX-801, is in Phase 1 trials, focusing on melanoma in combination with PD-1 inhibitors [45][48] 8. **Financial Position**: The company recently completed a financing round, providing a cash runway into Q2 2027, ensuring funding for ongoing clinical trials [52] Other Important Content - **Technological Innovation**: The Probody masking platform is highlighted as a key differentiator, allowing for targeted therapy with reduced toxicity [12][14] - **Investor Interest**: Positive investor feedback has been noted following the data release, indicating strong market confidence in the drug's potential [10][11] - **Long-term Vision**: The company envisions CX-2051 as a disruptive treatment option that could replace systemic chemotherapy in earlier lines of CRC treatment [26][30]

Company Overview - CytomX Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on oncology, developing novel conditionally activated, masked biologics aimed at localized tumor treatment [3] - The company utilizes its PROBODY therapeutic platform to create safer and more effective cancer therapies [3] - CytomX's pipeline includes therapeutic candidates such as CX-2051 and CX-801, targeting various cancer types [3] Pipeline Details - CX-2051 is a masked, conditionally activated antibody-drug conjugate (ADC) targeting epithelial cell adhesion molecule (EpCAM), with potential applications in multiple EpCAM-expressing epithelial cancers, including colorectal cancer (CRC) [3] - CX-801 is a masked interferon alpha-2b PROBODY cytokine, applicable in both immuno-oncology sensitive and insensitive tumors [3] - The company has established strategic collaborations with major oncology leaders including Amgen, Astellas, Bristol Myers Squibb, Regeneron, and Moderna [3] Upcoming Events - Sean McCarthy, CEO and Chairman of CytomX, will participate in a fireside chat at the Jefferies Global Healthcare Conference on June 5, 2025, at 2:35 p.m. ET [1] - A live webcast of the presentation will be available on CytomX's website, and management will hold one-on-one meetings with registered investors at the conference [2]

Core Insights - CytomX Therapeutics has initiated dosing of the first patient with CX-801 in combination with KEYTRUDA® in a Phase 1 study for metastatic melanoma, marking a significant step in their clinical development efforts [1][3][4] Company Overview - CytomX Therapeutics is a clinical-stage biopharmaceutical company focused on developing conditionally activated, masked biologics aimed at localized tumor treatment [5] - The company utilizes its proprietary PROBODY® therapeutic platform to create safer and more effective cancer therapies, with a pipeline that includes CX-2051 and CX-801 [5] Product Details - CX-801 is a dually masked interferon alpha-2b PROBODY® cytokine designed to enhance immune stimulation while minimizing systemic toxicities associated with traditional interferon therapies [2][5] - The combination of CX-801 with KEYTRUDA® aims to address the unmet medical needs of patients with PD-1 refractory melanoma [4] Clinical Development - The Phase 1 dose escalation study of CX-801 has commenced after successful clearance of initial monotherapy cohorts, indicating progress in the clinical trial process [3] - Initial translational and biomarker data from the study is expected in the second half of 2025, which will provide insights into the therapy's efficacy [4]