CytomX(CTMX) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for 2024 was $138.1 million, an increase of 36.4% compared to $101.2 million in 2023[14] - The company reported a net income of $31.9 million for 2024, compared to a net loss of $0.6 million in 2023[24] Research and Development - Research and development expenses increased to $83.4 million in 2024, up from $77.7 million in 2023, primarily due to a $5.0 million milestone payment to AbbVie[16] - CX-2051 is the lead program, currently in Phase 1a study for advanced colorectal cancer, with initial data expected in 1H 2025[2] - The Phase 1 study of CX-2051 is ongoing, with a favorable tolerability profile and doses predicted to be therapeutically active achieved[11] - Initial Phase 1a translational data for CX-801 in advanced melanoma is anticipated in 2H 2025[2] Cash and Investments - CytomX ended 2024 with $100.6 million in cash, cash equivalents, and investments, down from $174.5 million at the end of 2023[14] - Cash and cash equivalents increased significantly from $17,171 million in 2023 to $38,052 million in 2024, representing a growth of about 121.5%[26] - The company expects its cash runway to extend into Q2 2026 due to cost reductions and focused clinical development[12] Organizational Changes - CytomX announced a 40% reduction in organizational headcount in January 2025 to focus resources on CX-2051[12] Assets and Liabilities - Total current assets decreased from $182,936 million in 2023 to $107,305 million in 2024, a decline of approximately 41.3%[26] - Total liabilities decreased from $249,239 million in 2023 to $120,989 million in 2024, a reduction of approximately 51.4%[26] - Deferred revenues, current portion dropped from $132,267 million in 2023 to $67,201 million in 2024, a decrease of about 49.3%[26] - The accumulated deficit improved from $(723,448) million in 2023 to $(691,579) million in 2024, indicating a reduction of approximately 4.4%[26] - Total stockholders' deficit decreased from $(47,447) million in 2023 to $(456) million in 2024, a significant improvement of about 99.0%[26] Other Financial Metrics - Short-term investments saw a decline from $157,338 million in 2023 to $62,571 million in 2024, a decrease of approximately 60.3%[26] - Operating lease right-of-use asset decreased from $12,220 million in 2023 to $8,136 million in 2024, a decline of about 33.4%[26] - Accounts payable decreased from $1,458 million in 2023 to $1,088 million in 2024, a reduction of approximately 25.3%[26] - Accrued liabilities decreased from $17,599 million in 2023 to $12,338 million in 2024, a decline of about 30.0%[26] - A $5 million milestone payment was triggered by Astellas advancing a program to GLP toxicology studies in February 2025[12]