CytomX(CTMX) - 2025 Q2 - Quarterly Results

Business and Operational Highlights 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 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][4][7] - 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][7] - CX-801 (Interferon alpha-2b): Phase 1 dose escalation of CX-801 monotherapy continues, with preliminary data expected in Q4 2025[15] - 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][15] Corporate Updates 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][15] - Multiple drug discovery programs continue under research collaborations with partners including Bristol Myers Squibb, Amgen, Astellas, Regeneron, and Moderna[15] Second Quarter 2025 Financial Results 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 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] - 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] Financial Position 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] - 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] Detailed Financial Statements 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 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 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 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] - The company's multi-modality platform produces candidates like antibody-drug conjugates (ADCs), T-cell engagers, and cytokines[16] - Key clinical-stage pipeline assets are CX-2051 (EpCAM-directed ADC) and CX-801 (masked interferon alpha-2b PROBODY® cytokine)[16] Forward-Looking Statements 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] - 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]