CytomX(CTMX) - 2025 Q3 - Quarterly Results

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]