CytomX Therapeutics Announces 2024 Financial Results and Provides Business Update

Core Insights - CytomX Therapeutics reported its 2024 financial results and provided a business update, emphasizing the advancement of its clinical pipeline and the prioritization of CX-2051 for colorectal cancer treatment [1][2][11]. Financial Performance - Total revenue for 2024 was $138.1 million, an increase from $101.2 million in 2023, primarily driven by collaborations with Bristol Myers Squibb, Moderna, Astellas, and Regeneron [11]. - Operating expenses rose to $113.1 million in 2024 from $107.7 million in 2023, largely due to a $5 million milestone payment to AbbVie for the CX-2051 program [12][13]. - The company ended 2024 with cash, cash equivalents, and investments totaling $100.6 million, down from $174.5 million at the end of 2023 [10]. Clinical Pipeline Updates - CX-2051, a masked EpCAM-targeting ADC, is the lead program, currently in Phase 1a study for advanced colorectal cancer, with initial data expected in the first half of 2025 [6][7][3]. - The Phase 1 study of CX-2051 began in April 2024, focusing on patients with advanced metastatic colorectal cancer who have received multiple prior therapies [7]. - CX-801, another program, is expected to present Phase 1a translational data in advanced melanoma in the second half of 2025 [8]. Strategic Priorities - The company aims to extend its cash runway into Q2 2026 through cost reductions and focused clinical development, following a 40% reduction in organizational headcount announced in January 2025 [15][16]. - CytomX has established collaborations with major oncology players, including Amgen, Astellas, Bristol Myers Squibb, Regeneron, and Moderna, to enhance its research and development efforts [15][16].