CytomX Therapeutics Announces 2025 Financial Results and Provides Business Update

Core Insights - CytomX Therapeutics announced positive data from the Phase 1 dose expansion study of varsetatug masetecan (Varseta-M) in patients with advanced colorectal cancer (CRC) [1][3][7] - The company aims to align with the FDA in 2026 regarding a potential registrational trial design for Varseta-M in late-line CRC [1][3][7] - CytomX plans to accelerate combination studies for Varseta-M to benefit CRC patients in earlier treatment lines [3][4] Pipeline Program Updates - Varseta-M is being evaluated in combination with bevacizumab, with a Phase 1b/2 chemotherapy combination study expected to start by the end of 2026 [1][7] - The CX-801 PROBODY Interferon-alpha-2b Phase 1 study is progressing, with initial data from its combination with KEYTRUDA expected by the end of 2026 [1][8][4] Financial Performance - For the year ended December 31, 2025, total revenue was $76.2 million, a decrease from $138.1 million in 2024, primarily due to the completion of performance obligations in collaborations [10][22] - Total operating expenses decreased to $98.6 million in 2025 from $113.1 million in 2024, reflecting cost control measures [11][12] - Research and development expenses decreased to $68.7 million in 2025 from $83.4 million in 2024, attributed to lower general expenses and restructuring [12][22] Cash Position - As of December 31, 2025, the company had cash, cash equivalents, and investments totaling $137.1 million, compared to $100.6 million in 2024, providing a cash runway expected to last until the second quarter of 2027 [9][15]