Why Is CytomX Therapeutics (CTMX) Stock Down 18% Today?

CytomX Therapeutics (NASDAQ:CTMX) stock is falling hard on Tuesday after the clinical-stage, oncology-focused biopharmaceutical company released its latest earnings report.The CytomX Therapeutics earnings report notes that the company spent most of 2023 cutting costs to continue operations. That saw its 2023 operating expenses come in at $107.7 million as compared to$154.5 million in 2022.CytomX Therapeutics notes that a large portion of these savings came from a workforce reduction in 2022. That resulted ...