Full Press Release Details
CytomX Therapeutics Announces First Quarter 2021 Financial Results and Provides Business Update
SOUTH SAN FRANCISCO, Calif., May 6, 2021 - CytomX Therapeutics, Inc. (Nasdaq: CTMX), a clinical-stage oncology-focused biopharmaceutical company pioneering a novel class of investigational conditionally activated therapeutics based on its Probody technology platform, today reported first quarter 2021 financial results and provided a business update.
"Building on the sustained and focused performance by the CytomX team throughout 2020, we made excellent progress in the first quarter of 2021 with an ongoing emphasis on our two lead clinical product candidates, praluzatamab ravtansine (CX-2009) and CX-2029, both of which are in key Phase 2 studies addressing late-stage cancers with substantial unmet need," said Sean McCarthy, D.Phil., president, chief executive officer and chairman of CytomX Therapeutics. "We also continued to innovate with the unveiling of our work on conditionally activated cytokines that leverages the depth of our expertise in protein engineering, protease biology, and our understanding of the tumor microenvironment. Our leadership in the field of conditional activation and the versatility of our Probody technology platform position us for success in realizing our vision of transforming lives with safer, more effective therapies," added Dr. McCarthy.
Business Highlights and Recent Developments
Anticipated 2021 Events
First Quarter 2021 Financial Results
Cash, cash equivalents and short-term investments totaled $393.8 million as of March 31, 2021, compared to $316.1 million as of December 31, 2020.
Revenue was $16.0 million for the three months ended March 31, 2021 compared to $49.6 million for the corresponding period in 2020. The decrease of $33.6 milllion was due to a $28.9 million decrease in revenue from AbbVie primarily related to the $40.0 million milestone payment earned in March 2020 associated with the CX-2029 project, a $10.0 million decrease in revenue from Bristol Myers Squibb for a milestone payment earned from the CTLA-4 program in February 2020, offset by an increase in revenue of $4.4 million from Astellas mainly driven by the full quarter recognition of the $80.0 million upfront payment related to the Collaboration and License Agreement with Astellas entered into in March 2020.
Research and development expenses decreased by $20.4 million during the three months ended March 31, 2021 to $22.4 million compared to $42.8 million for the corresponding period in 2020. The decrease was largely attributed to a decrease of $11.2 million in licensing expenses and a decrease of $8.5 million in laboratory contracts and services, decreased clinical trial spend and timing of manufacturing activities.
General and administrative expenses were essentially flat during the three months ended March 31, 2021 amounting to $9.2 million compared to $9.6 million for the corresponding period in 2020.
Conference Call & Webcast Information
CytomX management will host a conference call today at 5:00 p.m. ET (2:00 p.m. PT). Interested parties may access the live webcast of the conference call from the Events and Presentations page of CytomX's
website at www.cytomx.com or by dialing 1-877-809-6037 (U.S. and Canada) or 1-615-247-0221 (International) using the passcode 5397530. An archived replay of the webcast will be available on the Company's website until May 13, 2021.
About CytomX Therapeutics
CytomX is a clinical-stage, oncology-focused biopharmaceutical company with a vision of transforming lives with safer, more effective therapies. We are developing a novel class of investigational conditionally activated therapeutics, based on our Probody technology platform, for the treatment of cancer. CytomX has strategic drug discovery and development collaborations with AbbVie, Amgen, Astellas, and Bristol Myers Squibb.
CytomX Therapeutics Forward-Looking Statements
This press release includes forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that are difficult to predict, may be beyond our control, and may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in such statements. Accordingly, you should not rely on any of these forward-looking statements, including those relating to the potential benefits, safety and efficacy or progress of CytomX's or any of its collaborative partners' product candidates, including praluzatamab ravtansine (CX-2009), CX-2029, BMS-986249, BMS-986288, and pacmilimab (CX-072), the potential benefits or applications of CytomX's Probody platform technology, CytomX's ability to develop and advance product candidates into and successfully complete clinical trials, including the ongoing and planned clinical trials of praluzatamab ravtansine, CX-2029, BMS-986249, BMS-986288, and pacmilimab (CX-072), and the timing of the commencement of clinical trials and other development milestones. Risks and uncertainties that contribute to the uncertain nature of the forward-looking statements include: the unproven nature of CytomX's novel Probody Platform technology; CytomX's clinical trial product candidates are in the initial stages of clinical development and its other product candidates are currently in preclinical development, and the process by which
preclinical and clinical development could potentially lead to an approved product is long and subject to significant risks and uncertainties, including the risk that the COVID-19 worldwide pandemic may continue to negatively impact the business, research and clinical operations of CytomX or its partners, including the development of preclinical drug candidates due to delays in and disruption of research activities and the development of clinical drug candidates due to delays in or disruption of clinical trials, including impacts on the enrollment of patients in clinical trials or other clinical trial disruptions; the possibility that the results of early clinical trials may not be predictive of future results; the possibility that CytomX's clinical trials will not be successful; the possibility that current preclinical research may not result in additional product candidates; CytomX's dependence on the success of praluzatamab ravtansine, CX-2029, BMS-986249, BMS-986288, and pacmilimab (CX-072); CytomX's reliance on third parties for the manufacture of the company's product candidates; and possible regulatory developments in the United States and foreign countries. Additional applicable risks and uncertainties include those relating to our preclinical research and development, clinical development, and other risks identified under the heading "Risk Factors" included in CytomX's Quarterly Report on Form 10-Q filed with the SEC on May 6, 2021. The forward-looking statements contained in this press release are based on information currently available to CytomX and speak only as of the date on which they are made. CytomX does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.
Probody is a U.S. registered trademark of CytomX Therapeutics, Inc.
VP, Investor Relations & Corp. Communications
Direct: (650) 273-4999
Investor and Media Contact:
Stern Investor Relations
CYTOMX THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except share and per share data)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2021 | 2020 | |||||||
| Revenues | $ | 15,971 | $ | 49,593 | ||||
| Operating expenses: | ||||||||
| Research and development | 22,371 | 42,814 | ||||||
| General and administrative | 9,227 | 9,572 | ||||||
| Total operating expenses | 31,598 | 52,386 | ||||||
| Loss from operations | (15,627 | ) | (2,793 | ) | ||||
| Interest income | 68 | 1,075 | ||||||
| Other income, net | 5 | 12 | ||||||
| Loss before income taxes | (15,554 | ) | (1,706 | ) | ||||
| Provision for (benefit from) income taxes | - | (13,911 | ) | |||||
| Net income (loss) | $ | (15,554 | ) | $ | 12,205 | |||
| Net income (loss) per share | ||||||||
| Basic | $ | (0.26 | ) | $ | 0.27 | |||
| Diluted | $ | (0.26 | ) | $ | 0.26 | |||
| Shares used to compute net income (loss) per share | ||||||||
| Basic | 60,968,111 | 45,723,955 | ||||||
| Diluted | 60,968,111 | 47,044,774 | ||||||
| Other comprehensive income: | ||||||||
| Unrealized gain on short-term investments, net of tax | $ | 4 | $ | 279 | ||||
| Comprehensive income (loss) | $ | (15,550 | ) | $ | 12,484 |
CYTOMX THERAPEUTICS, INC.
CONDENSED BALANCE SHEETS
(in thousands, except share and per share data)
| March 31, | December 31, | |||||||
| 2021 | 2020 | |||||||
| (unaudited) | (1) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 329,666 | $ | 191,859 | ||||
| Short-term investments | 64,130 | 124,260 | ||||||
| Accounts receivable | 756 | 798 | ||||||
| Prepaid expenses and other current assets | 5,456 | 7,096 | ||||||
| Total current assets | 400,008 | 324,013 | ||||||
| Property and equipment, net | 7,172 | 6,950 | ||||||
| Intangible assets, net | 1,130 | 1,167 | ||||||
| Goodwill | 949 | 949 | ||||||
| Restricted cash | 917 | 917 | ||||||
| Operating lease right-of-use asset | 21,736 | 22,495 | ||||||
| Other assets | 2,246 | 2,172 | ||||||
| Total assets | $ | 434,158 | $ | 358,663 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,582 | $ | 2,996 | ||||
| Accrued liabilities | 18,831 | 23,059 | ||||||
| Deferred revenue, current portion | 76,636 | 74,869 | ||||||
| Total current liabilities | 98,049 | 100,924 | ||||||
| Deferred revenue, net of current portion | 169,280 | 186,261 | ||||||
| Operating lease liabilities - long term | 20,807 | 21,675 | ||||||
| Total liabilities | 288,136 | 308,860 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Convertible preferred stock, $0.00001 par value; 10,000,000 shares authorized; and no shares issued and outstanding at March 31, 2021 and December 31, 2020. | - | - | ||||||
| Common stock, $0.00001 par value; 150,000,000 shares authorized and 65,002,897 and 48,251,819 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 1 | 1 | ||||||
| Additional paid-in capital | 611,733 | 499,964 | ||||||
| Accumulated other comprehensive loss | (43 | ) | (47 | ) | ||||
| Accumulated deficit | (465,669 | ) | (450,115 | ) | ||||
| Total stockholders' equity | 146,022 | 49,803 | ||||||
| Total liabilities and stockholders' equity | $ | 434,158 | $ | 358,663 |