Full Press Release Details
CytomX Therapeutics Announces First Quarter 2025 Financial Results and Provides
Announced Positive Interim Data From Ongoing Phase 1 Dose Escalation Study of EpCAM
Antibody Drug Conjugate (CX-2051) in Patients with Advanced Colorectal Cancer (CRC) -
- Initiated CX-2051 Phase 1 dose expansions at 7.2 mg/kg, 8.6 mg/kg, and 10 mg/kg doses.
Additional CX-2051 Phase 1 data update expected by Q1 2026 -
CX-2051 Phase 2 study initiation in 1H 2026 -
CX-801 (PROBODY Interferon alpha-2b) Phase 1a translational data in advanced melanoma
expected in 2H 2025 -
Company to host conference call today at 8 a.m. EST / 5 a.m. PST -
SOUTH SAN FRANCISCO, Calif., May 12, 2025
CytomX Therapeutics, Inc. (Nasdaq: CTMX), a leader in the field of masked, conditionally activated biologics, today announced first quarter 2025 financial results and provided a business update.
Our positive interim clinical results announced today for CX-2051 in advanced colorectal cancer are highly
encouraging and provide a significant opportunity for CytomX. As an EpCAM-directed ADC, CX-2051 was intentionally designed to address the high unmet need in CRC. CX-2051
remains the Company s top strategic priority and is positioned to rapidly advance towards later stage development. Just one year into the clinic, CX-2051 dose expansions are already in progress with a
goal to initiate a Phase 2 study in advanced CRC in the first half of 2026. This excellent progress underscores the intense focus of the CytomX team on diligent execution for the benefit of the patients we serve, said Sean McCarthy, D.Phil.,
chief executive officer and chairman of CytomX.
Pipeline Program Updates:
CX-2051 (EpCAM PROBODY Topo-1 ADC)
CX-801 (PROBODY Interferon alpha-2b)
KEYTRUDA is a registered trademark of Merck Sharp & Dohme LLC, a
subsidiary of Merck & Co., Inc., Rahway, NJ, USA
Corporate and Financial:
First Quarter 2025 Financial Results:
equivalents and investments totaled $79.9 million as of March 31, 2025, compared to $100.6 million as of December 31, 2024.
revenue was $50.9 million for the quarter ended March 31, 2025, compared to $41.5 million for the quarter ended March 31, 2024. The increase in revenue was driven primarily by a higher percentage of completion for research
programs in the Bristol Myers Squibb collaboration and the acceleration of revenue recognition in the Amgen collaboration due to the decision to not further develop the CX-904 program, partially offset by
lower Astellas milestones and Moderna revenue.
Total operating expense in the first quarter of 2025 was $28.3 million compared to $29.8 million
in the first quarter of 2024, a decrease of $1.5 million. Operating expenses in the first quarter of 2025 included $2.9 million of one-time expenses related to the Company s January 2025
Research and development expenses were $18.9 million for the three months ended March 31, 2025, a decrease of $3.2 million
compared to the corresponding period of 2024. Reduced research and development expenses were primarily due to reduced pre-clinical activities in wholly owned and partnered programs and decreased manufacturing
activities for CX-801, partially offset by increased clinical trial activities related to CX-2051 and CX-801, and
$1.8 million of restructuring expenses.
General and administrative expenses were $9.4 million for the three months ended March 31, 2025,
an increase of $1.7 million compared to the corresponding period of 2024. The increase in general and administrative expenses was primarily driven by $1.1 million of restructuring expenses as well as other personnel-related expenses.
About CytomX Therapeutics
CytomX is a clinical-stage, oncology-focused biopharmaceutical company focused on developing novel conditionally activated, masked biologics designed to be
localized to the tumor microenvironment. By pioneering a novel pipeline of localized biologics, powered by its PROBODY therapeutic platform, CytomX s vision is to create safer, more
effective therapies for the treatment of cancer. CytomX s robust and differentiated pipeline comprises therapeutic candidates across multiple treatment modalities including antibody-drug conjugates (ADCs),
T-cell engagers, and immune modulators such as cytokines. CytomX s clinical-stage pipeline includes CX-2051 and CX-801. CX-2051 is a masked, conditionally activated ADC directed toward epithelial cell adhesion molecule (EpCAM), armed with a topoisomerase-1 inhibitor payload. CX-2051 has potential applicability across multiple EpCAM-expressing epithelial cancers, including CRC, and was discovered in collaboration with ImmunoGen. CX-801 is a masked
interferon alpha-2b PROBODY cytokine with broad potential applicability in traditionally immuno-oncology sensitive as well as insensitive (cold)
tumors. CytomX has established strategic collaborations with multiple leaders in oncology, including Amgen, Astellas, Bristol Myers Squibb, Regeneron and Moderna. For more information about CytomX and how it is working to make conditionally
activated treatments the new standard-of-care in the fight against cancer, visit www.cytomx.com and follow us
on LinkedIn and X (formerly Twitter).
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,
including those related to CX-2051. 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 CX-2051 and CX-801, the potential benefits or applications of CytomX s
PROBODY therapeutic platform, CytomX s or its collaborative partners ability to develop and advance product candidates into and successfully complete clinical trials, including the
ongoing and planned clinical trials of CX-2051 and CX-801 and the timing of initial and ongoing data availability for our clinical trials, including CX-2051 and CX-801, 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 therapeutic technology; uncertainties around the Company s ability to raise sufficient funds to carry out its planned research and development;
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 possibility that the results of preclinical research and early clinical trials, including initial
CX-2051 results, 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 CX-2051 and CX-801; CytomX s reliance on third parties for the manufacture of the
Company s product candidates; possible regulatory developments in the United States and foreign countries, including China and the European Union; and the risk that we may incur higher costs than expected for research and development or
unexpected costs and expenses or may not obtain expected savings from our announced restructuring. 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 12, 2025. 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. All other trademarks are the properties of their
SVP, Chief Financial Officer
Precision AQ (formerly Stern Investor
Redhouse Communications
CYTOMX THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in thousands, except share and per share data)
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | $ | 50,917 | $ | 41,463 | ||||
| Operating expenses: | ||||||||
| Research and development | 18,868 | 22,052 | ||||||
| General and administrative | 9,428 | 7,754 | ||||||
| Total operating expenses | 28,296 | 29,806 | ||||||
| Income from operations | 22,621 | 11,657 | ||||||
| Interest income | 955 | 2,194 | ||||||
| Other (expense) income, net | 11 | (11 | ) | |||||
| Income before income taxes | 23,587 | 13,840 | ||||||
| Provision for income taxes | 62 | 49 | ||||||
| Net Income | 23,525 | 13,791 | ||||||
| Other comprehensive income (loss): | ||||||||
| Unrealized loss on investments, net of tax | (28 | ) | (105 | ) | ||||
| Total comprehensive income | $ | 23,497 | $ | 13,686 | ||||
| Net income per share: | ||||||||
| Basic | $ | 0.27 | $ | 0.17 | ||||
| Diluted | $ | 0.27 | $ | 0.17 | ||||
| Shares used to compute net income per share | ||||||||
| Basic | 87,121,502 | 82,029,466 | ||||||
| Diluted | 87,150,666 | 82,630,020 |
CYTOMX THERAPEUTICS, INC.
CONDENSED BALANCE SHEETS
| March 31, 2025 | December 31, 2024 | |||||||
| (unaudited) | (1) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 47,604 | $ | 38,052 | ||||
| Short-term investments | 32,282 | 62,571 | ||||||
| Accounts receivable | 1,956 | 3,103 | ||||||
| Prepaid expenses and other current assets | 4,786 | 3,579 | ||||||
| Total current assets | 86,628 | 107,305 | ||||||
| Property and equipment, net | 2,229 | 2,467 | ||||||
| Intangible assets, net | 547 | 583 | ||||||
| Goodwill | 949 | 949 | ||||||
| Restricted cash | 1,028 | 1,027 | ||||||
| Operating lease right-of-use asset | 7,055 | 8,136 | ||||||
| Other assets | 61 | 66 | ||||||
| Total assets | $ | 98,497 | $ | 120,533 | ||||
| Liabilities and Stockholders Equity (Deficit) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 276 | $ | 1,088 | ||||
| Accrued liabilities | 11,406 | 12,338 | ||||||
| Operating lease liabilities - short term | 5,293 | 5,145 | ||||||
| Deferred revenue, current portion | 33,226 | 67,201 | ||||||
| Total current liabilities | 50,201 | 85,772 | ||||||
| Deferred revenue, net of current portion | 16,214 | 26,862 | ||||||
| Operating lease liabilities - long term | 2,856 | 4,240 | ||||||
| Other long term liabilities | 4,177 | 4,115 | ||||||
| Total liabilities | 73,448 | 120,989 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders equity (deficit): | ||||||||
| Convertible preferred stock | ||||||||
| Common stock | 1 | 1 | ||||||
| Additional paid-in capital | 693,103 | 691,095 | ||||||
| Accumulated other comprehensive (loss) income | (1 | ) | 27 | |||||
| Accumulated deficit | (668,054 | ) | (691,579 | ) | ||||
| Total stockholders equity (deficit) | 25,049 | (456 | ) | |||||
| Total liabilities and stockholders equity (deficit) | $ | 98,497 | $ | 120,533 |