Full Press Release Details
CytomX Therapeutics Announces Fourth Quarter and Full Year 2020 Financial Results and Provides Business Update
-Broad advancement of clinical pipeline-
-Three-arm Phase 2 study of praluzatamab ravtansine (CX-2009) launched in breast cancer-
-Enrollment continues in Phase 2 expansion study of CX-2029 in four cancer types, in partnership with AbbVie-
-Bristol Myers Squibb expands anti-CTLA-4 Probody Program into three additional cancer types-
-Company to host conference call and webcast today at 5:00 p.m. ET / 2:00 p.m. PT-
SOUTH SAN FRANCISCO, Calif., February 24, 2021 - CytomX Therapeutics, Inc. (Nasdaq: CTMX), a clinical-stage oncology-focused biopharmaceutical company pioneering a novel class of investigational conditionally activated antibody therapeutics based on its Probody technology platform, today reported fourth quarter and full year 2020 financial results and provided a business update.
"2020 was a highly productive year for CytomX in which we saw our clinical-stage pipeline advance to now encompass Phase 2 evaluations of four Probody therapeutics across nine cancer types, all while contending with the challenges posed by the COVID-19 pandemic. We have demonstrated that our Probody masking technology has the potential to widen or create a therapeutic window for first-in-class and validated oncology targets and we continue to execute on our strategic plan of delivering on the promise of our technology platform for transforming the lives of people with cancer," said Sean McCarthy, D.Phil., president, chief executive officer and chairman of CytomX Therapeutics. "Our leadership in the research, discovery and development of conditionally activated antibody therapeutic candidates positions us well for future growth as we now drive to important Phase 2 datasets for praluzatamab ravtansine (CX-2009) and CX-2029, directed against the targets CD166 and CD71, respectively, which have historically been considered to be undruggable. We are also pleased with the ongoing progress within our strategic partnerships including recent commitments from our foundational partner, Bristol Myers Squibb, to expand the evaluation of anti-CTLA-4 antibody, BMS-986249, into additional tumor types," continued Dr. McCarthy.
Business Highlights and Recent Developments
Fourth Quarter and Full Year 2020 Financial Results
Cash, cash equivalents and short-term investments totaled $316.1 million as of December 31, 2020, compared to $296.1 million as of December 31, 2019. In January 2021, the Company closed on its previously announced underwritten public offering of common stock with net proceeds of approximately $93.6 million. In February 2021, the underwriters exercised in full the option to purchase additional shares of common stock resulting in additional net proceeds of $14.1 million to the Company.
Total revenues were $16.4 million and $100.4 million for the three months and year ended December 31, 2020, respectively, compared to $8.3 million and $57.5 million for the corresponding periods in 2019. The net increase in total revenues were primarily driven by an increase in the percentage of completion of the CD71 Co-Development and Licensing Agreement with AbbVie and the recognition of revenue from the Collaboration and License Agreement with Astellas entered into in March 2020.
Research and development expenses decreased by $14.4 million and $18.7 million during the three months and year ended December 31, 2020, respectively, to $22.0 million and $112.9 million, compared to $36.4 million and $131.6 million for the corresponding periods in 2019. The decreases were largely attributed to a decrease in clinical trial activities primarily due to the COVID-19 pandemic.
General and administrative expenses were essentially flat during the three months and year ended December 31, 2020, amounting to $9.1 million and $36.0 million, respectively, compared to $9.2 million and $36.8 million for the corresponding periods in 2019.
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 5558715. An archived replay of the webcast will be available on the Company's website until March 3, 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 antibody 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 and BMS-986288, 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 and BMS-986288, 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 Annual Report on Form 10-K filed with the SEC on February 24, 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.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
| Year Ended December 31, | ||||||||||||
| 2020 | 2019 | 2018 | ||||||||||
| Revenues | $ | 100,362 | $ | 57,489 | $ | 59,502 | ||||||
| Operating expenses: | ||||||||||||
| Research and development | 112,936 | 131,619 | 103,866 | |||||||||
| General and administrative | 36,031 | 36,765 | 33,510 | |||||||||
| Total operating expenses | 148,967 | 168,384 | 137,376 | |||||||||
| Loss from operations | (48,605 | ) | (110,895 | ) | (77,874 | ) | ||||||
| Interest income | 1,836 | 8,365 | 7,641 | |||||||||
| Other expense, net | (27 | ) | (135 | ) | (68 | ) | ||||||
| Loss before income taxes | (46,796 | ) | (102,665 | ) | (70,301 | ) | ||||||
| Provision for (benefit from) income taxes | (13,911 | ) | (427 | ) | 14,303 | |||||||
| Net loss | $ | (32,885 | ) | $ | (102,238 | ) | $ | (84,604 | ) | |||
| Net loss per share, basic and diluted | $ | (0.71 | ) | $ | (2.26 | ) | $ | (2.03 | ) | |||
| Shares used to compute net loss per share, basic and diluted | 46,145,563 | 45,335,927 | 41,664,382 | |||||||||
| Other comprehensive income (loss): | ||||||||||||
| Unrealized gain (loss) on short-term investments, net of tax | (104 | ) | 139 | 1 | ||||||||
| Impact of adoption of new accounting pronouncement | - | 11 | - | |||||||||
| Total comprehensive loss | $ | (32,989 | ) | $ | (102,088 | ) | $ | (84,603 | ) |
CYTOMX THERAPEUTICS, INC.
(in thousands, except share and per share data)
| December 31, | December 31, | |||||||
| 2020 | 2019 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 191,859 | $ | 188,425 | ||||
| Short-term investments | 124,260 | 107,720 | ||||||
| Accounts receivable | 798 | 13 | ||||||
| Prepaid expenses and other current assets | 7,096 | 7,177 | ||||||
| Total current assets | 324,013 | 303,335 | ||||||
| Property and equipment, net | 6,950 | 7,372 | ||||||
| Intangible assets, net | 1,167 | 1,312 | ||||||
| Goodwill | 949 | 949 | ||||||
| Restricted cash | 917 | 917 | ||||||
| Operating lease right-of-use asset | 22,495 | 25,382 | ||||||
| Other assets | 2,172 | 2,015 | ||||||
| Total assets | $ | 358,663 | $ | 341,282 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,996 | $ | 4,158 | ||||
| Accrued liabilities | 23,059 | 30,051 | ||||||
| Deferred revenues, current portion | 74,869 | 51,381 | ||||||
| Total current liabilities | 100,924 | 85,590 | ||||||
| Deferred revenue, net of current portion | 186,261 | 178,858 | ||||||
| Operating lease liabilities - long term | 21,675 | 24,871 | ||||||
| Other long-term liabilities | - | 850 | ||||||
| Total liabilities | 308,860 | 290,169 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Convertible preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued and outstanding at December 31, 2020 and 2019 | - | - | ||||||
| Common stock, $0.00001 par value; 150,000,000 and 75,000,000 shares authorized at December 31, 2020 and 2019, respectively; 48,251,819 and 45,523,088 shares issued and outstanding at December 31, 2020 and 2019, respectively | 1 | 1 | ||||||
| Additional paid-in capital | 499,964 | 468,285 | ||||||
| Accumulated other comprehensive income (loss) | (47 | ) | 57 | |||||
| Accumulated deficit | (450,115 | ) | (417,230 | ) | ||||
| Total stockholders' equity | 49,803 | 51,113 | ||||||
| Total liabilities and stockholders' equity | $ | 358,663 | $ | 341,282 |