Full Press Release Details
CytomX Therapeutics Announces Full-Year 2019 Financial Results
and Provides Business Update
Company to Host a Conference Call Today, February 27, 2020, at 5:00 p.m. ET / 2:00 p.m. PT
SOUTH SAN FRANCISCO, CA, February 27, 2020- CytomX Therapeutics, Inc. (Nasdaq: CTMX), a clinical-stage oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody therapeutic technology platform, today reported full-year 2019 financial results.
As of December 31, 2019, CytomX had cash, cash equivalents and short-term investments of $296.1 million.
"During 2019, CytomX made substantial progress in advancing our clinical stage pipeline of innovative Probody therapeutics from Phase 1 platform proof of concept into Phase 2 clinical studies. We took major steps forward with our proprietary programs and in our partnerships and set the stage for significant updates throughout 2020," said Sean McCarthy, D.Phil., president, chief executive officer and chairman of CytomX Therapeutics. "We also strengthened our product development capabilities with the recruitment of deeply experienced leadership, positioning ourselves to maximize the potential of our lead, wholly-owned assets, CX-072 and CX-2009, and of our entire portfolio. My colleagues and I look forward to continued pipeline momentum throughout the coming year as we maintain our focus on the discovery, development and ultimate commercialization of potentially transformative cancer treatments."
Business Highlights and Recent Developments
Initiation of Combination Phase 2 Study of CX-072, An Anti-PD-L1 Probody Therapeutic
Initiation of Phase 2 Study of CX-2009, An Anti-CD166 Probody Drug Conjugate
Initiation of Part 2a of Ongoing Study by Bristol-Myers Squibb of BMS-986249, An Anti-CTLA-4 Probody Therapeutic
Ongoing Dose Escalation Phase 1 Study of CX-2029, An Anti-CD71 Probody Drug Conjugate, within AbbVie Alliance
Phase 1 Study Initiation by Bristol Myers Squibb of BMS-986288, An Anti-CTLA-4 Probody Therapeutic
ImmunoGen Collaboration
Probody T-Cell Bispecific Program
Clinical Development Team Appointments
Anticipated 2020 Milestones
PROCLAIM-CX-072 (Anti-PD-L1)
PROCLAIM-CX-2009 (Anti-CD166)
PROCLAIM-CX-2029 (Anti-CD71)
Full Year 2019 Financial Results
Cash, cash equivalents and short-term investments totaled $296.1 million as of December 31, 2019, compared to $436.1 million as of December 31, 2018.
Revenue was $57.5 million for the year ended December 31, 2019, compared to $59.5 million for the year ended December 31, 2018. The net decrease in revenue of $2.0 million for 2019 compared to 2018 was primarily due to a decrease in revenue of $13.1 million from AbbVie under the CD71 Co-Development and Licensing Agreement with AbbVie Unlimited Company (AbbVie), as well as decreases in revenue under our agreements with Amgen, Pfizer and ImmunoGen, partially offset by an increase in revenue from Bristol-Myers Squibb due to the accelerated recognition of revenue related to the cessation of research on certain targets under our agreement with Bristol-Myers Squibb in the first quarter of 2019.
Research and development expenses increased by $27.8 million during the year ended December 31, 2019 compared to the corresponding period in 2018. The increase was largely attributed to an increase in personnel-related expenses; expenses relating to the acquisition of technical know-how during the first quarter of 2019; license fees paid to the University of California, Santa Barbara (UCSB) in connection with an amendment to our license agreement with UCSB in the second quarter of 2019; and an upfront license fee paid to ImmunoGen in the fourth quarter of 2019 for the EpCAM program.
General and administrative expenses increased by $3.3 million during the year ended
December 31, 2019 compared to the corresponding period in 2018. The increase was primarily due to an increase in personnel-related expenses due to an increase in headcount.
Teleconference Scheduled Today at 5:00 p.m. ET
Conference Call/Webcast Information
CytomX management will host a conference call today at 5:00 p.m. ET. Interested parties may access the live audio webcast of the teleconference through the "Investor & News" section of CytomX's website at http://ir.cytomx.com or by dialing 1-877-809-6037 (U.S. and Canada) or 1-615-247-0221 (International) and using the passcode 1686972. An archive of the webcast will be available on the CytomX website from February 27, 2020, until March 6, 2020.
About CytomX Therapeutics
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. In particular, clinical progress is based on preliminary data from ongoing clinical trials and anticipated future disclosures of data are based on
assumptions of clinical trial enrollment in our clinical trials and the clinical trials of our collaborative partners. Accordingly, you should not rely on any of these forward-looking statements, including those relating to the potential benefits, safety and efficacy of CytomX's or any of its collaborative partners' product candidates, administered separately or in combination, 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 clinical trials of CX-072 and CX-2009, and the timing of any future clinical trials to be initiated by CytomX or its collaborative partners. 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; five product candidates under its Probody platform 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 enrollment in clinical trials may take longer than expected; 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 pre-clinical research may not result in additional product candidates; CytomX's dependence on the success of CX-072, CX-2009, CX-2029 and BMS 986249; 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 27, 2020. 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 registered trademark of CytomX Therapeutics.
Yervoy and Opdivo are registered trademarks of Bristol-Myers Squibb.
CYTOMX THERAPEUTICS, INC.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
| Year Ended December 31, | ||||||||||||
| 2019 | 2018 | 2017 | ||||||||||
| Revenues | $ | 57,489 | $ | 59,502 | $ | 71,623 | ||||||
| Operating expenses: | ||||||||||||
| Research and development | 131,619 | 103,866 | 92,277 | |||||||||
| General and administrative | 36,765 | 33,510 | 25,605 | |||||||||
| Total operating expenses | 168,384 | 137,376 | 117,882 | |||||||||
| Loss from operations | (110,895 | ) | (77,874 | ) | (46,259 | ) | ||||||
| Interest income | 8,365 | 7,641 | 2,674 | |||||||||
| Other expense, net | (135 | ) | (68 | ) | (27 | ) | ||||||
| Loss before income taxes | (102,665 | ) | (70,301 | ) | (43,612 | ) | ||||||
| Provision for (benefit from) income taxes | (427 | ) | 14,303 | (513 | ) | |||||||
| Net loss | $ | (102,238 | ) | $ | (84,604 | ) | $ | (43,099 | ) | |||
| Net loss per share, basic and diluted | $ | (2.26 | ) | $ | (2.03 | ) | $ | (1.16 | ) | |||
| Shares used to compute net loss per share, basic and diluted | 45,335,927 | 41,664,382 | 37,166,830 | |||||||||
| Other comprehensive income (loss): | ||||||||||||
| Changes in unrealized gain (loss) on short-term investments, net of tax | 139 | 1 | (67 | ) | ||||||||
| Impact of adoption of new accounting pronouncement | 11 | - | - | |||||||||
| Total comprehensive loss | $ | (102,088 | ) | $ | (84,603 | ) | $ | (43,166 | ) |
CYTOMX THERAPEUTICS, INC.
(in thousands, except share and per share data)
| December 31, | December 31, | |||||||
| 2019 | 2018 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 188,425 | $ | 247,577 | ||||
| Short-term investments | 107,720 | 188,550 | ||||||
| Accounts receivable | 13 | 97 | ||||||
| Prepaid expenses and other current assets | 7,177 | 9,251 | ||||||
| Total current assets | 303,335 | 445,475 | ||||||
| Property and equipment, net | 7,372 | 6,934 | ||||||
| Intangible assets, net | 1,312 | 1,458 | ||||||
| Goodwill | 949 | 949 | ||||||
| Restricted cash | 917 | 917 | ||||||
| Operating lease right-of-use | 25,382 | - | ||||||
| Other assets | 2,015 | 1,375 | ||||||
| Total assets | $ | 341,282 | $ | 457,108 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,158 | $ | 5,132 | ||||
| Accrued liabilities | 30,051 | 26,724 | ||||||
| Income tax payable | - | 13,339 | ||||||
| Deferred revenues, current portion | 51,381 | 52,713 | ||||||
| Total current liabilities | 85,590 | 97,908 | ||||||
| Deferred revenue, net of current portion | 178,858 | 225,267 | ||||||
| Operating lease liabilities - long term | 24,871 | - | ||||||
| Other long-term liabilities | 850 | 3,050 | ||||||
| Total liabilities | 290,169 | 326,225 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Convertible preferred stock, $0.00001 par value; 10,000,000 shares authorized at December 31, 2019 and 2018; no shares issued and outstanding at December 31, 2019 and 2018, respectively | - | - | ||||||
| Common stock, $0.00001 par value; 75,000,000 shares authorized at December 31, 2019 and 2018; 45,523,088 and 45,083,209 shares issued and outstanding at December 31, 2019 and 2018, respectively | 1 | 1 | ||||||
| Additional paid-in capital | 468,285 | 445,956 | ||||||
| Accumulated other comprehensive income (loss) | 57 | (93 | ) | |||||
| Accumulated deficit | (417,230 | ) | (314,981 | ) | ||||
| Total stockholders' equity | 51,113 | 130,883 | ||||||
| Total liabilities and stockholders' equity | $ | 341,282 | $ | 457,108 |
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