0001193125-26-107146
SEC filingCytomX Therapeutics, Inc. (CTMX) reported FY 2025 revenue of $76.2 million, driven by collaboration agreements, compared to prior periods with ongoing clinical advancements in Varseta-M and CX-801. Operating expenses totaled $98.6 million, including $68.7 million in R&D and $29.8 million in G&A, resulting in an operating loss of $22.4 million. Interest income of $5.2 million partially offset losses, leading to a pre-tax loss of $17.1 million and net loss of $17.4 million, or net loss attributable to common stockholders of $20.4 million. EPS basic and diluted was -$0 on 137.9 million shares. Balance sheet showed total assets of $151.6 million, with $143.9 million in current assets including $12.7 million cash equivalents and $124.4M short-term investments; stockholders' equity stood at $99.0 million. Cash flow from operations was -$75.6 million, investing -$59.7 million, financing +$110.4 million, netting a $24.9 million decrease in cash, restricted cash, and equivalents to $18.1 million end balance. Forward-looking, focus remains on advancing Phase 1 trials for Varseta-M in CRC with positive interim data (cORR up to 32% at 10 mg/kg) and CX-801 in melanoma, planning registrational studies and combinations by 2027, supported by cash into Q2 2027.
CytomX Therapeutics reported FY 2025 revenue of $76.2M from collaborations. Total operating expenses were $98.6M, comprising $68.7M R&D and $29.8M G&A, yielding an operating loss of -$22.4M. After $5.2M interest income and $28K other income, loss before taxes was -$17.1M. Provision for taxes was $238K, resulting in net loss of -$17.4M and -$20.4M attributable to common stockholders. EPS basic/diluted was -$0 on 137.9M shares. Balance sheet: total assets $151.6M (current $143.9M), liabilities $52.6M, equity $99.0M. Cash flows: ops -$75.6M, investing -$59.7M, financing $110.4M; net decrease -$24.9M to $18.1M cash/restricted cash end.
Revenue of $76.2M derived from license, research, development, and commercialization agreements with partners like Amgen, Astellas, Bristol Myers Squibb, Moderna, Regeneron. No segment breakdown disclosed; operates as one reportable segment. Key drivers: upfront fees, milestones, research funding. Changes in estimated research service periods led to $13.8M higher revenue recognition vs prior estimates. Deferred revenue: current $26.9M, long-term $1.6M.
No gross profit as R&D-focused biotech. Operating margin negative at approx. -29.4% ($-22.4M loss / $76.2M revenue). Expenses rose with clinical advancements (Varseta-M Phase 1 expansions, CX-801 dosing). Stock-based comp $6.3M. Net margin approx. -22.8%. Loss per share reflects dilution from 170M shares outstanding vs 80M prior year.
Operating cash use -$75.6M driven by net loss -$17.4M, deferred revenue decline -$65.6M, offset by stock comp $6.3M. Investing -$59.7M (short-term inv purchases $192.5M net maturities -$59.5M). Financing $110.4M from common stock issuance $109.6M. Liquidity: $137.1M cash/short-term inv, sufficient into Q2 2027. Debt-free; equity $99.0M, accumulated deficit -$711.9M.
Priorities: Advance Varseta-M to registrational study H1 2027 (positive Phase 1: 32% cORR at 10mg/kg, mPFS 7.1mo); CX-801 combo data end-2026. Combinations with bevacizumab/chemo by end-2026; expansions non-CRC H2 2026. Restructured Jan 2025 (40% headcount cut); May 2025 raised $109.6M net. Risks: clinical delays, partner terminations (e.g., Astellas March 2026), cash burn.