CTMX · CytomX Therapeutics, Inc.

CytomX Therapeutics reported Q1 2026 financial results, highlighting a significant decrease in revenue to $10.3 million from $50.9 million in the same period last year. The decline was primarily driven by the completion of performance obligations under collaborations with Bristol Myers Squibb and Amgen during 2025. Total operating expenses increased slightly to $29.9 million from $28.3 million, with R&D expenses rising to $19.2 million due to increased manufacturing activities for Varseta-M, partially offset by restructuring expenses in the prior year. G&A expenses increased to $10.7 million from $9.4 million, also impacted by prior-year restructuring costs. The company reported a net loss of $18.2 million compared to net income of $23.5 million in Q1 2025. Cash, cash equivalents, and investments totaled $346.7 million as of March 31, 2026, including $234.2 million in net proceeds from a March 2026 equity follow-on offering, providing expected cash runway to at least the second half of 2028. Management emphasized progress in the Varseta-M program, with dose optimization enrollment completed and plans for a potential registrational trial in late-line colorectal cancer. The company also highlighted ongoing combination studies and expansion into non-CRC indications. The CX-801 program continues with combination therapy data expected by end of 2026. Overall, the results reflect a transition period as the company advances its pipeline following the wind-down of major collaborations.