CytomX Therapeutics Announces Pricing of $250 Million Offering of Common Stock and Pre-Funded Warrants

Rhea-AI Summary

CytomX (Nasdaq:CTMX) priced an underwritten public offering to raise approximately $250.0 million in gross proceeds by selling 45,990,567 shares of common stock at $5.30 per share and pre-funded warrants for 1,179,245 shares.

The company granted a 30-day option for an additional 7,075,471 shares and expects to close on March 19, 2026. Net proceeds are expected to fund continued development of Varseta-M and other pipeline programs, with remaining proceeds for capital expenditures, working capital and general corporate purposes.

Positive

• Gross proceeds of $250.0 million
• Offering provides dedicated funding for Varseta-M development
• Sale comprised of 45,990,567 common shares and 1,179,245 pre-funded warrants
• Underwriting syndicate in place with Jefferies, Piper Sandler, Cantor, Barclays

Negative

• Immediate issuance of 47,169,812 potential new shares (common + pre-funded warrants)
• Underwriter option could add up to 7,075,471 additional shares, increasing dilution
• Gross amount reduced by underwriting discounts, commissions and offering expenses

News Market Reaction – CTMX

-19.27% 4.1x vol

88 alerts

-19.27% Session close to close

-32.2% Trough in 30 hr 4 min

$1.09B Market Cap

4.1x Rel. Volume

In the Mar 18 session, CTMX declined 19.27%, reflecting a significant negative market reaction. Argus tracked a trough of -32.2% from its starting point during tracking. Our momentum scanner triggered 88 alerts that day, indicating high trading interest and price volatility. Trading volume was very high at 4.1x the daily average, suggesting heavy selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -19.3% in the session following this news. A negative reaction despite recent clin...

Analysis

The stock dropped -19.3% in the session following this news. A negative reaction despite recent clinical and pipeline progress fits prior sensitivity to dilution, as the March 2026 proposed $250 million offering coincided with a -19.26% move. This pricing announcement confirms sizeable new equity and pre‑funded warrant issuance under the S-3ASR and 424B5, which can weigh on valuation. Investors may focus on how quickly the new capital advances Varseta‑M and other programs versus the immediate increase in share count.

Key Figures

Offering size: $250 million Shares offered: 45,990,567 shares Offering price: $5.30 per share +4 more

7 metrics

Offering size $250 million Gross proceeds before underwriting discounts and expenses

Shares offered 45,990,567 shares Common stock in underwritten public offering

Offering price $5.30 per share Price to the public for common stock

Pre-funded warrant shares 1,179,245 shares Shares underlying pre-funded warrants issued in lieu of common

Underwriters’ option 7,075,471 shares Additional common shares available under 30-day option

Underwriters’ option term 30 days Period for underwriters to purchase additional shares

Expected closing date March 19, 2026 Anticipated closing of the offering, subject to conditions

Previous Offering Reports

2 past events · Latest: Mar 16 (Negative)

Same Type Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 16	Equity offering launch	Negative	-19.3%	Announced proposed $250M underwritten offering with pre-funded warrants and greenshoe.
May 12	Equity offering pricing	Negative	+129.4%	Priced $100M underwritten offering at $1.30 per share from effective shelf.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Equity offerings have produced mixed reactions: one large negative move and one strong positive move, showing investor responses to dilution have been inconsistent.

Recent Company History

Over recent months, CytomX combined positive clinical and financial updates with repeated equity raises. On May 12, 2025, it priced a $100 million underwritten offering that coincided with a 129.43% move. On March 16, 2026, it announced a proposed $250 million offering with pre‑funded warrants, followed by a -19.26% reaction. These financings follow progress for Varseta‑M and broader pipeline development, and the current pricing announcement formalizes the previously proposed raise.

Key Terms

pre-funded warrants, underwritten public offering, shelf registration statement, prospectus supplement

4 terms

pre-funded warrants financial

"in lieu of common stock to certain investors, pre-funded warrants to purchase 1,179,245"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

underwritten public offering financial

"today announced the pricing of an underwritten public offering of 45,990,567 shares"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

shelf registration statement regulatory

"A shelf registration statement relating to these securities was filed with the U.S."

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

prospectus supplement regulatory

"A preliminary prospectus supplement relating to and describing the terms of the offering"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

SOUTH SAN FRANCISCO, Calif., March 17, 2026 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq:CTMX), a leader in the field of masked, conditionally activated biologics, today announced the pricing of an underwritten public offering of 45,990,567 shares of its common stock at a price to the public of $5.30 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase 1,179,245 shares of common stock. The gross proceeds to CytomX from the offering are expected to be $250 million, before deducting underwriting discounts and commissions and estimated offering expenses. In addition, CytomX granted the underwriters a 30-day option to purchase up to an additional 7,075,471 shares of its common stock at the public offering price, less underwriting discounts and commissions. The closing of the offering is expected to occur on March 19, 2026, subject to customary closing conditions. All of the shares of common stock and pre-funded warrants are being sold by CytomX.

CytomX expects to use the net proceeds from this offering for the continued development of Varseta-M and other pipeline programs. CytomX expects to use any remaining net proceeds from this offering for capital expenditures, working capital and other general corporate purposes.

Jefferies, Piper Sandler, Cantor and Barclays are acting as joint bookrunning managers for the offering. Wedbush PacGrow is acting as co-manager for the offering.

A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (“SEC”) on March 16, 2026, and automatically became effective upon filing. A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC on March 16, 2026. A final prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, for free from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@jefferies.com; Piper Sandler & Co., Attention: Prospectus Department, 350 North 5th Street, Suite 1000, Minneapolis, Minnesota 55401, or by telephone at (800) 747-3924, or by email at prospectus@psc.com; Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, NY 10022, or by email at prospectus@cantor.com; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (888) 603-5847, or by email at Barclaysprospectus@broadridge.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.

About CytomX Therapeutics

CytomX is a clinical-stage, oncology-focused biopharmaceutical company focused on developing novel conditionally activated, masked PROBODY® therapeutics 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”), cytokines and T-cell engagers. CytomX’s clinical-stage pipeline includes varsetatug masetecan (Varseta-M; CX-2051) and CX-801. Varseta-M is a masked, conditionally activated ADC armed with a topoisomerase-1 inhibitor payload and directed toward epithelial cell adhesion molecule (EpCAM). EpCAM is a highly expressed tumor antigen that has previously been undruggable due to expression on normal tissues. Varseta-M is designed to open a therapeutic window for this high potential target and is initially being developed for the treatment of metastatic colorectal cancer. Varseta-M was discovered in collaboration with ImmunoGen, now part of AbbVie. 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. CX-801 is initially being developed for the treatment of metastatic melanoma. CytomX has established strategic collaborations with multiple leaders in oncology, including Amgen, Bristol Myers Squibb, Regeneron and Moderna.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements contained in this press release, including those relating to the anticipated completion of the offering and the planned use of proceeds, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties associated with the company’s ability to complete the offering, general economic conditions and other risks identified from time to time in the reports the company files with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 16, 2026, and the prospectus supplement and accompanying prospectus related to the offering to be filed with the SEC, which are available at www.sec.gov. The forward-looking statements in this press release speak only as of the date hereof, and the company undertakes no obligation to update or revise any of the statements. The company’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

PROBODY is a U.S. registered trademark of CytomX Therapeutics, Inc. All other trademarks are the properties of their respective owners.

Company Contact:
Chris Ogden
SVP, Chief Financial Officer
cogden@cytomx.com

Investor Contact:
Precision AQ
Stephanie Ascher
Stephanie.Ascher@precisionaq.com

Media Contact:
Precision AQ
Colleen Ketchum
Colleen.ketchum@precisionaq.com

FAQ

How much did CytomX (CTMX) raise in the March 18, 2026 offering?

CytomX priced the offering to raise approximately $250.0 million in gross proceeds. According to CytomX, that amount is before underwriting discounts, commissions and estimated offering expenses and assumes no exercise of the underwriter option.

How many shares and warrants did CytomX (CTMX) sell in the March 2026 offering?

The offering included 45,990,567 common shares and 1,179,245 pre-funded warrants. According to CytomX, all securities are being sold by the company and the closing was expected on March 19, 2026.

What will CytomX (CTMX) use the net proceeds from the $250M offering for?

CytomX intends to use net proceeds to advance Varseta-M and other pipeline programs. According to CytomX, remaining funds are planned for capital expenditures, working capital and other general corporate purposes.

Could the March 2026 CytomX (CTMX) offering dilute existing shareholders?

Yes. The offering creates immediate potential dilution from roughly 47.17 million new shares (common plus pre-funded warrants). According to CytomX, an additional underwriter option could further increase issued shares by 7,075,471.

When is the CytomX (CTMX) offering expected to close and who manages it?

The company expected the offering to close on March 19, 2026, subject to customary conditions. According to CytomX, Jefferies, Piper Sandler, Cantor and Barclays are joint bookrunners, with Wedbush PacGrow as co-manager.