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CytomX Therapeutics Announces Q2 2026 Financial Results and Provides Business Update

(Moderate)
(Very Positive)
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CytomX Therapeutics (Nasdaq: CTMX) reported Q2 2026 revenue of $1.4 million, down from $18.7 million a year earlier, and a net loss attributable to common stockholders of $20.7 million versus $0.2 million. Operating expenses rose to $25.2 million, driven mainly by higher Varseta-M manufacturing, R&D personnel, and G&A costs.

CytomX ended the quarter with $330.3 million in cash, cash equivalents and investments, excluding a subsequent $37.0 million payment from Regeneron, and projects cash runway to at least 2H 2028. The Regeneron collaboration expansion now covers up to approximately $4.0 billion in potential milestones.

Varsetatug masetecan (Varseta-M, CX-2051) completed Phase 1 CRC monotherapy enrollment (113 patients), with a data update expected by end-2026 and a registrational study targeted for 1H 2027. New CRC combination and non-CRC expansion studies are scheduled from Q3–Q4 2026. CX-801 Phase 1 in melanoma is progressing in monotherapy and KEYTRUDA® combinations, with initial combo data expected in 1H 2027.

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Positive

  • Cash, cash equivalents and investments $330.3M at June 30, 2026; runway to at least 2H 2028
  • Received $37.0M Regeneron target selection payment in July 2026
  • Regeneron collaboration milestones total potential up to $4.0B
  • Varseta-M Phase 1 CRC monotherapy enrollment complete with 113 patients
  • Deferred revenue increased to $54.7M (current and long-term) from $28.5M year-end 2025
  • Additional paid-in capital increased to $1.05B from $810.8M at December 31, 2025

Negative

  • Q2 2026 revenue declined to $1.4M from $18.7M in Q2 2025
  • Q2 2026 net loss widened to $20.7M from $0.2M in Q2 2025
  • Q2 2026 operating expenses increased to $25.2M from $19.9M a year earlier
  • Research and development expenses rose to $17.6M, up from $13.3M in Q2 2025
  • Accumulated deficit grew to $750.9M at June 30, 2026 from $711.9M at year-end 2025

News Explained

CytomX has received $37.0 million from Regeneron; up to $4.0 billion remains conditional, while liquidity includes short-term investments.

The Q2 update reports a Regeneron payment of $37.0 million received in July 2026 and an option for up to six additional targets; the disclosed structure is partner funding plus a conditional expansion path.

The release’s up-to-$4.0 billion figure is a ceiling for potential milestones, whereas the $37.0 million is the payment already received for two selected targets, so the larger figure is not committed cash.

As of June 30, 2026, the balance sheet showed $17.224 million of cash and equivalents, while the release reports $330.3 million in cash, cash equivalents and investments.

Against Q2 operating cash outflow, the $17.224 million cash-and-equivalents balance equals 85.8 days of the last reported operating cash use.

Follow-up on the collaboration is the selection of any of the six additional targets, which would determine whether that conditional expansion path advances.

Sources and calculations
  • Cash and equivalents vs quarterly operating cash outflow, in days of cash use $17,224,000 / ($18,068,000 / 90) = [object Object]

Market Context

The active S-3ASR dated Mar 16, 2026 provides financing context for this earnings update. The platfo...
Analysis

The active S-3ASR dated Mar 16, 2026 provides financing context for this earnings update. The platform also recorded Net Selling from insiders, adding a governance and funding consideration to monitor.

Key Figures

Patients enrolled: 113 patients Dose optimization enrollment: 40 patients Target selection payment: $37.0 million +5 more
8 metrics
Patients enrolled 113 patients Varseta-M Phase 1 study across dose escalation, expansion, and optimization
Dose optimization enrollment 40 patients 8.6 mg/kg Q3W and 10 mg/kg Q3W cohorts
Target selection payment $37.0 million Received in July 2026 from Regeneron for two selected programs
Potential milestones Up to $4.0 billion Regeneron collaboration
Cash and investments $330.3 million Q2 2026 ending balance
Cash runway At least the second half of 2028 Expected runway following Q2 2026
Total revenue $1.4 million Q2 2026, compared to $18.7 million in Q2 2025
Total operating expense $25.2 million Q2 2026, compared to $19.9 million in Q2 2025

Previous Earnings Reports

5 past events · Latest: May 07 (Neutral)
Same Type Pattern 5 events
Date Event Sentiment 24h Move Catalyst
May 07 Q1 earnings report Neutral -0.5% Q1 results combined lower revenue with planned clinical milestones.
Mar 16 2025 earnings report Positive +44.2% Positive Phase 1 data and planned registrational alignment supported the update.
Nov 06 Q3 earnings report Negative -13.6% Revenue decline and pipeline timing accompanied Q3 results.
Aug 07 Q2 earnings report Positive +11.9% Positive interim CX-2051 data accompanied an offering and lower revenue.
May 12 Q1 earnings report Positive +129.4% Positive interim data and milestone proceeds extended the cash runway.

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

Pattern Detected

Four of five tag-specific earnings events aligned with their reported 24-hour direction; Q1 2026 was the divergence.

Key Terms

antibody-drug conjugate, EpCAM, topoisomerase-1 inhibitor, dose escalation, +1 more
5 terms
antibody-drug conjugate medical
"the only EpCAM-directed antibody drug conjugate (ADC) in clinical development"
An antibody-drug conjugate is a targeted medicine that combines an antibody, which can identify specific cells, with a powerful drug designed to destroy those cells. This approach allows for precise treatment, minimizing damage to healthy tissue. For investors, developments in this area can signal advances in cancer therapies and potential growth opportunities in the biotech sector.
EpCAM medical
"Varseta-M Monotherapy CRC: Enrollment into the Varseta-M Phase 1 clinical study"
EpCAM is a protein on the surface of many epithelial cells that is often found at higher levels on certain cancer cells; it helps cells stick together and serves as a visible marker that lab tests and drugs can detect or target. Investors care because diagnostics or therapies that use EpCAM can help identify cancers, deliver treatments directly to tumor cells, or form the basis of clinical trials and partnerships — like a visible flag companies use to find, monitor, or attack tumor cells.
topoisomerase-1 inhibitor medical
"a masked, conditionally activated ADC armed with a topoisomerase-1 inhibitor payload"
A topoisomerase-1 inhibitor is a type of drug that blocks an enzyme responsible for untangling DNA so cells can copy and repair it; imagine stopping a person who smooths knots in a rope so the rope can be used. Investors pay attention because these drugs are used to treat cancers and other diseases, so their clinical results, safety profile, regulatory approvals, and patent position directly affect a company’s revenue prospects and stock value.
dose escalation medical
"across the dose escalation, expansion, and optimization phases"
Dose escalation is the process of gradually increasing the amount of a treatment or substance over time. In finance, it can refer to slowly raising investments or commitments to manage risk and assess performance. For investors, understanding dose escalation helps gauge how companies or strategies adjust their approaches, which can impact future growth or stability.
dose optimization medical
"enrollment in the dose optimization cohorts reached the goal of 40 patients"
Dose optimization is the process of finding the amount and schedule of a drug that gives the best balance between benefit and side effects for patients, often determined through clinical testing and data analysis. For investors, it matters because the optimal dose affects a medicine’s safety profile, approval chances, label, and market acceptance—like setting a thermostat to be comfortable without wasting energy, the right dosing can maximize value and reduce risk.

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

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Varsetatug masetecan (“Varseta-M”) Program:

- Phase 1 monotherapy update in advanced colorectal cancer (CRC) expected by the end of 2026. Registrational study planned for initiation in 1H 2027 -

- Phase 1 study in combination with bevacizumab in 3L+ mCRC ongoing. Phase 1/2 chemotherapy combination study focused in 2L mCRC initiating in Q4 2026 -

- Phase 1 monotherapy expansion cohorts initiating in Q3 2026 in gastric and gastroesophageal junction (GEJ), EpCAM-selected pancreatic ductal adenocarcinoma (PDAC), and EpCAM-selected biliary tract cancer (BTC) -

Corporate:

- Regeneron alliance in masked bispecific immunotherapies expanded to additional targets -

- Board of directors and executive leadership team strengthened with additions of Charles Fuchs, MD, Mamata Gokhale, Ph.D. and Alejandra Carvajal, JD -

- Company to host conference call today at 5 p.m. ET / 2 p.m. PT -

SOUTH SAN FRANCISCO, Calif., Aug. 06, 2026 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq: CTMX), a leader in the field of masked, conditionally activated biologics, today announced Q2 2026 financial results and provided a business update.

“CytomX had a productive second quarter as we advanced and broadened the Varseta-M program, the only EpCAM-directed antibody drug conjugate (ADC) in clinical development and a potentially best-in-class ADC for colorectal cancer. As we drive Varseta-M towards its first registrational study in late-line CRC, we are also accelerating our broader vision of earlier line utilization in CRC combination regimens, while also initiating development in additional gastrointestinal cancers of high unmet need,” said Dr. Sean McCarthy, chairman and CEO of CytomX Therapeutics.

“Additionally, this quarter, we were excited to announce a significant expansion of our Regeneron collaboration in bispecific immunotherapies, further validating our PROBODY® therapeutic platform expertise. We are also pleased to be strengthening the CytomX team and board of directors for CytomX’s next phase of growth as we remain highly focused on making a meaningful difference for patients and stakeholders over the near- and long-term.”

Pipeline Program Updates:

Varsetatug masetecan (EpCAM PROBODY Topo-1 ADC, CX-2051)

  • Varseta-M Monotherapy CRC:
    • Enrollment into the Varseta-M Phase 1 clinical study is complete with 113 total patients enrolled across the dose escalation, expansion, and optimization phases. As of the end of April 2026, enrollment in the dose optimization cohorts reached the goal of 40 patients across the 8.6 mg/kg Q3W and 10 mg/kg Q3W doses1.
    • A Phase 1 data update is expected by the end of 2026 with a focus on dose selection for late phase development.
    • FDA interactions are planned towards alignment on the first monotherapy Varseta-M registrational study in CRC which the company aims to initiate in the first half of 2027.

  • Varseta-M CRC Combinations:
    • A Phase 1 combination study of Varseta-M and bevacizumab is ongoing in late-line patients with an initial focus on the evaluation of safety, dose, and schedule for later phase development. Initial clinical data is anticipated in 1H 2027.
    • Additionally, a Phase 1/2 chemotherapy combination study including Varseta-M administered with bevacizumab, 5-fluorouracil, and leucovorin focused in 2nd line mCRC is planned to start in Q4 2026, supporting the goal of advancing Varseta-M into earlier lines of CRC treatment, potentially replacing chemotherapy in standard of care regimens.

  • Varseta-M Non-CRC Indication Expansion:
    • Varseta-M monotherapy Phase 1 expansion cohorts are initiating in Q3 2026 in gastric and gastroesophageal junction (GEJ), EpCAM selected pancreatic ductal adenocarcinoma (PDAC), and EpCAM selected biliary tract cancer (BTC), an initial step towards realizing Varseta-M’s pan-tumor potential as a multi-indication antibody drug conjugate.

CX-801 (PROBODY Interferon alpha-2b)

  • The CX-801 Phase 1 study in advanced melanoma is ongoing. The CX-801 monotherapy dose escalation portion of the study has reached the fourth dose level.
  • CX-801 monotherapy has been generally well tolerated at dose levels exceeding the approved dose of unmasked IFNα2b.2
  • In May 2025, Phase 1 dose escalation of CX-801 in combination with KEYTRUDA® (pembrolizumab) was initiated. Dose escalation of CX-801 in combination with KEYTRUDA® has cleared the third dose level and enrollment into the study continues.
  • Initial clinical data for CX-801 in combination with KEYTRUDA® in advanced melanoma is expected in the first half of 2027.

KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.

Corporate and Financial:

  • Strengthened Board of Directors and Leadership for Next Phase of Growth
    • Appointed Dr. Charles Fuchs, M.D., MPH, former Chief Medical Officer of Tubulis and former Senior Vice President and Global Head of oncology and hematology drug development at Genentech and Roche to the CytomX Board of Directors.
    • Expanded executive leadership team with the addition of Mamata G. Gokhale, Ph.D., RAC, as Senior Vice President of Regulatory Affairs and Alejandra V. Carvajal, J.D., as Senior Vice President, Chief Legal Officer & Secretary.
  • Regeneron Collaboration Expansion:
    • In June 2026, announced significant expansion of Regeneron collaboration building upon research momentum in developing next-generation bispecific immunotherapies using CytomX’s PROBODY® and Regeneron's Veloci-Bi® platforms.
    • In July 2026, CytomX received $37.0 million target selection payment for two additional programs selected.
    • Regeneron also secured option to select up to 6 additional future targets bringing total potential target nomination, research, development, regulatory and sales-based milestones covered under the collaboration to up to approximately $4.0 billion.

  • Financial:
    • CytomX ended Q2 2026 with $330.3 million of cash, cash equivalents and investments with expected cash runway to at least the second half of 2028. The cash balance as of Q2 2026 does not include $37.0 million received in July 2026 as a result of the two targets selected by Regeneron as part of the expanded collaboration agreement.   

Q2 2026 Financial Results:

Cash, cash equivalents and investments totaled $330.3 million as of June 30, 2026, compared to $346.7 million as of March 31, 2026.

Total revenue was $1.4 million for the quarter ended June 30, 2026, compared to $18.7 million for the second quarter of 2025. The decrease in revenue was driven primarily by the completion of the Company’s performance obligation during 2025 in the collaborations with Bristol Myers Squibb and lower research activities in the Astellas collaboration which concluded in the second quarter of 2026.

Total operating expense for the quarter ended June 30, 2026 was $25.2 million compared to $19.9 million for the quarter ended June 30, 2025, an increase of $5.3 million.

Research and development expenses increased by $4.3 million during the quarter ended June 30, 2026, to $17.6 million compared to $13.3 million for the quarter ended June 30, 2025. Research and development expenses increased primarily due to manufacturing activities for Varseta-M as well as increased personnel related costs and general research and development expenses.

General and administrative expenses increased by $1.0 million during the quarter ended June 30, 2026, to $7.6 million, compared to $6.6 million for the quarter ended June 30, 2025. Increased general and administrative expenses were primarily driven by higher consulting expenses and higher rent expenses.

About CytomX Therapeutics, Inc.
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, Regeneron and Moderna. For more information about CytomX and how it is working to make conditionally activated treatments the new standard-of-care in the fight against cancer, visit www.cytomx.com and follow us on LinkedIn and X (formerly Twitter).

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 CytomX’s 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, including those related to the future potential of partnerships or collaboration agreements and projected cash runway. 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 varsetatug masetecan (Varseta-M) and CX-801, the potential benefits or applications of CytomX’s PROBODY® therapeutic platform, CytomX's planned interactions with the U.S. Food and Drug Administration and the ability to align on a potential registrational study design and regulatory pathway for Varseta-M, CytomX’s or its collaborative partners’ ability to develop and advance product candidates into and successfully complete clinical trials, including the ongoing and planned clinical trials of Varseta-M and CX-801 and the timing of initial and ongoing data availability for CytomX’s clinical trials, including Varseta-M and CX-801, 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® therapeutic technology; uncertainties around the Company’s ability to raise sufficient funds to carry out its planned research and development; 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 possibility that the results of preclinical research and early clinical trials, including initial Varseta-M clinical trial results, 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; the possibility that CytomX may not be able to realize the full potential of its collaborations; CytomX’s dependence on the success of Varseta-M and CX-801; CytomX’s reliance on third parties for the manufacture of the Company’s product candidates; possible regulatory developments in the United States and foreign countries, including China and the European Union; and the risk that CytomX may incur higher costs than expected for research and development. Additional applicable risks and uncertainties include those relating to CytomX’s preclinical research and development, clinical development, and other risks identified under the heading "Risk Factors" included in CytomX’s Quarterly Report on Form 10-Q filed with the SEC on August 6, 2026. 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. 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

CYTOMX THERAPEUTICS, INC.
CONDENSED BALANCE SHEETS
(in thousands)

  June 30,  December 31, 
  2026  2025  
  (unaudited)  (1)  
Assets      
Current assets:      
Cash and cash equivalents $17,224  $12,667  
Short-term investments  313,056   124,385  
Restricted cash  917     
Accounts receivable  37,494   2,013  
Prepaid expenses and other current assets  4,464   4,856  
Total current assets  373,155   143,921  
Property and equipment, net  1,079   1,304  
Intangible assets, net  365   438  
Goodwill  949   949  
Restricted cash  610   1,527  
Operating lease right-of-use asset  5,037   3,396  
Other assets  31   31  
Total assets $381,226  $151,566  
Liabilities and Stockholders' Equity      
Current liabilities:      
Accounts payable $1,939  $1,301  
Accrued liabilities  12,353   14,197  
Operating lease liabilities - short-term  1,496   4,240  
Deferred revenue, current portion  24,073   26,877  
Total current liabilities  39,861   46,615  
Deferred revenue, net of current portion  30,617   1,590  
Operating lease liabilities - long term  4,208     
Other long-term liabilities  4,472   4,353  
Total liabilities  79,158   52,558  
Commitments and contingencies      
Stockholders' equity:      
Convertible preferred stock       
Common stock  2   2  
Additional paid-in capital  1,053,125   810,844  
Accumulated other comprehensive income  (196)  111  
Accumulated deficit  (750,863)  (711,949 )
Total stockholders' equity  302,068   99,008  
Total liabilities and stockholders' equity $381,226  $151,566  
       

__________________
(1)    The condensed balance sheet as of December 31, 2025 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

CYTOMX THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except share and per share data)
(Unaudited)

 Three Months Ended  Six Months Ended 
 June 30,  June 30, 
 2026  2025  2026  2025 
Revenues$1,418  $18,658  $11,677  $69,575 
Operating expenses:           
Research and development 17,598   13,322   36,836   32,189 
General and administrative 7,601   6,622   18,294   16,050 
Total operating expenses 25,199   19,944   55,130   48,239 
Income (loss) from operations (23,781)  (1,286)  (43,453)  21,336 
Interest income 3,157   1,178   4,647   2,133 
Other income 18   17   11   28 
Income (loss) before income taxes (20,606)  (91)  (38,795)  23,497 
Provision for income taxes 60   63   119   126 
Net income (loss) attributable to common stockholders (20,666)  (154)  (38,914)  23,371 
Other comprehensive income (loss):           
Unrealized gain (loss) on investments, net of tax (298)  34   (307)  6 
Total comprehensive income (loss)$(20,964) $(120) $(39,221) $23,377 
            
Net income (loss) per share:           
Basic$(0.09) $(0.00) $(0.20) $0.22 
Diluted$(0.09) $(0.00) $(0.20) $0.21 
Shares used to compute net income (loss) per share           
Basic 218,939,423   129,075,546   198,221,312   108,214,373 
Diluted 218,939,423   129,075,546   198,221,312   108,928,284 



1 Dose Optimization utilizes adjusted ideal body weight dosing
2 Merck & Co., Inc. (2018). Sylatron (peginterferon alfa-2b) prescribing information. U.S. Food and Drug Administration


FAQ

How did CytomX Therapeutics (CTMX) perform financially in Q2 2026?

CytomX reported Q2 2026 revenue of $1.4 million and a net loss of $20.7 million. According to CytomX, operating expenses were $25.2 million, mainly from higher Varseta-M manufacturing, R&D personnel, and G&A costs, compared with $19.9 million in Q2 2025.

What is CytomX Therapeutics’ (CTMX) cash runway after Q2 2026 results?

CytomX ended Q2 2026 with $330.3 million in cash, cash equivalents and investments. According to CytomX, this excludes a $37.0 million Regeneron payment received in July 2026 and is expected to provide cash runway to at least the second half of 2028.

What are the latest clinical milestones for Varseta-M (CX-2051) at CytomX (CTMX)?

Varseta-M Phase 1 CRC monotherapy enrollment is complete with 113 patients, and a data update is expected by end-2026. According to CytomX, it aims to initiate the first registrational CRC monotherapy study in the first half of 2027, alongside new combination and expansion trials.

How was the Regeneron collaboration with CytomX (CTMX) expanded in 2026?

In June 2026, CytomX announced a significant expansion of its Regeneron bispecific immunotherapy collaboration. According to CytomX, Regeneron selected two additional programs, triggering a $37.0 million payment, and secured options for up to six more targets, with total potential milestones up to approximately $4.0 billion.

What progress has CytomX (CTMX) reported for its CX-801 melanoma program?

The CX-801 Phase 1 study in advanced melanoma is ongoing, with monotherapy at the fourth dose level and generally well tolerated. According to CytomX, combination dose escalation with KEYTRUDA® has cleared the third dose level, and initial combo data are expected in the first half of 2027.

How did CytomX’s operating expenses change in Q2 2026 compared with Q2 2025?

Total operating expenses grew to $25.2 million in Q2 2026 from $19.9 million in Q2 2025. According to CytomX, research and development expenses increased to $17.6 million and general and administrative expenses rose to $7.6 million, reflecting manufacturing, personnel, consulting, and rent costs.

What is CytomX Therapeutics’ (CTMX) balance sheet position as of June 30, 2026?

CytomX reported total assets of $381.2 million and stockholders’ equity of $302.1 million at June 30, 2026. According to CytomX, current assets were $373.2 million and total liabilities $79.2 million, including current and long-term deferred revenue balances.