CytomX Therapeutics Announces Second Quarter 2025 Financial Results and Provides Business Update
CytomX Therapeutics (Nasdaq: CTMX) reported Q2 2025 financial results and significant clinical progress. The company announced positive interim data from Phase 1 study of CX-2051, their first-in-class EpCAM Antibody Drug Conjugate for advanced colorectal cancer, with Phase 2 study initiation planned for 1H 2026. CytomX also initiated combination dose escalation of CX-801 with KEYTRUDA® for advanced melanoma.
Financially, CytomX completed a $100 million common stock offering and ended Q2 2025 with $158.1 million in cash. Revenue was $18.7 million, down from $25.1 million year-over-year. Operating expenses decreased to $19.9 million from $33.6 million in Q2 2024. The company expects its cash runway to extend to Q2 2027.
CytomX Therapeutics (Nasdaq: CTMX) ha comunicato i risultati finanziari del secondo trimestre 2025 e importanti progressi clinici. L'azienda ha annunciato dati intermedi positivi dallo studio di Fase 1 di CX-2051, il loro primo coniugato anticorpo-farmaco EpCAM per il trattamento del cancro colorettale avanzato, con l'avvio dello studio di Fase 2 previsto per la prima metà del 2026. CytomX ha inoltre avviato l'aumento della dose in combinazione di CX-801 con KEYTRUDA® per il melanoma avanzato.
Dal punto di vista finanziario, CytomX ha completato un offerta di azioni ordinarie da 100 milioni di dollari e ha chiuso il secondo trimestre 2025 con 158,1 milioni di dollari in liquidità. I ricavi sono stati di 18,7 milioni di dollari, in calo rispetto ai 25,1 milioni dell'anno precedente. Le spese operative sono diminuite a 19,9 milioni di dollari dai 33,6 milioni del secondo trimestre 2024. L'azienda prevede che la liquidità disponibile coprirà le attività fino al secondo trimestre 2027.
CytomX Therapeutics (Nasdaq: CTMX) informó los resultados financieros del segundo trimestre de 2025 y avances clínicos significativos. La compañía anunció datos interinos positivos del estudio de Fase 1 de CX-2051, su conjugado anticuerpo-fármaco EpCAM de primera clase para el cáncer colorrectal avanzado, con el inicio del estudio de Fase 2 planeado para la primera mitad de 2026. CytomX también inició la escalada de dosis en combinación de CX-801 con KEYTRUDA® para melanoma avanzado.
En términos financieros, CytomX completó una oferta de acciones comunes por 100 millones de dólares y cerró el segundo trimestre de 2025 con 158,1 millones de dólares en efectivo. Los ingresos fueron de 18,7 millones de dólares, una disminución respecto a los 25,1 millones del año anterior. Los gastos operativos se redujeron a 19,9 millones de dólares desde 33,6 millones en el segundo trimestre de 2024. La compañía espera que su liquidez se extienda hasta el segundo trimestre de 2027.
CytomX Therapeutics (나스닥: CTMX)는 2025년 2분기 재무 결과와 중요한 임상 진전을 발표했습니다. 회사는 진행성 대장암 치료를 위한 최초의 EpCAM 항체-약물 접합체인 CX-2051의 1상 임상시험 중간 긍정적 데이터를 발표했으며, 2026년 상반기에 2상 시험 개시를 계획하고 있습니다. 또한 CytomX는 진행성 흑색종 치료를 위해 CX-801과 KEYTRUDA®의 병용 용량 증량을 시작했습니다.
재무적으로 CytomX는 1억 달러 규모의 보통주 공모를 완료했으며, 2025년 2분기 말 현금 보유액은 1억5,810만 달러였습니다. 수익은 1,870만 달러로 전년 동기 2,510만 달러 대비 감소했습니다. 영업비용은 2024년 2분기 3,360만 달러에서 1,990만 달러로 줄었습니다. 회사는 현금 유동성이 2027년 2분기까지 지속될 것으로 예상합니다.
CytomX Therapeutics (Nasdaq : CTMX) a publié ses résultats financiers du deuxième trimestre 2025 et des progrès cliniques significatifs. La société a annoncé des données intermédiaires positives de l'étude de Phase 1 de CX-2051, leur conjugué anticorps-médicament EpCAM de première classe pour le cancer colorectal avancé, avec un lancement de l'étude de Phase 2 prévu au premier semestre 2026. CytomX a également lancé une escalade de dose en combinaison de CX-801 avec KEYTRUDA® pour le mélanome avancé.
Sur le plan financier, CytomX a finalisé une offre publique d'actions ordinaires de 100 millions de dollars et a terminé le deuxième trimestre 2025 avec 158,1 millions de dollars en liquidités. Le chiffre d'affaires s'est élevé à 18,7 millions de dollars, en baisse par rapport à 25,1 millions l'année précédente. Les dépenses d'exploitation ont diminué à 19,9 millions de dollars contre 33,6 millions au deuxième trimestre 2024. La société prévoit que sa trésorerie couvrira ses besoins jusqu'au deuxième trimestre 2027.
CytomX Therapeutics (Nasdaq: CTMX) berichtete über die Finanzergebnisse des zweiten Quartals 2025 sowie bedeutende klinische Fortschritte. Das Unternehmen gab positive Zwischenergebnisse aus der Phase-1-Studie von CX-2051 bekannt, ihrem erstmaligen EpCAM Antikörper-Wirkstoff-Konjugat für fortgeschrittenen Darmkrebs, mit dem Start der Phase-2-Studie geplant für das erste Halbjahr 2026. CytomX begann zudem die Dosiseskalation der Kombination von CX-801 mit KEYTRUDA® bei fortgeschrittenem Melanom.
Finanziell schloss CytomX eine Aktienemission im Wert von 100 Millionen US-Dollar ab und beendete das zweite Quartal 2025 mit 158,1 Millionen US-Dollar an liquiden Mitteln. Der Umsatz betrug 18,7 Millionen US-Dollar, was einem Rückgang gegenüber 25,1 Millionen US-Dollar im Vorjahreszeitraum entspricht. Die Betriebskosten sanken auf 19,9 Millionen US-Dollar von 33,6 Millionen US-Dollar im zweiten Quartal 2024. Das Unternehmen erwartet, dass die Barmittel bis zum zweiten Quartal 2027 ausreichen werden.
- Positive interim data from Phase 1 study of CX-2051 in advanced colorectal cancer
- Successful completion of $100M stock offering ($93.4M net proceeds)
- Strong cash position of $158.1M with runway extended to Q2 2027
- Operating expenses reduced by $13.7M year-over-year
- Multiple ongoing research collaborations with major pharma companies
- Revenue declined 25.5% year-over-year to $18.7M
- Decreased Moderna collaboration activities due to budget considerations
- De-prioritization of CX-904 program in Amgen agreement
Insights
CytomX advances promising EpCAM ADC in colorectal cancer with positive early data and secures $100M to support development through 2027.
CytomX's second quarter results showcase significant progress for their lead asset CX-2051, a masked EpCAM-directed antibody-drug conjugate (ADC) targeting colorectal cancer (CRC). The company announced positive interim Phase 1 data in May 2025, leading to dose expansion cohorts at three dose levels (7.2, 8.6, and 10 mg/kg Q3W). This progress with CX-2051 is particularly noteworthy as EpCAM is widely expressed in epithelial tumors but has historically been challenging to target due to on-target toxicity in normal tissues - CytomX's masking technology appears to be potentially addressing this limitation.
The company has strategically strengthened its financial position with a
Their second program, CX-801 (masked interferon alpha-2b), has entered combination dose escalation with KEYTRUDA in melanoma patients, expanding the company's clinical footprint. Revenue for Q2 was
- May 12, 2025 announcement of positive interim data from ongoing Phase 1 study of CX-2051 (EpCAM Antibody Drug Conjugate) in patients with advanced colorectal cancer (CRC) -
- CX-2051 Phase 1 dose expansions on track for data update in Q1 2026.
Phase 2 study initiation in CRC anticipated 1H 2026 -
- Combination dose escalation initiated of CX-801 masked interferon alpha-2b with KEYTRUDA® (pembrolizumab) in patients with advanced melanoma -
- Completed
- Company to host conference call today at 5 p.m. EST / 2 p.m. PST -
SOUTH SAN FRANCISCO, Calif., Aug. 07, 2025 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq: CTMX), a leader in the field of masked, conditionally activated biologics, today announced second quarter 2025 financial results and provided a business update.
“Q2 2025 was an exciting quarter for CytomX as we announced positive initial clinical results for CX-2051 in advanced colorectal cancer, a very challenging disease to treat. Our data highlight CX-2051’s intentional design as a first-in-class, masked EpCAM-directed ADC with potential to improve upon the standard of care in late-line CRC. We are also delighted to have completed a financing with top-tier investors that enables CytomX to rapidly advance the CX-2051 development program. Looking ahead, we remain highly focused on our next anticipated CX-2051 clinical data update in Q1 2026 and to potentially launching a Phase 2 study in the first half of 2026,” said Sean McCarthy, D.Phil., chief executive officer and chairman of CytomX.
Q2 2025 Pipeline Program Updates:
CX-2051 (EpCAM PROBODY Topo-1 ADC)
- Announced positive interim data from ongoing Phase 1 dose escalation study of first-in-class EpCAM Antibody Drug Conjugate (CX-2051) in patients with advanced colorectal cancer (CRC).
- Initiated CX-2051 dose expansions at the 7.2 mg/kg, 8.6 mg/kg, and 10 mg/kg doses, administered every three weeks (Q3W).
- Phase 1 data update in advanced CRC in approximately 70 patients is expected by Q1 2026.
- Planning underway for CX-2051 Phase 2 study initiation in advanced, late-line CRC in 1H 2026.
- Potential to initiate CX-2051 combination studies in earlier lines of CRC therapy in 2026.
- Evaluation ongoing of multiple non-CRC, EpCAM-expressing tumor indications for potential future CX-2051 development.
CX-801 (PROBODY Interferon alpha-2b)
- Phase 1 dose escalation of CX-801 monotherapy continues. Preliminary tumor biomarker, pharmacodynamic (PD) and pharmacokinetic (PK) data evaluating the initial molecular performance of CX-801 monotherapy in the ongoing Phase 1 study are expected in the fourth quarter of 2025.
- In May 2025, Phase 1 dose escalation of CX-801 in combination with KEYTRUDA® was initiated. Initial clinical data for the combination therapy in advanced melanoma is anticipated in 2026.
KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA
Corporate and Financial:
- Financial:
- Completed
$100 million ($93.4 million net proceeds) underwritten offering of common stock. - CytomX ended the second quarter of 2025 with
$158.1 million of cash, cash equivalents and investments with expected cash runway to the second quarter of 2027.
- Completed
- Research collaborations:
- Presented preclinical data for mRNA encoded masked IL-12 molecule in collaboration with Moderna at AACR Annual Meeting showing potent anti-tumor activity with significantly enhanced tolerability vs. unmasked IL-12 molecule.
- Multiple drug discovery programs continue across our research collaborations with a focus on bispecific immunotherapies, including T-cell engagers. CytomX has research collaborations with Bristol Myers Squibb, Amgen, Astellas, Regeneron, and Moderna.
Second Quarter 2025 Financial Results:
Cash, cash equivalents and investments totaled
Total revenue was
Total operating expense in the second quarter of 2025 was
Research and development expenses were
General and administrative expenses were
About CytomX Therapeutics
CytomX is a clinical-stage, oncology-focused biopharmaceutical company focused on developing novel conditionally activated, masked biologics 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 multi-modality technology platform has produced therapeutic candidates across multiple treatment modalities including antibody-drug conjugates (ADCs), T-cell engagers, and immune modulators such as cytokines. CytomX’s current clinical-stage pipeline includes CX-2051 and CX-801. CX-2051 is a masked, conditionally activated ADC directed toward epithelial cell adhesion molecule (EpCAM), armed with a topoisomerase-1 inhibitor payload. CX-2051 has potential applicability across multiple EpCAM-expressing epithelial cancers, including CRC, and was discovered in collaboration with ImmunoGen. 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. CytomX has established strategic collaborations with multiple leaders in oncology, including Amgen, Astellas, Bristol Myers Squibb, 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 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, including those related to CX-2051. 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 CX-2051 and CX-801, the potential benefits or applications of CytomX’s PROBODY® therapeutic platform, 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 CX-2051 and CX-801 and the timing of initial and ongoing data availability for our clinical trials, including CX-2051 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 CX-2051 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; CytomX’s dependence on the success of CX-2051 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 we may incur higher costs than expected for research and development or unexpected costs and expenses. 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 Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. 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 (formerly Stern Investor Relations)
Stephanie Ascher
Stephanie.Ascher@precisionaq.com
Media Contact:
Redhouse Communications
Teri Dahlman
teri@redhousecomms.com
| CYTOMX THERAPEUTICS, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except share and per share data) (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| June 30, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | $ | 18,658 | $ | 25,115 | ||||
| Operating expenses: | ||||||||
| Research and development | 13,322 | 25,172 | ||||||
| General and administrative | 6,622 | 8,395 | ||||||
| Total operating expenses | 19,944 | 33,567 | ||||||
| Loss from operations | (1,286 | ) | (8,452 | ) | ||||
| Interest income | 1,178 | 1,971 | ||||||
| Other (expense) income, net | 17 | (2 | ) | |||||
| Loss before income taxes | (91 | ) | (6,483 | ) | ||||
| Provision for income taxes | 63 | 51 | ||||||
| Net Loss | (154 | ) | (6,534 | ) | ||||
| Other comprehensive loss: | ||||||||
| Unrealized gain on investments, net of tax | 34 | 6 | ||||||
| Total comprehensive loss | $ | (120 | ) | $ | (6,528 | |||
| Net loss per share: | ||||||||
| Basic | $ | (0.00 | ) | $ | (0.08 | ) | ||
| Diluted | $ | (0.00 | ) | $ | (0.08 | ) | ||
| Shares used to compute net income per share | ||||||||
| Basic | 129,075,546 | 84,880,632 | ||||||
| Diluted | 129,075,546 | 84,880,632 | ||||||
| CYTOMX THERAPEUTICS, INC. CONDENSED BALANCE SHEETS (in thousands) | ||||||||
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (unaudited) | (1) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 49,041 | $ | 38,052 | ||||
| Short-term investments | 109,046 | 62,571 | ||||||
| Accounts receivable | 1,869 | 3,103 | ||||||
| Prepaid expenses and other current assets | 4,665 | 3,579 | ||||||
| Total current assets | 164,621 | 107,305 | ||||||
| Property and equipment, net | 1,946 | 2,467 | ||||||
| Intangible assets, net | 510 | 583 | ||||||
| Goodwill | 949 | 949 | ||||||
| Restricted cash | 1,028 | 1,027 | ||||||
| Operating lease right-of-use asset | 5,947 | 8,136 | ||||||
| Other assets | 56 | 66 | ||||||
| Total assets | $ | 175,057 | $ | 120,533 | ||||
| Liabilities and Stockholders' Equity (Deficit) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 227 | $ | 1,088 | ||||
| Accrued liabilities | 11,503 | 12,338 | ||||||
| Operating lease liabilities - short term | 5,443 | 5,145 | ||||||
| Deferred revenue, current portion | 22,050 | 67,201 | ||||||
| Total current liabilities | 39,223 | 85,772 | ||||||
| Deferred revenue, net of current portion | 10,241 | 26,862 | ||||||
| Operating lease liabilities - long term | 1,442 | 4,240 | ||||||
| Other long term liabilities | 4,241 | 4,115 | ||||||
| Total liabilities | 55,147 | 120,989 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity (deficit): | ||||||||
| Convertible preferred stock | — | — | ||||||
| Common stock | 2 | 1 | ||||||
| Additional paid-in capital | 788,083 | 691,095 | ||||||
| Accumulated other comprehensive (loss) income | 33 | 27 | ||||||
| Accumulated deficit | (668,208 | ) | (691,579 | ) | ||||
| Total stockholders' equity (deficit) | 119,910 | (456 | ) | |||||
| Total liabilities and stockholders' equity (deficit) | $ | 175,057 | $ | 120,533 | ||||
__________________
(1) The condensed balance sheet as of December 31, 2024 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
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