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CytomX Therapeutics (CTMX) posts Q2 loss, expands Regeneron cancer pact

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

CytomX Therapeutics reported Q2 2026 total revenue of $1.4 million, down from $18.7 million a year earlier, as prior collaboration obligations with Bristol Myers Squibb and Astellas wound down. Total operating expenses rose to $25.2 million from $19.9 million, leading to a net loss attributable to common stockholders of $20.7 million versus a net loss of $0.2 million in Q2 2025.

The company ended June 30, 2026 with $330.3 million in cash, cash equivalents and investments and expects this to fund operations to at least the second half of 2028; this excludes a $37.0 million target selection payment received in July from Regeneron under an expanded bispecific immunotherapy collaboration that allows for up to approximately $4.0 billion in potential milestones. CytomX advanced its varsetatug masetecan (Varseta‑M) colorectal cancer program toward a planned first registrational study in the first half of 2027, broadened monotherapy and combination trials into additional gastrointestinal tumors, and continued early-stage development of CX‑801 in advanced melanoma.

Positive

  • CytomX held $330.3 million in cash, cash equivalents and investments as of June 30, 2026, and projects a cash runway extending to at least the second half of 2028.
  • Expansion of the Regeneron collaboration delivered a $37.0 million target selection payment in July 2026 and provides up to approximately $4.0 billion in potential future milestones.

Negative

  • Quarterly revenue declined to $1.4 million in Q2 2026 from $18.7 million in Q2 2025 as major collaboration obligations concluded.
  • Net results shifted from a net income of $23.4 million in the first half of 2025 to a net loss of $38.9 million in the first half of 2026, driven by lower collaboration revenue and higher operating expenses.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Cash, cash equivalents and investments $330.3 million As of June 30, 2026
Revenue Q2 2026 $1.4 million Total revenue for the quarter ended June 30, 2026
Revenue Q2 2025 $18.7 million Total revenue for the quarter ended June 30, 2025
Net loss Q2 2026 $20.7 million Net loss attributable to common stockholders for the quarter ended June 30, 2026
Net income six months 2025 $23.4 million Net income attributable to common stockholders for the six months ended June 30, 2025
Regeneron target selection payment $37.0 million Payment received in July 2026 for two additional programs under expanded collaboration
Regeneron potential milestones up to approximately $4.0 billion Aggregate potential target nomination, research, development, regulatory and sales-based milestones
Total operating expenses Q2 2026 $25.2 million Total operating expenses for the quarter ended June 30, 2026
antibody drug conjugate medical
"Varseta-M, the only EpCAM-directed antibody drug conjugate (ADC) in clinical development"
An antibody drug conjugate is a targeted medical treatment that combines a special antibody with a powerful drug, allowing precise delivery of the medicine directly to cancer cells or other harmful cells in the body. For investors, it represents a sophisticated approach to therapy that could improve treatment effectiveness and reduce side effects, potentially leading to significant growth opportunities in the biotech and pharmaceutical sectors.
registrational study regulatory
"FDA interactions are planned towards alignment on the first monotherapy Varseta-M registrational study"
A registrational study is a late-stage clinical trial designed to give the government regulators the evidence they need to decide whether a drug, therapy, or medical device can be approved for sale. Think of it as the final exam or road test for a medical product: its results largely determine whether the product can reach the market, which directly affects potential revenue, company valuation, and investor risk.
metastatic colorectal cancer medical
"Varseta-M is initially being developed for the treatment of metastatic colorectal cancer"
Metastatic colorectal cancer is cancer that started in the colon or rectum and has spread to other parts of the body, most often the liver or lungs, making it harder to treat. For investors, it matters because advanced disease drives demand for more intensive treatments, ongoing clinical trials, and long-term care costs; think of it like a fire that has jumped from one room to multiple rooms, requiring bigger, more expensive responses and creating larger market opportunities and regulatory scrutiny.
deferred revenue financial
"Deferred revenue, current portion and Deferred revenue, net of current portion"
Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.
PROBODY therapeutic platform technical
"developing novel conditionally activated, masked PROBODY therapeutic platform biologics"
operating lease right-of-use asset financial
"Operating lease right-of-use asset listed among long-term assets"
An operating lease right-of-use asset is the accounting entry that shows a company’s recorded value of its legal right to use leased property or equipment for a set period, similar to listing the worth of a long-term rental agreement on the balance sheet. It matters to investors because it makes leased obligations and the economic benefit of rented assets visible, affecting reported assets, leverage and how future lease costs are reflected in financial statements — like seeing both a rented shop’s utility and the remaining rent commitment.
Revenue Q2 2026 $1.4 million Decreased from $18.7 million in Q2 2025
Net loss Q2 2026 $20.7 million Compared with a net loss of $0.2 million in Q2 2025
Total operating expenses Q2 2026 $25.2 million Increased from $19.9 million in Q2 2025
Net result six months 2026 $38.9 million net loss Shifted from $23.4 million net income in the first half of 2025
Guidance

CytomX expects its cash, cash equivalents and investments to provide runway to at least the second half of 2028.

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FAQ

What were CytomX (CTMX) Q2 2026 revenues and net results?
CytomX reported Q2 2026 revenue of $1.4 million and a net loss of $20.7 million. Revenue fell sharply from $18.7 million in Q2 2025, and the net result compares with a small $0.2 million net loss a year earlier.

How much cash does CytomX (CTMX) have and what is its cash runway?
CytomX ended Q2 2026 with $330.3 million in cash, cash equivalents and investments. The company expects this balance to fund operations to at least the second half of 2028, excluding the additional $37.0 million Regeneron payment received in July 2026.

What is the status and timeline for CytomX's Varseta-M colorectal cancer program (CTMX)?
Enrollment in the Varseta‑M Phase 1 study in colorectal cancer has completed with 113 patients across stages. A Phase 1 data update focused on dose selection is expected by end of 2026, with the first monotherapy registrational study targeted to begin in the first half of 2027.

What progress did CytomX (CTMX) report on its CX-801 program in advanced melanoma?
The CX‑801 Phase 1 study in advanced melanoma is ongoing, with monotherapy dose escalation at the fourth dose level. Combination dose escalation with KEYTRUDA has cleared the third dose level, and initial combination clinical data are expected in the first half of 2027.

How was CytomX's (CTMX) collaboration with Regeneron expanded in 2026?
In June 2026, CytomX and Regeneron expanded their bispecific immunotherapy collaboration to additional targets. CytomX received a $37.0 million target selection payment in July, and Regeneron may select up to six more future targets, for total potential milestones of up to approximately $4.0 billion.

Why did CytomX (CTMX) revenues decline sharply year over year in Q2 2026?
Q2 2026 revenue decreased to $1.4 million from $18.7 million in Q2 2025 primarily because key collaboration performance obligations with Bristol Myers Squibb were completed in 2025 and research activities under the Astellas collaboration, which concluded in Q2 2026, were lower.

How did CytomX's (CTMX) operating expenses change in Q2 2026?
Total operating expenses rose to $25.2 million in Q2 2026 from $19.9 million a year earlier. Research and development increased to $17.6 million, driven by Varseta‑M manufacturing and personnel, while general and administrative expenses increased to $7.6 million on higher consulting and rent costs.
false000150198900015019892026-08-062026-08-06

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 06, 2026

 

 

CytomX Therapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-37587

27-3521219

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

151 Oyster Point Blvd

Suite 400

 

South San Francisco, California

 

94080

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 650-515-3185

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, $0.00001 par value per share

 

CTMX

 

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, CytomX Therapeutics, Inc., a Delaware corporation (the “Company”), issued a press release reporting its unaudited financial results as of and for the three and six months ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.

The information in Item 2.02 of this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any filing with the Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are furnished as part of this report.

 

Exhibit No.

 

Description

99.1

 

Press release titled "CytomX Therapeutics Announces Q2 2026 Financial Results and Provides Business Update" issued by CytomX Therapeutics, Inc. on August 6, 2026.

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

CYTOMX THERAPEUTICS, INC.

 

 

 

 

Date:

August 6, 2026

By:

/s/ Christopher W. Ogden

 

 

 

Christopher W. Ogden
Chief Financial Officer

 

 

Exhibit 99.1

CytomX Therapeutics Announces Q2 2026 Financial Results and Provides

Business Update

 

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., August 6, 2026 – 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:
o
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.
o
A Phase 1 data update is expected by the end of 2026 with a focus on dose selection for late phase development.

1 Dose Optimization utilizes adjusted ideal body weight dosing

 

1

 

 

o
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:
o
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.
o
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:
o
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
o
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.
o
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:
o
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.
o
In July 2026, CytomX received $37.0 million target selection payment for two additional programs selected.

2 Merck & Co., Inc. (2018). Sylatron (peginterferon alfa-2b) prescribing information. U.S. Food and Drug Administration

 

2

 

 

o
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:
o
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

 

3

 

 

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

 

 

4

 

 

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.

 

5

 

 

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

 

 

 

 

 

 

 

6

 

Source: View Original Filing on SEC EDGAR

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