CytomX Therapeutics, Inc.

What they do

CytomX develops PROBODY therapeutics, which are masked biologics designed to be activated by tumor-associated proteases, to improve the therapeutic index of cancer treatments. Its lead program, Varsetatug masetecan (Varseta-M), is an EpCAM-targeting antibody-drug conjugate (ADC) in Phase 1 for colorectal cancer and other solid tumors. The company also has CX-801, a PROBODY interferon alpha-2b, in Phase 1 for advanced melanoma. CytomX has collaborations, including an expanded alliance with Regeneron in masked bispecific immunotherapies.

Revenue drivers

• Collaboration revenue — Primary source of revenue; includes payments from partners like Regeneron under expanded agreements.
• Research and development services — Revenue from research support and milestone payments under collaboration agreements.
• Product sales — No product sales yet; company is clinical-stage and has not commercialized any product.

Recent performance

In Q2 2026, revenue was $1.4 million, down from $10.3 million in Q1 2026. Full-year 2025 revenue was $76.2 million with a net loss of $17.4 million, versus 2024 revenue of $138.1 million and net income of $31.9 million. As of June 30, 2026, cash and equivalents were $17.2 million, total assets $381.2 million, and shareholders' equity $302.1 million. The company has an accumulated deficit of $711.9 million as of December 31, 2025.

Strategy

Management is focused on advancing Varseta-M toward a registrational study in late-line colorectal cancer, with a Phase 1 data update expected by end of 2026. They plan to expand into combination regimens and additional GI indications, including gastric, pancreatic, and biliary tract cancers. The company is also progressing CX-801 in combination with KEYTRUDA in advanced melanoma. CytomX is leveraging its PROBODY platform through collaborations, such as the expanded Regeneron deal, and strengthening leadership and board.

Risks

• Clinical-stage risk — No products approved or sold; all candidates are in early Phase 1 development and may fail in trials.
• Dependence on EpCAM targeting — Varseta-M targets EpCAM, which has historically caused toxicities in other programs, requiring careful dose management.
• Cash burn and funding — With only $17.2 million in cash and recurring net losses, the company will need additional funding to continue operations.
• Collaboration concentration — Revenue relies heavily on partnerships; if collaborations are terminated or diluted, financial performance could be impacted.

Outlook

Management expects a Phase 1 monotherapy update for Varseta-M in advanced CRC by end of 2026 and aims to start a registrational study in 1H 2027. Expansion cohorts in gastric, pancreatic, and biliary tract cancers are planned to initiate in Q3 2026, and a chemotherapy combination study in 2L mCRC is set for Q4 2026. Initial data for CX-801 plus KEYTRUDA is expected in 1H 2027.