Traders should monitor upcoming FDA interactions on Varseta-M registrational pathway and clinical data readouts in 2026, particularly the CX-801/KEYTRUDA® combination data. While pipeline progress offers upside potential, the sharp revenue decline and reliance on future milestones increase risk; any delay could pressure valuation despite strong cash position.
Price Chart
Executive Summary
CytomX Therapeutics reported financial results for 2025, highlighted by a significant revenue decline to $76.2 million from $138.1 million in 2024, driven by the completion of collaboration milestones. However, the company announced positive Phase 1 data for its Varseta-M ADC in colorectal cancer and extended its cash runway into Q2 2027. Despite advancing its pipeline, including upcoming combination data for CX-801 with KEYTRUDA®, the sharp drop in revenue and net loss of $17.4 million weigh on near-term fundamentals.
Key Financial Metrics
Key Facts
- Revenue dropped to $76.2 million in 2025 from $138.1 million in 2024, primarily due to completion of performance obligations with Bristol Myers Squibb and reduced collaboration progress with Moderna, Astellas, and Regeneron.
- Net loss was $17.37 million in 2025 compared to net income of $31.87 million in 2024.
- Cash, cash equivalents, and investments totaled $137.1 million as of December 31, 2025, providing a cash runway into Q2 2027.
- Positive Phase 1 dose expansion data reported for Varseta-M in advanced colorectal cancer; FDA interactions planned for mid-2026 to align on registrational trial design.
- Phase 1 combination study of CX-801 with KEYTRUDA® in melanoma ongoing, with initial clinical data expected by end of 2026.
- Astellas terminated its preclinical collaboration with CytomX, effective Q2 2026.
Financial Impact
Revenue declined by 44.8% year-over-year, from $138.1M to $76.2M. Operating expenses decreased to $98.6M from $113.1M, but the company still posted a net loss of $17.37M. Cash balance increased to $137.1M due to prior funding and lower R&D spend.
Risk Factors
- Heavy dependence on clinical success of Varseta-M and CX-801 with no near-term commercial revenue.
- Revenue is largely collaboration-dependent and declined significantly after key milestones were completed.
- Forward-looking statements dominate the release; clinical timelines and regulatory alignment are uncertain.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3256146 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 22, 2026 14w ago | 8-K | $3.15 $2.77 | ▼ −12.22% | ▼ −15.47% | $2.58 (−18.25%) |
Mar 18, 2026 28w ago | Press Release | $4.40 $2.98 | ▼ −32.27% | ▼ −43.80% | $2.58 (−41.48%) |
Mar 16, 2026 28w ago | Press Release | $5.45 $2.98 | ▲ +45.32% | ▲ +55.18% | $2.58 (+52.75%) |
Mar 16, 2026 28w ago | Press Release | $6.75 $2.94 | ▼ −56.44% | ▼ −66.93% | $2.58 (−61.85%) |
Mar 4, 2026 30w ago | Press Release | $5.07 $3.71 | ▼ −26.82% | ▼ −36.91% | $2.58 (−49.21%) |
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