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CytomX(CTMX) - 2024 Q4 - Annual Results
CTMXCytomX(CTMX)2025-03-06 21:04

Financial Performance - Total revenue for 2024 was 138.1million,anincreaseof36.4138.1 million, an increase of 36.4% compared to 101.2 million in 2023[14] - The company reported a net income of 31.9millionfor2024,comparedtoanetlossof31.9 million for 2024, compared to a net loss of 0.6 million in 2023[24] Research and Development - Research and development expenses increased to 83.4millionin2024,upfrom83.4 million in 2024, up from 77.7 million in 2023, primarily due to a 5.0millionmilestonepaymenttoAbbVie[16]−CX−2051istheleadprogram,currentlyinPhase1astudyforadvancedcolorectalcancer,withinitialdataexpectedin1H2025[2]−ThePhase1studyofCX−2051isongoing,withafavorabletolerabilityprofileanddosespredictedtobetherapeuticallyactiveachieved[11]−InitialPhase1atranslationaldataforCX−801inadvancedmelanomaisanticipatedin2H2025[2]CashandInvestments−CytomXended2024with5.0 million milestone payment to AbbVie[16] - CX-2051 is the lead program, currently in Phase 1a study for advanced colorectal cancer, with initial data expected in 1H 2025[2] - The Phase 1 study of CX-2051 is ongoing, with a favorable tolerability profile and doses predicted to be therapeutically active achieved[11] - Initial Phase 1a translational data for CX-801 in advanced melanoma is anticipated in 2H 2025[2] Cash and Investments - CytomX ended 2024 with 100.6 million in cash, cash equivalents, and investments, down from 174.5millionattheendof2023[14]−Cashandcashequivalentsincreasedsignificantlyfrom174.5 million at the end of 2023[14] - Cash and cash equivalents increased significantly from 17,171 million in 2023 to 38,052millionin2024,representingagrowthofabout121.538,052 million in 2024, representing a growth of about 121.5%[26] - The company expects its cash runway to extend into Q2 2026 due to cost reductions and focused clinical development[12] Organizational Changes - CytomX announced a 40% reduction in organizational headcount in January 2025 to focus resources on CX-2051[12] Assets and Liabilities - Total current assets decreased from 182,936 million in 2023 to 107,305millionin2024,adeclineofapproximately41.3107,305 million in 2024, a decline of approximately 41.3%[26] - Total liabilities decreased from 249,239 million in 2023 to 120,989millionin2024,areductionofapproximately51.4120,989 million in 2024, a reduction of approximately 51.4%[26] - Deferred revenues, current portion dropped from 132,267 million in 2023 to 67,201millionin2024,adecreaseofabout49.367,201 million in 2024, a decrease of about 49.3%[26] - The accumulated deficit improved from (723,448) million in 2023 to (691,579)millionin2024,indicatingareductionofapproximately4.4(691,579) million in 2024, indicating a reduction of approximately 4.4%[26] - Total stockholders' deficit decreased from (47,447) million in 2023 to (456)millionin2024,asignificantimprovementofabout99.0(456) million in 2024, a significant improvement of about 99.0%[26] Other Financial Metrics - Short-term investments saw a decline from 157,338 million in 2023 to 62,571millionin2024,adecreaseofapproximately60.362,571 million in 2024, a decrease of approximately 60.3%[26] - Operating lease right-of-use asset decreased from 12,220 million in 2023 to 8,136millionin2024,adeclineofabout33.48,136 million in 2024, a decline of about 33.4%[26] - Accounts payable decreased from 1,458 million in 2023 to 1,088millionin2024,areductionofapproximately25.31,088 million in 2024, a reduction of approximately 25.3%[26] - Accrued liabilities decreased from 17,599 million in 2023 to 12,338millionin2024,adeclineofabout30.012,338 million in 2024, a decline of about 30.0%[26] - A 5 million milestone payment was triggered by Astellas advancing a program to GLP toxicology studies in February 2025[12]