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CytomX Therapeutics Announces 2024 Financial Results and Provides Business Update
CTMXCytomX(CTMX) GlobeNewswire·2025-03-06 21:10

Core Insights - CytomX Therapeutics is advancing its lead program, CX-2051, in a Phase 1a study for advanced colorectal cancer, with initial clinical data expected in the first half of 2025 [1][2][3] - The company reported a cash position of 100.6millionasofDecember31,2024,whichisprojectedtoextenditscashrunwayintoQ22026[9][15]−Totalrevenuefor2024was100.6 million as of December 31, 2024, which is projected to extend its cash runway into Q2 2026 [9][15] - Total revenue for 2024 was 138.1 million, a significant increase from 101.2millionin2023,drivenbycollaborationswithmajorpharmaceuticalcompanies[10][11]PipelineProgramUpdates−CX−2051isamaskedEpCAM−targetingantibody−drugconjugate(ADC)designedtoaddressunmetneedsincolorectalcancer,whereEpCAMisexpressedinover90101.2 million in 2023, driven by collaborations with major pharmaceutical companies [10][11] Pipeline Program Updates - CX-2051 is a masked EpCAM-targeting antibody-drug conjugate (ADC) designed to address unmet needs in colorectal cancer, where EpCAM is expressed in over 90% of cases [2][6] - The Phase 1 study of CX-2051 began in April 2024, focusing on advanced metastatic colorectal cancer patients who have received multiple prior therapies [6] - CX-801, another program, is in Phase 1a for advanced melanoma, with initial translational data expected in the second half of 2025 [1][5][14] Financial Performance - Operating expenses for 2024 were 113.1 million, up from 107.7millionin2023,primarilyduetoa107.7 million in 2023, primarily due to a 5 million milestone payment to AbbVie for CX-2051 [11][12] - Research and development expenses increased to 83.4millionin2024,reflectingthecostsassociatedwithadvancingCX−2051[12]−Thecompanyreportedanetincomeof83.4 million in 2024, reflecting the costs associated with advancing CX-2051 [12] - The company reported a net income of 31.9 million for 2024, compared to a loss of $0.6 million in 2023, indicating a turnaround in financial performance [20] Corporate Strategy - In January 2025, CytomX announced a 40% reduction in organizational headcount to focus resources on CX-2051 and improve cost structure [15] - The company has established strategic collaborations with several leading oncology firms, including Bristol Myers Squibb, Amgen, Astellas, Regeneron, and Moderna [16]