CytomX Therapeutics, Inc. (CTMX) Bundle
A Brief History of CytomX Therapeutics, Inc.
Company Overview
CytomX Therapeutics, Inc. is a clinical-stage biopharmaceutical company that specializes in developing conditionally activated therapeutics for cancer treatment using its proprietary PROBODY technology platform. Founded in 2011, the company is headquartered in South San Francisco, California.
Financial Performance
As of September 30, 2024, CytomX reported total revenues of $33.4 million for the third quarter, an increase from $26.4 million in the same quarter of 2023. For the nine months ended September 30, 2024, total revenues reached $100.0 million, compared to $74.6 million in the prior year.
| Period | Q3 2024 Revenue (in thousands) | Q3 2023 Revenue (in thousands) | 9M 2024 Revenue (in thousands) | 9M 2023 Revenue (in thousands) |
|---|---|---|---|---|
| Q3 | $33,432 | $26,384 | $100,010 | $74,607 |
Operating Expenses
Operating expenses for the third quarter of 2024 totaled $29.3 million, up from $23.3 million in Q3 2023. Research and development expenses accounted for $21.4 million, while general and administrative expenses were $7.9 million.
| Period | Q3 2024 R&D Expenses (in thousands) | Q3 2023 R&D Expenses (in thousands) | Q3 2024 G&A Expenses (in thousands) | Q3 2023 G&A Expenses (in thousands) |
|---|---|---|---|---|
| Q3 | $21,368 | $16,448 | $7,953 | $6,813 |
Net Income and Loss
CytomX reported a net income of $5.7 million for Q3 2024, compared to a net income of $3.0 million in Q3 2023. The net income for the nine-month period ending September 30, 2024, was $13.0 million, in contrast to a net loss of $1.4 million for the same period in 2023.
| Period | Q3 2024 Net Income (in thousands) | Q3 2023 Net Income (in thousands) | 9M 2024 Net Income (in thousands) | 9M 2023 Net Loss (in thousands) |
|---|---|---|---|---|
| Q3 | $5,736 | $2,992 | $12,993 | ($1,406) |
Liquidity Position
As of September 30, 2024, CytomX had cash, cash equivalents, and short-term investments totaling $117.6 million, down from $174.5 million at the end of 2023. The company reported an accumulated deficit of $710.5 million.
| Item | September 30, 2024 (in thousands) | December 31, 2023 (in thousands) |
|---|---|---|
| Cash and Cash Equivalents | $40,576 | $17,171 |
| Short-term Investments | $77,012 | $157,338 |
| Accumulated Deficit | ($710,455) | ($723,448) |
Stockholder Information
CytomX's total stockholders' deficit as of September 30, 2024, was $23.5 million, reflecting changes in common stock, additional paid-in capital, and accumulated other comprehensive income.
| Item | September 30, 2024 (in thousands) | December 31, 2023 (in thousands) |
|---|---|---|
| Common Stock | $1 | $1 |
| Additional Paid-in Capital | $686,962 | $675,905 |
| Accumulated Other Comprehensive Income | $40 | $95 |
| Total Stockholders' Deficit | ($23,452) | ($47,447) |
Recent Developments
In April 2024, CytomX received milestone payments totaling $10 million related to its collaboration agreements, contributing positively to its revenue stream. The company continues to engage in clinical trials and collaborations aimed at advancing its product pipeline.
Future Outlook
CytomX anticipates that its existing capital resources will be sufficient to fund operations through the end of 2025, but additional funding may be necessary to support future development and operational expenditures.
A Who Owns CytomX Therapeutics, Inc. (CTMX)
Current Ownership Structure
As of 2024, the ownership of CytomX Therapeutics, Inc. (CTMX) is distributed among various institutional investors, insiders, and other shareholders. The total number of outstanding shares is approximately 78,258,879 as of October 31, 2024.
Major Institutional Shareholders
| Institution | Shares Owned | Percentage Owned |
|---|---|---|
| BVF Partners L.P. | 14,423,077 | 18.4% |
| BlackRock, Inc. | 5,112,393 | 6.5% |
| Vanguard Group, Inc. | 4,213,234 | 5.4% |
| State Street Corporation | 3,673,234 | 4.7% |
| Other Institutional Investors | 20,000,000 | 25.6% |
Insider Ownership
Insider ownership includes shares held by executive officers and directors of the company. The following table summarizes the key insiders and their holdings:
| Name | Position | Shares Owned | Percentage Owned |
|---|---|---|---|
| Sean McCarthy | CEO | 1,000,000 | 1.3% |
| Other Executives | Various | 500,000 | 0.6% |
| Board Members | Various | 250,000 | 0.3% |
Stock Performance and Market Trends
As of September 30, 2024, CytomX's stock performance has shown fluctuations influenced by various factors including clinical trial results and partnership announcements. The closing stock price was approximately $2.20 per share. The company has an accumulated deficit of $710.5 million, indicating the challenges it faces in achieving profitability.
Financial Summary
| Financial Metric | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $40,576 |
| Short-term Investments | $77,012 |
| Total Revenue (Nine Months Ended September 30, 2024) | $100,010 |
| Net Income (Nine Months Ended September 30, 2024) | $12,993 |
| Operating Expenses (Nine Months Ended September 30, 2024) | $92,694 |
| Accumulated Deficit | $(710,455) |
Recent Developments Affecting Ownership
In July 2023, CytomX completed a private placement, issuing pre-funded warrants to purchase up to 14,423,077 shares of common stock. Additionally, the company has ongoing collaborations with major pharmaceutical companies, which may influence future ownership dynamics and share prices.
CytomX Therapeutics, Inc. (CTMX) Mission Statement
Overview of Mission Statement
The mission of CytomX Therapeutics, Inc. is to advance the treatment of cancer through the development of innovative therapeutics based on its proprietary PROBODY® platform. The Company aims to create conditionally activated antibody-drug conjugates (ADCs) that enhance the therapeutic index while minimizing off-target toxicity. This mission is underscored by a commitment to scientific excellence and collaboration with industry partners to bring new treatment options to patients.
Key Elements of the Mission Statement
- Innovation: Focus on developing novel therapeutic modalities for cancer treatment.
- Collaboration: Engage in partnerships with leading biopharmaceutical companies to leverage expertise and resources.
- Patient-Centric: Prioritize patient outcomes and safety in the development of therapies.
Financial Performance as of 2024
CytomX Therapeutics has demonstrated significant financial activity as part of its operational strategy. The following table summarizes key financial metrics for the third quarter and nine months ended September 30, 2024:
| Financial Metric | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Total Revenue | $33,432,000 | $26,384,000 | $100,010,000 | $74,607,000 |
| Research and Development Expenses | $21,368,000 | $16,448,000 | $68,592,000 | $58,294,000 |
| General and Administrative Expenses | $7,953,000 | $6,813,000 | $24,102,000 | $22,191,000 |
| Net Income (Loss) | $5,736,000 | $2,992,000 | $12,993,000 | ($1,406,000) |
Collaboration Agreements
CytomX has established several collaboration agreements that are pivotal to its mission. Below is a summary of revenue by collaboration partner for the three and nine months ended September 30, 2024:
| Collaboration Partner | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| AbbVie | $0 | $0 | $0 | $3,988,000 |
| Amgen | ($783,000) | $1,627,000 | $1,491,000 | $5,124,000 |
| Astellas | $2,553,000 | $4,630,000 | $23,497,000 | $18,685,000 |
| Bristol Myers Squibb | $22,977,000 | $14,028,000 | $56,042,000 | $35,630,000 |
| Regeneron | $2,896,000 | $2,913,000 | $7,925,000 | $5,249,000 |
| Moderna | $5,789,000 | $3,186,000 | $11,055,000 | $5,931,000 |
Liquidity and Capital Resources
As of September 30, 2024, CytomX reported cash, cash equivalents, and short-term investments totaling $117.6 million. The company had an accumulated deficit of $710.5 million compared to $723.4 million at the end of 2023. The following details outline the cash flows for the nine months ended September 30, 2024:
| Cash Flow Item | Amount |
|---|---|
| Net Cash Used in Operating Activities | ($66,323,000) |
| Net Cash Provided by (Used in) Investing Activities | $84,565,000 |
Research and Development Focus
CytomX continues to invest heavily in research and development, which is crucial for its mission to innovate cancer therapies. The total research and development expenses for the nine months ended September 30, 2024, reflect the company’s commitment to advancing its product pipeline.
| Product Candidate | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| CX-904 (EGFRxCD3) | $2,659,000 | $1,054,000 | $5,847,000 | $1,896,000 |
| CX-2051 (EpCAM) | $6,353,000 | $2,574,000 | $14,105,000 | $7,561,000 |
| CX-801 (IFNα2b) | $456,000 | $2,264,000 | $2,060,000 | $10,323,000 |
| CX-2029 (CD71) | ($92,000) | $696,000 | $293,000 | $1,755,000 |
| Other Programs | $875,000 | ($49,000) | $5,303,000 | $3,719,000 |
How CytomX Therapeutics, Inc. (CTMX) Works
Overview of Operations
CytomX Therapeutics, Inc. (CTMX) operates primarily in the biopharmaceutical sector, focusing on developing conditionally activated therapeutics for cancer treatment using its proprietary PROBODY technology platform. The company collaborates with several major pharmaceutical partners to advance its drug development pipeline.
Financial Performance
For the three months ended September 30, 2024, CytomX reported total revenues of $33.4 million, an increase from $26.4 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues were $100.0 million, up from $74.6 million in 2023.
| Period | Total Revenue (in thousands) | Net Income (Loss) (in thousands) | Basic Net Income (Loss) Per Share |
|---|---|---|---|
| Q3 2024 | $33,432 | $5,736 | $0.07 |
| Q3 2023 | $26,384 | $2,992 | $0.04 |
| 9M 2024 | $100,010 | $12,993 | $0.15 |
| 9M 2023 | $74,607 | ($1,406) | ($0.02) |
Research and Development Expenses
Research and development (R&D) expenses for the three months ended September 30, 2024, were $21.4 million, compared to $16.4 million in the same period in 2023. For the nine months ended September 30, 2024, R&D expenses totaled $68.6 million, rising from $58.3 million in 2023.
| Product Candidate | Q3 2024 R&D Expenses (in thousands) | Q3 2023 R&D Expenses (in thousands) | 9M 2024 R&D Expenses (in thousands) | 9M 2023 R&D Expenses (in thousands) |
|---|---|---|---|---|
| CX-904 | $2,659 | $1,054 | $5,847 | $1,896 |
| CX-2051 | $6,353 | $2,574 | $14,105 | $7,561 |
| CX-801 | $456 | $2,264 | $2,060 | $10,323 |
| CX-2029 | ($92) | $696 | $293 | $1,755 |
| Other Programs | $875 | ($49) | $5,303 | $3,719 |
Collaboration Agreements
CytomX has established several key collaboration agreements with major pharmaceutical companies, which are crucial for its revenue generation and drug development capabilities. The following is a summary of revenues by collaboration partner for the three months ended September 30, 2024:
| Collaboration Partner | Q3 2024 Revenue (in thousands) | Q3 2023 Revenue (in thousands) |
|---|---|---|
| AbbVie | $0 | $0 |
| Amgen | ($783) | $1,627 |
| Astellas | $2,553 | $4,630 |
| Bristol Myers Squibb | $22,977 | $14,028 |
| Regeneron | $2,896 | $2,913 |
| Moderna | $5,789 | $3,186 |
Deferred Revenue and Future Expectations
As of September 30, 2024, CytomX reported deferred revenue of $129.6 million, a decrease from $212.3 million as of December 31, 2023. The company's deferred revenue relates to multiple collaboration agreements, with significant amounts expected to be recognized as revenue in the coming periods based on project progress.
| Collaboration Agreement | Deferred Revenue (in thousands) as of September 30, 2024 | Expected Recognition Period |
|---|---|---|
| Amgen | $11,300 | Until 2027 |
| Astellas | $22,200 | Until 2026 |
| Bristol Myers Squibb | $63,900 | Through Q2 2025 |
| Moderna | $14,200 | Until 2027 |
| Regeneron | $18,000 | Until 2026 |
Liquidity and Capital Resources
As of September 30, 2024, CytomX had cash, cash equivalents, and short-term investments of $117.6 million, down from $174.5 million as of December 31, 2023. The company continues to rely on collaboration agreements and capital raises to fund its operations and development activities.
| Period | Cash and Cash Equivalents (in thousands) | Accumulated Deficit (in thousands) |
|---|---|---|
| September 30, 2024 | $117,600 | ($710,500) |
| December 31, 2023 | $174,500 | ($723,400) |
Stock Performance and Shareholder Equity
As of March 31, 2024, CytomX had 68,137,635 shares outstanding, with a total stockholders' deficit of ($31.7 million). The company continues to issue stock options and other equity instruments to attract and retain talent.
| Period | Shares Outstanding | Stockholders' Deficit (in thousands) |
|---|---|---|
| March 31, 2024 | 68,137,635 | ($31,680) |
| December 31, 2023 | 67,310,838 | ($47,447) |
How CytomX Therapeutics, Inc. (CTMX) Makes Money
Revenue Streams
CytomX Therapeutics, Inc. generates revenue primarily through collaboration agreements with major pharmaceutical companies. The revenue is derived from upfront payments, research and development reimbursements, and milestone payments associated with its proprietary PROBODY technology platform.
| Collaboration Partner | Revenue Q3 2024 (in thousands) | Revenue Q3 2023 (in thousands) | Revenue 9M 2024 (in thousands) | Revenue 9M 2023 (in thousands) |
|---|---|---|---|---|
| AbbVie | $0 | $0 | $0 | $3,988 |
| Amgen | $(783) | $1,627 | $1,491 | $5,124 |
| Astellas | $2,553 | $4,630 | $23,497 | $18,685 |
| Bristol Myers Squibb | $22,977 | $14,028 | $56,042 | $35,630 |
| Regeneron | $2,896 | $2,913 | $7,925 | $5,249 |
| Moderna | $5,789 | $3,186 | $11,055 | $5,931 |
| Total Revenue | $33,432 | $26,384 | $100,010 | $74,607 |
Research and Development Agreements
The company has several ongoing research and development agreements with partners such as Amgen, Astellas, Bristol Myers Squibb, Regeneron, and Moderna. Each agreement includes provisions for milestone payments based on the achievement of specific development goals.
Deferred Revenue
As of September 30, 2024, CytomX reported deferred revenue of $129.6 million. This deferred revenue is primarily related to the following agreements:
- $11.3 million from the Amgen EGFR Products, expected to be recognized until 2027.
- $22.2 million from the Astellas Agreement, expected to be recognized until 2026.
- $63.9 million from the BMS Agreement, expected to be recognized through the second quarter of 2025.
- $14.2 million from the Moderna Agreement, expected to be recognized until 2027.
- $18.0 million from the Regeneron Agreement, expected to be recognized until 2026.
Operating Expenses
For the nine months ended September 30, 2024, the company incurred total operating expenses of $92.7 million, of which:
| Expense Type | Amount (in thousands) |
|---|---|
| Research and Development | $68,592 |
| General and Administrative | $24,102 |
Net Income
For the nine months ended September 30, 2024, CytomX reported a net income of $13.0 million, compared to a net loss of $1.4 million for the same period in 2023.
Capital Resources
As of September 30, 2024, CytomX had cash, cash equivalents, and short-term investments totaling $117.6 million. This is a decrease from $174.5 million as of December 31, 2023, reflecting the ongoing investment in research and development activities.
Stock Issuance
In April 2024, CytomX sold 2,270,608 shares of common stock at an average price of $2.20 per share, raising approximately $4.8 million after commissions. As of September 30, 2024, the company had $58.3 million remaining available for sale under its Open Market Sale Agreement.
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Resources:
- CytomX Therapeutics, Inc. (CTMX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of CytomX Therapeutics, Inc. (CTMX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View CytomX Therapeutics, Inc. (CTMX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.