CytomX Therapeutics Reports Q2 2025 Financial Results, Revenue Declines 25.7%

CytomX Therapeutics, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $18.7 million, a decrease of 25.7% from $25.1 million in the same period last year. For the first half of 2025, the company generated $69.6 million in revenue, slightly up from $66.6 million in the first half of 2024. The decline in quarterly revenue was attributed primarily to reduced contributions from collaboration agreements, particularly with Bristol Myers Squibb and Amgen, which saw a significant drop due to the termination of the EGFR product license. The company also recognized a cumulative adjustment of $8.4 million related to this termination.

Operating expenses for the second quarter totaled $19.9 million, down from $33.6 million in the prior year, reflecting a strategic restructuring that reduced research and development costs significantly. The company reported a loss from operations of $1.3 million for the quarter, an improvement compared to a loss of $8.5 million in Q2 2024. Net income for the second quarter was a loss of $154,000, compared to a loss of $6.5 million in the same quarter last year. For the first half of 2025, CytomX reported a net income of $23.4 million, a substantial increase from $7.3 million in the first half of 2024, largely due to the recognition of deferred revenue.

CytomX has been actively restructuring its operations, resulting in a workforce reduction of approximately 40% to streamline its focus on key product candidates, particularly CX-2051 and CX-801. The restructuring plan, which was substantially completed in the first quarter of 2025, incurred total charges of approximately $3 million. The company is also advancing its clinical pipeline, with CX-2051 currently in Phase 1 trials for colorectal cancer, and CX-801 in early-stage trials for advanced melanoma. The company expects to provide further updates on these trials in 2026.

As of June 30, 2025, CytomX reported cash, cash equivalents, and short-term investments totaling $158.1 million, an increase from $100.6 million at the end of 2024. The company completed a public offering in May 2025, raising approximately $93.4 million in net proceeds. This capital is expected to support ongoing clinical trials and operational needs through at least the second quarter of 2027. However, the company cautioned that future operating results may necessitate adjustments to planned expenditures, and additional capital may be required to fund operations beyond this period.

Looking ahead, CytomX remains focused on advancing its clinical programs and optimizing its product pipeline. The company is committed to leveraging its PROBODY technology platform to develop innovative cancer therapies while navigating the complexities of regulatory approvals and market conditions. The management emphasized the importance of strategic partnerships and collaborations to enhance its research capabilities and expand its market presence in the oncology sector.