**CytomX Therapeutics Reports Financial Results and Provides Business Update**
CytomX Therapeutics, Inc., a clinical-stage oncology-focused biopharmaceutical company, reported its financial results and provided a business update, detailing its performance and strategic initiatives. The company's revenue for the year ended December 31, 2025, was $76.2 million, a decrease of $61.9 million compared to $138.1 million in 2024. This decline was primarily attributed to reduced revenue under the Bristol Myers Squibb (BMS) and Astellas agreements, driven by the completion of performance obligations and changes in projected hours to completion, respectively. The Moderna agreement also saw a decrease due to a pause in programs related to Moderna's budget considerations. This was partially offset by the recognition of all remaining deferred revenue under the Amgen agreement resulting from Amgen terminating its license to the EGFR Product effective May 2025.
Research and development expenses totaled $68.7 million in 2025, compared to $83.4 million in 2024, a decrease of $14.7 million. This decrease was primarily due to reduced general research and development expenses as a result of the January 2025 restructuring, a reduction in CX-904 spend due to program deprioritization, and a one-time milestone payment of $5.0 million to ImmunoGen in the prior year. These decreases were partially offset by higher Varseta-M manufacturing and clinical spend, and one-time restructuring expenses of $1.7 million which were primarily included in internal costs. General and administrative expenses remained relatively flat at $29.8 million in 2025 compared to $29.7 million in 2024, with one-time restructuring expenses of $1.1 million offset by reduced personnel and legal/consulting expenses. The company reported a net loss of $17.4 million for 2025, compared to a net income of $31.9 million in 2024.
Operationally, CytomX continued to advance its clinical programs, including Varsetatug Masetecan (Varseta-M) and CX-801. In March 2026, the company announced positive interim results from the ongoing Phase 1 dose expansions for Varseta-M, with confirmed response rates of 20% and 32% at the 8.6 mg/kg and 10 mg/kg doses, respectively. The company plans to present additional Phase 1 Varseta-M data at a medical meeting in 2026 and aim to align with the FDA in 2026 on a potential registrational study designed for Varseta-M monotherapy in advanced late-line CRC. A Phase 1 study of Varseta-M in combination with bevacizumab has been initiated, with initial data expected in the first half of 2027. Phase 1 clinical data from the CX-801 and KEYTRUDA® combination dose escalation portion of the study are expected by the end of 2026.
As of December 31, 2025, CytomX had cash, cash equivalents, and short-term investments of $137.1 million. The company believes its existing capital resources will be sufficient to fund planned operations into the second quarter of 2027. In January 2025, CytomX implemented a restructuring plan, reducing its workforce by approximately 40% to prioritize key programs and extend its cash runway. In May 2025, the company completed an underwritten public offering, generating net proceeds of approximately $93.4 million. The company is currently assessing options to advance select targets previously covered under the Astellas collaboration as part of its ongoing research and development strategy.
About CytomX Therapeutics, Inc.
CytomX Therapeutics is a biopharmaceutical company specializing in developing novel, conditionally activated biologics for cancer treatment. Its PROBODY platform enables targeted therapies that activate within the tumor microenvironment, reducing systemic toxicity. The company focuses on antibody-drug conjugates, T-cell engagers, immunotherapies, and mRNA, collaborating with major pharma partners to address unmet oncology needs through innovative, localized biologic drugs.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.