CytomX Therapeutics Reports 80% Revenue Decline in Q1 2026

CytomX Therapeutics, Inc. reported a significant decline in revenue for the first quarter of 2026, generating $10.3 million compared to $50.9 million in the same period of 2025. This 80% decrease was primarily attributed to the completion of performance obligations under collaboration agreements, particularly with Bristol Myers Squibb and Amgen, which resulted in the recognition of all remaining deferred revenue. The company also noted a $5 million milestone payment from Astellas that was not received in the current quarter, further impacting revenue figures.

Operating expenses for the quarter increased to $29.9 million from $28.3 million year-over-year, driven by higher research and development costs associated with the ongoing clinical trials for its lead product candidates, Varseta-M and CX-801. Research and development expenses rose slightly to $19.2 million, reflecting increased external costs for Varseta-M, while general and administrative expenses also saw an uptick due to higher consulting and stock-based compensation costs. The net loss attributable to common stockholders for the quarter was $18.2 million, compared to a net income of $23.5 million in the prior year, reflecting the impact of reduced revenues and increased expenses.

CytomX's financial position improved with cash, cash equivalents, and short-term investments totaling $346.7 million as of March 31, 2026, up from $137.1 million at the end of 2025. This increase was largely due to a successful underwritten public offering in March 2026, which raised approximately $234.2 million. The company anticipates that its existing capital resources will be sufficient to fund operations into at least the second half of 2028, although it may need to raise additional funds to support ongoing development efforts.

Strategically, CytomX is focusing on advancing its clinical pipeline, particularly Varseta-M, which is currently in Phase 1 trials targeting colorectal cancer. The company plans to initiate a combination study with bevacizumab and expand its development efforts into other solid tumors expressing EpCAM. However, the company faces challenges, including the need for successful patient enrollment in clinical trials and the potential for regulatory hurdles. The ongoing development of its PROBODY platform and the successful commercialization of its product candidates remain critical to its long-term success.

Looking ahead, CytomX remains optimistic about its product candidates and their potential to address significant unmet needs in oncology. However, the company acknowledges the inherent risks associated with clinical development, including the possibility of delays, increased costs, and the need for additional funding. The management's focus will be on navigating these challenges while continuing to build its pipeline and enhance its operational capabilities.