CytomX Therapeutics, Inc. reported a significant increase in revenue for the first quarter of 2025, generating $50.9 million compared to $41.5 million in the same period of 2024, marking a 22% rise. The company achieved a net income of $23.5 million, up from $13.8 million year-over-year, resulting in a basic and diluted net income per share of $0.27, compared to $0.17 in the prior year. This financial performance reflects a strategic shift in revenue sources, particularly from collaborations with Bristol Myers Squibb and Amgen, which contributed $30.4 million and $9.5 million, respectively, to the total revenue.
In terms of operational changes, CytomX implemented a restructuring plan in January 2025, which led to a 40% reduction in workforce aimed at streamlining operations and prioritizing capital allocation. This restructuring resulted in approximately $3 million in charges, primarily related to severance payments. The company also reported a decrease in research and development expenses to $18.9 million from $22.1 million, attributed to reduced preclinical activities and a focus on advancing clinical trials for its lead product candidates, CX-2051 and CX-801.
CytomX's total assets decreased to $98.5 million as of March 31, 2025, down from $120.5 million at the end of 2024, largely due to a reduction in deferred revenue and cash reserves. The company’s accumulated deficit improved to $668.1 million from $691.6 million, indicating a narrowing of losses. The cash, cash equivalents, and short-term investments stood at $79.9 million, which the company expects will fund operations into the second quarter of 2026, although it will need to secure additional capital to sustain operations beyond that period.
Looking ahead, CytomX is focused on advancing its clinical programs, particularly CX-2051, which targets epithelial cell adhesion molecule (EpCAM) and is currently in Phase 1 trials. The company plans to initiate a Phase 2 study in colorectal cancer in the first half of 2026, contingent on the outcomes of ongoing trials. Additionally, the company is evaluating future financing opportunities to bolster its liquidity and support its research and development efforts, while navigating the complexities of the biopharmaceutical landscape, including regulatory challenges and market competition.
About CytomX Therapeutics, Inc.
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