CytomX Therapeutics (CTMX) Q2 2026 earnings summary

Executive summary

• Varseta-M, an EpCAM-targeting ADC, is advancing in metastatic colorectal and other GI cancers with a broad development program, including monotherapy, combination studies, and expansion into additional GI indications.

• CX-801, a masked interferon alfa-2b, is progressing in phase I for checkpoint refractory melanoma, both as monotherapy and in combination with KEYTRUDA.

• Expanded Regeneron collaboration in June 2026, securing $37M upfront for two new programs and options for up to six more, with total potential milestones up to $4B.

• Strengthened board and executive leadership with key appointments to support growth.

• Completed $234.2M equity offering in March 2026, extending cash runway into the second half of 2028.

Financial highlights

• Cash, cash equivalents, and investments totaled $330.3M as of June 30, 2026, not including a $37M payment received in July.

• Q2 2026 revenue was $1.4M, down from $18.7M in Q2 2025, due to the end of major collaborations.

• Net loss for Q2 2026 was $20.7M (EPS: $(0.09)), compared to a net loss of $0.2M in Q2 2025.

• Operating expenses rose to $25.2M from $19.9M year-over-year, with R&D expenses up $4.3M to $17.6M, mainly for Varseta-M manufacturing and personnel.

• G&A expenses increased by $1M to $7.6M, driven by higher consulting and rent costs.

Outlook and guidance

• Cash runway projected to at least the second half of 2028, supporting advancement of Varseta-M into registrational studies and broader development.

• Phase I data update for Varseta-M expected by year-end 2026, with registrational study initiation targeted for H1 2027.

• Initial clinical data from combination studies anticipated in H1 2027.

• Expansion into additional GI indications with new Phase 1 cohorts starting in Q3 2026.

• Further updates on CX-801 in melanoma expected in H1 2027.