CytomX Therapeutics (CTMX) Q3 2026 earnings summary

Executive summary

• Varseta-M received FDA Fast Track designation for relapsed/refractory metastatic colorectal cancer; monotherapy data, dose selection and registrational strategy are expected in January 2027.

• Development priorities include a potential first Varseta-M registrational study in H1 2027, combination programs and CX-801; cash runway is projected into H2 2028.

Financial highlights

• Q3 2026 revenue was $1.688M vs. $5.963M in Q3 2025; the decline primarily reflected the Astellas collaboration ending in Q2 2026.

• Q3 operating expenses were $25.2M vs. $21.7M; R&D was $16.480M vs. $15.304M and G&A was $8.710M vs. $6.427M.

• Q3 operating loss was $23.502M vs. $15.768M; net loss was $19.998M vs. $14.229M, with loss per share of $0.09 in both periods.

• 9M revenue was $13.365M vs. $75.538M; operating loss was $66.955M vs. operating income of $5.568M, and net loss was $58.912M vs. net income of $9.142M.

• Cash, cash equivalents and investments totaled $348.0M at September 30, 2026; the balance included a $37.0M Regeneron target-selection payment received in July.

Outlook and guidance

• A potential Varseta-M monotherapy registrational study in mCRC is targeted for H1 2027; OS is expected to be the primary endpoint in a randomized study, with population and comparator under evaluation.

• January 2027 Varseta-M update is expected to include optimized-dose selection, PFS from optimization cohorts, first OS data from escalation and expansion, and registrational strategy.

• Initial Varseta-M/bevacizumab data are expected in H1 2027; a Phase 1/2 study with bevacizumab, 5-FU and leucovorin is planned to start by year-end 2026, with second-line patients in Phase II.

• Initial CX-801 melanoma Phase 1 data, including KEYTRUDA combination dose-escalation data, are expected in H1 2027.

• Existing resources are expected to fund operations into H2 2028; further capital will be needed, with timing and amount dependent on development progress and spending.