CytomX Therapeutics (CTMX) Q4 2025 earnings summary

Executive summary

• Positive Phase I data for Varseta-M in late-line colorectal cancer (CRC) demonstrated strong antitumor activity, confirmed ORR of 32% at 10 mg/kg and 20% at 8.6 mg/kg, and a manageable safety profile, supporting advancement toward registrational studies and FDA discussions in 2026.

• Varseta-M is a first-in-class EpCAM-targeting ADC designed to overcome toxicity challenges of prior EpCAM-targeted therapies, with safety optimization strategies reducing gastrointestinal toxicity.

• The program is advancing rapidly with plans to expand into earlier CRC lines and other EpCAM-positive tumors, and multiple clinical milestones and FDA interactions are planned for 2026.

• CX-801 (PROBODY Interferon alpha-2b) Phase 1 is progressing in advanced melanoma, with initial combination data with KEYTRUDA® expected by end of 2026.

• Research collaborations are ongoing with Bristol Myers Squibb, Amgen, Regeneron, and Moderna, while the Astellas collaboration was terminated in Q2 2026.

Financial highlights

• Cash, cash equivalents, and investments totaled $137.1 million as of December 31, 2025, up from $100.6 million at year-end 2024.

• Total revenue for 2025 was $76.2 million, down from $138.1 million in 2024, primarily due to completion of obligations with Bristol Myers Squibb and lower collaboration revenue.

• Operating expenses decreased to $98.6 million in 2025 from $113.1 million in 2024, reflecting cost control and restructuring.

• The program targets a large and growing mCRC patient population, with U.S. incidence projected to exceed 170,000 annually by 2040.

• Varseta-M is positioned as a first-in-class ADC for EpCAM+ CRC, with potential expansion into additional indications covering over 350,000 U.S. patients.

Outlook and guidance

• Registrational studies for Varseta-M are planned to start in H1 2027, with additional phase I and combination data expected in H2 2026.

• Multiple clinical milestones are anticipated over the next 12–18 months, including additional Phase 1 data, initiation of combination studies, and potential start of registrational trials.

• Cash runway is expected to last through the second quarter of 2027.

• Initial proof-of-concept data for CX-801 in combination with KEYTRUDA® is anticipated by end of 2026.