REFILE-CytomX posts 2025 loss as revenue falls bigger-than-expected 45%

Overview

• US oncology biopharma's 2025 revenue fell about 45% and missed analyst expectations

• Company posted a net loss for 2025 as decline in operating expenses was not enough to offset drop in revenue

• Positive Phase 1 data for Varseta-M in colorectal cancer, FDA interactions targeted for 2026

Outlook

• CytomX aims to align with FDA in 2026 on potential Varseta-M registrational study design for CRC

• Company expects initial CX-801 and KEYTRUDA combination data in melanoma by end of 2026

• CytomX expects cash runway to last until second quarter of 2027

Result Drivers

• COLLABORATION REVENUE DECLINE - Revenue fell mainly due to completion of obligations in the Bristol Myers Squibb collaboration and lower estimated completion in Moderna, Astellas, and Regeneron collaborations

• COST CONTROL - Operating expenses declined after a January 2025 restructuring and reduced spending on CX-904, partially offset by higher manufacturing and clinical costs for Varseta-M

Company press release: ID:nGNX94mg7K

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for CytomX Therapeutics Inc is $10.00, about 113.7% above its March 13 closing price of $4.68

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