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1. Company Snapshot

1.a. Company Description

CytomX Therapeutics, Inc.operates as an oncology-focused biopharmaceutical company in the United States.The company develops antibody therapeutics based on its Probody technology platform for the treatment of cancer.


The company's product candidates include CX-2009, an antibody drug conjugates (ADC) against CD166, which is in Phase II clinical trials for the treatment of breast cancer; CX-2029 that is in Phase II clinical trials for the treatment of squamous non-small cell lung cancer, head and neck squamous cell carcinoma, esophageal and gastro-esophageal junction cancers, and diffuse large B-cell lymphoma; BMS-986249, a CTLA-4 Probody therapeutic drug, which is in Phase I/II clinical trials for the treatment of metastatic melanoma; and BMS-986288, an anti-CTLA-4 Probody drug, which is in Phase I clinical trials for the treatment of solid tumors.It also develops CX-2043, a conditionally activated ADC targeting the epithelial cell adhesion molecule, as well as CX-904, a conditionally activated epidermal growth factor receptor for the treatment of solid tumor.The company has strategic collaborations with AbbVie Ireland Unlimited Company, Amgen, Inc., Bristol-Myers Squibb Company, ImmunoGen, Inc., Pfizer Inc., and Astellas Pharma Inc.


to develop Probody therapeutics.CytomX Therapeutics, Inc.was founded in 2008 and is headquartered in South San Francisco, California.

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1.b. Last Insights on CTMX

CytomX Therapeutics' recent performance was driven by a string of positive developments. The company's Q1 earnings and revenue estimates were exceeded, with quarterly earnings of $0.27 per share, surpassing the Zacks Consensus Estimate of $0.18 per share. Additionally, the company announced positive interim data from its ongoing Phase 1 dose escalation study of EpCAM antibody drug conjugate (CX-2051) in patients with advanced colorectal cancer. This promising clinical data has contributed to the company's financial position, with a $100 million underwritten offering of common stock priced at $1.30 per share, expected to close on May 13, 2025.

1.c. Company Highlights

2. CytomX Therapeutics: A Deep Dive into Q3 2025 Earnings

CytomX Therapeutics reported a loss per share of -$0.09, missing analyst estimates of -$0.04. The company's cash, cash equivalents, and investments stood at $143.6 million as of September 30, 2025, providing a runway to at least the second quarter of 2027. Revenue growth is expected to be negative at -63.0% next year, indicating a challenging financial landscape.

Publication Date: Nov -21

📋 Highlights
  • CX-2051 Phase I Data: Demonstrated 5.8-month median progression-free survival and objective responses in nearly all patients with late-stage colorectal cancer, many with 4+ prior therapies.
  • Cash Position: Ended Q3 2025 with $143.6M in cash, projecting sufficient funds to support operations through Q2 2027.
  • Phase I Expansion: Aiming to enroll ~100 patients by Q1 2026, with a planned data update in early 2026 to guide dose selection and regulatory strategy.
  • Combination Strategy: Launching a Phase Ib study with bevacizumab in Q1 2026 to explore enhanced efficacy in later-line colorectal cancer settings.

Financial Performance

The company's financials are characterized by significant research and development expenses, which is typical for a biotech firm in the clinical development stage. With a P/S Ratio of 5.62, the market is pricing in significant growth expectations, despite the anticipated decline in revenue next year. The EV/EBITDA ratio of 25.01 also suggests that investors are expecting substantial future growth.

Clinical Development Progress

CytomX's lead candidate, CX-2051, has shown promising interim Phase I data in colorectal cancer, with robust clinical activity and potential for improved progression-free survival. As the company continues to enroll patients in the expansion phase of the study, it is working to better characterize and manage gastrointestinal adverse events. The CEO mentioned that "we continue to see high demand for 2051 in Q4, and we believe it's essential to continue enrolling patients and gaining experience with the drug to work towards dose selection for future stages of development."

Pipeline and Future Plans

The company is also exploring the potential of CX-2051 in combination with bevacizumab, with plans to initiate a Phase Ib study in the first quarter of 2026. Additionally, CytomX is introducing new programs, including CX-908, a masked T-cell Engager targeting CDH3. With a strong pipeline and ongoing collaborations, the company is well-positioned to drive future growth.

Valuation and Outlook

Given the current valuation metrics, including a P/E Ratio of 22.2 and P/B Ratio of 5.79, it appears that the market is pricing in significant future growth for CytomX Therapeutics. However, with the anticipated decline in revenue next year, investors will be closely watching the company's progress in its clinical development programs, particularly CX-2051. The company's cash position and runway provide a sufficient buffer to achieve key milestones, but the path to profitability remains uncertain.

3. NewsRoom

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CytomX Therapeutics, Inc. (NASDAQ:CTMX) Receives Consensus Rating of “Moderate Buy” from Brokerages

Dec -01

Source: defenseworld.net

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CytomX Therapeutics to Present at Upcoming December Investor Conferences

Nov -25

Source: globenewswire.com

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CytomX Therapeutics: Leaning Into The Hype, But What's Next?

Nov -18

Source: seekingalpha.com

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CytomX Therapeutics to Present at the Jefferies London Healthcare Conference

Nov -13

Source: globenewswire.com

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Targeting Adhesion Molecules With ADC's: The Bet Of CytomX

Nov -11

Source: seekingalpha.com

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CytomX Therapeutics, Inc. (CTMX) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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CytomX Therapeutics (CTMX) Reports Q3 Loss, Lags Revenue Estimates

Nov -07

Source: zacks.com

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CytomX Therapeutics Announces Third Quarter 2025 Financial Results and Provides Business Update

Nov -06

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.30%)

6. Segments

Probody Therapeutics

Expected Growth: 11.3%

Probody Therapeutics' 11.3% growth is driven by increasing adoption in oncology and inflammation, leveraging CytomX's proprietary Probody platform. Strong partnerships, expanding pipeline, and promising clinical trials contribute to growth. Additionally, the rising demand for targeted therapies and increasing investment in R&D fuel the segment's expansion.

7. Detailed Products

Probody Therapeutics

A platform that utilizes masked antibodies to target cancer cells, reducing toxicity and improving efficacy.

CD3 Probody Therapeutics

A subset of Probody Therapeutics that targets CD3, a protein expressed on T cells, to redirect T cell-mediated killing of cancer cells.

TCR-Mimic Bispecifics

A type of bispecific antibody that mimics the activity of T cell receptors (TCRs) to target cancer cells.

Probody Drug Conjugates

A platform that utilizes Probody technology to deliver cytotoxic payloads directly to cancer cells.

8. CytomX Therapeutics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

CytomX Therapeutics, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the ongoing research and development in the biotechnology industry.

Bargaining Power Of Customers

CytomX Therapeutics, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are highly specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

CytomX Therapeutics, Inc. relies on a few key suppliers for raw materials and equipment, which gives these suppliers some bargaining power. However, the company's strong relationships with its suppliers and its ability to negotiate contracts mitigate this risk.

Threat Of New Entrants

The biotechnology industry has high barriers to entry, including significant capital requirements, complex regulatory requirements, and the need for specialized expertise. These barriers make it difficult for new entrants to compete with established companies like CytomX Therapeutics, Inc.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established companies competing for market share. CytomX Therapeutics, Inc. faces intense competition from companies with similar products and technologies, which can lead to pricing pressure and reduced market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight -41.75%
Debt Cost 3.95%
Equity Weight 141.75%
Equity Cost 9.37%
WACC 11.64%
Leverage -29.45%

11. Quality Control: CytomX Therapeutics, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Puma Biotechnology

A-Score: 5.6/10

Value: 7.4

Growth: 6.1

Quality: 8.7

Yield: 0.0

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
CytomX Therapeutics

A-Score: 5.3/10

Value: 5.7

Growth: 6.2

Quality: 9.8

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Harmony Biosciences

A-Score: 5.2/10

Value: 7.0

Growth: 9.4

Quality: 9.0

Yield: 0.0

Momentum: 1.5

Volatility: 4.3

1-Year Total Return ->

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iTeos Therapeutics

A-Score: 4.6/10

Value: 7.8

Growth: 3.6

Quality: 6.2

Yield: 0.0

Momentum: 6.0

Volatility: 4.3

1-Year Total Return ->

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Akebia Therapeutics

A-Score: 4.6/10

Value: 4.8

Growth: 5.8

Quality: 5.8

Yield: 0.0

Momentum: 10.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Amylyx Pharmaceuticals

A-Score: 4.3/10

Value: 8.2

Growth: 3.6

Quality: 7.2

Yield: 0.0

Momentum: 5.0

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.97$

Current Price

3.98$

Potential

-0.00%

Expected Cash-Flows