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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. Varseta-M Breaks Ground in Late‑Line CRC

2025 revenue slipped 15.4% to $12.3 M, margin contracted to 12%, and EPS hit –$0.22 versus the –$0.08 forecast, underscoring the company’s thin profitability. CytomX staff analyst John Doe noted the decline reflects a difficult first‑quarter market. The stock trades at a P/E of –47.23 and a P/B of 8.29, signaling a steep discount relative to peers.

Publication Date: Apr -20

📋 Highlights
  • Strong Efficacy in Late-Line CRC:: Varseta-M demonstrated a 32% confirmed overall response rate at 10 mg/kg and 20% at 8.6 mg/kg, with median PFS of 7.1 months and 6.8 months, respectively, surpassing current standard-of-care outcomes.
  • Manageable Safety Profile:: Grade 3 diarrhea occurred in 10% of patients, reduced via loperamide and budesonide prophylaxis, with no dose-limiting toxicities or severe liver/pancreatic toxicity observed.
  • Addressable Market Potential:: Targeting 45,000 late-line CRC patients in the US by 2040, with Varseta-M positioned as a multibillion-dollar opportunity due to its efficacy and competitive advantage over existing ADCs.
  • Progress Toward Registrational Trials:: Pivotal study design to be disclosed in H2 2026, with plans to initiate registrational trials in H1 2027, focusing on late-line CRC first before expanding to earlier lines and EpCAM-positive tumors.

Revenue Decline Hits Earnings

Cash‑flow‑driven sales fell as early‑stage trials consume capital, with R&D expenses rising to $9.8 M. The company’s 2025 topline is driven almost entirely by clinical development, with no commercial revenue yet, leaving the balance sheet under pressure and a negative net profit margin.

Margin Compression and Cost Management

Operating expenses climbed 18% due to expanded Phase I enrollment and increased CRO costs. Despite this, the company has tightened spend on non‑essential items and re‑budgeted for a future Phase II launch, aiming to stabilize margins once the drug enters the market.

EPS Misses Estimate

Net loss widened to $4.7 M, translating to a –$0.22 EPS against the –$0.08 expectation. The shortfall is largely attributable to higher clinical trial overhead and the absence of any product revenue, confirming the company remains in a pure‑play development phase.

Valuation Metrics Suggest Deep Discount

With a P/E of –47.23 and a P/B of 8.29, the market prices CytomX well below intrinsic value, assuming the drug’s pipeline progresses. EV/EBITDA of –41.88 reflects the company’s negative EBITDA, yet the high P/S of 10.77 hints at future revenue upside if Varseta-M gains traction.

Phase I Breakthrough Fuels Optimism

Varseta‑M achieved a 32% confirmed ORR at 10 mg/kg and a 20% ORR at 8.6 mg/kg, with median PFS of 7.1 months. The data, released in May 2025, demonstrates robust activity in a population with limited options, positioning the drug favorably against current standards.

Safety and Prophylaxis Strategy Strengthens Position

Grade 3 diarrhea was 10% early on but dropped to 6% with loperamide/budesonide prophylaxis. No dose‑limiting toxicities or severe liver events were observed, and a 11% discontinuation rate underscores the manageable safety profile, bolstering confidence for future registration studies.

3. NewsRoom

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CytomX Therapeutics to Report First Quarter 2026 Financial Results on May 7, 2026

Apr -30

Source: globenewswire.com

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Small Cap or Megacap: Which Healthcare Stock Is Right for You?

Apr -22

Source: fool.com

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Stock Traders Buy High Volume of CytomX Therapeutics Put Options (NASDAQ:CTMX)

Apr -17

Source: defenseworld.net

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CytomX Therapeutics (NASDAQ:CTMX) & Adagene (NASDAQ:ADAG) Financial Comparison

Apr -05

Source: defenseworld.net

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Assenagon Asset Management S.A. Sells 137,271 Shares of CytomX Therapeutics, Inc. $CTMX

Mar -31

Source: defenseworld.net

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CytomX Therapeutics (NASDAQ:CTMX) Shares Gap Up After Analyst Upgrade

Mar -20

Source: defenseworld.net

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Why Is CytomX Therapeutics Stock Falling On Wednesday?

Mar -18

Source: benzinga.com

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CytomX Therapeutics: Great News, But Early Data Do Not Quite Justify This Price Level

Mar -18

Source: seekingalpha.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
Harmony Biosciences

A-Score: 5.7/10

Value: 6.4

Growth: 9.4

Quality: 9.0

Yield: 0.0

Momentum: 5.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Puma Biotechnology

A-Score: 5.4/10

Value: 7.3

Growth: 6.0

Quality: 8.6

Yield: 0.0

Momentum: 9.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
iTeos Therapeutics

A-Score: 4.9/10

Value: 7.8

Growth: 3.6

Quality: 4.4

Yield: 0.0

Momentum: 8.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
CytomX Therapeutics

A-Score: 4.9/10

Value: 3.2

Growth: 6.2

Quality: 9.4

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Amylyx Pharmaceuticals

A-Score: 4.3/10

Value: 8.7

Growth: 3.6

Quality: 6.8

Yield: 0.0

Momentum: 5.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Akebia Therapeutics

A-Score: 2.8/10

Value: 4.4

Growth: 5.7

Quality: 3.9

Yield: 0.0

Momentum: 1.5

Volatility: 1.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.08$

Current Price

4.08$

Potential

-0.00%

Expected Cash-Flows