Shares of CytomX Therapeutics (CTMX), a clinical-stage, oncology-focused biopharmaceutical company, surged 13% in the after-hours trading, following its 2024 financial results and pipeline update.
The company's clinical-stage pipeline includes CX-2051 and CX-801.
CX-2051, the lead drug candidate, is an EpCAM-targeting ADC, which is currently in a Phase 1a study. The drug is designed to address the high unmet need in colorectal cancer or CRC, a condition where EpCAM is expressed in over 90 percent of cases.
The initial Phase 1a data for CX-2051 is expected in the first half of 2025.
Next up is CX-801, which is designed to be evaluated as monotherapy and in combination with Merck's KEYTRUDA in patients with advanced metastatic solid tumors including melanoma, renal cell carcinoma and head and neck squamous cell carcinoma.
A Phase 1 dose escalation trial of CX-801 in metastatic melanoma is ongoing, with the goal of initiating combination therapy with CX-801 and KEYTRUDA in 2025.
The company expects to report initial Phase 1a translational and biomarker data of CX-801 in advanced melanoma in the second half of 2025.
Key Takeaways from 2024:
The company's total revenue for 2024 was $138.1 million, up from $101.2 million in 2023, driven by collaborations with Bristol Myers Squibb, Moderna, Astellas, and Regeneron.
Net income for 2024 was approximately $31.87 million, or $0.38 per share, compared to a net loss of $0.57 million or $0.01 per share in 2023.
Research and development expenses increased to $83.4 million compared to the revenue of $77.7 million in 2023, mainly due to a $5.0 million milestone payment to AbbVie for the first patient dosing in the CX-2051 Phase 1 study.
General and administrative expenses were essentially flat in 2024 compared to 2023, decreasing by $0.3 million to $29.7 million for the year ended December 31, 2024.
CytomX made strategic cost reductions by reducing its workforce by 40 percent in January 2025 to focus capital resources on CX-2051 and streamline its operations.
As of December 31, 2024, cash, cash equivalents and investments totaled $100.6 million.
CTMX closed Thursday's (Mar. 06, 2025) trading at $0.61, up 0.34 percent. In after hours, the stock was up by 13.38% at $0.69 on the Nasdaq.
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