CytomX Therapeutics, Inc. (CTMX), a clinical-stage, oncology-focused biopharmaceutical company, announced that it has commenced an underwritten public offering of $250.0 million of shares and pre-funded warrants.
CytomX expects to use the net proceeds from this offering to continue the development of Varseta-M and other pipeline programs, and to allocate the remaining net proceeds to capital expenditures, working capital, and other general corporate purposes. Following the news, CTMX is down 2.22% at $6.60.
In addition, CytomX expects to grant the underwriters a 30-day option to purchase up to an additional $37.5 million of shares of common stock at the public offering price.
Jefferies, Piper Sandler, Cantor and Barclays are acting as joint bookrunning managers for the offering. Wedbush PacGrow is acting as co-manager for the offering.
The company is developing Varseta-M as a potential new treatment option for patients with late-line metastatic colorectal cancer, a population with limited therapeutic choices.
On Monday, the firm announced 2025 financial results and reported new positive clinical data for Varseta-M.
For 2025, the firm reported a net loss of $17.3 million, compared with net income of $31.8 million in 2024.
Total revenue slipped to $76.2 million from $138.1 million in the prior year.
CytomX ended 2025 with $137.1 million in cash, cash equivalents and investments, and projected cash runway into the second quarter of 2027.
CTMX has thus far hit a low of $0.40 and a high of $8.20. The stock closed Monday's trade at $6.75, up 44.23%.
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