CytomX Therapeutics, Inc.(CTMX), a clinical-stage, oncology-focused biopharmaceutical company, announced the pricing of a public offering of 45.99 million shares at a price to the public of $5.30 per share and pre-funded warrants to purchase 1.18 million shares. The gross proceeds of the offering are expected to be $250 million.
Following the news, CTMX is up 3.30% at $5.63 in the overnight trade.
CytomX intends to use the net proceeds for the continued development of Varseta-M and other pipeline programs and expects to use any remaining net proceeds from this offering for capital expenditures, working capital and other general corporate purposes.
In addition, CytomX granted the underwriters a 30-day option to purchase up to an additional 7.08 million shares at the public offering price, less underwriting discounts and commissions.
The offering is expected to close on March 19, 2026, and all of the shares of common stock and pre-funded warrants are being sold by CytomX.
Jefferies, Piper Sandler, Cantor and Barclays are acting as joint bookrunning managers 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.
Earlier this Monday, the firm announced full-year 2025 financial results and reported new positive clinical data for Varseta-M.
For 2025, the firm reported a net loss of $17.37 million, or $0.15 per share, compared with net income of $31.87 million, or $0.38 per share, in the prior year.
Total revenue slipped to $76.20 million from $138.10 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 $8.21. The stock closed Tuesday's trade at $5.45, down 19.26%.
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