CytomX Therapeutics Q1 2024 Financial Results and Business Update

CytomX Therapeutics, Inc. has announced significant progress in its therapeutic pipeline and financial results for the first quarter of 2024. The company, renowned for its innovative approach in the field of oncology, focuses on developing conditionally activated biologics to target cancer. The recent updates highlight advancements in various clinical trials and collaborations.

The company revealed promising initial Phase 1a dose escalation data for CX-904, a PROBODY T-cell engager (TCE) targeting EGFR and CD3 receptors in patients with solid tumors. This data includes a favorable safety profile and encouraging anti-cancer activity. As of April 16, 2024, CX-904 showed no cytokine release syndrome (CRS) in step-dosing cohorts and only Grade 1 CRS at the highest non-step dose. The most common treatment-related adverse events were mild and involved arthralgia, rash, and vomiting. Preliminary results indicate measurable tumor reductions in eight patients, including confirmed partial responses in pancreatic cancer patients. Dose escalation continues, and the company plans to provide an additional update by the end of 2024.

In April 2024, CytomX initiated a Phase 1 clinical study of CX-2051, an EpCAM-targeting PROBODY ADC, in patients with solid tumors. CX-2051 aims to leverage the high expression of EpCAM in various cancers, including colorectal and ovarian cancers. The first dose cohort has been cleared, and the study follows a Bayesian Optimal Interval (BOIN) design. Initial data from this study is expected in the first half of 2025.

Additionally, CytomX is advancing CX-801, a dually-masked PROBODY interferon-alpha 2b, into Phase 1 trials. The company has executed a clinical collaboration agreement with Merck to evaluate CX-801 in combination with KEYTRUDA (pembrolizumab). Interferon-alpha 2b has shown clinical activity in multiple cancer types but is limited by severe toxicities. CX-801 is designed to overcome these limitations and has the potential to be a cornerstone of combination therapy for various tumors. Phase 1 dose escalation is set to begin in Q2 2024, with initial data anticipated in 2025.

CytomX continues to make strides in its R&D partnerships, achieving milestones under its multi-target T-cell engager collaboration with Astellas. During Q1 2024, the company earned $10 million in milestones related to two PROBODY TCE programs.

The company's financial performance for the first quarter of 2024 showed total revenue of $41.5 million, up from $23.5 million in the same period in 2023. This increase was driven by higher work completion rates under existing agreements and the milestones earned from the Astellas collaboration. Research and development expenses slightly increased to $22.1 million, mainly due to activities related to CX-904 and CX-2051, while general and administrative expenses saw a minor decrease to $7.8 million.

Moving forward, CytomX has outlined several priorities for 2024, including continued dose escalation and optimization of CX-904, with a potential decision to initiate Phase 1b expansion cohorts by the end of the year. For CX-2051, the focus is on continued Phase 1 dose escalation with initial data expected in early 2025. The initiation of Phase 1 trials for CX-801 in combination with KEYTRUDA is anticipated by mid-2024, with preliminary data expected in 2025. The company is also progressing its collaborative efforts with major industry players like Amgen, Astellas, Bristol Myers Squibb, Regeneron, and Moderna.

CytomX's financial health remains robust, with cash, cash equivalents, and investments totaling $150.3 million as of March 31, 2024. This strong financial position supports the ongoing development and potential commercialization of its innovative therapies.