CytomX Therapeutics Q2 2024 Financial Results and Business Update

CytomX Therapeutics, Inc., a prominent player in the development of masked, conditionally activated biologics, has shared its financial outcomes for the second quarter of 2024 and offered a business update. Sean McCarthy, D.Phil., the company's CEO and Chairman, highlighted the promising results from the initial Phase 1a data of CX-904, which showcased potential anti-cancer activity. This development marks a significant milestone for CytomX's PROBODY therapeutic platform, especially for previously undruggable targets such as EGFR and CD3.

The clinical observations for CX-904 so far have warranted a focused patient enrollment in pancreatic cancer (PDAC), non-small cell lung cancer (NSCLC), and head and neck squamous cell carcinoma (HNSCC). McCarthy emphasized the company’s keen interest in generating more data in the latter half of 2024, in collaboration with their global partner Amgen.

In addition to CX-904, CytomX has made significant progress with other pipeline candidates. The Phase 1 dose escalation for CX-2051, targeting EpCAM, has reached its third dose level. The first patient for this study was dosed in April 2024, and the enrollment currently focuses on colorectal cancer (CRC). Initial data from this study is anticipated in the first half of 2025.

CX-801, another promising candidate, is undergoing a Phase 1 dose escalation study. The first clinical site for this study has been activated, aiming to evaluate the safety and clinical activity of CX-801 as monotherapy and in combination with KEYTRUDA®. This study includes patients with solid tumors such as melanoma, renal, and head and neck squamous cell carcinoma. CytomX expects to share initial data in the second half of 2025.

CytomX’s research and development efforts are supported by multiple partnerships with major biotechnology and pharmaceutical companies, including Amgen, Astellas, Bristol Myers Squibb, Moderna, and Regeneron. So far in 2024, the company has achieved $10 million in preclinical milestones from its collaboration with Astellas, relating to two PROBODY T-cell engager programs.

On the financial front, CytomX reported that as of June 30, 2024, the company’s cash, cash equivalents, and investments totaled $137.2 million, down from $150.3 million at the end of March 2024. This decrease is partly attributed to operational cash uses, including a $5 million milestone payment to AbbVie for the Phase 1 initiation of CX-2051. However, the quarter also saw cash inflows of $10 million from milestone payments under the Astellas collaboration and $4.8 million raised through the company’s At-the-market (ATM) facility.

Total revenue for the second quarter of 2024 was $25.1 million, compared to $24.7 million for the same period in 2023. The slight increase in revenue was primarily driven by more extensive research activities related to the Regeneron and Moderna collaborations. Research and development expenses rose by $4.5 million to $25.2 million, mainly due to the milestone payment related to CX-2051. General and administrative expenses also increased by $1 million, reaching $8.4 million, primarily due to higher consulting services, personnel costs, and intellectual property-related expenses.

CytomX has also seen leadership changes, with Chris Ogden being promoted to Chief Financial Officer. Ogden joined the company in August 2021 and has held various roles of increasing responsibility in finance, accounting, and investor relations. Before joining CytomX, he was with Eli Lilly and Company, where he held senior financial leadership positions.

As CytomX continues to advance its pipeline, the company remains committed to its mission of developing innovative, conditionally activated treatments for cancer. The upcoming months are set to be crucial as they aim to gather more clinical data and potentially make significant strides in their ongoing studies.