CytomX Therapeutics Q3 2024 Financial Results and Business Update

CytomX Therapeutics, Inc., a prominent company in the development of masked, conditionally activated biologics, has released its financial results for the third quarter of 2024 and provided significant updates on its business activities.

In the third quarter of 2024, CytomX continued to advance its clinical pipeline, making notable progress in several key areas. The Phase 1a dose escalation for CX-904, an EGFR-CD3 PROBODY® T-cell engager, is ongoing. Preliminary data from 35 patients were shared earlier this year, showcasing the drug's progress. The company has now moved past the 15 mg target dose level utilizing a step-dose schedule, focusing on pancreatic ductal adenocarcinoma, head and neck squamous cell carcinoma, and non-small cell lung cancer. The potential initiation of Phase 1b in 2025 is under consideration, pending the selection of an optimal dose and schedule and alignment with their global development partner, Amgen.

CytomX is also progressing with the Phase 1 study of CX-2051, an EpCAM-directed PROBODY® ADC aimed at treating advanced colorectal cancer (CRC). The study, initiated in Q2 2024, is currently in its fifth dose escalation cohort. The favorable safety and tolerability observed so far have encouraged the company to continue exploring higher dose levels. Preliminary data from this study are expected in the first half of 2025.

Furthermore, the Phase 1 study of CX-801, an interferon alpha-2b PROBODY® cytokine, has commenced. The first patient was dosed in Q3 2024, with the study focusing primarily on melanoma. This study aims to evaluate the safety and initial clinical activity of CX-801 as a monotherapy and in combination with KEYTRUDA®. Initial data is anticipated in the second half of 2025.

Financially, CytomX reported a total revenue of $33.4 million for the three months ending September 30, 2024, an increase from $26.4 million during the same period in 2023. This growth was attributed mainly to a higher percentage of completion of research activities related to their collaboration with Bristol Myers Squibb. Research and development expenses rose by $4.9 million to $21.4 million, driven by increased clinical and manufacturing activities for CX-2051 and clinical-related expenses for CX-904. General and administrative expenses also saw a rise of $1.1 million, reaching $8.0 million, primarily due to higher professional services expenses supporting intellectual property and internal controls.

As of September 30, 2024, CytomX’s cash, cash equivalents, and investments totaled $117.6 million, a decrease from $137.2 million as of June 30, 2024. Nevertheless, the company remains confident that its current capital resources will be sufficient to fund operations until the end of 2025, excluding the impact of potential milestones from existing collaborations.

CytomX's CEO and Chairman, Sean McCarthy, expressed optimism about the advancements made within the company's clinical pipeline, particularly the progress in the ongoing Phase 1a evaluation of CX-904 and the early enrollment success for the Phase 1 study of CX-2051. He highlighted the importance of these advancements in exploring optimal doses and schedules for future clinical trials. Dr. McCarthy also emphasized the company's dedication to addressing unmet medical needs through their innovative PROBODY® therapeutic platform.

Additionally, CytomX management held a conference call today to discuss these financial results and provide further business updates. The call was made accessible via webcast, with an archived replay available on the company's website.

CytomX Therapeutics continues to develop novel conditionally activated, masked biologics designed for localization to the tumor microenvironment. Through their PROBODY® therapeutic platform, the company aims to create safer, more effective cancer treatments. CytomX's pipeline includes various therapeutic candidates across multiple treatment modalities, such as antibody-drug conjugates, T-cell engagers, and immune modulators like cytokines. Their clinical-stage pipeline includes CX-904, CX-2051, and CX-801, each targeting different mechanisms and cancer types, demonstrating the company's commitment to advancing cancer treatment.