CytomX Therapeutics, Inc. (CTMX)·Q1 2025 Earnings Summary

Executive Summary

• Q1 2025 delivered strong topline and profitability: Revenue $50.9M (+22.7% YoY) and diluted EPS $0.27 versus $41.5M and $0.17 in Q1 2024. Strength was driven by higher percentage-of-completion revenue in the BMS collaboration and accelerated Amgen revenue recognition following the decision not to further develop CX-904 .
• CytomX announced positive interim Phase 1 data for CX-2051 in late-line colorectal cancer with 28% confirmed ORR (5/18), 94% disease control rate, and preliminary median PFS of 5.8 months; importantly, no dose-limiting toxicities to date, supporting rapid advancement into expansions and Phase 2 planning in 1H 2026 .
• Cash, cash equivalents and investments were $79.9M at quarter-end, with runway guided into Q2 2026; restructuring-focused cost reductions implemented in Q1 to extend runway .
• The company priced a $100M underwritten offering on May 12, 2025, adding capital to support CX-2051 and broader pipeline execution; led by specialist healthcare investors .
• Versus Wall Street consensus (S&P Global), Q1 2025 was a beat: Revenue $50.9M vs $35.4M* and EPS $0.27 vs $0.176*; we expect upward estimate revisions on near-term collaboration revenue tracks, while noting Amgen-related revenue acceleration is non-recurring .

What Went Well and What Went Wrong

What Went Well

• CX-2051 clinical momentum and signal: 28% confirmed ORR (5/18) across 7.2/8.6/10 mg/kg Q3W expansion doses; 3/7 PRs (43%) at 10 mg/kg; DCR 94%; preliminary median PFS 5.8 months; no dose-limiting toxicities at data cutoff .
• Management conviction and positioning: “This is a transformational moment… CX-2051… positioned to rapidly advance towards later stage development” (CEO) . “We have shown today clinical proof of concept for EpCAM targeting TOPO I ADC” (CEO) .
• Financial execution: Q1 revenue and EPS up YoY, with cost actions and focused priorities extending cash runway into Q2 2026 .

What Went Wrong

• Collaboration mix and one-time items: Revenue included accelerated Amgen recognition linked to discontinuation of CX-904, which is not repeatable; OpEx also included $2.9M one-time restructuring expenses .
• Safety profile requires GI management: Grade 3 diarrhea (n=5), anemia (n=3), fatigue (n=1), hypokalemia (n=1), neutrophil count decrease (n=2), neutropenia (n=1); strategy to implement prophylactic loperamide to reduce severe diarrhea going forward .
• Cash down sequentially: Cash, cash equivalents and investments declined to $79.9M from $100.6M at year-end 2024 prior to the subsequent equity financing .

Financial Results

Quarterly trend (oldest → newest)

Values with an asterisk (*) were retrieved from S&P Global.

Q1 2025 vs prior year, prior quarter, and consensus

Values with an asterisk (*) were retrieved from S&P Global.

Operating metrics and KPIs

Segment breakdown: not applicable (collaboration revenue; no segment reporting) .

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “This is a transformational moment for CytomX… CX-2051… positioned to rapidly advance towards later stage development.” — Sean McCarthy, CEO .
• “We have shown today clinical proof of concept for EpCAM targeting TOPO I ADC… multibillion-dollar annual sales opportunity on a global basis, and that's in late-line CRC alone.” — Sean McCarthy, CEO .
• “CX-2051 has shown a favorable safety profile to date, including no dose-limiting toxicities… supportive of developing 2051 in earlier lines of therapy, including in combinations.” — Sean McCarthy, CEO .
• “Median PFS was 5.8 months… 10 of 18 efficacy-evaluable patients continue on 2051; AEs were manageable and reversible.” — Yu‑Waye Chu, CMO .

Q&A Highlights

• Development path: Company will engage regulators after expansion data; exploring fastest routes to market in late-line CRC and potential Phase 2/3 designs (including possible comparator arms) .
• Safety mitigation: Prophylactic loperamide to reduce grade 3 diarrhea, following experience in other ADCs; GI tox consistent with topo‑I payloads .
• Dose strategy: Expansions at 7.2/8.6/10 mg/kg; higher dose cohorts assessed; Project Optimus principles in mind; goal to define RP2D(s) from broad dose range .
• Patient selection: CRC program is unselected for EpCAM; high uniform EpCAM expression supports all-comers; other tumors may consider IHC selection .
• Data dissemination: Next major CX-2051 update planned Q1 2026 (~70 patients across expansion doses); venue TBD .

Estimates Context

• Q1 2025 consensus (S&P Global): Revenue $35.423M*, EPS $0.176*; Actuals: Revenue $50.917M, EPS $0.27, representing a clear beat on both metrics .
• Forward quarters: Street models imply smaller revenue cadence in upcoming quarters for CTMX’s collaboration revenue stream; we expect estimates to adjust upward modestly on BMS percentage-of-completion visibility, while amortizing the non-recurring Amgen acceleration .
  Values retrieved from S&P Global.

Key Takeaways for Investors

• CX-2051 delivered a high-quality signal in late-line CRC with 28% ORR and 94% DCR, de-risking the EpCAM target systemically and supporting expedited advancement toward registrational studies .
• Safety profile is favorable with no DLTs; GI tox appears payload-driven and manageable, with prophylaxis plans likely to further reduce Grade 3 diarrhea rates in expansions .
• Q1 revenue/EPS beat consensus meaningfully; however, note the contribution from non-recurring Amgen revenue acceleration tied to CX-904 discontinuation .
• Cash runway into Q2 2026 maintained; $100M financing strengthens balance sheet and supports execution of CX-2051 expansions and Phase 2 initiation .
• Near-term catalysts: Continued enrollment in CX-2051 dose expansions; CX-801 translational data in 2H 2025 and combination initiation with KEYTRUDA in 2025 .
• Medium-term thesis: If expansion data sustain ORR/DCR/PFS with manageable safety, CX-2051 has potential to become new standard in late-line CRC and expand to earlier lines and other EpCAM-expressing tumors .
• Watch for regulatory dialogue updates and trial design clarity (comparator arms, RP2D selection), which could be stock-moving as development path crystallizes .

Additional Press Releases (Q1 2025 timeframe)

• Preclinical masked IL‑12 data (Moderna collaboration) showing potent anti-tumor activity with enhanced tolerability; part of broader collaboration portfolio .
• 2025 strategic pipeline priorities reiterated; CX‑2051 as top strategic priority .

Appendix: Source Financials (Q1 2025)

• Revenue $50.9M; Net Income $23.5M; Diluted EPS $0.27; Operating Expenses $28.3M; Cash, equivalents & investments $79.9M .
• YoY drivers: BMS collaboration percentage-of-completion and Amgen revenue acceleration (CX‑904 discontinuation), partially offset by lower Astellas and Moderna revenue .

Values from S&P Global are marked with an asterisk and noted explicitly above.