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CytomX Therapeutics, Inc. (CTMX)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 delivered strong top-line and profitability on partner revenue recognition: implied revenue $38.09M and net income $18.88M, capping FY24 at $138.1M revenue and $31.9M net income as collaboration progress (BMS, Moderna, Astellas, Regeneron) drove outperformance vs 2023 .
  • Strategic refocus extended cash runway into Q2 2026 driven by a ~40% headcount reduction and tighter capital allocation to CX‑2051 and CX‑801; cash, cash equivalents and investments ended 2024 at $100.6M .
  • Pipeline mix shifted: CX‑2051 (EpCAM Topo‑1 ADC) advanced to the 7th dose level with 1H25 initial data guide reiterated; CytomX and Amgen agreed to discontinue CX‑904 based on observations and priorities, concentrating discovery-stage TCE work within partnerships .
  • Consensus estimates: S&P Global data were unavailable at time of analysis; beat/miss assessments vs Street cannot be determined today (S&P Global access limit).

What Went Well and What Went Wrong

  • What Went Well

    • CX‑2051 progressed through dose escalation to levels “predicted to be biologically active,” with initial Phase 1a CRC data expected in 1H25; mgmt emphasized favorable tolerability to date and confidence that unmasked ADCs could not reach current doses .
    • Financial execution: FY24 revenue grew to $138.1M (vs. $101.2M in 2023) and FY net income reached $31.9M, reflecting higher completion percentages under BMS, Moderna, Astellas, and Regeneron collaborations .
    • Cost discipline and runway: restructuring plus focus on lead programs extend cash runway into Q2 2026; YE24 cash/investments $100.6M .

  • What Went Wrong

    • CX‑904 discontinued: based on clinical observations and partner prioritization, Amgen and CytomX elected not to continue development, reducing nearer-term optionality in the TCE franchise .
    • Operating costs for 2024 increased by $5.4M YoY to $113.1M, driven primarily by a $5M AbbVie milestone for CX‑2051 first-patient dosing .
    • Estimates benchmarking unavailable: S&P Global consensus for Q4 could not be retrieved due to data access limits today; beat/miss vs Street not determinable in this report (S&P Global access limit).

Financial Results

Quarterly P&L (USD Millions, except per-share). Periods ordered oldest → newest.

MetricQ2 2024Q3 2024Q4 2024 (implied from filings)
Revenue$25.12 $33.43 $38.09 (=$138.10 FY − $100.01 9M)
Total Operating Expenses$33.57 $29.32 $20.41 (=$113.11 FY − $92.69 9M)
Income (Loss) from Operations$(8.45) $4.11 $17.68 (=$24.99 FY − $7.32 9M)
Interest Income$1.97 $1.69 $1.28 (=$7.14 FY − $5.86 9M)
Other Income (Expense), net$(0.00) $(0.01) $(0.02) (=$(0.04) FY − $(0.02) 9M)
Income Before Taxes$(6.48) $5.80 $18.94 (=$32.09 FY − $13.16 9M)
Provision for Income Taxes$0.05 $0.06 $0.06 (=$0.22 FY − $0.16 9M)
Net Income (Loss)$(6.53) $5.74 $18.88 (=$31.87 FY − $12.99 9M)
Diluted EPS$(0.08) $0.07 ~$0.23 (≈ $0.38 FY − $0.15 9M)

Notes: Q4 figures are derived from FY24 and 9M24 reported totals (company filings). Q4 diluted EPS is an implied figure by difference between FY and 9M diluted EPS from company disclosures .

Operating Expense Mix (USD Millions)

MetricQ2 2024Q3 2024Q4 2024 (implied)
R&D Expense$25.17 $21.37 $14.79 (=$83.38 FY − $68.59 9M)
G&A Expense$8.40 $7.95 $5.62 (=$29.73 FY − $24.10 9M)

Liquidity

MetricQ2 2024 (6/30)Q3 2024 (9/30)FY 2024 (12/31)
Cash, Cash Equivalents & Investments$137.2 $117.6 $100.6

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCompany-level“Fund operations to end of 2025” (as of Q3’24) “Cash runway into Q2 2026” (post-Jan restructuring) Raised/Extended
Organizational Structure2025Not previously guided~40% headcount reduction to focus on CX‑2051/CX‑801 New restructuring
CX‑2051 Data Timing1H 2025Initial Phase 1a data in 1H 2025 Initial Phase 1a data in 1H 2025 (unchanged) Maintained
CX‑801 Data Timing2H 2025Initial Phase 1a translational/biomarker data 2H 2025 Initial Phase 1a translational data 2H 2025; KEYTRUDA combo initiation expected in 2025 Maintained/clarified
CX‑904 Program Status2025Potential Phase 1b initiation in 2025 pending dose optimization and partner alignment Discontinued by joint decision with Amgen Lowered/Terminated
Revenue/Margins2025Not providedNot providedNo change

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2, Q3 2024)Current Period (Q4 2024 call)Trend
CX‑2051 (EpCAM Topo‑1 ADC)Q2: first patient dosed; in 3rd cohort; initial data 1H25 . Q3: in 5th cohort; favorable tolerability; initial data 1H25 .In 7th dose level; doses “in biologically active range”; initial data 1H25; broad CRC enrollment without EpCAM preselection Steady progress; de-risking dosing window
CX‑801 (masked IFN‑α2b)Q2: site activated; plan mono then KEYTRUDA combo; initial data 2H25 . Q3: first patient dosed; dose escalation ongoing .In 4th monotherapy cohort; doses exceed approved unmasked interferon; KEYTRUDA combo initiation expected 2025 Advancing; translational data mid/late 2025
CX‑904 (EGFRxCD3 TCE)Q2: early PRs in PDAC; 10 mg signal; plan update by YE24 . Q3: cleared 15 mg; Phase 1b possible in 2025 .Discontinued jointly with Amgen based on observations/priorities Negative inflection; capital redirected
Partnerships/MilestonesQ2: $10M Astellas milestones YTD; multiple partner programs . Q3: continued partner work; majority masked TCEs .Feb 2025 Astellas $5M milestone (2nd GLP tox candidate) Ongoing; external validation
Capital Allocation/RunwayQ2/Q3: runway to end of 2025 .Restructuring (~40% reduction) extends runway to Q2’26 Improved financial durability

Management Commentary

  • “We are currently evaluating the seventh dose level… having successfully escalated to doses predicted to be in the biologically active range… we look forward to sharing preliminary clinical data… in the coming months.” — Sean McCarthy, CEO .
  • “With our prioritization efforts, we expect that our cash balance will continue to fund CytomX operations into the second quarter of 2026.” — Chris Ogden, CFO .
  • “Based on CX‑904 clinical observations to date… CytomX and Amgen have jointly decided not to continue CX‑904 development.” — Sean McCarthy, CEO .
  • “Initial Phase 1a translational data for [CX‑801] in the second half of this year… initiate combination therapy with KEYTRUDA in 2025.” — Sean McCarthy, CEO .

Q&A Highlights

  • CX‑2051 data scope and bar: Initial 1H25 readout to include safety characterization and early activity signals (PD markers, stabilization, shrinkage); any RECIST responses in late‑line CRC would be a “real win” given low-single-digit ORRs and 2–4 months PFS in current SOC .
  • Dose exposure: From dose level 3 onward, mgmt expects therapeutically active range; a “significant number of patients” at active doses by initial disclosure .
  • Patient selection: Not preselecting by EpCAM expression/KRAS/liver mets in CRC due to >90% EpCAM expression and goal to characterize across full population .
  • CX‑801 timing: Fourth mono cohort; KEYTRUDA combo likely to initiate before data presentation; still tracking to 2H25 translational data .

Estimates Context

  • S&P Global consensus for Q4 2024 revenue and EPS was not retrievable due to an access limit at the time of analysis; therefore, we cannot assess beats/misses vs Street in this report (S&P Global data unavailable today).

Key Takeaways for Investors

  • Near-term catalyst density remains high despite CX‑904 discontinuation: CX‑2051 initial CRC data in 1H25 and CX‑801 translational data in 2H25 are the primary stock drivers .
  • The Q4 cadence (implied $38.09M revenue, $18.88M net income) underscores leverage in collaboration accounting; continued execution with BMS/Moderna/Astellas/Regeneron is key to sustaining baseline P&L .
  • Strategic refocus and ~40% headcount reduction extend runway to Q2’26, lowering financing risk into upcoming data readouts .
  • For CX‑2051, mgmt set a pragmatic efficacy bar for late‑line CRC; signs of stabilization or any RECIST responses could re-rate expectations given low SOC benchmarks .
  • CX‑801’s ability to exceed unmasked interferon dose with manageable tolerability supports the masking thesis; translational biomarker readouts and combo initiation with KEYTRUDA in 2025 are important proof points .
  • Loss of CX‑904 removes one potential path, but partner TCE discovery continues and external milestone flow (e.g., Astellas $5M) remains supportive .
  • Absence of explicit 2025 revenue/OpEx guidance heightens focus on clinical milestones and partner progress; investors should monitor the timing and content of the 1H25 CX‑2051 data disclosure .

Additional Relevant Press Releases and Filings

  • FY24 8‑K and press release with financials and business update (Mar 6, 2025) .
  • Q3 2024 press release with quarterly financials (Nov 7, 2024) .
  • Q2 2024 press release with quarterly financials (Aug 8, 2024) .
  • Jan 6, 2025 pipeline prioritization and restructuring update .