CytomX Therapeutics (CTMX) Q1 2026 earnings summary

Executive summary

• Varseta-M, an EpCAM-targeting ADC, showed significant efficacy and safety improvements in late-line metastatic colorectal cancer, with confirmed response rates up to 32% at higher doses and robust anti-tumor activity, positioning it as a potential core therapy for CRC and other EpCAM-expressing tumors.

• CX-801, a masked interferon alpha-2b, is advancing in Phase 1 for advanced melanoma, demonstrating promising tolerability, mechanistic activity, and ongoing combination studies with KEYTRUDA®, with initial data expected by end of 2026.

• Focused on conditionally activated biologics using the PROBODY platform, with integrated R&D and strategic partnerships with Regeneron, Amgen, and Moderna.

• Revenue is primarily from collaboration and license agreements; no product sales to date.

Financial highlights

• Ended Q1 2026 with $346.7 million in cash, cash equivalents, and investments, up from $137.1 million at year-end 2025, following a $234.2–$250 million equity offering in March 2026.

• Q1 2026 revenue was $10.3 million, down from $50.9 million in Q1 2025, mainly due to completion of collaboration obligations.

• Operating expenses rose to $29.9 million in Q1 2026 from $28.3 million in Q1 2025, with R&D at $19.2 million and G&A at $10.7 million.

• Net loss for Q1 2026 was $18.2 million, compared to net income of $23.5 million in Q1 2025; basic and diluted EPS was $(0.10) versus $0.27 year-over-year.

• Cash runway projected to at least the second half of 2028, supporting advancement of clinical programs.

Outlook and guidance

• Multiple clinical milestones anticipated over the next 12–18 months, including additional Phase 1 Varseta-M data, initiation of registrational studies, and FDA interactions targeted for mid-2026.

• Next major Varseta-M data update, including safety and efficacy from the 40-patient optimization cohort, expected in the second half of 2026; initial combination data with bevacizumab expected by first half of 2027.

• Phase I expansion into non-CRC EpCAM indications to start in second half of 2026; initial data from these and chemotherapy combinations anticipated in 2027.

• CX-801 combination data with KEYTRUDA® in advanced melanoma projected by end of 2026.