CytomX Therapeutics Inc. (CTMX)
NASDAQ:CTMX
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CytomX Therapeutics
(NASDAQ:CTMX)
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Rating:53Neutral
Price Target:
$3.50
▼(-27.39% Downside)
Action:Reiterated
Date:05/09/26
CTMX scores in the low-to-mid range primarily due to weak current financial performance (sharp revenue decline, large losses, and significant cash burn) and a bearish technical trend. Offsetting these is a notably positive earnings update with extended cash runway and meaningful upcoming clinical catalysts, while valuation metrics offer limited support due to negative earnings and no dividend.
Positive Factors
Cash runway and balance sheet
A materially strengthened cash position provides durable funding for multi‑year clinical execution. With runway into H2 2028, management can prioritize Varseta‑M development, enroll registrational studies, and absorb trial timing variability without immediate reliance on dilutive financings, supporting program continuity.
Negative Factors
Persistent cash burn
Sustained negative operating and free cash flow reflects R&D intensity and limited internal revenue generation. Over a multi‑quarter horizon this burn profile necessitates continued access to capital if development timelines extend or milestones slip, increasing funding execution risk and potential dilution pressure for shareholders.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash runway and balance sheet
A materially strengthened cash position provides durable funding for multi‑year clinical execution. With runway into H2 2028, management can prioritize Varseta‑M development, enroll registrational studies, and absorb trial timing variability without immediate reliance on dilutive financings, supporting program continuity.
Read all positive factors
CytomX Therapeutics (CTMX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$818.56M
Dividend YieldN/A
Average Volume (3M)3.59M
Price to Earnings (P/E)―
Beta (1Y)2.59
Revenue Growth-75.91%
EPS Growth-173.33%
CountryUS
Employees119
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.36
Shares Outstanding217,702,910
10 Day Avg. Volume3,367,935
30 Day Avg. Volume3,592,302
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)5.93
Price to Sales (P/S)7.71
P/FCF Ratio-7.75
Enterprise Value/Market Cap0.71
Enterprise Value/Revenue16.28
Enterprise Value/Gross Profit16.40
Enterprise Value/Ebitda-9.36
Forecast
1Y Price Target
$12.30Price Target Upside155.19% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-0.43
Revenue Forecast (FY)$29.88M
CytomX Therapeutics Business Overview & Revenue Model
Company Description
CytomX Therapeutics, Inc. operates as an oncology-focused biopharmaceutical company in the United States. The company develops antibody therapeutics based on its Probody technology platform for the treatment of cancer. The company's product candid...
How the Company Makes Money
As a clinical-stage biotechnology company, CytomX has historically generated revenue primarily from strategic collaborations rather than from product sales (as it does not have a widely marketed commercial product). Key revenue streams typically i...
CytomX Therapeutics Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call emphasized substantial clinical progress and clear near-term development and regulatory plans for Varseta-M (robust ORR 20%–32% and ~7 months PFS, completed optimization enrollment, combination and expansion strategies), backed by a materially strengthened balance sheet (cash up ~152.9%) and runway into H2 2028. Key risks remain operational and clinical: a large year-over-year revenue decline driven by completed collaborations, modest increases in operating costs, and the need to confirm that Grade 3 diarrhea can be reliably managed in the full optimization cohort and over longer follow-up. Overall, the positive clinical momentum and strong cash position outweigh the near-term financial and clinical uncertainties.Positive Updates
Strong Varseta-M Clinical Activity
Phase I updated efficacy in late-line metastatic colorectal cancer: confirmed overall response rate (ORR) between 20% and 32% and median progression-free survival (PFS) of approximately 7 months — materially higher than current therapies which show single-digit ORRs and only a few months of PFS.
Negative Updates
Revenue Decline Year‑over‑Year
Total revenue for Q1 2026 was $10.3 million versus $50.9 million in Q1 2025 — a decline of approximately 79.8% — primarily due to completion of obligations under prior collaborations with Bristol Myers Squibb and Amgen.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Varseta-M Clinical Activity
Phase I updated efficacy in late-line metastatic colorectal cancer: confirmed overall response rate (ORR) between 20% and 32% and median progression-free survival (PFS) of approximately 7 months — materially higher than current therapies which show single-digit ORRs and only a few months of PFS.
Read all positive updates
Company Guidance
CytomX guided that, as of March 31, 2026, it holds $346.7M in cash, cash equivalents and investments (up from $137.1M on Dec 31, 2025), providing runway to at least the second half of 2028 and enabling prioritized investment in Varseta‑M; Q1 revenue was $10.3M (vs $50.9M Y/Y) with operating expenses of $29.8M (R&D $19.2M, G&A $10.6M). Clinically, they completed enrollment in dose‑optimization cohorts (40 patients across 8.6 and 10 mg/kg adjusted‑IBW doses), bringing Phase I enrollment to 113 patients, and expect an overall Phase I safety/efficacy update in H2 2026 (including PFS for the optimization cohort and an initial OS look) to inform FDA interactions and select a registrational dose and pivotal study targeted to begin in H1 2027. They also guided that Varseta‑M + bevacizumab data are expected by H1 2027, a Phase I/II chemo combination study will begin in H2 2026, non‑CRC expansion cohorts are planned in H2 2026, and initial CX‑801 data are expected by year‑end 2026; prior clinical metrics cited include confirmed ORR of 20–32%, median PFS ≈7 months, and an early grade‑3 diarrhea rate of ~10% in the first 20 optimization patients (with a target to manage grade‑3 events into the ~10–20% range).CytomX Therapeutics Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 35.54M | 76.20M | 138.10M | 101.21M | 53.16M | 37.31M |
| Gross Profit | 35.29M | 76.20M | 138.10M | 101.21M | 53.16M | 37.31M |
| EBITDA | -61.82M | -20.99M | 26.76M | -4.31M | -98.89M | -113.34M |
| Net Income | -59.14M | -17.37M | 31.87M | -569.00K | -99.32M | -115.87M |
Balance Sheet | ||||||
| Total Assets | 359.36M | 151.57M | 120.53M | 201.79M | 260.89M | 339.41M |
| Cash, Cash Equivalents and Short-Term Investments | 346.71M | 137.05M | 100.62M | 174.51M | 193.65M | 305.23M |
| Total Debt | 2.86M | 4.24M | 9.38M | 13.97M | 18.06M | 21.67M |
| Total Liabilities | 39.41M | 52.56M | 120.99M | 249.24M | 346.64M | 339.87M |
| Stockholders Equity | 319.94M | 99.01M | -456.00K | -47.45M | -85.75M | -459.00K |
Cash Flow | ||||||
| Free Cash Flow | -80.19M | -75.81M | -86.54M | -56.88M | -112.53M | -120.64M |
| Operating Cash Flow | -80.09M | -75.59M | -86.23M | -56.03M | -110.79M | -119.03M |
| Investing Cash Flow | -283.12M | -59.74M | 99.70M | -150.67M | 98.26M | 22.49M |
| Financing Cash Flow | 344.93M | 110.45M | 7.52M | 30.23M | 648.00K | 110.21M |
CytomX Therapeutics Technical Analysis
Negative
4.82
Price Trends
4.36
Negative
4.74
Negative
3.94
Negative
Market Momentum
-0.22
Positive
39.41
Neutral
37.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CTMX, the sentiment is Negative. The current price of 4.82 is above the 20-day moving average (MA) of 3.96, above the 50-day MA of 4.36, and above the 200-day MA of 3.94, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 39.41 is Neutral, neither overbought nor oversold. The STOCH value of 37.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CTMX.
CytomX Therapeutics Risk Analysis
CytomX Therapeutics disclosed 74 risk factors in its most recent earnings report. CytomX Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
CytomX Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | $1.43B | -47.34 | -1057.44% | ― | ― | -13.14% | |
55 Neutral | $990.56M | -149.66 | -18.64% | ― | 123.12% | 86.10% | |
53 Neutral | $818.56M | -11.41 | -36.61% | ― | -75.91% | -173.33% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $199.53M | -2.03 | -36.55% | ― | -67.73% | -11.57% | |
51 Neutral | $310.20M | -1.33 | -35.74% | ― | 146.03% | -0.87% | |
45 Neutral | $375.22M | -3.56 | -486.41% | ― | 395.85% | 21.44% |
* Healthcare Sector Average
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CytomX Therapeutics Corporate Events
Business Operations and StrategyPrivate Placements and Financing
CytomX Therapeutics Raises $234 Million in Equity Offering
Positive
Mar 19, 2026
On March 17, 2026, CytomX Therapeutics, Inc. entered into an underwriting agreement with a syndicate of banks to offer 45,990,567 shares of common stock at $5.30 per share and pre-funded warrants to purchase 1,179,245 shares at $5.29999 each. The ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.