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CytomX Therapeutics Inc (CTMX)
NASDAQ:CTMX
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CytomX Therapeutics
(NASDAQ:CTMX)
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Rating:63Neutral
Price Target:
$4.50
▲(3.69% Upside)
The score is held back primarily by weak cash durability (deeply negative operating and free cash flow) and revenue variability despite improved profitability optics. Offsetting this are constructive technical momentum (price above major moving averages with positive MACD) and a generally positive earnings call focused on advancing key programs with a stated funding runway through at least Q2 2027. Valuation appears modest on P/E, but lacks dividend support.
Positive Factors
Clinical Progress
The strong clinical progress of CX-2051 indicates potential for effective cancer treatment, enhancing CytomX's competitive position in oncology.
Financial Stability
A solid cash position ensures operational funding through at least Q2 2027, allowing CytomX to focus on long-term R&D and strategic initiatives.
Strategic Appointment
The new appointment brings strategic planning and business development expertise, likely strengthening CytomX's leadership and execution capabilities.
Negative Factors
Balance Sheet Challenges
Negative equity indicates liabilities exceed assets, posing solvency risks that could limit financial flexibility and stability.
Cash Flow Difficulties
Declining cash flow generation challenges CytomX's ability to fund operations and investments, potentially impacting long-term growth.
Decreased Revenue
A significant revenue drop due to completed obligations may affect short-term financial performance and investor confidence.
CytomX Therapeutics (CTMX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$737.04M
Dividend YieldN/A
Average Volume (3M)2.38M
Price to Earnings (P/E)10.4
Beta (1Y)2.80
Revenue Growth-10.26%
EPS Growth144.62%
CountryUS
Employees119
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.09
Shares Outstanding169,435,400
10 Day Avg. Volume1,602,517
30 Day Avg. Volume2,381,175
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-190.73
Price to Sales (P/S)0.63
P/FCF Ratio-1.00
Enterprise Value/Market Cap0.53
Enterprise Value/Revenue3.42
Enterprise Value/Gross Profit3.42
Enterprise Value/Ebitda14.87
Forecast
1Y Price Target
$7.10Price Target Upside63.59% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
CytomX Therapeutics Business Overview & Revenue Model
Company DescriptionCytomX 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 candidates include CX-2009, an antibody drug conjugates (ADC) against CD166, which is in Phase II clinical trials for the treatment of breast cancer; CX-2029 that is in Phase II clinical trials for the treatment of squamous non-small cell lung cancer, head and neck squamous cell carcinoma, esophageal and gastro-esophageal junction cancers, and diffuse large B-cell lymphoma; BMS-986249, a CTLA-4 Probody therapeutic drug, which is in Phase I/II clinical trials for the treatment of metastatic melanoma; and BMS-986288, an anti-CTLA-4 Probody drug, which is in Phase I clinical trials for the treatment of solid tumors. It also develops CX-2043, a conditionally activated ADC targeting the epithelial cell adhesion molecule, as well as CX-904, a conditionally activated epidermal growth factor receptor for the treatment of solid tumor. The company has strategic collaborations with AbbVie Ireland Unlimited Company, Amgen, Inc., Bristol-Myers Squibb Company, ImmunoGen, Inc., Pfizer Inc., and Astellas Pharma Inc. to develop Probody therapeutics. CytomX Therapeutics, Inc. was founded in 2008 and is headquartered in South San Francisco, California.
How the Company Makes MoneyCytomX Therapeutics generates revenue through a combination of collaboration agreements, milestone payments, and potential royalties from partnered products. The company collaborates with major pharmaceutical companies to develop its Probody therapeutics, which often includes upfront payments and milestone payments tied to achieving specific development and regulatory milestones. Additionally, upon successful commercialization of partnered products, CytomX may receive royalties on product sales. The strategic partnerships with large pharmaceutical companies enhance its funding capabilities and reduce the financial burden associated with drug development, allowing CytomX to focus on advancing its pipeline of innovative therapies.
CytomX Therapeutics Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 04, 2026
Earnings Call Sentiment Positive
The earnings call reflects a positive overall sentiment with strong clinical progress and strategic advancements in key programs, despite a decrease in revenue and some adverse events in trials.Q3-2025 Updates
Positive Updates
Strong Clinical Progress for CX-2051
Phase I study of CX-2051 showed promising results with a 28% response rate, significantly higher than current standard of care. Preliminary median progression-free survival reached 5.8 months, compared to 2-3 months for existing treatments.
Increased Enrollment and Expansion in Trials
Enrollment for CX-2051's Phase I study has significantly increased, reaching approximately 100 patients, which provides a robust data set for analysis.
Financial Stability and Efficient Capital Allocation
The company ended the quarter with $143.6 million in cash and investments, ensuring operations are funded until at least the second quarter of 2027.
New Strategic Appointment
Rachael Lester joined as Chief Business Officer, bringing valuable strategic planning and business development experience.
Progress in CX-801 Program
CX-801, in combination with KEYTRUDA, is showing positive initial biomarker data in advanced melanoma, indicating robust interferon signaling and immune activation.
Negative Updates
Decreased Revenue
Total revenue for the quarter was $6 million, a decrease from $33.4 million in the third quarter of 2024, primarily due to the completion of performance obligations in the Bristol Myers Squibb collaboration.
Adverse Events in CX-2051
Diarrhea was the most common adverse event observed in the early Phase I study of CX-2051, requiring ongoing management and prophylactic measures.
Company Guidance
During the CytomX Therapeutics Third Quarter 2025 Financial Results Call, guidance highlighted the company's focus on advancing its drug candidate, CX-2051, targeting colorectal cancer (CRC) using their proprietary PROBODY therapeutic platform. The company reported enrollment progress with approximately 100 patients in the Phase I study, with a positive interim data update expected in Q1 2026. The initial data showed a promising median progression-free survival of 5.8 months and an objective response rate of 28%. Financially, CytomX ended the quarter with $143.6 million in cash and investments, projecting funding through at least Q2 2027. The company also plans to initiate a Phase Ib study combining CX-2051 with bevacizumab in early 2026, aiming to broaden its therapeutic impact. Additionally, updates were provided on CX-801, with combination data with KEYTRUDA anticipated by the end of 2026, and a new program, CX-908, was introduced targeting CDH3.CytomX Therapeutics Financial Statement Overview
Summary
CytomX Therapeutics has shown positive revenue growth and improvements in profitability margins, indicating a turnaround in operational performance. However, the company faces significant balance sheet challenges, including negative equity and potential solvency risks. Cash flow difficulties persist, with negative free cash flow trends and challenges in cash conversion. While there are positive signs of operational recovery, financial instability and cash flow concerns present substantial risks to sustainability.Income Statement
CytomX Therapeutics showed a positive revenue growth rate from 2023 to 2024, with total revenue increasing from $101.21 million to $138.10 million, representing a growth rate of approximately 36.4%. The gross profit margin remained strong at 100% due to no cost of goods sold. However, the net profit margin improved significantly in 2024, reaching approximately 23.1%, compared to a negative margin in 2023. The EBIT and EBITDA margins also turned positive, indicating improved operational efficiency. Despite these improvements, historical volatility and past losses present a risk.Balance Sheet
The balance sheet reflects a concerning negative equity position in 2024, with stockholders' equity at -$456,000, indicating liabilities exceed assets. The debt-to-equity ratio is not calculable due to negative equity, but total debt decreased over the year. The equity ratio is negative, which poses a significant risk to financial stability. This indicates potential solvency issues despite reducing total debt.Cash Flow
The cash flow statement shows a deterioration in free cash flow from -$56.88 million in 2023 to -$86.54 million in 2024, indicating a decline in cash generation capabilities. The operating cash flow to net income ratio is negative, suggesting challenges in converting income into cash. Free cash flow to net income is also negative, highlighting cash flow difficulties despite positive net income in 2024. The high variability in cash flows suggests potential liquidity issues.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 113.63M | 138.10M | 101.21M | 53.16M | 37.31M | 68.43M |
| Gross Profit | 113.63M | 138.10M | 101.21M | 53.16M | 37.31M | 68.43M |
| EBITDA | 26.12M | 26.76M | -4.31M | -98.89M | -113.34M | -77.97M |
| Net Income | 28.02M | 31.87M | -569.00K | -99.32M | -115.87M | -64.82M |
Balance Sheet | ||||||
| Total Assets | 158.25M | 120.53M | 201.79M | 260.89M | 339.41M | 358.66M |
| Cash, Cash Equivalents and Short-Term Investments | 143.63M | 100.62M | 174.51M | 193.65M | 305.23M | 316.12M |
| Total Debt | 5.60M | 9.38M | 13.97M | 18.06M | 21.67M | 24.87M |
| Total Liabilities | 50.87M | 120.99M | 249.24M | 346.64M | 339.87M | 366.44M |
| Stockholders Equity | 107.39M | -456.00K | -47.45M | -85.75M | -459.00K | -7.77M |
Cash Flow | ||||||
| Free Cash Flow | -72.35M | -86.54M | -56.88M | -112.53M | -120.64M | 2.95M |
| Operating Cash Flow | -72.25M | -86.23M | -56.03M | -110.79M | -119.03M | 5.26M |
| Investing Cash Flow | -30.19M | 99.70M | -150.67M | 98.26M | 22.49M | -18.72M |
| Financing Cash Flow | 96.05M | 7.52M | 30.23M | 648.00K | 110.21M | 16.89M |
CytomX Therapeutics Technical Analysis
Positive
4.34
Price Trends
4.04
Positive
3.37
Positive
2.59
Positive
Market Momentum
0.09
Negative
57.48
Neutral
49.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CTMX, the sentiment is Positive. The current price of 4.34 is above the 20-day moving average (MA) of 4.20, above the 50-day MA of 4.04, and above the 200-day MA of 2.59, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 57.48 is Neutral, neither overbought nor oversold. The STOCH value of 49.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CTMX.
CytomX Therapeutics Risk Analysis
CytomX Therapeutics disclosed 73 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $737.04M | 10.38 | 66.76% | ― | -10.26% | 144.62% | |
57 Neutral | $849.18M | -4.10 | ― | ― | ― | -13.14% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $425.18M | -6.23 | -45.92% | ― | 1255.21% | 74.58% | |
48 Neutral | $586.74M | -1.67 | -2888.70% | ― | 33.79% | -26.37% | |
46 Neutral | $192.65M | -3.06 | -27.43% | ― | -41.53% | -11.32% | |
45 Neutral | $460.20M | -1.81 | -34.63% | ― | -23.43% | -9.84% |
* Healthcare Sector Average
CTMX
CytomX Therapeutics
4.34
3.50
416.67%
LXRX
Lexicon Pharmaceuticals
1.18
0.49
71.01%
VSTM
Verastem
7.11
2.07
41.07%
ARCT
Arcturus Therapeutics
7.53
-9.06
-54.61%
KALV
KalVista Pharmaceuticals
16.39
8.99
121.49%
BCYC
Bicycle Therapeutics
6.58
-8.23
-55.57%
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.