CytomX Therapeutics (CTMX) AI Stock Analysis

• Market Cap: $813.49M
• Dividend Yield: N/A
• Average Volume (3M): 8.62M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.74
• Revenue Growth: -10.26%
• EPS Growth: 144.62%
• Country: US
• Employees: 119
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.33
• Shares Outstanding: 170,186,740
• 10 Day Avg. Volume: 20,292,155
• 30 Day Avg. Volume: 8,616,955
• PEG Ratio: 0.24
• Price to Book (P/B): 5.93
• Price to Sales (P/S): 7.71
• P/FCF Ratio: -7.75
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 10.52
• Enterprise Value/Gross Profit: 10.59
• Enterprise Value/Ebitda: -41.33
• 1Y Price Target: $13.22
• Price Target Upside: 176.57% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): -0.47
• Revenue Forecast (FY): $30.14M

• Rating: 46 Neutral
• Price Target: $4.50 ▼(-5.86% Downside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is held down primarily by weak financial performance (especially persistent cash burn and volatile earnings) and soft technicals (below key moving averages with negative MACD). Offsetting these are constructive earnings-call takeaways on clinical progress and runway, plus a funding boost from the equity raise, though dilution risk remains.

Positive Factors

Proprietary PROBODY platform

CytomX's PROBODY platform is a structural competitive advantage: conditionally activated antibodies can improve tolerability and enable targeting of difficult tumor antigens. That core technology supports durable differentiation, partner interest, and multiple pipeline programs with long-term value potential.

Promising CX-2051 clinical data

Robust early efficacy for CX-2051 (28% ORR; 5.8‑month median PFS) meaningfully de-risks the lead program relative to standard care. Durable clinical differentiation increases the likelihood of partnerships, accelerated development paths, and future regulatory or commercial value if results hold in expanded cohorts.

Materially strengthened funding

The $234.4M equity raise materially extends the company's near-term cash runway and funds multiple clinical programs. This reduces immediate liquidity risk, permits continued enrollment and combination studies, and gives management time to advance milestones that can create durable value before another financing event.

Negative Factors

Persistent cash burn

Deep negative operating cash flow (-$75.6M in 2025) demonstrates sustained burn from R&D and operations. Over months, this structural cash consumption forces reliance on external capital, constrains strategic optionality, and could pressure program prioritization or timelines absent material revenue or cost changes.

Volatile, lumpy revenue

Revenue depends on timing of collaboration milestones and partner payments, producing lumpy, unpredictable top-line results. That structural volatility undermines forecasting, raises financing uncertainty, and makes it hard to self-fund sustained development without recurring external funding events.

Historical balance-sheet strain and dilution risk

Past negative equity years and repeated capital raises indicate recurring balance-sheet strain. Even with the recent offering, the business model's dependence on milestone funding implies ongoing dilution risk until commercial revenues materialize, which can erode shareholder value over multiple financings.

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 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 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 include: (1) collaboration and license revenue from pharmaceutical partners, such as upfront payments for access to CytomX’s technology and/or specific drug candidates; (2) research and development funding (reimbursement or cost-sharing) received under collaboration agreements for work CytomX performs; (3) milestone payments that may be earned when partnered programs reach specified development, regulatory, or commercial events; and (4) royalties on net sales if a partnered product is successfully commercialized. CytomX’s earnings in any period can therefore be significantly influenced by the timing of partner payments, achievement of milestones, and the progression of partnered programs. If CytomX has reported revenue from any additional sources (e.g., interest income on cash balances), null.

CytomX Therapeutics Financial Statement Overview

Summary

Financials are mixed: revenue and profitability are volatile (profitable in 2024 but a meaningful loss in 2025), and cash flow is the key weakness with persistent, deeply negative operating and free cash flow (including large burn in 2025). Leverage is currently low, but the multi-year history of negative equity raises financing/dilution risk.

Income Statement

Revenue has been volatile: strong growth through 2024 (including a large step-up in 2023) followed by a sharp decline in 2025 (down ~33%). Profitability is inconsistent—2024 was solidly profitable (about 23% net margin), but 2025 reverted to a meaningful loss (about -27% net margin) and earlier years were largely loss-making. Overall, earnings power looks heavily dependent on lumpy biotech revenue timing rather than a stable upward trajectory.

Balance Sheet

Leverage appears low in the latest year, with total debt of about $4.2M against roughly $99.0M of equity (debt-to-equity ~0.04), which is a positive. However, equity was negative for several prior years (2020–2024), which signals historical balance-sheet strain and makes year-to-year comparability uneven. Returns on equity are also unstable and difficult to interpret given the swings in profitability and equity base.

Cash Flow

Cash generation is the key weakness: operating cash flow and free cash flow are deeply negative in 2021–2025 (including about -$75.6M operating cash flow in 2025), indicating substantial ongoing cash burn. While 2025 free cash flow improved versus 2024 (positive growth), it remains strongly negative, implying continued reliance on external funding unless spending is reduced or revenue materially rebounds.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	76.20M	138.10M	101.21M	53.16M	37.31M
Gross Profit	76.20M	138.10M	101.21M	53.16M	37.31M
EBITDA	-18.19M	26.76M	-4.31M	-98.89M	-113.34M
Net Income	-17.37M	31.87M	-569.00K	-99.32M	-115.87M
Balance Sheet
Total Assets	151.57M	120.53M	201.79M	260.89M	339.41M
Cash, Cash Equivalents and Short-Term Investments	137.05M	100.62M	174.51M	193.65M	305.23M
Total Debt	4.24M	9.38M	13.97M	18.06M	21.67M
Total Liabilities	52.56M	120.99M	249.24M	346.64M	339.87M
Stockholders Equity	99.01M	-456.00K	-47.45M	-85.75M	-459.00K
Cash Flow
Free Cash Flow	-75.81M	-86.54M	-56.88M	-112.53M	-120.64M
Operating Cash Flow	-75.59M	-86.23M	-56.03M	-110.79M	-119.03M
Investing Cash Flow	-59.74M	99.70M	-150.67M	98.26M	22.49M
Financing Cash Flow	110.45M	7.52M	30.23M	648.00K	110.21M

CytomX Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 4.78
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CTMX, the sentiment is Neutral. The current price of 4.78 is below the 20-day moving average (MA) of 5.17, below the 50-day MA of 5.23, and above the 200-day MA of 3.54, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 46.59 is Neutral, neither overbought nor oversold. The STOCH value of 12.11 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CTMX.

CytomX Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LXRX	60 Neutral	$686.36M	-8.29	-41.94%	―	1255.21%	74.58%
KALV	57 Neutral	$830.48M	-3.32	-282.01%	―	―	-13.14%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ARCT	50 Neutral	$191.00M	-1.44	-27.43%	―	-41.53%	-11.32%
VSTM	49 Neutral	$511.20M	-4.89	-1849.88%	―	33.79%	-26.37%
CTMX	46 Neutral	$813.49M	-33.83	-19.77%	―	-10.26%	144.62%
BCYC	46 Neutral	$315.62M	-2.24	-33.20%	―	-23.43%	-9.84%

CytomX Therapeutics Corporate Events

CytomX Therapeutics Raises $234 Million in Equity Offering

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 agreement also grants underwriters a 30-day option to buy up to 7,075,471 additional shares at the public offering price, with the deal conducted under an effective shelf registration.

The offering closed on March 19, 2026, resulting in the sale and issuance of all 45,990,567 shares and the pre-funded warrants, from which CytomX expects to raise approximately $234.4 million in net proceeds after fees and expenses. The company plans to use these funds to advance development of Varseta-M and other pipeline programs and to support general corporate purposes and working capital, bolstering its funding base for ongoing clinical and operational activities.

The most recent analyst rating on (CTMX) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on CytomX Therapeutics stock, see the CTMX Stock Forecast page.