CytomX says exposure to any liquidity concern at SVB not ‘significant’

In a regulatory filing, CytomX (CTMX) stated that the company is aware of media reports indicating a possible liquidity concern at Silicon Valley Bank (SIVB). "CytomX does not consider its exposure to any liquidity concern at SVB to be significant. The cash held at SVB in CytomX’s operating account is at or near the FDIC-insured limit of $250,000. CytomX also maintains a deposit account at SVB under a standby letter of credit issued pursuant to its office lease for approximately $917,000. Outside institutions serve as custodians for third-party investments held in CytomX’s name which we believe are not directly exposed to any consequences of a liquidity concern at SVB," the company stated.