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CytomX Therapeutics
(NASDAQ:CTMX)
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Rating:51Neutral
Price Target:
$4.00
▼(-17.01% Downside)
Action:Reiterated
Date:06/23/26
The score is held back primarily by weak financial performance (sharp revenue decline, large losses, and meaningful cash burn) and bearish technicals (below major DMAs with negative MACD). Partially offsetting these are constructive earnings-call signals (extended cash runway and advancing Varseta-M toward pivotal planning) and corporate developments (expanded Regeneron collaboration), though dilution risk remains from increased share authorization.
Positive Factors
Strategic partnership expansion with Regeneron
Expanded Regeneron collaboration materially increases non-dilutive optionality and validates Probody platform. Additional program slots and upfront payments diversify future revenue sources, amplify potential milestone streams, and strengthen long-term pipeline de‑risking versus single-program dependence.
Negative Factors
High cash burn and negative operating cash flow
Sustained ~-$80M annual cash burn requires ongoing financing or milestone receipts to maintain development cadence. Even with current cash, continued negative free cash flow increases dependency on capital markets or partner payments, raising dilution and execution risk if clinical timelines slip.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic partnership expansion with Regeneron
Expanded Regeneron collaboration materially increases non-dilutive optionality and validates Probody platform. Additional program slots and upfront payments diversify future revenue sources, amplify potential milestone streams, and strengthen long-term pipeline de‑risking versus single-program dependence.
Read all positive factors
CytomX Therapeutics (CTMX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$831.63M
Dividend YieldN/A
Average Volume (3M)3.87M
Price to Earnings (P/E)―
Beta (1Y)2.62
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. Volume4,674,376
30 Day Avg. Volume3,874,499
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 Cap0.54
Enterprise Value/Revenue12.66
Enterprise Value/Gross Profit12.75
Enterprise Value/Ebitda-7.80
Forecast
1Y Price Target
$11.83Price Target Upside145.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.43
Revenue Forecast (FY)$30.75M
CytomX Therapeutics Business Overview & Revenue Model
Company Description
CytomX Therapeutics, Inc. is a United States-based biopharmaceutical company primarily focused on creating treatments for cancer. The company utilizes its proprietary Probody technology platform to engineer targeted antibody therapeutics for oncol...
How the Company Makes Money
CytomX primarily makes money through collaboration and licensing arrangements with larger biopharmaceutical companies rather than through product sales, because it is a clinical-stage company and does not consistently generate revenue from markete...
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 | -57.66M | -15.75M | 33.86M | 5.50M | -96.87M | -113.16M |
| 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
Positive
4.82
Price Trends
3.61
Positive
4.27
Negative
4.12
Negative
Market Momentum
0.03
Negative
63.59
Neutral
82.86
Negative
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 4.82 is above the 20-day moving average (MA) of 3.20, above the 50-day MA of 3.61, and above the 200-day MA of 4.12, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 63.59 is Neutral, neither overbought nor oversold. The STOCH value of 82.86 is Negative, 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 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 |
|---|---|---|---|---|---|---|---|
53 Neutral | $1.03B | -32.49 | -18.64% | ― | 123.12% | 86.10% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $831.63M | -10.58 | -36.61% | ― | -75.91% | -173.33% | |
50 Neutral | $206.92M | -2.57 | -36.55% | ― | -67.73% | -11.57% | |
48 Neutral | $395.43M | -1.80 | -486.41% | ― | 395.85% | 21.44% | |
47 Neutral | $303.23M | -1.38 | -35.74% | ― | 146.03% | -0.87% |
* Healthcare Sector Average
CTMX
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CytomX Therapeutics Corporate Events
Business Operations and StrategyShareholder Meetings
CytomX Shareholders Approve Expanded Equity and Capital Plans
Positive
Jun 22, 2026
CytomX Therapeutics’ stockholders approved several significant capital and compensation plan changes at the June 17, 2026 annual meeting, including amendments to increase share reserves under the company’s Amended and Restated 2015 Equ...
Business Operations and Strategy
CytomX Expands High-Value Bispecific Cancer Partnership With Regeneron
Positive
Jun 3, 2026
On May 29, 2026, CytomX Therapeutics and Regeneron Pharmaceuticals entered into a fourth amendment to their 2022 collaboration and license agreement, effective May 31, 2026, to expand their work on conditionally activated bispecific cancer therapi...
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.