CytomX Therapeutics, Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 16 March 2026: press release. Guidance figures: 3 new, 2 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue fell to $76.2 million: Total revenue for 2025 was $76.2 million, down from $138.1 million in 2024. Source
• Net loss and diluted loss per share: The company reported a loss from operations of $22.4 million and a net loss of $17.4 million, with diluted EPS of $(0.15) against $0.38 in 2024. Source
• Phase 1 CRC expansion data positive: The company announced positive data from the Phase 1 dose expansion study of Varseta-M in advanced colorectal cancer. Source
• FDA alignment on registrational design: The company aims to align with the FDA in 2026 on a potential registrational design for Varseta-M monotherapy in advanced CRC. Source
• KEYTRUDA combination escalating: Dose escalation of CX-801 with KEYTRUDA is enrolling its second dose level. Source
• R&D fell after restructuring: R&D expense was $68.7 million, down $14.7 million, mainly from the January 2025 restructuring and lower CX-904 spend, partly offset by Varseta-M manufacturing and clinical spend. Source
• Cash and investments rose to $137.1 million: Cash, cash equivalents and investments totaled $137.1 million at December 31, 2025, against $100.6 million a year earlier. Source

“Today’s encouraging Varseta-M Phase 1 update underscores the program’s intentional design and broad potential in CRC as well as other EpCAM-expressing indications.”

Sean McCarthy, D.Phil., chief executive officer and chairman of CytomX

Guidance

What changed from last quarter

• Ended: Astellas declined to advance remaining preclinical research programs, terminating the collaboration effective in the second quarter of 2026. Source
• New guidance: A timing target for FDA interactions on Varseta-M registrational design was added: mid-year 2026. Source
• New: A Phase 1b/2 chemotherapy combination study with bevacizumab was added to the CRC plan, to start by end of 2026. Source
• New: The lead ADC is named varsetatug masetecan (Varseta-M; CX-2051); the prior quarter used the CX-2051 name only. Source
• New guidance: Phase 1 expansion cohorts in additional indications were given a 2H 2026 start; the prior quarter said evaluation was ongoing. Source
• Guidance kept: Cash runway guidance is unchanged at the second quarter of 2027. Source

Full-year 2025 results and revenue

• Revenue fell to $76.2 million: Total revenue for 2025 was $76.2 million, down from $138.1 million in 2024. Source
• Bristol Myers Squibb obligations completed: Management attributed the revenue decline mainly to completing Bristol Myers Squibb performance obligations in April 2025. Source
• Net loss and diluted loss per share: The company reported a loss from operations of $22.4 million and a net loss of $17.4 million, with diluted EPS of $(0.15) against $0.38 in 2024. Source

Varseta-M colorectal cancer programme

• Phase 1 CRC expansion data positive: The company announced positive data from the Phase 1 dose expansion study of Varseta-M in advanced colorectal cancer. Source
• FDA alignment on registrational design: The company aims to align with the FDA in 2026 on a potential registrational design for Varseta-M monotherapy in advanced CRC. Source
• Bevacizumab combination study initiated: A Phase 1 combination study with bevacizumab in CRC has started; a Phase 1b/2 study with chemotherapy is planned by end of 2026. Source
• Masked EpCAM-directed topoisomerase ADC: Varseta-M is a masked, conditionally activated ADC with a topoisomerase-1 inhibitor payload, directed toward EpCAM. Source

“CytomX’s top priority in 2026 is to align with the FDA on a registrational path for Varseta-M in late-line CRC.”

Sean McCarthy, D.Phil., chief executive officer and chairman of CytomX

CX-801 melanoma programme

• Monotherapy escalation reached fourth level: The CX-801 monotherapy dose escalation has reached its fourth dose level. Source
• Monotherapy well tolerated above approved dose: The company reported CX-801 monotherapy was well tolerated at dose levels above the approved dose of unmasked IFNα2b. Source
• KEYTRUDA combination escalating: Dose escalation of CX-801 with KEYTRUDA is enrolling its second dose level. Source
• Melanoma is the first indication: CX-801 is a masked interferon alpha-2b cytokine, initially being developed for metastatic melanoma. Source

Strategy and partnerships

• Research collaborations focus on bispecifics: Research collaborations with Bristol Myers Squibb, Amgen, Regeneron and Moderna continue, with a focus on bispecific immunotherapies including T-cell engagers. Source
• Pipeline spans three modalities: The company describes its pipeline as covering antibody-drug conjugates, cytokines and T-cell engagers. Source
• Two clinical-stage programmes: The clinical-stage pipeline consists of Varseta-M (CX-2051) and CX-801. Source

“The CX-801 translational and biomarker data presented to date have been very encouraging, and we expect to share initial proof of concept data for the combination with KEYTRUDA® later this year.”

Sean McCarthy, D.Phil., chief executive officer and chairman of CytomX

Operating costs and R&D spend

• Total operating expense declined $14.5 million: Total operating expense was $98.6 million for 2025, compared with $113.1 million for 2024. Source
• R&D fell after restructuring: R&D expense was $68.7 million, down $14.7 million, mainly from the January 2025 restructuring and lower CX-904 spend, partly offset by Varseta-M manufacturing and clinical spend. Source
• G&A flat including restructuring costs: G&A was $29.8 million, up $0.1 million, and included $1.1 million of one-time restructuring expenses. Source

Cash, balance sheet and share count

• Cash and investments rose to $137.1 million: Cash, cash equivalents and investments totaled $137.1 million at December 31, 2025, against $100.6 million a year earlier. Source
• Deferred revenue balances declined: Current deferred revenue was $26.9 million, against $67.2 million; non-current deferred revenue was $1.6 million, against $26.9 million. Source
• Equity positive; share count higher: Stockholders' equity was $99.0 million, against a deficit of $0.5 million; basic weighted average shares were 137.9 million, against 84.4 million. Source

Coming up, as management said on 16 March 2026

• Astellas collaboration ends in Q2 2026: The Astellas collaboration termination takes effect in the second quarter of 2026. Source
• FDA interactions at mid-year: FDA interactions on the Varseta-M registrational trial design are targeted for mid-year 2026. Source
• Follow-up data at medical meetings: Additional Phase 1 Varseta-M follow-up data are expected at major medical meetings in 2026. Source

Figures management reported

Risks management discussed

• Financial: Collaboration revenue fell as performance obligations were completed and estimated completion for other partners was lower. Source
• Demand: Astellas chose not to advance remaining preclinical programs, ending the collaboration. Source
• Regulatory: A registrational path for Varseta-M has not yet been agreed with the FDA; alignment is targeted for 2026. Source
• Operational: G&A for 2025 included one-time restructuring expenses of $1.1 million. Source

Earlier plans management reported on

• Met: The prior quarter said the Phase 1 data update was on track for Q1 2026; this release reports the update. Source
• Met: The prior quarter said this study was expected to start in Q1 2026; the release says it has been initiated. Source
• Not stated: Management said initial proof-of-concept data for the KEYTRUDA combination is expected later this year. Source
• Not stated: The expected cash runway is unchanged from the prior quarter's stated runway. Source

Other quarters

• Q3 FY2026 earnings call
• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.