CytomX Therapeutics — Q3 2026 Earnings Summary

Financial Performance:

• Total revenue for the quarter ended September 30, 2026, was $1.7 million, a decrease from $6.0 million in the same period in 2025, driven primarily by the completion of the performance obligation in the Astellas collaboration which concluded in Q2 2026.
• Total operating expenses for the quarter ended September 30, 2026, were $25.2 million, an increase of $3.5 million compared to $21.7 million in the prior year period.
• Research and development expenses increased by $1.2 million to $16.5 million in Q3 2026 from $15.3 million in Q3 2025, due to increased personnel-related expenses, partially offset by lower Varseta-M spend related to manufacturing timing.
• General and administrative expenses increased by $2.3 million to $8.7 million in Q3 2026 from $6.4 million in Q3 2025, driven by increased personnel-related expenses, consulting expenses, and higher rent expenses associated with the transition to the new Emeryville headquarters.
• Net loss attributable to common stockholders was $20.0 million for the quarter ended September 30, 2026, compared to a net loss of $14.2 million in the same period in 2025.
• Cash, cash equivalents, and investments totaled $348.0 million as of September 30, 2026, compared to $330.3 million as of Q2 2026, with an expected cash runway into the second half of 2028.
• Deferred revenue increased significantly, with the current portion rising to $27.4 million from $26.9 million as of December 31, 2025, and the non-current portion rising to $25.9 million from $1.6 million as of December 31, 2025.
• Total assets increased to $364.7 million as of September 30, 2026, from $151.6 million as of December 31, 2025.

Guidance and Future Outlook:

• A Phase 1 monotherapy data update for Varseta-M in metastatic colorectal cancer (mCRC), including dose selection and potential registrational strategy, is expected in January 2027.
• The company anticipates the potential to initiate the first registrational study for Varseta-M monotherapy in mCRC in the first half of 2027.
• Initial clinical data for the Phase 1 combination study of Varseta-M and bevacizumab in mCRC is anticipated in the first half of 2027.
• A Phase 1/2 combination study evaluating Varseta-M with bevacizumab, 5-fluorouracil, and leucovorin in 2nd line mCRC is planned to initiate by the end of 2026.
• Initial clinical data for CX-801 in combination with KEYTRUDA® in advanced melanoma is expected in the first half of 2027.

Business Segments and Product Lines:

• Varsetatug masetecan (Varseta-M) received FDA Fast Track designation for relapsed/refractory metastatic colorectal cancer in August 2026.
• Varseta-M Phase 1 expansion cohorts for gastric and gastroesophageal junction (GEJ) cancer, EpCAM-selected pancreatic ductal adenocarcinoma (PDAC), and EpCAM-selected biliary tract cancer (BTC) are currently in progress.
• A Phase 1 combination study of Varseta-M and bevacizumab is ongoing, with dose finding enrolling late-line patients and plans to focus on 2L and 3L mCRC once a go-forward dose and schedule are selected.
• CX-801, a masked interferon alpha-2b PROBODY® cytokine, continues enrollment in an ongoing Phase 1 study in advanced melanoma, having reached the fourth dose level in the monotherapy dose escalation portion.
• CX-801 monotherapy has been generally well tolerated at dose levels exceeding the approved dose of unmasked IFNα2b.
• The Phase 1 dose escalation of CX-801 in combination with KEYTRUDA® (pembrolizumab) continues enrollment and has cleared the third dose level.

Management Commentary and Tone:

• Dr. Sean McCarthy, Chairman and CEO, stated the company is highly focused on rapidly advancing monotherapy Varseta-M towards a first registrational study in colorectal cancer.
• Management described the integrated strategy as intended to urgently advance Varseta-M for the maximum benefit of cancer patients.
• The CEO characterized Varseta-M as a first-in-class EpCAM-directed antibody drug conjugate designed to improve the standard of care for patients with colorectal and other cancers.

Other Key Points:

• The company will host a conference call and webcast at 5 p.m. ET / 2 p.m. PT on the day of the release.
• CytomX has established strategic collaborations with multiple leaders in oncology, including Regeneron.
• Varseta-M was discovered in collaboration with ImmunoGen, now part of AbbVie.
• The company transitioned to a new Emeryville headquarters during the quarter, contributing to increased rent expenses.
• The Condensed Balance Sheets show a significant increase in short-term investments from $124.4 million (Dec 31, 2025) to $314.0 million (Sep 30, 2026).
• Accumulated deficit increased to $(770.9) million as of September 30, 2026, from $(711.9) million as of December 31, 2025.