CytomX Therapeutics, Inc.

cytomx.com

What Do They Do?

Develops masked biologic drug candidates for cancer patients, including antibody-drug conjugates and cytokines designed to activate in tumors.

How Do They Make Money?

CytomX earns collaboration revenue from drug-company partners. Under the Regeneron agreement, it receives program nomination payments, with additional payments tied to development, regulatory and commercial milestones and royalties on licensed-product sales.

FY2025 revenue

Who Are Their Customers?

CytomX works with drug-company collaborators including Amgen, Astellas, Bristol Myers Squibb, Regeneron and Moderna.

Do Revenues Turn Into Profits?

No. It lost $17.4M in FY2025.

Operating income, FY2025

−29% of revenue

▼ Now a loss vs FY2024 ($25M, 18%)

Net income, FY2025

−23% of revenue

▼ Now a loss vs FY2024 ($31.9M, 23%)

Free cash flow, FY2025

−99% of revenue

▼ −12% (Loss) vs FY2024 (−$86.5M, −63%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −92%; vs $18.7M in Q2 FY2025
Net income: ▲ +13319% (Loss); vs −$154K in Q2 FY2025

Jun 3, 2026 Regeneron collaboration expanded to cover additional programs Regeneron nominated two programs, with up to six more available under the amendment.

Growing. Revenue grew 2.0x in 4 years, from $37.3M in FY2021 to $76.2M in FY2025, about 20% a year.

Clinical pipeline focus The older report described clinical-stage candidates across antibody-drug conjugates, T-cell engagers and checkpoint therapies; the latest report centers its current clinical programs on an EpCAM-targeting antibody-drug conjugate and a masked interferon.

Who Do They Compete With?

Competes with AbbVie, Adagene, Amgen, BioAtla, Halozyme Therapeutics, Merck, Roche, Sanofi, Takeda Pharmaceutical, Werewolf Therapeutics, Janux Therapeutics, Xilio Therapeutics, Vir Biotechnology, Daiichi Sankyo, Gilead Sciences, Pfizer, Bristol Myers Squibb, AstraZeneca, GlaxoSmithKline, and Novartis

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