$CTMX
CytomX Therapeutics Inc

2024 Q1 Form 10-Q Financial Statement

#000095017024055588 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $41.46M $23.50M
YoY Change 76.45% 37.13%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.754M $7.977M
YoY Change -2.8% -24.34%
% of Gross Profit
Research & Development $22.05M $21.18M
YoY Change 4.14% -30.71%
% of Gross Profit
Depreciation & Amortization $467.0K $595.0K
YoY Change -21.51% -1.16%
% of Gross Profit
Operating Expenses $29.81M $29.15M
YoY Change 2.24% -29.07%
Operating Profit $11.66M -$5.653M
YoY Change -306.21% -76.41%
Interest Expense $2.194M $2.327M
YoY Change -5.72% 3322.06%
% of Operating Profit 18.82%
Other Income/Expense, Net -$11.00K $15.00K
YoY Change -173.33% 15.38%
Pretax Income $13.84M -$3.311M
YoY Change -518.0% -86.14%
Income Tax $49.00K $0.00
% Of Pretax Income 0.35%
Net Earnings $13.79M -$3.311M
YoY Change -516.52% -86.14%
Net Earnings / Revenue 33.26% -14.09%
Basic Earnings Per Share
Diluted Earnings Per Share $0.17 -$0.05
COMMON SHARES
Basic Shares Outstanding 67.72M 66.23M
Diluted Shares Outstanding 82.63M 66.25M

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.3M $204.5M
YoY Change -26.51% -22.1%
Cash & Equivalents $36.19M $56.36M
Short-Term Investments $114.1M $148.1M
Other Short-Term Assets $3.786M $6.685M
YoY Change -43.37% 36.48%
Inventory
Prepaid Expenses
Receivables $13.18M $1.090M
Other Receivables $0.00 $0.00
Total Short-Term Assets $167.2M $212.3M
YoY Change -21.21% -20.92%
LONG-TERM ASSETS
Property, Plant & Equipment $3.567M $4.573M
YoY Change -22.0% -24.95%
Goodwill $949.0K $949.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $80.00K $27.00K
YoY Change 196.3% -97.01%
Total Long-Term Assets $17.44M $22.35M
YoY Change -21.98% -21.24%
TOTAL ASSETS
Total Short-Term Assets $167.2M $212.3M
Total Long-Term Assets $17.44M $22.35M
Total Assets $184.7M $234.6M
YoY Change -21.29% -20.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.964M $2.203M
YoY Change -10.85% 28.01%
Accrued Expenses $14.22M $22.28M
YoY Change -36.16% -28.22%
Deferred Revenue $123.6M $126.8M
YoY Change -2.49% 81.09%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $144.5M $151.3M
YoY Change -4.45% 47.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.940M $170.0M
YoY Change -97.68% 35.07%
Total Long-Term Liabilities $3.940M $170.0M
YoY Change -97.68% 35.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $144.5M $151.3M
Total Long-Term Liabilities $3.940M $170.0M
Total Liabilities $216.4M $321.3M
YoY Change -32.65% 40.52%
SHAREHOLDERS EQUITY
Retained Earnings -$709.7M -$726.2M
YoY Change -2.28% 30.23%
Common Stock $1.000K $1.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$31.68M -$86.64M
YoY Change
Total Liabilities & Shareholders Equity $184.7M $234.6M
YoY Change -21.29% -20.95%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $13.79M -$3.311M
YoY Change -516.52% -86.14%
Depreciation, Depletion And Amortization $467.0K $595.0K
YoY Change -21.51% -1.16%
Cash From Operating Activities -$26.05M $9.349M
YoY Change -378.59% -122.63%
INVESTING ACTIVITIES
Capital Expenditures $115.0K $48.00K
YoY Change 139.58% -93.48%
Acquisitions
YoY Change
Other Investing Activities $45.00M -$146.6M
YoY Change -130.7%
Cash From Investing Activities $44.89M -$146.6M
YoY Change -130.61% 19824.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 174.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -26.05M 9.349M
Cash From Investing Activities 44.89M -146.6M
Cash From Financing Activities 174.0K 0.000
Net Change In Cash 19.01M -137.3M
YoY Change -113.85% 226.56%
FREE CASH FLOW
Cash From Operating Activities -$26.05M $9.349M
Capital Expenditures $115.0K $48.00K
Free Cash Flow -$26.16M $9.301M
YoY Change -381.26% -122.12%

Facts In Submission

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CY2024Q1 us-gaap Nature Of Operations
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<p id="notes_to_condensed_financial_statements" style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Descriptio</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">n of the Business</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">CytomX Therapeutics, Inc. (the “Company”) is a clinical-stage, oncology-focused biopharmaceutical company developing potent biologics designed to remain masked and inactive in healthy tissue and to be unmasked and preferentially activated in the tumor microenvironment. The Company aims to build a commercial enterprise to maximize its impact on the treatment of cancer. The Company is advancing potential first-in-class and best-in-class therapeutics created using its PROBODY® therapeutic technology platform that could meaningfully improve outcomes for cancer patients. Its proprietary and unique PROBODY technology platform is designed to enable “conditional activation” of antibody-based drugs in the tumor microenvironment across multiple therapeutic modalities. The Company is located in South San Francisco, California and was incorporated in the state of Delaware in September 2010.</span></p>
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</span></p>
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
13791000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-3311000
CY2024Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
67606389
CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
66248992
CY2024Q1 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
14423077
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82029466
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66248992
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82029466
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66248992
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
600554
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82630020
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66248992
CY2024Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.17
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.05
CY2024Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.17
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.05
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25476276
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15525577
CY2024Q1 ctmx Cash Cash Equivalents And Investments Amortized Cost Basis
CashCashEquivalentsAndInvestmentsAmortizedCostBasis
154095000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
10000
CY2024Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
154085000
CY2023Q4 ctmx Cash Cash Equivalents And Investments Amortized Cost Basis
CashCashEquivalentsAndInvestmentsAmortizedCostBasis
175269000
CY2023Q4 ctmx Cash Cash Equivalents And Short Term Investments Accumulated Gross Unrealized Gain Before Tax
CashCashEquivalentsAndShortTermInvestmentsAccumulatedGrossUnrealizedGainBeforeTax
95000
CY2023Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
175364000
CY2024Q1 ctmx Accrued Research And Clinical Current
AccruedResearchAndClinicalCurrent
7701000
CY2023Q4 ctmx Accrued Research And Clinical Current
AccruedResearchAndClinicalCurrent
8435000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4855000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8160000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1209000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
690000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
455000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
314000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14220000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17599000
CY2024Q1 us-gaap Revenues
Revenues
41463000
CY2023Q1 us-gaap Revenues
Revenues
23499000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
212315000
CY2024Q1 ctmx Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
2266000
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
31210000
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
183371000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
301326000
CY2023Q1 ctmx Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
869000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
18278000
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
283917000
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
183400000
CY2010Q3 ctmx Royalty Obligations Future Minimum Payments Due
RoyaltyObligationsFutureMinimumPaymentsDue
200000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12949612
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.16
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1780000
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.68
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
119874
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.57
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
303341
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
11.03
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
14306397
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.44
CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
3900000
CY2024Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
3900000
CY2023Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
5100000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ctmx Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q1 ctmx Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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