$CTMX
CytomX Therapeutics Inc

2019 Q2 Form 10-Q Financial Statement

#000156459019030054 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $9.013M $21.34M
YoY Change -57.76% 143.81%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.410M $9.040M
YoY Change 4.09% 49.42%
% of Gross Profit
Research & Development $30.84M $25.55M
YoY Change 20.67% -8.99%
% of Gross Profit
Depreciation & Amortization $700.0K $500.0K
YoY Change 40.0% 25.0%
% of Gross Profit
Operating Expenses $40.25M $34.60M
YoY Change 16.33% 23.22%
Operating Profit -$31.23M -$13.26M
YoY Change 135.6%
Interest Expense $2.360M $1.540M
YoY Change 53.25% 331.37%
% of Operating Profit
Other Income/Expense, Net -$90.00K $60.00K
YoY Change -250.0% -134.48%
Pretax Income -$28.96M -$11.66M
YoY Change 148.46% -53.73%
Income Tax $0.00 $1.800M
% Of Pretax Income
Net Earnings -$28.96M -$13.45M
YoY Change 115.36% -46.67%
Net Earnings / Revenue -321.31% -63.02%
Basic Earnings Per Share
Diluted Earnings Per Share -$638.7K -$345.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $349.1M $335.1M
YoY Change 4.19% -0.24%
Cash & Equivalents $149.4M $132.9M
Short-Term Investments $199.8M $202.2M
Other Short-Term Assets $7.500M $6.400M
YoY Change 17.19% 39.13%
Inventory
Prepaid Expenses
Receivables $10.00M $25.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $366.7M $366.7M
YoY Change -0.01% 7.63%
LONG-TERM ASSETS
Property, Plant & Equipment $7.238M $5.500M
YoY Change 31.6% 27.91%
Goodwill $949.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.375M $2.300M
YoY Change -40.22% -45.24%
Total Long-Term Assets $38.61M $10.20M
YoY Change 278.5% -8.93%
TOTAL ASSETS
Total Short-Term Assets $366.7M $366.7M
Total Long-Term Assets $38.61M $10.20M
Total Assets $405.3M $376.9M
YoY Change 7.53% 7.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.520M $4.200M
YoY Change 7.62% -34.38%
Accrued Expenses $22.47M $24.80M
YoY Change -9.4% 230.67%
Deferred Revenue $51.68M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $78.67M $83.20M
YoY Change -5.44% 37.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $963.0K $252.6M
YoY Change -99.62% 5.96%
Total Long-Term Liabilities $963.0K $252.6M
YoY Change -99.62% 5.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.67M $83.20M
Total Long-Term Liabilities $963.0K $252.6M
Total Liabilities $303.8M $335.8M
YoY Change -9.53% 12.08%
SHAREHOLDERS EQUITY
Retained Earnings -$358.1M
YoY Change
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $101.5M $41.13M
YoY Change
Total Liabilities & Shareholders Equity $405.3M $376.9M
YoY Change 7.53% 7.12%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$28.96M -$13.45M
YoY Change 115.36% -46.67%
Depreciation, Depletion And Amortization $700.0K $500.0K
YoY Change 40.0% 25.0%
Cash From Operating Activities -$48.70M -$26.60M
YoY Change 83.08% -115.36%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$800.0K
YoY Change -50.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities $7.300M $17.50M
YoY Change -58.29% 28.68%
Cash From Investing Activities $6.900M $16.70M
YoY Change -58.68% 25.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 700.0K 700.0K
YoY Change 0.0% 0.0%
NET CHANGE
Cash From Operating Activities -48.70M -26.60M
Cash From Investing Activities 6.900M 16.70M
Cash From Financing Activities 700.0K 700.0K
Net Change In Cash -41.10M -9.200M
YoY Change 346.74% -104.91%
FREE CASH FLOW
Cash From Operating Activities -$48.70M -$26.60M
Capital Expenditures -$400.0K -$800.0K
Free Cash Flow -$48.30M -$25.80M
YoY Change 87.21% -114.86%

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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. Description of the Business</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CytomX Therapeutics, Inc. (the “Company”) is a clinical-stage, oncology-focused biopharmaceutical company with a vision of transforming lives with safer, more effective therapeutics. The Company is pioneering a novel class of investigational antibody therapeutics, based on its Probody™ therapeutic technology platform, for the treatment of cancer. The Probody therapeutic approach is designed to more specifically target antibody therapeutics to the tumor microenvironment and minimize drug activity in healthy tissue and in circulation. The Company is located in South San Francisco, California and was incorporated in the state of Delaware in September 2010.</p>
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CY2019Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
917000
CY2018Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
917000
CY2018Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
917000
CY2017Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
917000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
150309000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
248494000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
133825000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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178465000
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9874549
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7351681
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9421221
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7329531
CY2019Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
330814000
CY2019Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
268000
CY2019Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
331082000
CY2019Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
0
CY2018Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
416512000
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
66000
CY2018Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
416446000
CY2019Q2 ctmx Accrued Research And Clinical Current
AccruedResearchAndClinicalCurrent
14046000
CY2018Q4 ctmx Accrued Research And Clinical Current
AccruedResearchAndClinicalCurrent
18520000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4281000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6585000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1429000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
830000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2631000
CY2019Q2 us-gaap Other Accrued Liabilities Current
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82000
CY2018Q4 us-gaap Other Accrued Liabilities Current
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789000
CY2019Q2 us-gaap Accrued Liabilities Current
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22469000
CY2018Q4 us-gaap Accrued Liabilities Current
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26724000
CY2018Q2 us-gaap Revenues
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21338000
us-gaap Revenues
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38498000
us-gaap Revenues
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35522000
CY2018Q4 us-gaap Contract With Customer Liability
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277980000
us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
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10000000
us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
38470000
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
249510000
ctmx Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
10000000.0
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
38500000
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
249500000
CY2019Q2 ctmx Royalty Obligations Future Minimum Payments Due
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150000
ctmx License Termination Period
LicenseTerminationPeriod
P60D
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
38945000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7803773
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.62
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2423983
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.12
us-gaap Stock Issued During Period Shares Stock Options Exercised
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89567
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.55
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
261857
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
17.03
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9876332
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.93
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5401818
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.61
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5454000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10646000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7849000
CY2018Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
2500000
us-gaap Operating Lease Expense
OperatingLeaseExpense
2500000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2631000
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
26321000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
28952000
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2444000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4990000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5129000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5273000
CY2019Q2 ctmx Lessee Operating Lease Liability Payments Due Year Five And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndThereafter
21109000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9993000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
28952000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1800000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2900000
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.153
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.111

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