CTMX 8-K
CytomX Therapeutics, Inc. (CTMX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 6, 2026, CytomX Therapeutics, Inc., a Delaware corporation (the “Company”), issued a press release reporting its unaudited financial results as of and for the three and six months ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.
The information in Item 2.02 of this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any filing with the Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are furnished as part of this report.
Exhibit No. |
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Description |
99.1 |
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Press release titled "CytomX Therapeutics Announces Q2 2026 Financial Results and Provides Business Update" issued by CytomX Therapeutics, Inc. on August 6, 2026. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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CYTOMX THERAPEUTICS, INC. |
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Date: |
August 6, 2026 |
By: |
/s/ Christopher W. Ogden |
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Christopher W. Ogden |
Exhibit 99.1
CytomX Therapeutics Announces Q2 2026 Financial Results and Provides
Business Update
Varsetatug masetecan (“Varseta-M”) Program:
- Phase 1 monotherapy update in advanced colorectal cancer (CRC) expected by the end of 2026. Registrational study planned for initiation in 1H 2027 -
- Phase 1 study in combination with bevacizumab in 3L+ mCRC ongoing. Phase 1/2 chemotherapy combination study focused in 2L mCRC initiating in Q4 2026 -
- Phase 1 monotherapy expansion cohorts initiating in Q3 2026 in gastric and gastroesophageal junction (GEJ), EpCAM-selected pancreatic ductal adenocarcinoma (PDAC), and EpCAM-selected biliary tract cancer (BTC) -
Corporate:
- Regeneron alliance in masked bispecific immunotherapies expanded to additional targets -
- Board of directors and executive leadership team strengthened with additions of Charles Fuchs, MD, Mamata Gokhale, Ph.D. and Alejandra Carvajal, JD -
- Company to host conference call today at 5 p.m. ET / 2 p.m. PT -
SOUTH SAN FRANCISCO, Calif., August 6, 2026 – CytomX Therapeutics, Inc. (Nasdaq: CTMX), a leader in the field of masked, conditionally activated biologics, today announced Q2 2026 financial results and provided a business update.
“CytomX had a productive second quarter as we advanced and broadened the Varseta-M program, the only EpCAM-directed antibody drug conjugate (ADC) in clinical development and a potentially best-in-class ADC for colorectal cancer. As we drive Varseta-M towards its first registrational study in late-line CRC, we are also accelerating our broader vision of earlier line utilization in CRC combination regimens, while also initiating development in additional gastrointestinal cancers of high unmet need,” said Dr. Sean McCarthy, chairman and CEO of CytomX Therapeutics.
“Additionally, this quarter, we were excited to announce a significant expansion of our Regeneron collaboration in bispecific immunotherapies, further validating our PROBODY® therapeutic platform expertise. We are also pleased to be strengthening the CytomX team and board of directors for CytomX’s next phase of growth as we remain highly focused on making a meaningful difference for patients and stakeholders over the near- and long-term.”
Pipeline Program Updates:
Varsetatug masetecan (EpCAM PROBODY Topo-1 ADC, CX-2051)
1 Dose Optimization utilizes adjusted ideal body weight dosing
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CX-801 (PROBODY Interferon alpha-2b)
KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.
Corporate and Financial:
2 Merck & Co., Inc. (2018). Sylatron (peginterferon alfa-2b) prescribing information. U.S. Food and Drug Administration
2
Q2 2026 Financial Results:
Cash, cash equivalents and investments totaled $330.3 million as of June 30, 2026, compared to $346.7 million as of March 31, 2026.
Total revenue was $1.4 million for the quarter ended June 30, 2026, compared to $18.7 million for the second quarter of 2025. The decrease in revenue was driven primarily by the completion of the Company’s performance obligation during 2025 in the collaborations with Bristol Myers Squibb and lower research activities in the Astellas collaboration which concluded in the second quarter of 2026.
Total operating expense for the quarter ended June 30, 2026 was $25.2 million compared to $19.9 million for the quarter ended June 30, 2025, an increase of $5.3 million.
Research and development expenses increased by $4.3 million during the quarter ended June 30, 2026, to $17.6 million compared to $13.3 million for the quarter ended June 30, 2025. Research and development expenses increased primarily due to manufacturing activities for Varseta-M as well as increased personnel related costs and general research and development expenses.
General and administrative expenses increased by $1.0 million during the quarter ended June 30, 2026, to $7.6 million, compared to $6.6 million for the quarter ended June 30, 2025. Increased general and administrative expenses were primarily driven by higher consulting expenses and higher rent expenses.
About CytomX Therapeutics, Inc.
CytomX is a clinical-stage, oncology-focused biopharmaceutical company focused on developing novel conditionally activated, masked PROBODY® therapeutics designed to be localized to the tumor microenvironment. By pioneering a novel pipeline of localized biologics, powered by its PROBODY therapeutic platform, CytomX’s vision is to create safer, more effective therapies for the treatment of cancer. CytomX’s robust and differentiated pipeline comprises therapeutic candidates across multiple treatment modalities including antibody-drug conjugates (“ADCs”), cytokines and T-cell engagers. CytomX’s clinical-stage pipeline includes varsetatug masetecan (Varseta-M; CX-2051) and CX-801. Varseta-M is a masked, conditionally activated ADC armed with a topoisomerase-1 inhibitor payload and directed toward epithelial cell adhesion molecule (EpCAM). EpCAM is a highly expressed tumor antigen that has previously been undruggable due to expression on normal tissues. Varseta-M is designed to open a therapeutic window for this high potential target and is initially being developed for the treatment of metastatic colorectal cancer. Varseta-M was discovered in collaboration with ImmunoGen, now part of AbbVie. CX-801 is a masked interferon alpha-2b PROBODY® cytokine with broad potential applicability in traditionally immuno-oncology sensitive as well as insensitive (cold) tumors. CX-801 is initially being developed for the treatment of metastatic melanoma. CytomX has established strategic collaborations with multiple leaders in oncology, including Amgen, Regeneron and Moderna. For more information about CytomX and how it is working to make conditionally activated treatments the new standard-of-care in the fight against cancer, visit www.cytomx.com and follow us on LinkedIn and X (formerly Twitter).
CytomX Therapeutics Forward-Looking Statements
This press release includes forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that are difficult to predict, may be beyond CytomX’s control, and may
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cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied in such statements, including those related to the future potential of partnerships or collaboration agreements and projected cash runway. Accordingly, you should not rely on any of these forward-looking statements, including those relating to the potential benefits, safety and efficacy or progress of CytomX’s or any of its collaborative partners’ product candidates, including varsetatug masetecan (Varseta-M) and CX-801, the potential benefits or applications of CytomX’s PROBODY® therapeutic platform, CytomX's planned interactions with the U.S. Food and Drug Administration and the ability to align on a potential registrational study design and regulatory pathway for Varseta-M, CytomX’s or its collaborative partners’ ability to develop and advance product candidates into and successfully complete clinical trials, including the ongoing and planned clinical trials of Varseta-M and CX-801 and the timing of initial and ongoing data availability for CytomX’s clinical trials, including Varseta-M and CX-801, and other development milestones. Risks and uncertainties that contribute to the uncertain nature of the forward-looking statements include: the unproven nature of CytomX’s novel PROBODY® therapeutic technology; uncertainties around the Company’s ability to raise sufficient funds to carry out its planned research and development; CytomX’s clinical trial product candidates are in the initial stages of clinical development and its other product candidates are currently in preclinical development, and the process by which preclinical and clinical development could potentially lead to an approved product is long and subject to significant risks and uncertainties, including the possibility that the results of preclinical research and early clinical trials, including initial Varseta-M clinical trial results, may not be predictive of future results; the possibility that CytomX’s clinical trials will not be successful; the possibility that current preclinical research may not result in additional product candidates; the possibility that CytomX may not be able to realize the full potential of its collaborations; CytomX’s dependence on the success of Varseta-M and CX-801; CytomX’s reliance on third parties for the manufacture of the Company’s product candidates; possible regulatory developments in the United States and foreign countries, including China and the European Union; and the risk that CytomX may incur higher costs than expected for research and development. Additional applicable risks and uncertainties include those relating to CytomX’s preclinical research and development, clinical development, and other risks identified under the heading "Risk Factors" included in CytomX’s Quarterly Report on Form 10-Q filed with the SEC on August 6, 2026. The forward-looking statements contained in this press release are based on information currently available to CytomX and speak only as of the date on which they are made. CytomX does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.
PROBODY is a U.S. registered trademark of CytomX Therapeutics, Inc. All other trademarks are the properties of their respective owners.
Company Contact:
Chris Ogden
SVP, Chief Financial Officer
Investor Contact:
Precision AQ
Stephanie Ascher
Media Contact:
Precision AQ
Colleen Ketchum
4
CYTOMX THERAPEUTICS, INC.
CONDENSED BALANCE SHEETS
(in thousands)
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June 30, |
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December 31, |
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2026 |
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2025 |
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(unaudited) |
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(1) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
17,224 |
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$ |
12,667 |
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Short-term investments |
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313,056 |
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124,385 |
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Restricted cash |
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917 |
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— |
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Accounts receivable |
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37,494 |
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2,013 |
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Prepaid expenses and other current assets |
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4,464 |
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4,856 |
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Total current assets |
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373,155 |
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143,921 |
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Property and equipment, net |
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1,079 |
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1,304 |
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Intangible assets, net |
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365 |
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438 |
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Goodwill |
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949 |
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949 |
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Restricted cash |
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610 |
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1,527 |
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Operating lease right-of-use asset |
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5,037 |
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3,396 |
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Other assets |
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31 |
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31 |
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Total assets |
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$ |
381,226 |
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$ |
151,566 |
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,939 |
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$ |
1,301 |
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Accrued liabilities |
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12,353 |
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14,197 |
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Operating lease liabilities - short-term |
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1,496 |
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4,240 |
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Deferred revenue, current portion |
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24,073 |
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26,877 |
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Total current liabilities |
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39,861 |
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46,615 |
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Deferred revenue, net of current portion |
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30,617 |
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1,590 |
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Operating lease liabilities - long term |
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4,208 |
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— |
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Other long-term liabilities |
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4,472 |
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4,353 |
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Total liabilities |
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79,158 |
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52,558 |
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Commitments and contingencies |
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Stockholders' equity: |
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Convertible preferred stock |
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— |
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— |
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Common stock |
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2 |
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2 |
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Additional paid-in capital |
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1,053,125 |
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810,844 |
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Accumulated other comprehensive income |
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(196 |
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111 |
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Accumulated deficit |
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(750,863 |
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(711,949 |
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Total stockholders' equity |
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302,068 |
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99,008 |
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Total liabilities and stockholders' equity |
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$ |
381,226 |
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$ |
151,566 |
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__________________
5
CYTOMX THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except share and per share data)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues |
$ |
1,418 |
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$ |
18,658 |
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$ |
11,677 |
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$ |
69,575 |
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Operating expenses: |
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Research and development |
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17,598 |
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13,322 |
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36,836 |
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32,189 |
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General and administrative |
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7,601 |
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6,622 |
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18,294 |
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16,050 |
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Total operating expenses |
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25,199 |
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19,944 |
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55,130 |
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48,239 |
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Income (loss) from operations |
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(23,781 |
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(1,286 |
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(43,453 |
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21,336 |
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Interest income |
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3,157 |
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1,178 |
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4,647 |
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2,133 |
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Other income |
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18 |
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17 |
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11 |
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28 |
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Income (loss) before income taxes |
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(20,606 |
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(91 |
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(38,795 |
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23,497 |
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Provision for income taxes |
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60 |
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63 |
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119 |
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126 |
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Net income (loss) attributable to common stockholders |
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(20,666 |
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(154 |
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(38,914 |
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23,371 |
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Other comprehensive income (loss): |
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Unrealized gain (loss) on investments, net of tax |
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(298 |
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34 |
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(307 |
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6 |
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Total comprehensive income (loss) |
$ |
(20,964 |
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$ |
(120 |
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$ |
(39,221 |
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$ |
23,377 |
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Net income (loss) per share: |
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Basic |
$ |
(0.09 |
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$ |
(0.00 |
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$ |
(0.20 |
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$ |
0.22 |
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Diluted |
$ |
(0.09 |
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$ |
(0.00 |
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$ |
(0.20 |
) |
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$ |
0.21 |
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Shares used to compute net income (loss) per share |
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Basic |
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218,939,423 |
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129,075,546 |
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198,221,312 |
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108,214,373 |
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Diluted |
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218,939,423 |
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129,075,546 |
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198,221,312 |
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108,928,284 |
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6