CytomX Therapeutics, Inc 10-Q for FY2022 Q1

CytomX Therapeutics, Inc. (CTMX)

10-Q 2022-05-05 For: 2022-03-31

Added on April 09, 2026

About this 10-Q

CytomX Therapeutics, Inc filed this 10-Q on May 5, 2022, covering the quarter ended March 31, 2022 (FY2022 Q1).

Headline figures

Quarter ended March 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $17.14M; up 7.3% from $15.97M a year earlier
Net loss: $23.89M; compared with a net loss of $15.55M a year earlier

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Delaware		27-3521219
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
151 Oyster Point Blvd., Suite 400 South San Francisco, CA 94080 (Address of principal executive offices, including zip code) (650) 515-3185 (Registrant’s telephone number, including area code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.00001 par value per share	CTMX	Nasdaq Global Select Market


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


	PART I – FINANCIAL INFORMATION

Item 1.	Condensed Financial Statements (Unaudited)	5
	Condensed Balance Sheets	5
	Condensed Statements of Operations and Comprehensive Loss	6
	Condensed Statements of Stockholders’ Equity	7
	Condensed Statements of Cash Flows	8
	Notes to Condensed Financial Statements (Unaudited)	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23
Item 4	Controls and Procedures	24

	PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	66
Item 3.	Defaults Upon Senior Securities	66
Item 4.	Mine Safety Disclosures	66
Item 5.	Other Information	66
Item 6.	Exhibits	67
Signatures		68


	March 31,			December 31,
	2022			2021
	(unaudited)			(1)
Assets
Current assets:
Cash and cash equivalents	$	163,488		$	205,530
Short-term investments		99,042			99,696
Accounts receivable		1,016			790
Prepaid expenses and other current assets		4,898			4,285
Total current assets		268,444			310,301
Property and equipment, net		6,093			5,960
Intangible assets, net		984			1,021
Goodwill		949			949
Restricted cash		917			917
Operating lease right-of-use asset		18,536			19,362
Other assets		902			901
Total assets	$	296,825		$	339,411
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	1,721		$	2,818
Accrued liabilities		31,032			34,236
Deferred revenue, current portion		70,013			69,262
Total current liabilities		102,766			106,316
Deferred revenue, net of current portion		108,788			125,660
Operating lease liabilities - long term		17,077			18,056
Total liabilities		228,631			250,032
Commitments and contingencies (Note 8)
Stockholders' equity:
Convertible preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued and outstanding at March 31, 2022 and December 31, 2021.		—			—
Common stock, $0.00001 par value; 150,000,000 shares authorized and 65,398,355 and 65,392,758 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively		1			1
Additional paid-in capital		626,721			623,344
Accumulated other comprehensive loss		(919	)		(242	)
Accumulated deficit		(557,609	)		(533,724	)
Total stockholders' equity		68,194			89,379
Total liabilities and stockholders' equity	$	296,825		$	339,411


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended
	March 31,
	2022			2021
Revenues	$	17,136		$	15,971
Operating expenses:
Research and development		30,559			22,371
General and administrative		10,543			9,227
Total operating expenses		41,102			31,598
Loss from operations		(23,966	)		(15,627	)
Interest income		68			68
Other income, net		13			5
Net loss		(23,885	)		(15,554	)
Other comprehensive income (loss):
Unrealized gain (loss) on short-term investments, net of tax		(677	)		4
Comprehensive loss	$	(24,562	)	$	(15,550	)

Net loss per share:
Basic and diluted net loss per share	$	(0.37	)	$	(0.26	)
Shares used in computing basic and diluted net loss per share		65,393,691			60,968,111


							Accumulated
					Additional		Other						Total
	Common Stock				Paid-in		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance at December 31, 2021		65,392,758	$	1	$	623,344	$	(242	)	$	(533,724	)	$	89,379
Exercise of stock options		5,597		-		7		-			-			7
Stock-based compensation		-		-		3,370		-			-			3,370
Other comprehensive loss		-		-		-		(677	)		-			(677	)
Net loss		-		-		-		-			(23,885	)		(23,885	)
Balance at March 31, 2022		65,398,355	$	1	$	626,721	$	(919	)	$	(557,609	)	$	68,194

							Accumulated
					Additional		Other						Total
	Common Stock				Paid-in		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance at December 31, 2020		48,251,819	$	1	$	499,964	$	(47	)	$	(450,115	)	$	49,803
Issuance of common stock in follow-on offering, net of issuance costs		16,428,571		-		107,712		-			-			107,712
Exercise of stock options		322,507		-		1,023		-			-			1,023
Stock-based compensation		-		-		3,034		-			-			3,034
Other comprehensive income		-		-		-		4			-			4
Net loss		-		-		-		-			(15,554	)		(15,554	)
Balance at March 31, 2021		65,002,897	$	1	$	611,733	$	(43	)	$	(465,669	)	$	146,022


	March 31, 2022		December 31, 2021		March 31, 2021		December 31, 2020
	(in thousands)
Cash and cash equivalents	$	163,488	$	205,530	$	329,666	$	191,859
Restricted cash - non-current assets		917		917		917		917
Total	$	164,405	$	206,447	$	330,583	$	192,776


		March 31, 2022
	Valuation Hierarchy	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Aggregate Fair Value
		(in thousands)
Assets
Money market funds	Level I	$	125,731	$	—	$	—		$	125,731
Restricted cash (money market funds)	Level I		917		—		—			917
U.S. Government bonds	Level I		99,961		—		(919	)		99,042
Total securities		$	226,609	$	—	$	(919	)	$	225,690


	Three Months Ended March 31,
	2022		2021
	(in thousands)
AbbVie	$	2,427	$	1,228
Amgen		2,288		2,582
Astellas		5,016		4,756
Bristol Myers Squibb		7,405		7,405
Total revenue	$	17,136	$	15,971


	Balance at 12/31/2021		Additions		Deductions		Balance at 3/31/2022
	(in thousands)
Contract liabilities:
Deferred revenue	$	194,922	$	—	$	16,121	$	178,801


	Options Outstanding
	Number of Options			Weighted- Average Exercise Price Per Share
Balance at December 31, 2021		12,192,216		$	9.42
Options granted		2,556,118			4.09
Options exercised		(5,597	)		1.36
Option forfeited/expired		(432,428	)		9.79
Balance at March 31, 2022		14,310,309		$	8.46


	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Balance at December 31, 2021		433,250		$	5.34
RSU's awarded		586,210			4.13
RSU's vested		—			-
RSU's cancelled		(36,999	)		5.10
Balance at March 31, 2022		982,461		$	4.63


	Three Months Ended March 31,
	2022		2021			Change
	(in thousands)
External costs incurred by product candidate (target):
Praluzatamab ravtansine, CX-2009 (CD166)	$	4,873	$	3,052		$	1,821
CX-2029 (CD71)		2,078		1,538			540
Pacmilimab, CX-072 (PD-L1)		-		(202	)		202
CX-904		667		481			186
Other wholly owned and partnered programs		3,463		1,272			2,191
General research and development expenses		4,251		3,714			537
		15,332		9,855			5,477
Internal Costs		15,227		12,516			2,711
Total research and development expenses	$	30,559	$	22,371		$	8,188


		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	Date	Number	Filed Herewith

3.1	Amended and Restated Certificate of Incorporation.	8-K	10/19/2015	3.1

3.2	Certificate of Amendment to Amended and Restated Certificate of Incorporation of CytomX Therapeutics, Inc.	8-K	6/23/2020	3.1

3.3	Amended and Restated Bylaws.	8-K	10/19/2015	3.2

4.1	Reference is made to Exhibits 3.1 through 3.2.

4.2	Specimen Common Stock Certificate	S-1/A	9/28/2015	4.1

31.1	Certification of Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a).				X

31.2	Certification of Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a).				X

32.1*	Certification of Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350).				X

32.2*	Certification of Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350).				X

101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document				X

101.SCH	Inline XBRL Taxonomy Extension Schema Document.				X

101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document				X

101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.				X

101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.				X

101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.				X

104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)				X


	CytomX Therapeutics, Inc.

Date: May 5, 2022	By:	/s/ Sean A. McCarthy
		Sean A. McCarthy, D. Phil.
		Chief Executive Officer and Chairman (Principal Executive Officer)

Date: May 5, 2022	By:	/s/ Carlos Campoy
		Carlos Campoy
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)


Date: May 5, 2022	By:	/s/ Sean A. McCarthy
	Name:	Sean A. McCarthy, D. Phil.
	Title:	Chief Executive Officer