Here are 1-3 brief analogies for CytomX Therapeutics (CTMX):

• "Genentech for precision-activated cancer drugs."
• "Moderna for targeted antibody cancer therapies."
• "An early-stage Amgen, focused on developing smarter, safer antibody drugs for cancer."

• Probody™ Platform Technology: A proprietary drug discovery platform designed to create tumor-activated therapeutics that remain masked and inactive in healthy tissue, thus reducing systemic toxicity.
• CX-904: A T-cell activating bispecific antibody designed to target EGFR and CD3, currently in clinical development in collaboration with Bristol Myers Squibb for solid tumors.
• CX-801: A Probody™ cytokine therapeutic targeting Interferon Alpha-2b, in clinical development as a wholly-owned asset for the treatment of solid tumors.
• CX-2029: A Probody™ antibody-drug conjugate (ADC) designed to target CD71, in clinical development as a wholly-owned asset for the treatment of various cancers.

CytomX Therapeutics (CTMX) Major Customers

CytomX Therapeutics is a clinical-stage biotechnology company that develops novel cancer therapies. As such, it sells primarily to other companies, specifically larger pharmaceutical and biotechnology companies through collaboration, licensing, and research agreements, rather than directly to individuals.

Based on their financial filings and public disclosures, their major customer providing significant revenue from ongoing collaborations is:

• Bristol Myers Squibb Company (BMS)

CytomX Therapeutics has historically engaged in other collaborations with companies like Amgen and AbbVie, but the agreement with Bristol Myers Squibb has been a consistent and significant source of collaboration revenue in recent years, as detailed in their annual reports (10-K filings).

• AGC Biologics (TYO: 5201)
• Lonza (SWX: LONN)
• WuXi Biologics (HKEX: 2269)
• Catalent Pharma Solutions (NYSE: CTLT)

Sean A. McCarthy, D.Phil. Chief Executive Officer and Chairman

Dr. McCarthy joined CytomX in December 2010 as Chief Business Officer and became President and CEO in August 2011. He was appointed Chairman of the board in January 2019. With over twenty-five years of experience in the biotechnology industry, his background encompasses roles in R&D, business development, financing, and general management. Prior to joining CytomX, Dr. McCarthy was a transactional partner at Pappas Ventures from April 2006 to December 2010, focusing on investments in therapeutic, medical device, and molecular diagnostic companies.

Chris Ogden Chief Financial Officer

Mr. Ogden joined CytomX in August 2021. He brings 16 years of experience from Eli Lilly and Company, where he held various senior financial leadership positions, including Chief Financial Officer of Lilly Diabetes. He also served as Chief Financial Officer and Treasurer of Lilly del Caribe in Puerto Rico, and held financial leadership roles in drug development, manufacturing, commercial operations, and investor relations.

Wayne Chu, M.D. Chief Medical Officer

Dr. Chu joined CytomX as Chief Medical Officer in July 2023. He has more than 20 years of experience in oncology, spanning research, medicine, and global clinical development. Before CytomX, Dr. Chu served as Chief Medical Officer at Fate Therapeutics, overseeing clinical development strategies for novel immune cell therapies. He previously spent a decade at Genentech in Product Development Oncology, where he was involved in the development of therapies such as trastuzumab emtansine (Kadcyla), polatuzumab vedotin, tiragolumab, and mosunetuzumab. His clinical training was in pediatric hematology-oncology at Johns Hopkins School of Medicine and the National Cancer Institute.

Marcia P. Belvin, Ph.D. SVP, Chief Scientific Officer

Dr. Belvin joined CytomX in 2018 and has nearly 20 years of industry experience in oncology research and drug discovery. Prior to CytomX, she spent over 13 years at Genentech, where she held roles of increasing responsibility, leading multiple preclinical pipeline teams and overseeing programs in cancer signaling, cancer metabolism, and cancer immunology. She began her career at Exelixis, managing teams responsible for preclinical pipeline discovery within oncology and inflammation portfolios.

Leslie Robbins, J.D. SVP, Intellectual Property

Ms. Robbins joined CytomX in February 2019, bringing more than 25 years of legal experience in the biotechnology industry. Most recently, she was the Vice President of Intellectual Property at Coherus BioSciences. Her prior experience includes intellectual property roles at Onyx Pharmaceuticals (which was acquired by Amgen) and Elan Pharmaceuticals. She began her legal career at a boutique patent firm and was a research associate at Chiron Corporation before law school.

1. Clinical Development and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, CytomX Therapeutics' business success is heavily dependent on the successful development, clinical trial outcomes, and eventual regulatory approval of its product candidates, such as CX-2051 and CX-801. Any setbacks, including negative clinical trial results, delays in trials, or difficulties in securing regulatory approvals, could significantly harm the company's operations and financial standing. The company's proprietary PROBODY® therapeutic technology remains unproven until a drug reaches commercialization. Past program terminations with partners like Amgen and AbbVie highlight the speculative nature of drug development. Upcoming data readouts for CX-2051 in Q1 2026 present a significant catalyst, where disappointing results could lead to a decline in stock value. Additionally, potential toxicity issues for CX-2051 have been noted.
2. Financial and Funding Risk: CytomX Therapeutics' revenue is primarily derived from collaboration agreements, which are inherently volatile and can fluctuate based on milestone payments and program activities. The company experienced a substantial decline in collaboration revenue in 2025 due to the completion of obligations with Bristol Myers Squibb and reduced activity with Moderna. While CytomX projects its cash reserves to fund operations until Q2 2027, it consistently operates at a net loss and burns cash for research and development activities. This financial model necessitates future fundraising, potentially through equity offerings, which could result in the dilution of existing shareholders.
3. Competition Risk: The biotechnology and biopharmaceutical sectors are characterized by rapid technological advancements, intense competition, and robust intellectual property defense. CytomX's investigational therapies must compete with established treatments and new drugs that may emerge in the future. Strong data reported by competitors in similar therapeutic areas or indications could also diminish the potential impact of positive results from CytomX's clinical trials.

The continuous and rapid advancement of alternative drug modalities in oncology, particularly next-generation Antibody-Drug Conjugates (ADCs) and bispecific T-cell engagers (TCEs), that achieve comparable or superior efficacy and safety profiles without requiring conditional activation. As competitors innovate with novel payloads, linkers, and engineering formats, they are increasingly able to deliver potent agents selectively to tumors with reduced systemic toxicity, thereby potentially diminishing the unique value proposition and market need for CytomX's Probody platform.

CytomX Therapeutics (CTMX) is a clinical-stage biopharmaceutical company focused on developing novel conditionally activated, masked biologics for cancer treatment. Its main clinical-stage products are CX-2051, CX-801, and CX-904.

Main Products and Addressable Markets:

• CX-2051 (EpCAM PROBODY Topo-1 ADC): This antibody-drug conjugate targets epithelial cell adhesion molecule (EpCAM) and is being developed for EpCAM-expressing epithelial cancers, with a primary focus on advanced metastatic colorectal cancer (CRC).
  • Colorectal Cancer Therapeutics Market: The global colorectal cancer therapeutics market was valued at USD 18.5 billion in 2023 and is projected to reach USD 30.7 billion by 2030, growing at a CAGR of 7.5% from 2024 to 2030. The U.S. market for colorectal cancer therapeutics was estimated at USD 6.5 billion in 2023.
• CX-801 (PROBODY Interferon alpha-2b): This masked interferon alpha-2b cytokine has broad potential in both immuno-oncology sensitive and insensitive (cold) tumors. It is currently in a Phase 1 study focusing on advanced melanoma, both as a monotherapy and in combination with pembrolizumab (KEYTRUDA®).
  • Melanoma Therapeutics Market: The global melanoma therapeutics market size was valued at USD 11.2 billion in 2023 and is projected to reach USD 26.5 billion by 2033, growing at a CAGR of 9.2% during the forecast period. North America held the largest share of this market.
• CX-904 (EGFRxCD3 T-cell engager): This T-cell engaging bispecific antibody targets the epidermal growth factor receptor (EGFR) on tumor cells and the CD3 receptor on T cells. It is partnered with Amgen and is in a Phase 1 study for advanced solid tumors.
  • EGFR-Positive Solid Tumors Market: Given the broad targeting of solid tumors with EGFR expression, the addressable market encompasses various cancers.
    • Non-Small Cell Lung Cancer (NSCLC) Therapeutics Market: The global non-small cell lung cancer therapeutics market was estimated at USD 20.2 billion in 2024 and is expected to grow to USD 53.9 billion by 2034, at a CAGR of 10.4% from 2025 to 2034. The market across the top 7 markets (U.S., EU4, U.K., and Japan) reached USD 12.2 billion in 2024 and is expected to reach USD 25.0 billion by 2035. The U.S. non-small cell lung cancer market was valued at USD 8.2 billion in 2024.
    • Breast Cancer Therapeutics Market: The global breast cancer market size was valued at USD 35.22 billion in 2023 and is poised to grow from USD 38.89 billion in 2024 to USD 86 billion by 2032, at a CAGR of 10.43% during the forecast period (2025-2032). The U.S. breast cancer market size was estimated at USD 7.71 billion in 2024 and is expected to reach approximately USD 11.55 billion by 2034.
    • Colorectal Cancer Therapeutics Market: As mentioned for CX-2051, the global colorectal cancer therapeutics market was valued at USD 18.5 billion in 2023 and is projected to reach USD 30.7 billion by 2030, growing at a CAGR of 7.5% from 2024 to 2030.

CytomX Therapeutics (CTMX) has several key drivers anticipated to fuel future revenue growth over the next 2-3 years, primarily centered around its proprietary Probody platform and advancing clinical pipeline:

1. Advancement and Potential Commercialization of CX-2051: CytomX's lead wholly-owned program, CX-2051, an EpCAM PROBODY ADC, is a significant driver. The company expects a Phase 1 data update in Q1 2026 for its ongoing expansion study in advanced metastatic colorectal cancer (CRC), with projected enrollment of approximately 100 patients. Furthermore, a Phase 1b combination study of CX-2051 with bevacizumab in CRC is slated to begin in Q1 2026. Successful progression through these clinical milestones and towards a potential registrational study in advanced, late-line CRC, along with evaluation for other EpCAM-expressing indications, could lead to substantial revenue generation from this "first-in-class" candidate.

2. Clinical Progress and Partnership Success with CX-801: The PROBODY Interferon alpha-2b program, CX-801, is advancing, particularly in combination with KEYTRUDA for metastatic melanoma. A Phase 1 dose escalation study is ongoing, and initial data for the CX-801-KEYTRUDA combination is anticipated by the end of 2026. Positive data and continued development could trigger milestone payments from partners and pave the way for future product revenue as this molecule aims to stimulate an anti-tumor immune response.

3. New and Ongoing Strategic Collaborations and Milestone Payments: CytomX maintains strategic collaborations with pharmaceutical giants such as Bristol Myers Squibb, Astellas, Regeneron, and Moderna. While some performance obligations with existing partners have been completed, the company continues to focus on T-cell engager discovery work and expects potential milestone payments from these and new collaborations over the next 1-2 years. These collaborations provide non-dilutive capital and validate CytomX's proprietary Probody technology, contributing to revenue streams.

Share Issuance

• In May 2025, CytomX Therapeutics announced the pricing of an underwritten public offering of 76,923,076 shares of common stock at $1.30 per share, aiming to raise approximately $100 million in gross proceeds.
• The company completed an underwritten public offering in January 2021, selling 14,285,714 shares of common stock at $7.00 per share, generating gross proceeds of $100 million.
• In February 2021, the underwriters of the January 2021 offering fully exercised their option to purchase an additional 2,142,857 shares of common stock, resulting in net proceeds of approximately $107.7 million from the entire offering.

Inbound Investments

• In January 2023, CytomX entered a strategic collaboration and licensing agreement with Moderna for mRNA-based conditionally activated therapies, which included an upfront payment of $35 million (including $5 million in prepaid research funding) to CytomX.
• In November 2022, CytomX announced a collaboration and licensing agreement with Regeneron to develop conditionally-activated bispecific cancer therapies, under which Regeneron paid an upfront payment of $30 million to CytomX.
• In June 2023, CytomX entered into a private placement agreement with BVF Partners L.P., expected to result in initial gross proceeds of approximately $30 million, with the potential to receive up to an additional $60 million if all warrants are fully exercised for cash.

Capital Expenditures

• For the 12 months ending November 4, 2025, CytomX Therapeutics reported capital expenditures of -$245,000.
• CytomX expects to use net proceeds from its offerings, including the January 2021 offering, for capital expenditures, working capital, and other general corporate purposes.
• The company's property, plant & equipment value as of June 30, 2025, was $7.89 million, compared to $10.6 million at the end of 2024 and $16.18 million at the end of 2023, indicating a decrease in fixed asset base.