CytomX Therapeutics (CTMX)
Market Price (5/21/2026): $3.71 | Market Cap: $657.7 MilSector: Health Care | Industry: Biotechnology
CytomX Therapeutics (CTMX)
Market Price (5/21/2026): $3.71Market Cap: $657.7 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -52% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -65 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -182% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -76%, Rev Chg QQuarterly Revenue Change % is -80% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 25% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -225%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -226% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 96% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% Key risksCTMX key risks include [1] a heavy dependence on its unproven PROBODY® therapeutic technology platform, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -52% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -65 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -182% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -76%, Rev Chg QQuarterly Revenue Change % is -80% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 25% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -225%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -226% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 96% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% |
| Key risksCTMX key risks include [1] a heavy dependence on its unproven PROBODY® therapeutic technology platform, Show more. |
Qualitative Assessment
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CytomX Therapeutics (CTMX) stock has lost about 35% since 1/31/2026 because of the following key factors:
1. Share Dilution from $250 Million Follow-on Offering.
CytomX Therapeutics completed an equity follow-on offering in March 2026, raising gross proceeds of $250 million. This offering significantly increased the number of outstanding shares, leading to dilution of existing shareholder value. As of April 30, 2026, the company reported 217,702,919 shares outstanding.
2. Significant Year-over-Year Revenue Decline.
Despite beating analyst estimates for Q1 2026 with reported revenue of $10.26 million, the company experienced a substantial year-over-year revenue decrease of approximately 80% when compared to $50.9 million in Q1 2025. This considerable drop in revenue signals a significant decline in the company's core business performance during the period.
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1. Share Dilution from $250 Million Follow-on Offering.
CytomX Therapeutics completed an equity follow-on offering in March 2026, raising gross proceeds of $250 million. This offering significantly increased the number of outstanding shares, leading to dilution of existing shareholder value. As of April 30, 2026, the company reported 217,702,919 shares outstanding.
2. Significant Year-over-Year Revenue Decline.
Despite beating analyst estimates for Q1 2026 with reported revenue of $10.26 million, the company experienced a substantial year-over-year revenue decrease of approximately 80% when compared to $50.9 million in Q1 2025. This considerable drop in revenue signals a significant decline in the company's core business performance during the period.
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Stock Movement Drivers
Fundamental Drivers
The -34.6% change in CTMX stock from 1/31/2026 to 5/20/2026 was primarily driven by a -68.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.69 | 3.72 | -34.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 114 | 36 | -68.7% |
| P/S Multiple | 8.3 | 18.6 | 124.6% |
| Shares Outstanding (Mil) | 165 | 177 | -6.9% |
| Cumulative Contribution | -34.6% |
Market Drivers
1/31/2026 to 5/20/2026| Return | Correlation | |
|---|---|---|
| CTMX | -34.6% | |
| Market (SPY) | 7.4% | 32.5% |
| Sector (XLV) | -4.5% | 30.4% |
Fundamental Drivers
The 4.2% change in CTMX stock from 10/31/2025 to 5/20/2026 was primarily driven by a 468.1% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.57 | 3.72 | 4.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 141 | 36 | -74.8% |
| P/S Multiple | 3.3 | 18.6 | 468.1% |
| Shares Outstanding (Mil) | 129 | 177 | -27.2% |
| Cumulative Contribution | 4.2% |
Market Drivers
10/31/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| CTMX | 4.2% | |
| Market (SPY) | 9.3% | 27.8% |
| Sector (XLV) | 2.9% | 21.1% |
Fundamental Drivers
The 399.8% change in CTMX stock from 4/30/2025 to 5/20/2026 was primarily driven by a 3915.2% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.74 | 3.72 | 399.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 138 | 36 | -74.3% |
| P/S Multiple | 0.5 | 18.6 | 3915.2% |
| Shares Outstanding (Mil) | 86 | 177 | -51.6% |
| Cumulative Contribution | 399.8% |
Market Drivers
4/30/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| CTMX | 399.8% | |
| Market (SPY) | 35.2% | 30.1% |
| Sector (XLV) | 6.6% | 19.9% |
Fundamental Drivers
The 128.2% change in CTMX stock from 4/30/2023 to 5/20/2026 was primarily driven by a 815.4% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.63 | 3.72 | 128.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 53 | 36 | -33.1% |
| P/S Multiple | 2.0 | 18.6 | 815.4% |
| Shares Outstanding (Mil) | 66 | 177 | -62.7% |
| Cumulative Contribution | 128.2% |
Market Drivers
4/30/2023 to 5/20/2026| Return | Correlation | |
|---|---|---|
| CTMX | 128.2% | |
| Market (SPY) | 85.2% | 15.4% |
| Sector (XLV) | 15.8% | 15.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CTMX Return | -34% | -63% | -3% | -34% | 314% | -15% | -44% |
| Peers Return | -35% | -61% | -33% | -45% | -4% | 64% | -85% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| CTMX Win Rate | 42% | 33% | 58% | 33% | 42% | 20% | |
| Peers Win Rate | 31% | 35% | 35% | 40% | 50% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| CTMX Max Drawdown | -61% | -75% | -63% | -83% | -62% | -48% | |
| Peers Max Drawdown | -55% | -85% | -73% | -76% | -63% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADCT, BCAB, MGNX, STRO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/20/2026 (YTD)
How Low Can It Go
| Event | CTMX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -46.1% | -18.8% |
| % Gain to Breakeven | 85.6% | 23.1% |
| Time to Breakeven | 25 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.5% | -7.8% |
| % Gain to Breakeven | 12.9% | 8.5% |
| Time to Breakeven | 34 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.2% | -9.5% |
| % Gain to Breakeven | 61.7% | 10.5% |
| Time to Breakeven | 77 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -42.9% | -6.7% |
| % Gain to Breakeven | 75.2% | 7.1% |
| Time to Breakeven | 246 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -72.6% | -24.5% |
| % Gain to Breakeven | 265.0% | 32.4% |
| Time to Breakeven | 664 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.2% | -33.7% |
| % Gain to Breakeven | 100.8% | 50.9% |
| Time to Breakeven | 15 days | 140 days |
In The Past
CytomX Therapeutics's stock fell -46.1% during the 2025 US Tariff Shock. Such a loss loss requires a 85.6% gain to breakeven.
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| Event | CTMX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -46.1% | -18.8% |
| % Gain to Breakeven | 85.6% | 23.1% |
| Time to Breakeven | 25 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.2% | -9.5% |
| % Gain to Breakeven | 61.7% | 10.5% |
| Time to Breakeven | 77 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -42.9% | -6.7% |
| % Gain to Breakeven | 75.2% | 7.1% |
| Time to Breakeven | 246 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -72.6% | -24.5% |
| % Gain to Breakeven | 265.0% | 32.4% |
| Time to Breakeven | 664 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.2% | -33.7% |
| % Gain to Breakeven | 100.8% | 50.9% |
| Time to Breakeven | 15 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -31.4% | -19.2% |
| % Gain to Breakeven | 45.8% | 23.8% |
| Time to Breakeven | 73 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -37.4% | -3.7% |
| % Gain to Breakeven | 59.8% | 3.9% |
| Time to Breakeven | 109 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -27.9% | -12.2% |
| % Gain to Breakeven | 38.7% | 13.9% |
| Time to Breakeven | 26 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -27.9% | -6.8% |
| % Gain to Breakeven | 38.7% | 7.3% |
| Time to Breakeven | 26 days | 15 days |
In The Past
CytomX Therapeutics's stock fell -46.1% during the 2025 US Tariff Shock. Such a loss loss requires a 85.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CytomX Therapeutics (CTMX)
CytomX Therapeutics, Inc. operates as an oncology-focused biopharmaceutical company in the United States. The company develops antibody therapeutics based on its Probody technology platform for the treatment of cancer. The company's product candidates include CX-2009, an antibody drug conjugates (ADC) against CD166, which is in Phase II clinical trials for the treatment of breast cancer; CX-2029 that is in Phase II clinical trials for the treatment of squamous non-small cell lung cancer, head and neck squamous cell carcinoma, esophageal and gastro-esophageal junction cancers, and diffuse large B-cell lymphoma; BMS-986249, a CTLA-4 Probody therapeutic drug, which is in Phase I/II clinical trials for the treatment of metastatic melanoma; and BMS-986288, an anti-CTLA-4 Probody drug, which is in Phase I clinical trials for the treatment of solid tumors. It also develops CX-2043, a conditionally activated ADC targeting the epithelial cell adhesion molecule, as well as CX-904, a conditionally activated epidermal growth factor receptor for the treatment of solid tumor. The company has strategic collaborations with AbbVie Ireland Unlimited Company, Amgen, Inc., Bristol-Myers Squibb Company, ImmunoGen, Inc., Pfizer Inc., and Astellas Pharma Inc. to develop Probody therapeutics. CytomX Therapeutics, Inc. was founded in 2008 and is headquartered in South San Francisco, California.
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- Like a Moderna or BioNTech for cancer, developing therapies with a unique precision targeting platform and partnering with big pharma.
- A biotech similar to Genentech or Amgen, but specializing in 'smarter' cancer drugs designed to activate only within tumors, to reduce side effects.
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- CX-2009 is an antibody drug conjugate (ADC) against CD166, in Phase II clinical trials for breast cancer.
- CX-2029 is a therapeutic drug candidate in Phase II clinical trials for various cancers including squamous non-small cell lung cancer and diffuse large B-cell lymphoma.
- BMS-986249 is a CTLA-4 Probody therapeutic drug in Phase I/II clinical trials for metastatic melanoma.
- BMS-986288 is an anti-CTLA-4 Probody drug in Phase I clinical trials for solid tumors.
- CX-2043 is a conditionally activated ADC targeting the epithelial cell adhesion molecule for the treatment of solid tumors.
- CX-904 is a conditionally activated epidermal growth factor receptor (EGFR) Probody for the treatment of solid tumors.
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CytomX Therapeutics (CTMX) is an oncology-focused biopharmaceutical company primarily engaged in the development of antibody therapeutics. Given that its product candidates are currently in various phases of clinical trials and not yet commercially available, the company's major "customers" are its strategic collaboration partners. These collaborations generate revenue through upfront payments, milestone payments, and potential future royalties.
The major customer companies for CytomX Therapeutics are:
- AbbVie Ireland Unlimited Company (part of AbbVie Inc., Symbol: ABBV)
- Amgen, Inc. (Symbol: AMGN)
- Bristol-Myers Squibb Company (Symbol: BMY)
- ImmunoGen, Inc. (Symbol: IMGN)
- Pfizer Inc. (Symbol: PFE)
- Astellas Pharma Inc. (Symbol: ALPMY)
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Sean A. McCarthy
Chief Executive Officer and Chairman
Dr. Sean McCarthy joined CytomX Therapeutics in December 2010 as Chief Business Officer, becoming President and Chief Executive Officer in August 2011, and Chairman in January 2019. He brings over twenty-five years of experience in the biotechnology industry, covering research and development, business development, financing, and general management. Prior to CytomX, he held research leadership roles at Millennium Pharmaceuticals and served as Vice President of Business Development at SGX Pharmaceuticals, where he played a key role in the company's strategic reorientation, leading to a successful initial public offering in 2006. Immediately before 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. He led CytomX from its early stages as a private, venture-backed company to the public market.
Chris Ogden
Chief Financial Officer
Chris Ogden was promoted to Chief Financial Officer of CytomX Therapeutics effective June 15, 2024. He joined CytomX in August 2021 as Vice President, Finance and Accounting, and most recently held the position of Senior Vice President, Finance and Accounting. Before joining CytomX, Mr. Ogden spent 16 years at Eli Lilly and Company, where he held various senior financial leadership roles, including Chief Financial Officer of Lilly Diabetes and CFO and Treasurer of Lilly del Caribe in Puerto Rico. His career at Eli Lilly included financial leadership across drug development, manufacturing, commercial operations, and investor relations.
Marcia P. Belvin, Ph.D.
SVP, Chief Scientific Officer
Marcia P. Belvin serves as the Senior Vice President, Chief Scientific Officer at CytomX Therapeutics.
Wayne Chu, M.D.
Chief Medical Officer
Wayne Chu brings more than 20 years of experience in oncology to CytomX Therapeutics, with roles spanning research, medicine, and global clinical development. Before joining CytomX, he was Chief Medical Officer at Fate Therapeutics, and prior to that, he spent a decade at Genentech in Product Development Oncology.
Rachael Lester
SVP, Chief Business Officer
Rachael Lester was appointed Senior Vice President, Chief Business Officer, on October 20, 2025. She possesses over two decades of experience in corporate strategy, business development, and product portfolio planning across the life science and biopharmaceutical industry. Most recently, Ms. Lester served as Chief Business Officer at Replicate Bioscience, where she was responsible for corporate strategy, business development, and capital formation, and was instrumental in securing financing and multiple partnerships.
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Key Business Risks for CytomX Therapeutics (CTMX)
- Clinical Trial Failure and Regulatory Approval Risk: CytomX Therapeutics' entire product pipeline consists of antibody therapeutics currently in various stages of clinical trials (Phase I and Phase II). The success of these trials, demonstrating both efficacy and safety, is uncertain. Failure to achieve positive results in clinical trials or inability to secure regulatory approval from health authorities would prevent the company from commercializing its product candidates, significantly impacting its business, financial condition, and prospects.
- Reliance on Strategic Collaborations: CytomX Therapeutics has established strategic collaborations with major pharmaceutical companies, including AbbVie, Amgen, Bristol-Myers Squibb, ImmunoGen, Pfizer, and Astellas Pharma, to develop its Probody therapeutics. A significant portion of its pipeline, such as BMS-986249 and BMS-986288, is being developed under these partnerships. The success and continuation of these collaborations are critical for the development and potential commercialization of these candidates. Termination or a reduction in the scope of these agreements by a partner could adversely affect CytomX's ability to advance its pipeline and fund its operations.
- Intellectual Property Protection and Intense Competition: The company's business is centered on its proprietary Probody technology platform. The ability to protect its intellectual property, including patents covering its technology and product candidates, is crucial. Any challenges to its patents, the inability to obtain new patents, or the emergence of superior competing technologies could undermine its competitive position. Furthermore, the oncology market is highly competitive, with many large pharmaceutical and biotechnology companies developing similar or alternative therapies. Even with successful clinical trials, CytomX's products may face significant competition for market share.
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CytomX Therapeutics (CTMX) is an oncology-focused biopharmaceutical company developing antibody therapeutics based on its Probody technology platform for cancer treatment. The addressable markets for their main product candidates are detailed below:
-
CX-2009 (CD166 Antibody-Drug Conjugate for breast cancer):
- The global breast cancer market size was estimated at USD 26.23 billion in 2025 and is predicted to increase to approximately USD 40.11 billion by 2035, expanding at a Compound Annual Growth Rate (CAGR) of 4.34% from 2026 to 2035.
- Another estimate places the global breast cancer market size at USD 33.52 billion in 2024, projected to reach USD 64.49 billion by 2031, growing at a CAGR of 9.80%.
- The U.S. breast cancer market is projected to reach over USD 11.55 billion by 2034, increasing from USD 7.71 billion in 2025.
- CX-2009 targets CD166, which is highly expressed in multiple cancers, including breast cancer.
-
CX-2029 (for squamous non-small cell lung cancer, head and neck squamous cell carcinoma, esophageal and gastro-esophageal junction cancers, and diffuse large B-cell lymphoma):
- Squamous Non-Small Cell Lung Cancer (NSCLC): The global non-small cell lung cancer market size was USD 26.94 billion in 2022 and is expected to reach USD 76.33 billion by 2030, at a CAGR of 13.9%. Squamous cell carcinoma accounts for approximately 30% of NSCLC cases. The global NSCLC therapeutics market size was valued at USD 38.49 billion in 2025 and is projected to grow to USD 74.99 billion by 2034, exhibiting a CAGR of 6.98%. North America held a 44.55% market share in 2025.
- Head and Neck Squamous Cell Carcinoma (HNSCC): The global Head and Neck Squamous Cell Carcinoma market size was valued at USD 2.35 billion in 2025 and is set to exceed USD 5.46 billion by 2035, registering over an 8.8% CAGR. The recurrent HNSCC market in the 7 major markets (US, EU4, UK, and Japan) reached USD 1.6 billion in 2024 and is expected to reach USD 3.8 billion by 2035.
- Esophageal and Gastro-Esophageal Junction Cancers: The global esophageal cancer market size was USD 15.38 billion in 2024 and is projected to reach USD 34.04 billion by 2034, expanding at a CAGR of 8.27%. North America dominated this market with a 40% share in 2024. The global esophageal cancer therapeutics market size was USD 3.16 billion in 2025 and is projected to grow to USD 7.39 billion by 2034, exhibiting a CAGR of 8.97%. The gastroesophageal junction neuroendocrine tumor market in the 7 major markets (7MM) reached USD 1.12 billion in 2024 and is expected to reach USD 2.09 billion by 2035.
- Diffuse Large B-cell Lymphoma (DLBCL): The Diffuse Large B-cell Lymphoma market size in the 7MM (United States, EU4, UK, and Japan) is expected to grow from USD 5.28 billion in 2025 to USD 16.56 billion in 2034, at a CAGR of 13.50%. The U.S. accounted for the maximum share of the total market. The global B-cell lymphoma market, which includes DLBCL, was valued at USD 5.08 billion in 2024 and is projected to reach USD 10 billion by 2034, with the DLBCL segment capturing 64% of the market in 2024.
-
BMS-986249 (CTLA-4 Probody therapeutic drug for metastatic melanoma) and BMS-986288 (Anti-CTLA-4 Probody drug for solid tumors):
- Metastatic Melanoma: The global metastatic melanoma market was valued at USD 6.5 billion in 2021 and is projected to grow to USD 16.09 billion by 2029, at a CAGR of 12%. The global metastatic melanoma therapeutics market is estimated to be valued at USD 8.00 billion in 2025 and is expected to reach USD 18.02 billion by 2032, exhibiting a CAGR of 12.3%.
- Solid Tumors: The global solid tumors market size reached USD 170.3 billion in 2023 and is expected to reach USD 375.4 billion by 2034, exhibiting a CAGR of 7.45%. Another estimate values the global solid tumor cancer treatment market at USD 5.37 billion in 2024, anticipated to reach USD 8.76 billion by 2034. The global solid tumor therapeutics market is expected to grow from USD 207.29 billion in 2025 to USD 326.82 billion by 2031, at a CAGR of 7.88%.
-
CX-2043 (conditionally activated ADC targeting epithelial cell adhesion molecule (EpCAM)) and CX-904 (conditionally activated epidermal growth factor receptor (EGFR) for the treatment of solid tumor):
- EpCAM-expressing Solid Tumors: While a specific market size for EpCAM-expressing solid tumors was not identified, CX-2051, a similar EpCAM ADC, has potential applicability across multiple EpCAM-expressing epithelial cancers, including colorectal cancer.
- EGFR for Solid Tumors (specifically EGFR-mutated lung cancer): The EGFR-mutated lung cancer treatment market opens 2026 at USD 16.1 billion and is expected to reach USD 39.2 billion by 2036, at a 9.30% CAGR. The EGFR non-small cell lung cancer market is projected to grow to USD 13.74 billion by 2030.
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Here are the expected drivers of future revenue growth for CytomX Therapeutics (CTMX) over the next 2-3 years:- Advancement of Varsetatug Masetecan (Varseta-M; CX-2051) through clinical development: Varseta-M (formerly CX-2051), a masked, conditionally activated antibody-drug conjugate (ADC) targeting EpCAM, is CytomX's lead program and a primary driver of future value. Key milestones expected include further Phase 1 data updates in Q1 2026 and the initiation of a Phase 1b combination study with bevacizumab in colorectal cancer (CRC) also in Q1 2026. The company plans to engage with the FDA later in 2026 to discuss the design of a potential registrational study for Varseta-M as a monotherapy for advanced CRC, which could significantly de-risk the asset and unlock substantial value. Further development into earlier lines of CRC therapy and other EpCAM-expressing cancers also represents potential growth.
- Progress of CX-801, a masked interferon alpha-2b PROBODY® cytokine: CX-801 is another significant clinical-stage asset with broad potential in both immuno-oncology sensitive and insensitive tumors. The ongoing dose escalation in its monotherapy study and the anticipated initial clinical data for its combination with KEYTRUDA® (pembrolizumab) in advanced melanoma by the end of 2026 are crucial catalysts. Positive data from these studies could lead to further clinical advancement and potential partnership opportunities.
- Achievement of milestones from existing and new strategic collaborations: CytomX's revenue is largely derived from collaboration agreements, which include payments for research, development, and the achievement of specific milestones. While some performance obligations with partners like Bristol Myers Squibb and Moderna have been completed, the company maintains ongoing research collaborations with other leaders in oncology, including Amgen, Astellas, Regeneron, and Moderna. Any new milestone payments from these existing partnerships, or the formation of new collaboration agreements based on the strength of their Probody platform, will be significant revenue drivers. For example, Astellas triggered a $5 million milestone payment in February 2025 by advancing a second program to GLP toxicology studies.
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Share Repurchases
- No share repurchases were made or authorized by CytomX Therapeutics over the last 3-5 years.
Share Issuance
- In May 2025, CytomX Therapeutics priced an underwritten offering of 76,923,076 shares of common stock at $1.30 per share, with expected gross proceeds of approximately $100 million, intended for research and development, general corporate purposes, and working capital needs.
- In June 2023, CytomX completed a private placement with BVF Partners L.P., raising approximately $30 million in initial gross proceeds through the sale of pre-funded warrants and accompanying common stock warrants.
- The number of outstanding shares significantly increased by 93.91% in 2025 to 165.004 million shares, from 85.09 million shares in 2024.
Inbound Investments
- In January 2023, CytomX received an upfront payment of $35 million (including $5 million in prepaid research funding) from Moderna as part of a collaboration agreement, with potential for up to $1.2 billion in milestone payments.
- In November 2022, CytomX secured a $30 million upfront payment from Regeneron through a strategic collaboration, with potential for up to $2 billion in milestone payments.
- A private placement in June 2023 with BVF Partners L.P. provided approximately $30 million in initial gross proceeds.
Outbound Investments
- No significant outbound investments, such as acquisitions or strategic investments in other companies, were identified within the last 3-5 years.
Capital Expenditures
- Capital expenditures for CytomX Therapeutics were -$127K in Q3 2025, marking a decrease of 570.4% from the prior quarter.
- Capex consumed $310K of operating cash flow in Q3 2025.
- The company is strategically increasing its research and development expenditures, which reached $15.3 million in Q3 2025, demonstrating a strong commitment to its Probody technology platform.
Latest Trefis Analyses
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|---|---|---|
| DASHBOARDS | ||
| CytomX Therapeutics Earnings Notes | 12/16/2025 | |
| Can CytomX Therapeutics Stock Hold Up When Markets Turn? | 10/17/2025 | |
| Day 6 of Gains Streak for CytomX Therapeutics Stock with 63% Return (vs. 214% YTD) [9/29/2025] | 09/30/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to CTMX.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 3.72 |
| Mkt Cap | 0.4 |
| Rev LTM | 79 |
| Op Inc LTM | -65 |
| FCF LTM | -80 |
| FCF 3Y Avg | -86 |
| CFO LTM | -80 |
| CFO 3Y Avg | -84 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.0% |
| Rev Chg 3Y Avg | 20.6% |
| Rev Chg Q | -13.0% |
| QoQ Delta Rev Chg LTM | -2.7% |
| Op Inc Chg LTM | 24.0% |
| Op Inc Chg 3Y Avg | 6.8% |
| Op Mgn LTM | -131.7% |
| Op Mgn 3Y Avg | -168.6% |
| QoQ Delta Op Mgn LTM | 8.2% |
| CFO/Rev LTM | -152.2% |
| CFO/Rev 3Y Avg | -146.2% |
| FCF/Rev LTM | -152.7% |
| FCF/Rev 3Y Avg | -147.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.4 |
| P/S | 4.1 |
| P/Op Inc | -4.7 |
| P/EBIT | -4.9 |
| P/E | -3.6 |
| P/CFO | -4.0 |
| Total Yield | -27.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -69.5% |
| D/E | 0.1 |
| Net D/E | -0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -23.8% |
| 3M Rtn | -21.5% |
| 6M Rtn | 2.5% |
| 12M Rtn | 80.6% |
| 3Y Rtn | -22.4% |
| 1M Excs Rtn | -26.4% |
| 3M Excs Rtn | -31.5% |
| 6M Excs Rtn | -6.6% |
| 12M Excs Rtn | 50.0% |
| 3Y Excs Rtn | -111.3% |
Price Behavior
Price Behavior
| Market Price | $3.72 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 10/08/2015 | |
| Distance from 52W High | -44.9% | |
| 50 Days | 200 Days | |
| DMA Price | $4.39 | $3.94 |
| DMA Trend | up | down |
| Distance from DMA | -15.2% | -5.5% |
| 3M | 1YR | |
| Volatility | 118.5% | 97.9% |
| Downside Capture | 326.41 | 78.36 |
| Upside Capture | 95.82 | 126.78 |
| Correlation (SPY) | 27.9% | 18.1% |
CTMX Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.04 | 2.57 | 2.72 | 2.26 | 4.05 | 1.72 |
| Up Beta | 1.32 | 2.96 | 3.22 | 3.49 | 10.47 | 2.73 |
| Down Beta | 11.22 | 1.90 | 1.72 | 2.02 | 1.41 | 1.90 |
| Up Capture | -10% | 145% | 198% | 263% | 644% | 141% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 7 | 14 | 22 | 57 | 121 | 326 |
| Down Capture | 100% | 296% | 278% | 142% | 74% | 99% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 13 | 26 | 39 | 65 | 127 | 380 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CTMX | |
|---|---|---|---|---|
| CTMX | 83.2% | 97.8% | 1.04 | - |
| Sector ETF (XLV) | 11.5% | 14.7% | 0.52 | 18.8% |
| Equity (SPY) | 26.2% | 12.1% | 1.62 | 17.7% |
| Gold (GLD) | 40.2% | 26.8% | 1.24 | 14.8% |
| Commodities (DBC) | 46.2% | 18.7% | 1.89 | -10.4% |
| Real Estate (VNQ) | 11.1% | 13.4% | 0.54 | 9.7% |
| Bitcoin (BTCUSD) | -27.4% | 41.8% | -0.65 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CTMX | |
|---|---|---|---|---|
| CTMX | -13.9% | 141.7% | 0.35 | - |
| Sector ETF (XLV) | 5.4% | 14.6% | 0.19 | 16.6% |
| Equity (SPY) | 14.1% | 17.0% | 0.65 | 16.1% |
| Gold (GLD) | 19.5% | 18.0% | 0.89 | 4.3% |
| Commodities (DBC) | 11.1% | 19.4% | 0.46 | -2.5% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 11.4% |
| Bitcoin (BTCUSD) | 9.1% | 55.6% | 0.37 | 4.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CTMX | |
|---|---|---|---|---|
| CTMX | -10.1% | 111.3% | 0.29 | - |
| Sector ETF (XLV) | 9.6% | 16.5% | 0.47 | 22.6% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 22.4% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 4.8% |
| Commodities (DBC) | 7.9% | 17.9% | 0.36 | 2.6% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 15.6% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 6.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/16/2026 | 44.2% | -4.9% | -3.0% |
| 11/6/2025 | -13.6% | -7.9% | -7.2% |
| 8/7/2025 | 11.9% | -16.2% | 3.8% |
| 3/6/2025 | 7.7% | -4.3% | -26.2% |
| 11/7/2024 | 9.0% | 0.0% | 26.0% |
| 8/8/2024 | 1.7% | 0.8% | 5.9% |
| 3/11/2024 | -14.3% | -19.5% | -16.3% |
| 11/7/2023 | -2.3% | 0.0% | 14.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 8 | 6 |
| # Negative | 8 | 12 | 14 |
| Median Positive | 8.4% | 1.5% | 10.0% |
| Median Negative | -6.4% | -7.6% | -12.7% |
| Max Positive | 44.2% | 17.2% | 31.7% |
| Max Negative | -15.1% | -24.7% | -31.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/11/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/27/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | |||||||
Prior: Q4 2025 Earnings Reported 3/16/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | |||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Chu, Yu-Waye | Chief Medical Officer | Direct | Sell | 3192026 | 6.42 | 21,279 | 136,675 | 1,216,812 | Form |
| 2 | McCarthy, Sean A | CEO | Direct | Sell | 3192026 | 6.42 | 118,969 | 764,138 | 6,929,916 | Form |
| 3 | Belvin, Marcia | SVP, Chief Scientific Officer | Direct | Sell | 3192026 | 6.42 | 31,492 | 202,273 | 1,931,781 | Form |
| 4 | Ogden, Christopher | Chief Financial Officer | Direct | Sell | 3192026 | 6.42 | 19,323 | 124,112 | 1,907,297 | Form |
| 5 | McCarthy, Sean A | CEO | Direct | Sell | 11102025 | 4.54 | 101,793 | 461,906 | 4,482,753 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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