CytomX Completes Astellas Work as Revenue Falls

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue was $1.7 million after the Astellas collaboration ended, while cash reached $348.0 million.

CytomX Therapeutics, Inc. (CTMX), a clinical-stage oncology biopharmaceutical company developing masked PROBODY therapeutics, reported third-quarter revenue of $1.7 million for the period ended September 30, 2026, down from $6.0 million a year earlier. The company said the decline was driven primarily by completion of its performance obligation in the Astellas collaboration, which concluded in the second quarter of 2026.

Net loss attributable to common stockholders was $20.0 million, or $0.09 a share, compared with a $14.2 million loss, or $0.09 a share, in the year-ago quarter. Weighted-average basic shares were 219.1 million.

Total operating expenses were $25.2 million, up $3.5 million from $21.7 million a year earlier. Research and development expenses were $16.5 million, an increase of $1.2 million, which the company attributed primarily to higher personnel-related costs, partially offset by lower Varseta-M spend from the timing of manufacturing activities. General and administrative expenses were $8.7 million, up $2.3 million, driven primarily by personnel costs, consulting expenses and higher rent during a transition to a new Emeryville headquarters.

Cash, cash equivalents and investments totaled $348.0 million at quarter-end, with cash and cash equivalents of $34.0 million and short-term investments of $314.0 million. The company said it expects cash runway into the second half of 2028. Interest income was $3.3 million.

Chairman and Chief Executive Officer Sean McCarthy said the company is focused on rapidly advancing monotherapy Varseta-M toward a first registrational study in colorectal cancer. Varsetatug masetecan, an EpCAM-directed antibody-drug conjugate with a topoisomerase-1 inhibitor payload, was granted FDA Fast Track designation for relapsed/refractory metastatic colorectal cancer in August.

A Phase 1 monotherapy data update in metastatic colorectal cancer, including dose selection and a potential registrational strategy, is expected in January 2027. The company said it has the potential to initiate a first registrational study of Varseta-M monotherapy in metastatic colorectal cancer in the first half of 2027.

A Phase 1 combination study of Varseta-M and bevacizumab is ongoing. Dose finding is enrolling late-line patients, with plans to focus on second- and third-line metastatic colorectal cancer once a go-forward dose and schedule are selected. Initial clinical data are anticipated in the first half of 2027. A Phase 1/2 study of Varseta-M with bevacizumab, 5-fluorouracil and leucovorin in second-line metastatic colorectal cancer is planned to initiate by the end of 2026.

Enrollment began in Phase 1 monotherapy expansion cohorts for gastric and gastroesophageal junction cancer, EpCAM-selected pancreatic ductal adenocarcinoma and EpCAM-selected biliary tract cancer.

The second masked candidate, CX-801, a PROBODY interferon alpha-2b, continues enrollment in a Phase 1 study in advanced melanoma. Monotherapy dose escalation has reached the fourth dose level, and the company said CX-801 monotherapy has been generally well tolerated at dose levels exceeding the approved dose of unmasked interferon alpha-2b. Combination dose escalation with pembrolizumab has cleared the third dose level. Initial clinical data for that combination are expected in the first half of 2027.