Financial Performance Overview

CytomX, a clinical-stage biopharmaceutical company, has reported its latest financial results for the second quarter of 2026. The company continues to make progress in advancing its pipeline of innovative cancer therapies, led by its most advanced program, Varsetatug Masetecan (Varseta-M), and its earlier-stage candidate CX-801.

Despite not yet having any approved products, CytomX has been able to generate revenue through its various research collaboration and licensing agreements. However, the company’s revenue has fluctuated significantly over the past year, decreasing by $17.2 million and $57.9 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025.

The decrease in revenue was primarily due to the completion of performance obligations under several collaboration agreements, including with Amgen, Astellas, and Bristol Myers Squibb. This was partially offset by ongoing revenue recognition from the Regeneron collaboration. Looking ahead, the company expects revenue to continue to be variable and dependent on the timing of milestones and other payments from its partners.

Research and Development Expenses

CytomX’s research and development expenses have increased as the company continues to advance its pipeline. For the three and six months ended June 30, 2026, R&D expenses increased by $4.3 million and $4.6 million, respectively, compared to the same periods in 2025.

The increase was primarily driven by higher manufacturing activities for the Varseta-M program and increased clinical activities across the company’s portfolio. CytomX expects R&D expenses to remain focused on the Varseta-M program, with continued growth in development spending in the coming quarters.

General and Administrative Expenses

General and administrative expenses also increased, by $1.0 million and $2.2 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increases were primarily due to higher consulting expenses, stock-based compensation, and rent expenses related to the termination of a partial sublease of the company’s headquarters.

Liquidity and Capital Resources

As of June 30, 2026, CytomX had $330.3 million in cash, cash equivalents, and short-term investments, a significant increase from the $137.1 million reported at the end of 2025. This increase was primarily due to the completion of an underwritten public offering in March 2026, which raised net proceeds of approximately $234.2 million.

The company also has an at-the-market (ATM) offering program, which has provided an additional $16.3 million in net proceeds in 2025. Additionally, the company’s expanded collaboration with Regeneron in June 2026 included a $37.0 million target selection payment received in July 2026.

Based on the company’s current operating plan and liquidity requirements, the existing capital resources are expected to be sufficient to fund operations into at least the second half of 2028. However, the company may need to raise additional capital in the future to support its ongoing research and development activities and potential commercialization efforts.

Varseta-M Program Update

Varseta-M, CytomX’s most advanced clinical-stage program, is an investigational, conditionally activated antibody-drug conjugate (ADC) targeting the epithelial cell adhesion molecule (EpCAM). The program is initially focused on the treatment of metastatic colorectal cancer (mCRC), a disease with significant unmet need.

In March 2026, the company reported positive interim results from the ongoing Phase 1 dose expansions of Varseta-M. At the 8.6 mg/kg and 10 mg/kg dose levels, the confirmed overall response rates were 20% and 32%, respectively, with median progression-free survival of 6.8 months and 7.1 months, respectively. The disease control rate across the expansion doses of 7.2 mg/kg to 10 mg/kg was 88%.

The safety profile of Varseta-M was generally consistent with the previously reported data, with most treatment-related adverse events being Grade 1 or 2 in severity. The company has implemented an updated prophylactic regimen to manage diarrhea, a common adverse event, which has shown promising results in the 20 patients receiving the optimized regimen.

CytomX is currently completing enrollment into the Varseta-M dose optimization cohorts and plans to present additional data by the end of 2026. The company is also preparing to engage with the FDA to align on a potential first registrational study for Varseta-M monotherapy in advanced colorectal cancer, which is expected to start in the first half of 2027.

In addition to the monotherapy development, CytomX has initiated a Phase 1 combination study of Varseta-M with bevacizumab in colorectal cancer, with initial data anticipated in the first half of 2027. The company also plans to start a Phase ¹⁄₂ combination study of Varseta-M with bevacizumab, 5-fluorouracil, and leucovorin in the fourth quarter of 2026.

Beyond colorectal cancer, CytomX is expanding the Varseta-M program to evaluate its potential in other EpCAM-expressing solid tumors, including gastric, gastroesophageal, pancreatic, and biliary tract cancers. Phase 1 expansion cohorts in these non-CRC indications are expected to initiate in the third quarter of 2026.

CX-801 Program Update

In addition to Varseta-M, CytomX’s pipeline includes CX-801, an investigational, masked version of interferon alpha-2b (IFNα2b), currently in a Phase 1 clinical trial. CX-801 leverages the company’s PROBODY technology platform to potentially address the systemic toxicity that has historically limited the broader use of interferon-based therapies.

The Phase 1 dose escalation study of CX-801 is focused on patients with advanced melanoma, evaluating the safety, translational biomarkers, and signs of clinical activity of CX-801 both as a monotherapy and in combination with the PD-1 inhibitor KEYTRUDA (pembrolizumab).

In November 2025, CytomX presented preliminary Phase 1 monotherapy translational data at the Society of Immunotherapy of Cancer (SITC) Annual Meeting, which provided evidence that the CX-801 mechanism of action was working as designed. The data showed consistently increased expression of interferon-stimulated genes in paired tumor biopsies, as well as upregulation of immune checkpoint genes and activation of immune cell populations.

CytomX expects to report initial clinical data from the CX-801 and KEYTRUDA combination dose escalation portion of the study in the first half of 2027.

Preclinical PROBODY Programs and Platform

In addition to the clinical-stage programs, CytomX continues to advance its preclinical pipeline and leverage the versatility of its PROBODY platform. A key focus area is the development of T-cell engaging bispecific therapies (TCEs), where the company has significant ongoing efforts in collaboration with Regeneron.

In May 2026, CytomX and Regeneron expanded their existing collaboration to develop next-generation bispecific immunotherapies using CytomX’s PROBODY technology and Regeneron’s Veloci-Bi platform. This expanded agreement includes the selection of two additional programs and the option for Regeneron to select up to six more future targets, with the potential for up to $4.0 billion in target nomination, research, development, regulatory, and sales-based milestones.

CytomX views masking as a key strategy to widen the therapeutic window for TCEs and sees strategic partnering in this area as an important way to extend the reach of the PROBODY platform.

Risks and Outlook

CytomX continues to face the typical risks and challenges associated with a clinical-stage biopharmaceutical company. The company does not have any approved products and relies on revenue from its collaboration agreements, which can be variable and dependent on the timing of milestones and other payments.

The development of the company’s product candidates, including Varseta-M and CX-801, requires significant time, resources, and funding, and the outcome is subject to regulatory uncertainty, manufacturing limitations, and the pace of patient enrollment in clinical trials.

CytomX currently has no manufacturing capabilities and is dependent on third-party suppliers, which introduces additional risks and uncertainties. The company also has a history of operating losses and an accumulated deficit of $750.9 million as of June 30, 2026.

Despite these challenges, CytomX remains focused on advancing its pipeline and leveraging the versatility of its PROBODY platform. The company’s current cash, cash equivalents, and short-term investments of $330.3 million are expected to fund operations into at least the second half of 2028, providing a runway to continue the development of its promising cancer therapies.

The key milestones for CytomX in the coming year include:

• Presentation of additional Varseta-M data by the end of 2026 to support dose selection and a potential registrational trial design
• Initiation of a Varseta-M registrational trial in advanced colorectal cancer in the first half of 2027
• Reporting of initial clinical data from the Varseta-M and bevacizumab combination study in the first half of 2027
• Reporting of initial clinical data from the CX-801 and KEYTRUDA combination study in the first half of 2027
• Continued advancement of the preclinical PROBODY pipeline, including the expanded collaboration with Regeneron

Overall, CytomX remains focused on its mission to develop innovative cancer therapies and leverage the potential of its PROBODY platform to address significant unmet needs in oncology.