CytomX Therapeutics, Inc. Q2 FY2025 earnings call

• CX-2051 Phase I data in CRC: Initial data showed 28% confirmed overall response rate, 94% disease control, and 5.8 months preliminary progression-free survival in 18 efficacy evaluable patients. Dose expansions initiated with plans to characterize dose response for Phase II.
• CX-801: Dosed first patient in Phase I combination study with KEYTRUDA in metastatic melanoma, targeting 2026 data. Anticipates providing CX-801 translational data in Q4 2025 on tumor microenvironment modulation.
• Financials: Completed $100 million follow-on offering, has cash runway to Q2 2027, and maintains disciplined capital allocation to advance pipeline opportunities.

No detailed product segment financials with absolute revenue and contribution % provided. Overall, as of June 30, 2025, cash was $158.1 million, revenue was $18.7 million, operating expenses were $19.9 million, R&D expenses were $13.3 million, and general and administrative expenses were $6.6 million.

• Cash runway to Q2 2027 without assuming additional milestones from collaborations. - Plans to have Phase I results for CX-2051 in Q1 2026 and move into Phase II in late-line CRC. - Anticipates CX-801 combination data in melanoma in 2026.

• Regulatory uncertainties affecting approval timelines. - Tolerability issues such as diarrhea in CX-2051 and broad systemic activity of interferon in CX-801. - Uncertainties in clinical trial outcomes and commercialization of pipeline assets.

Q: What's going into decisions to move into earlier lines of colorectal therapy and how to announce trials?

A: Super focused on late-line first, but earlier lines via combinations (e.g., with bevacizumab), with plans to round out Phase I and select doses.

Q: Rationale for EpCAM beyond CRC and strategy?

A: Broad potential in solid tumors like lung, pancreatic, etc., will consider partnerships later but currently laser focused on CRC.

Q: Bar for accelerated approval in CRC?

A: Considering ORR, PFS, OS, with high unmet need in CRC, and will discuss with FDA.

Q: Confidence in CX-801 combination potential and tox monitoring?

A: Precedent for combo in melanoma, deliberate development, monitoring immune adverse events.

Q: Phase II for CX-2051 and randomization?

A: Likely randomized, comparing to standard of care in fourth line, with decisions pending Phase I data.

Q: Triggers for Phase II in CX-2051?

A: Positive data from Phase I, like ORR, will guide go/no-go.

Q: Diarrhea mitigation in CX-2051 and follow-up?

A: Using loperamide as prophylactic, monitoring Grade 3 diarrhea, with plans for expansion data and future exploration of protease inhibitors.