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what it is
CytomX makes masked cancer drugs using 2 lead programs, CX-2051 and CX-801, so the drug turns on near tumors.
how it gets paid
Last year Cytomx Therapeutics made $76M in revenue.
why growth slowed
Revenue fell 44.8% last year. The +1167% revenue change matters because it dwarfs the -$0.09 EPS.
what just happened
Revenue hit $76M, and the -$0.09 EPS shows this is still a cash-burning biotech.
At a glance
B balance sheet — gets the job done, barely
30/100 earnings predictability — expect surprises
10.5x trailing p/e — the market's not buying it — or you found a deal
$0.38 fy2024 eps est
$138M fy2024 rev est
xvary composite: 47/100 — below average
What they do
CytomX makes masked cancer drugs using 2 lead programs, CX-2051 and CX-801, so the drug turns on near tumors.
The moat is the PROBODY platform, which keeps drugs masked until they reach the tumor. CytomX says it has 2 lead programs and 119 employees, so this is a focused shop, not a sprawling one. If the masking works, you get stronger tumor hits and less healthy-tissue damage.
How they make money
$76M
annual revenue · revenue declined -44.8% last year
total revenue
$76M
44.8%
The products that matter
lead clinical candidate
Varsetatug Masetecan (Varseta-M)
2026 priority · registrational path
This is the company’s top 2026 priority, with management focused on FDA alignment in late-line colorectal cancer. If that path weakens, a big piece of the $793M valuation has nothing obvious to stand on.
lead asset
drug masking technology
Probody platform
backs the pipeline · no product sales
The platform underpins the company’s candidates and partnership story, but it is still waiting for proof in a marketed drug. That makes the science valuable and the business model unfinished at the same time.
core thesis
wholly-owned pipeline option
CX-904
Phase 1 data watch
This program matters because CTMX needs more than one reason to matter. Additional Phase 1 data would give you a second live catalyst beyond Varseta-M.
secondary catalyst
Key numbers
$138M
FY24 revenue est
That is 82% above the $76M trailing base. You are paying for a rebound, not the current run rate.
$0.38
FY24 EPS est
That is the difference between a small loss and a profit target. If spending rises again, this number gets slippery.
$76M
TTM revenue
This is the actual money base today. It is much smaller than the $138M estimate, which tells you the forecast is doing the heavy lifting.
29.3%
op margin
A 29.3% operating loss margin on $76M revenue implies about $22M lost before taxes. That is what a clinical shop looks like when the bill comes due.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CTMX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $76M, and the -$0.09 EPS shows this is still a cash-burning biotech.
Revenue was up 1167% vs. prior year, but the company still posted a -$0.09 EPS. That is a biotech quarter: the sales line can explode while profits stay absent.
$19M
revenue
$0.09
eps
+1167%
revenue vs. last year
revenue jump
The +1167% revenue change matters because it dwarfs the -$0.09 EPS, but you still do not get profits.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is FDA alignment for Varseta-M in late-line colorectal cancer — because CTMX does not have a commercial business to fall back on if that path gets harder.
med
Varseta-M does not secure a viable registrational path
Management has made FDA alignment the lead objective for 2026. If regulators push back, the company loses the clearest reason investors are paying $793M today.
Impact: the lead catalyst weakens, and the valuation has to lean much harder on early platform hope.
med
Dilution keeps funding the story
The proposed public offering is a reminder that clinical progress is expensive. You are funding development before you are funding a business with product revenue.
Impact: your ownership percentage shrinks while the company remains dependent on external capital.
med
Partnership revenue stays volatile
The current $76M revenue base fell 44.8% vs. prior year and comes from collaborations rather than recurring product sales. That is lumpy by design.
Impact: headline revenue can swing hard without telling you much about long-term economics.
med
The platform stays interesting longer than it stays investable
Patented science can be real and still fail to translate into approved drugs or durable economics. That is the quiet part in platform biotech.
Impact: you can be right about the science and still wrong on the stock.
These risks all point to the same issue: a $793M valuation is being asked to bridge a business with $76M of declining revenue to a future that still needs regulatory proof.
source: institutional data · regulatory filings · risk analysis
Pay attention to
2026 catalyst
FDA alignment on Varseta-M
This is the whole page in one line. If the registrational path gets clearer, the stock gets a better argument.
financing
Terms of the proposed offering
Watch how much capital CTMX raises and what that means for dilution. Small biotechs do not get free money.
pipeline breadth
CX-904 Phase 1 updates
A second credible catalyst matters because one-asset stories break faster than two-asset stories.
quality of revenue
Whether revenue becomes less milestone-dependent
$76M of partnership revenue can support operations for a while. It does not prove a repeatable commercial engine.
Analyst rankings
earnings predictability
30 / 100
Low predictability. In human-speak, analysts do not expect a smooth line here.
balance sheet grade
B
Good enough to keep operating, not good enough to erase financing risk.
risk rank
3
Middle of the pack on paper. The stock’s 5 / 100 price stability says the ride still won’t feel middle of the pack.
source: institutional data
Institutional activity
institutional ownership data for CTMX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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