Revenue: As of FY2025, the actual value is USD 76.2 M, missing the estimate of USD 82.89 M.

EBIT: As of FY2025, the actual value is USD -27.57 M.

CytomX Therapeutics, Inc. operates as one reportable segment .

Segment Revenue

Total revenue decreased to $76.2 million in 2025 from $138.1 million in 2024, representing a decrease of - $61.9 million . Revenue from Amgen was $9.8 million in 2025, up from $3.1 million in 2024, an increase of $6.8 million due to the recognition of remaining deferred revenue following the termination of Amgen’s license to the EGFR Product . Revenue from Astellas decreased to $17.9 million in 2025 from $29.4 million in 2024, a - $11.5 million decrease primarily due to increased projected hours for performance obligations and higher preclinical milestone payments in 2024 . Revenue from Bristol Myers Squibb decreased to $41.9 million in 2025 from $78.0 million in 2024, a - $36.0 million decrease driven by the completion of CytomX Therapeutics, Inc.’s performance obligations . Revenue from Regeneron was $6.5 million in 2025, down from $10.8 million in 2024, a - $4.3 million decrease due to a primary focus on the lead preclinical program . Revenue from Moderna was $0.03 million in 2025, down from $16.9 million in 2024, a - $16.8 million decrease caused by a pause in programs due to Moderna’s budget considerations .

Operational Metrics

• Research and Development Expenses: Total research and development expenses decreased to $68.7 million in 2025 from $83.4 million in 2024, a decrease of - $14.7 million . Key changes included a - $7.0 million decrease for CX-904 due to deprioritization, a $6.5 million increase for Varseta-M due to higher manufacturing and clinical spend, a - $0.9 million decrease for CX-801, a - $5.2 million decrease for other wholly owned and partnered programs, and a - $8.8 million decrease in general research and development expenses primarily due to a January 2025 restructuring . Internal costs increased by $0.7 million to $32.9 million in 2025, including $1.7 million in one-time restructuring expenses, while a one-time milestone payment of - $5.0 million to ImmunoGen in 2024 also contributed to the overall decrease .
• General and Administrative Expenses: General and administrative expenses remained flat at $29.8 million in 2025 compared to $29.7 million in 2024, primarily due to $1.1 million of one-time restructuring expenses partially offset by reduced personnel and legal/consulting expenses .
• Restructuring: In January 2025, CytomX Therapeutics, Inc. implemented a restructuring plan, reducing its workforce by approximately 40%, incurring total restructuring charges of $2.8 million in 2025, comprising $1.7 million in research and development expenses and $1.1 million in general and administrative expenses .
• Interest Income and Other Income (Expense), Net: Interest income decreased to $5.2 million in 2025 from $7.1 million in 2024, a decrease of - $1.9 million, primarily due to lower interest rates . Other income (expense), net was $0.03 million in 2025, compared to - $0.04 million in 2024 .
• Accumulated Deficit: The accumulated deficit was - $711.9 million as of December 31, 2025, compared to - $691.6 million as of December 31, 2024 .

Cash Flow

• Net cash used in operating activities: - $75.6 million in 2025, compared to - $86.2 million in 2024 .
• Net cash provided by (used in) investing activities: - $59.7 million in 2025, compared to $99.7 million in 2024 .
• Net cash provided by financing activities: $110.4 million in 2025, compared to $7.5 million in 2024 .

Unique Metrics

• Liquidity: As of December 31, 2025, cash, cash equivalents, and short-term investments totaled $137.1 million, an increase from $100.6 million as of December 31, 2024 .
• Capital Raising: In 2025, CytomX Therapeutics, Inc. received net proceeds of approximately $16.3 million from its ATM offering and approximately $93.4 million from an underwritten public offering of common stock . In 2024, it received net proceeds of approximately $6.9 million from its ATM offering and $10.0 million in milestone payments under the Astellas Agreement . An additional $5.0 million milestone payment under the Astellas Agreement was collected in March 2025 .
• Contractual Obligations (Payments due by 2026):
  • Operating leases: $4.4 million .
  • Royalty obligations: $0.2 million .
  • License maintenance fees: $0.8 million .

Outlook / Guidance

CytomX Therapeutics, Inc. expects its current capital resources to fund operations into the second quarter of 2027 but anticipates needing to raise additional capital in the future . Future revenue is projected to fluctuate based on the timing of collaboration milestones, and research and development expenses will vary depending on pipeline prioritization and clinical trial progress . Key milestones for 2026 include presenting additional Phase 1 Varseta-M data, aligning with the FDA on a potential registrational study for Varseta-M, initiating a Phase 1b/2 study for Varseta-M in combination with bevacizumab and chemotherapy, and expecting Phase 1 clinical data from the CX-801 and KEYTRUDA® combination .