--- title: "Cytomx Therap | 10-K: FY2025 Revenue Misses Estimate at USD 76.2 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/283969974.md" datetime: "2026-04-24T09:23:42.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283969974.md) - [en](https://longbridge.com/en/news/283969974.md) - [zh-HK](https://longbridge.com/zh-HK/news/283969974.md) --- # Cytomx Therap | 10-K: FY2025 Revenue Misses Estimate at USD 76.2 M 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 . ### Related Stocks - [CTMX.US](https://longbridge.com/en/quote/CTMX.US.md) ## Related News & Research - [CytomX Therapeutics doubles authorized common shares to 600 million](https://longbridge.com/en/news/290478262.md) - [Cintas FY 2026: Revenue $11.26B, EPS $4.91— 10-K Summary](https://longbridge.com/en/news/294251660.md) - [Katahdin Bankshares GAAP EPS of $0.76](https://longbridge.com/en/news/293976481.md) - [FedEx says FY2026 Form 10-K report available](https://longbridge.com/en/news/293947978.md) - [Fly-E Group resolves Nasdaq filing delinquency after 10-K submission](https://longbridge.com/en/news/294266240.md)