CytomX Therapeutics
CTMXNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $1.98 Prior regular-session close from the quote source.
- $1.97–$2.17 Regular-session low and high so far today.
- 5.0M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 4 projected Projected for 2027-02-04 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $1.90–$8.21 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CTMX if PROBODY masking turns Varseta-M into a safe, active systemic EpCAM ADC in colorectal cancer before financing risk overwhelms shareholders.
CTMX price history
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Investment thesis
What must happen next
Varseta-M must prove that PROBODY masking creates a clinically meaningful therapeutic window for systemic EpCAM targeting, a target CytomX says was previously limited by healthy-tissue toxicity.HoldingMateriality: High
Item 1 and MD&A state Varseta-M is CytomX’s most advanced clinical-stage program and is designed to preferentially bind EpCAM in the tumor microenvironment while minimizing healthy-tissue toxicities. If the therapeutic window exists, Varseta-M can justify later-stage trials and partnering leverage; if not, the core asset loses most of its option value.
Watch: Varseta-M Phase 1 data show pancreatitis, liver toxicity, or other dose-limiting toxicity consistent with earlier high-affinity EpCAM antibodies.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 and MD&A state Varseta-M is CytomX’s most advanced clinical-stage program and is designed to preferentially bind EpCAM in.
Open source ↗The PROBODY platform must remain credible across modalities—ADCs, T-cell engagers, and cytokines—so external partners continue to fund programs rather than CytomX bearing all development risk itself.HoldingMateriality: High
Item 1 and MD&A describe PROBODY as a versatile, multi-modality platform applied to ADCs, TCEs, and cytokines. Partner funding can extend runway and validate the platform; loss of partner interest would force more dilution or program cuts.
Watch: Large oncology partners stop signing or renewing PROBODY collaborations after reviewing emerging masked-biologic clinical data.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 and MD&A describe PROBODY as a versatile, multi-modality platform applied to ADCs, TCEs, and cytokines.
Open source ↗CytomX’s focused pipeline and small organization must keep R&D spending aligned with non-dilutive funding until clinical data justify larger trials; otherwise promising biology may be value-destructive for common shareholders.HoldingMateriality: Medium
FY2025 annual GAAP operating loss was $22.4 million, far better than the $101.3 million operating loss in FY2022 and $116.0 million operating loss in FY2021. The owner needs the company to reach data readouts without financing on punitive terms.
Watch: The planned 2026 combination strategy for Varseta-M starts before CytomX secures a partner or financing source to cover higher trial costs.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP operating loss was $22.4 million, far better than the $101.3 million operating loss in FY2022 and $116.0.
Open source ↗CytomX must convert clinical progress or collaborations into additional capital before later-stage oncology development outgrows its cash base.WeakeningMateriality: Medium
Cash and cash equivalents were $12.7 million at FY2025 year-end, down from $38.1 million at FY2024 year-end and $193.7 million at FY2022 year-end. Even successful early data may not accrue to current holders if the company must finance from a weak position.
Watch: Equity markets close for small-cap clinical biotech before CytomX reports decisive Varseta-M data.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $12.7 million at FY2025 year-end, down from $38.1 million at FY2024 year-end and $193.7 million.
Open source ↗
Full investment case & evidence
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Original research
Varseta-M must prove that PROBODY masking creates a clinically meaningful therapeutic window for systemic EpCAM targeting, a target CytomX says was previously limited by healthy-tissue toxicity. If the therapeutic window exists, Varseta-M can justify later-stage trials and partnering leverage; if not, the core asset loses most of its option value.
The PROBODY platform must remain credible across modalities—ADCs, T-cell engagers, and cytokines—so external partners continue to fund programs rather than CytomX bearing all development risk itself. Partner funding can extend runway and validate the platform; loss of partner interest would force more dilution or program cuts.
CytomX’s focused pipeline and small organization must keep R&D spending aligned with non-dilutive funding until clinical data justify larger trials; otherwise promising biology may be value-destructive for common shareholders. The owner needs the company to reach data readouts without financing on punitive terms.
CytomX must convert clinical progress or collaborations into additional capital before later-stage oncology development outgrows its cash base. Even successful early data may not accrue to current holders if the company must finance from a weak position.
All standing thesis claims
Original report summary
PROBODY masking turns Varseta-M into a safe, active systemic EpCAM ADC in colorectal cancer before financing risk overwhelms shareholders.
Bull case and bear case
Bull case and bear case for CytomX Therapeutics
Where the evidence on CytomX Therapeutics disagrees: Mixed on the latest evidence (Nov 10, 2026). Of its 4 thesis points, 3 holding and 1 weakening.
Bull case: what the evidence supports
Varseta-M must prove that PROBODY masking creates a clinically meaningful therapeutic window for systemic EpCAM targeting, a target CytomX says was previously limited by healthy-tissue toxicity.
The PROBODY platform must remain credible across modalities—ADCs, T-cell engagers, and cytokines—so external partners continue to fund programs rather than CytomX bearing all development risk itself.
CytomX’s focused pipeline and small organization must keep R&D spending aligned with non-dilutive funding until clinical data justify larger trials; otherwise promising biology may be value-destructive for common shareholders.
Bear case: what the evidence questions
CytomX must convert clinical progress or collaborations into additional capital before later-stage oncology development outgrows its cash base.
Thesis-Break Engine
Thesis-break watch · CytomX Therapeutics
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
CytomX Therapeutics filed an SEC 8-K on 2026-11-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
CytomX Therapeutics filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
CytomX Therapeutics filed an SEC 8-K on 2026-07-27: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Varseta-M Phase 1 data show pancreatitis, liver toxicity, or other dose-limiting toxicity consistent with earlier high-affinity EpCAM antibodies.
- Large oncology partners stop signing or renewing PROBODY collaborations after reviewing emerging masked-biologic clinical data.
- The planned 2026 combination strategy for Varseta-M starts before CytomX secures a partner or financing source to cover higher trial costs.
- Equity markets close for small-cap clinical biotech before CytomX reports decisive Varseta-M data.
CTMX news
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Financial statements
CTMX income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CTMX: quick answers
- When does CytomX Therapeutics (CTMX) report earnings next?
- CytomX Therapeutics's next results are projected for February 4, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 5, 2026. Earnings calendar
- What is CTMX's short interest?
- As of October 30, 2026, 45.2M CTMX shares were sold short, 20.8% of its shares outstanding, up 5.7% from the count before. At the stock's average daily volume that is 12 days to cover. FINRA publishes the count twice a month. CTMX short interest history