Quarterly ResultMay 7, 2026, 04:14 PM
CytomX Q1 Net Loss $(18.2)M; Revenue Down 80%; Key Collaborations End
AI Summary
CytomX Therapeutics reported a significant net loss of $(18.2) million for Q1 2026, a sharp decline from a net income of $23.5 million in Q1 2025. Revenue plummeted by 80% to $10.3 million, primarily due to the termination of collaboration agreements with Astellas and Bristol Myers Squibb. Despite these operational setbacks, the company substantially increased its cash and short-term investments through a follow-on offering, boosting total assets and stockholders' equity.
Key Highlights
- Q1 2026 net loss was $(18.2) million, a significant decline from $23.5 million net income in Q1 2025.
- Total revenue for Q1 2026 decreased 80% to $10.3 million from $50.9 million in Q1 2025.
- Astellas collaboration terminated effective May 12, 2026, leading to $7.1 million revenue recognition.
- Bristol Myers Squibb collaboration terminated in May 2026, impacting future preclinical programs.
- Net cash provided by financing activities totaled $234.5 million from a follow-on offering.
- Cash and short-term investments rose to $346.7 million from $137.1 million at year-end 2025.
- Basic and diluted loss per share was $(0.10) in Q1 2026, compared to $0.27 income in Q1 2025.
- Net cash used in operating activities increased to $(25.5) million from $(21.0) million year-over-year.