CytomX Therapeutics announced its second quarter 2025 financial results, reporting total revenue of $18.7 million, a decrease from $25.1 million in Q2 2024. This decline was primarily due to the completion of performance obligations in the Bristol Myers Squibb collaboration, the decision not to further develop the CX-904 program in the Amgen agreement, and reduced Moderna activities. The company reported a net loss of $154,000 for the quarter, a significant improvement from a deficit of over $6.5 million in the prior year.
As of June 30, 2025, cash, cash equivalents, and investments totaled $158.1 million, a substantial increase from $79.9 million as of March 31, 2025. This increase was primarily driven by the completion of a $100 million underwritten public offering of common stock. Management now expects existing capital resources to fund operations into the second quarter of 2027, extending the previous guidance.
Total operating expenses decreased significantly to $19.9 million in Q2 2025 from $33.6 million in Q2 2024. This reduction was attributed to a one-time $5 million milestone payment to ImmunoGen in Q2 2024, reduced spending on the CX-904 program due to de-prioritization, and lower research expenses following the Q1 2025 restructuring. The company continues to advance its pipeline, with CX-2051 Phase 1 dose expansions on track for a data update in Q1 2026 and Phase 2 initiation anticipated in 1H 2026.
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