CytomX Q2 revenue misses, partly hurt by lower research activities in the Astellas collaboration
CTMX•Costs and loss
The company said research and development expenses increased mainly because of manufacturing activities for Varseta-M and higher personnel costs.
General and administrative expenses also rose due to higher consulting and rent expenses.
| Metric | Actual | Consensus Estimate |
|---|---|---|
| Q2 Revenue | $1.42 mln | $12.31 mln |
| Q2 Loss Per Share | $0.09 |
Outlook and pipeline updates
CytomX expects a Phase 1 monotherapy update for Varseta-M in advanced CRC by the end of 2026, and plans to initiate a registrational study in CRC in the first half of 2027.
The company said its cash position is expected to last into at least the second half of 2028.
Alliance activity and analyst view
CytomX expanded its Regeneron alliance in bispecific immunotherapies to additional targets.
The current average analyst rating on the shares is "strong buy," with 8 "strong buy" or "buy" recommendations, no "hold" ratings and no "sell" or "strong sell" ratings. The median 12-month price target is $12.00, about 258.2% above the August 5 closing price of $3.35.
Quarterly results and revenue drivers
CytomX said second-quarter revenue declined sharply and missed analyst expectations, as revenue was partly hurt by lower research activities in the Astellas collaboration.
Revenue was also affected by the completion of performance obligations in the Bristol Myers Squibb collaboration.
