CytomX Therapeutics Announces Second Quarter 2020 Financial Results and Provides Business Update
SOUTH SAN FRANCISCO, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq: CTMX), a clinical-stage oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody® technology platform, today reported second quarter 2020 financial results and provided a business update.
“CytomX made broad progress across our clinical and preclinical programs during the second quarter as we further advanced our technology platform, partnerships, and lead drug candidates to several important inflection points,” said Sean McCarthy, D.Phil., president, chief executive officer and chairman of CytomX Therapeutics. “We continue to show leadership in defining new therapeutic antibody modalities with demonstrated potential to address significant unmet medical needs in the treatment of cancer, a mission that remains as important as ever despite the unprecedented challenges being posed by the COVID-19 pandemic.”
SECOND QUARTER BUSINESS HIGHLIGHTS AND RECENT DEVELOPMENTS
Clinical Pipeline Progress: ASCO20 Data Presentations and Program Next Steps
In May, CytomX presented broad clinical pipeline progress at the American Society of Clinical Oncology ASCO20 Virtual Scientific Program from four Probody programs advancing in, or towards, Phase 2 studies:
CX-2029 Phase 1 Data: Preliminary Validation of CD71 as a Novel Oncology Target and Advancement to Phase 2 Expansion Cohorts
CX-2009: Phase 2 Strategies Focused in HER2 Negative Breast Cancer Subtypes
BMS-986249: Anti-CTLA-4 Probody Immunotherapeutic
During the second quarter, Bristol Myers Squibb also presented a comprehensive preclinical dataset from the anti-CTLA-4 Probody immunotherapeutics, BMS-986249 and BMS-986288, a non-fucosylated Probody of ipilimumab, at the American Association of Cancer Research’s (AACR) 2020 Virtual Annual Meeting II. These data support the strategy of expanding the therapeutic index for CTLA-4 therapy using CytomX’s Probody technology and provides rationale for the ongoing clinical studies of these agents.
CX-072: Anti-PD-L1 Probody Immunotherapeutic
Preclinical Pipeline Progress
CX-904 EGFR-CD3 Probody Bispecific
CX-2043 EpCAM Probody Drug Conjugate
COVID-19 Pandemic and Business Continuity
Second Quarter 2020 Financial Results
Cash, cash equivalents and short-term investments totaled $346.4 million as of June 30, 2020, compared to $296.1 million as of December 31, 2019.
Revenue was $16.6 million for the three months ended June 30, 2020, compared to $9.0 million for the three months ended June 30, 2019. The net increase in revenue of $7.6 million was primarily due to an increase of $3.4 million from the Amgen EGFR project as a result of a higher percentage of completion progress in the second quarter of 2020, and an increase of $4.2 million related to the recognition of revenue from the $80 million upfront payment under the Collaboration and License Agreement with Astellas entered into in March 2020.
Research and development expenses decreased by $6.8 million during the three months ended June 30, 2020 compared to that in the corresponding period in 2019. The decrease was largely attributed to $3.4 million for the University of California, Santa Barbara (UCSB) fees paid in 2019 relating to the amendment to the license agreement, and a $0.8 sublicense fee also paid to UCSB in 2019 relating to a $10.0 million milestone earned by the Company for AbbVie’s selection of a second target under the Amended and Restated Discovery Collaboration and License Agreement with AbbVie in 2019 and a decrease of $2.3 million in clinical related expenses due to the decrease in clinical trial activities.
General and administrative expenses decreased by $0.7 million during the three months ended June 30, 2020 compared to that in the corresponding period in 2019 primarily due to a decrease in stock base compensation expense.
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About CytomX Therapeutics
CytomX Therapeutics Forward-Looking Statements
Probody is a U.S. registered trademark of CytomX Therapeutics, Inc.
Yervoy and Opdivo are registered trademarks of Bristol Myers Squibb.
CYTOMX THERAPEUTICS, INC.
CYTOMX THERAPEUTICS, INC.
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