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CytomX Therapeutics Inc. (CTMX-7.18%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details CytomX's financial performance, including a net income of $31.9 million for the year, compared to a net loss of $569,000 in the previous year. This improvement is attributed to increased revenue from collaboration agreements, which totaled $138.1 million, up from $101.2 million in 2023.
Research and development expenses increased to $83.4 million from $77.7 million, driven by higher costs associated with the CX-2051 and CX-904 programs, partially offset by reduced expenses for CX-801.
General and administrative expenses slightly decreased to $29.7 million from $30.0 million, primarily due to lower personnel-related expenses and reduced rent from subleasing part of the company's headquarters.
The company reported cash, cash equivalents, and short-term investments totaling $100.6 million as of December 31, 2024, which is a decrease from $174.5 million at the end of 2023. This decrease is primarily due to operating activities.
CytomX announced a restructuring plan in January 2025, aiming to streamline operations and focus on high-priority programs, resulting in a 40% workforce reduction.
The company continues to advance its clinical-stage pipeline, including CX-2051, CX-801, and CX-904, with ongoing Phase 1 studies and collaborations with partners such as Amgen, Astellas, and Moderna.
CytomX's PROBODY platform remains a central focus, with efforts to develop conditionally activated biologics designed to target tumor microenvironments, aiming to address unmet needs in oncology.
The filing also highlights the company's strategic collaborations, including agreements with Regeneron and Moderna, contributing to its revenue and research development efforts.
CytomX's financial outlook anticipates the need for additional funding to support ongoing and future research and development activities, with existing resources expected to fund operations into the second quarter of 2026.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CytomX Therapeutics Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.