SOUTH SAN FRANCISCO, Calif., May 09, 2019 (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™ therapeutic technology platform, today reported first quarter 2019 financial results.
As of March 31, 2019, CytomX had cash, cash equivalents and short-term investments of $396.6 million.
“We continued to make excellent progress developing our differentiated technology platform and lead product candidates during the first quarter,” said Sean McCarthy, D.Phil., president, chief executive officer and chairman of CytomX Therapeutics. “Early clinical data from our PROCLAIM CX-072 and PROCLAIM-CX-2009 programs continued to emerge, pointing the way to next steps for these unique assets. Taken together, the developing clinical profiles for CX-072 and CX-2009 validate that the Probody platform has potential to give rise to best in class and first-in-class product candidates for the treatment of cancer. We look forward to providing additional details regarding the advancement of our pipeline as we progress through 2019.”
Business Highlights and Recent Developments
PROCLAIM-CX-072 (PD-L1 Probody Therapeutic) Clinical Program
PROCLAIM-CX-2009 (CD166 Probody Drug Conjugate) Clinical Program
CX-2029 (CD71 Probody Drug Conjugate) Clinical Program
BMS-986249 (CTLA-4 Probody Therapeutic) Clinical Program
Technology Acquisition from Agensys, Inc.
Appointment of New Director
First Quarter 2019 Financial Results
Cash, cash equivalents and short-term investments totaled $396.6 million as of March 31, 2019, compared to $436.1 million as of December 31, 2018.
Revenue was $29.5 million for the three months ended March 31, 2019, compared to $14.2 million for the three months ended March 31, 2018. The increase in revenue of $15.3 million for the current period compared to the corresponding period in 2018 was primarily due to the accelerated recognition of revenue of $17.4 million related to the cessation of research on certain targets under the BMS Agreement in 2019.
Research and development expenses increased by $13.9 million during the three months ended March 31, 2019 compared to the corresponding period in 2018. The increase was attributable to a $5.0 million charge for acquired technical know-how related to drug conjugate linker-toxin and CD3-based bispecific technologies during the current period, an increase of $2.5 million expenses related to laboratory contracts and services and laboratory supplies and equipment, an increase of $2.1 million clinical related expenses resulting from increased clinical trial activities and an increase of $3.4 million in personnel-related expenses due to an increase in headcount.
General and administrative expenses increased by $2.3 million during the three months ended March 31, 2019 compared to the corresponding period in 2018. The increase was attributable to increased personnel-related expense due to an increase in headcount, and increased consulting and professional services primarily due to an increase in tax and accounting compliance activities.
Teleconference Scheduled Today at 5:00 p.m. ET
Conference Call/Webcast Information
CytomX management will host a conference call today at 5:00 p.m. ET. Interested parties may access the live audio webcast of the teleconference through the “Investor & News” section of CytomX's website at http://ir.cytomx.com or by dialing 1-877-809-6037 (U.S. and Canada) or 1-615-247-0221 (International) and using the passcode 9496795. An archive of the webcast will be available on the CytomX website from May 9, 2019, until May 16, 2019.
About CytomX Therapeutics
CytomX Therapeutics is a clinical-stage oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody™ therapeutic technology platform. Probody therapeutics are designed to exploit unique conditions of the tumor microenvironment to more effectively localize antibody binding and activity while minimizing activity in healthy tissues. CytomX and its partners have four programs in the clinic. The Company’s clinical stage pipeline includes cancer immunotherapies against clinically validated targets, including a PD-L1-targeting Probody therapeutic wholly owned by CytomX (CX-072) and a CTLA-4-targeting Probody therapeutic partnered with Bristol Myers Squibb (BMS-986249). The CytomX clinical stage pipeline also includes first-in-class Probody drug conjugates against highly attractive targets including a CD166-targeting Probody drug conjugate wholly owned by CytomX (CX-2009), and a CD71-targeting Probody drug conjugate partnered with AbbVie (CX-2029). CD166 and CD71 are among cancer targets that are considered to be inaccessible to conventional antibody drug conjugates due to their presence on many healthy tissues. In addition to its wholly owned programs, CytomX has strategic collaborations with AbbVie, Amgen, Bristol-Myers Squibb Company and ImmunoGen, Inc. For more information, visit www.cytomx.com.
CytomX Therapeutics Forward-Looking Statements
This press release includes forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that are difficult to predict, may be beyond our control, and may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in such statements. In particular, clinical and preclinical data referenced above for CX-072 and CX-2009, including data on efficacy and safety, including treatment related adverse events, is based on a limited dataset, including for the clinical data, a limited number of patients and at specific doses and, in some cases, specific cancer types. Accordingly, you should not rely on any of these forward-looking statements, including those relating to the potential benefits, safety and efficacy of CytomX’s or any of its collaborative partners’ product candidates, administered separately or in combination, the potential benefits or applications of CytomX’s Probody platform technology, CytomX’s ability to develop and advance product candidates into and successfully complete clinical trials, including the ongoing clinical trials of CX-072 and CX-2009, and the timing of any future clinical trials to be initiated by CytomX or its collaborative partners. Risks and uncertainties that contribute to the uncertain nature of the forward-looking statements include: the unproven nature of CytomX’s novel Probody Platform technology; four of CytomX’s product candidates under its Probody platform are in the initial stages of clinical development and its other product candidates are currently in preclinical development, and the process by which preclinical and clinical development could potentially lead to an approved product is long and subject to significant risks and uncertainties; the possibility that the results of early clinical trials may not be predictive of future results; the possibility that CytomX’s clinical trials will not be successful; CytomX’s dependence on the success of CX-072, CX-2009, CX-2029 and BMS 986249; CytomX’s reliance on third parties for the manufacture of the company’s product candidates; and possible regulatory developments in the United States and foreign countries. Additional applicable risks and uncertainties include those relating to our preclinical research and development, clinical development, and other risks identified under the heading "Risk Factors" included in CytomX’s Quarterly Report on Form 10-Q filed with the SEC on May 9, 2019. The forward-looking statements contained in this press release are based on information currently available to CytomX and speak only as of the date on which they are made. CytomX does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.
CYTOMX THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
(unaudited)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2019 | 2018 | |||||||
| Revenues | $ | 29,485 | $ | 14,184 | ||||
| Operating expenses: | ||||||||
| Research and development | 36,376 | 22,458 | ||||||
| General and administrative | 9,674 | 7,356 | ||||||
| Total operating expenses | 46,050 | 29,814 | ||||||
| Loss from operations | (16,565 | ) | (15,630 | ) | ||||
| Interest income | 2,496 | 1,375 | ||||||
| Other expense | (61 | ) | (140 | ) | ||||
| Loss before income taxes | (14,130 | ) | (14,395 | ) | ||||
| Provision for (benefit from) income taxes | (6 | ) | 1,098 | |||||
| Net loss | $ | (14,124 | ) | $ | (15,493 | ) | ||
| Net loss per share, basic and diluted | $ | (0.31 | ) | $ | (0.40 | ) | ||
| Shares used to compute net loss per share, basic and diluted | 45,122,456 | 38,647,878 | ||||||
| Other comprehensive income (loss): | ||||||||
| Changes in unrealized gain (loss) on short-term investments, net of tax | 155 | (134 | ) | |||||
| Impact of adoption of new accounting pronouncement | 11 | — | ||||||
| Comprehensive loss | $ | (13,958 | ) | $ | (15,627 | ) | ||
CYTOMX THERAPEUTICS, INC.
CONDENSED BALANCE SHEETS
(in thousands, except share and per share data)
| March 31, | December 31, | |||||||
| 2019 | 2018 | |||||||
| (unaudited) | (1) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 190,407 | $ | 247,577 | ||||
| Short-term investments | 206,189 | 188,550 | ||||||
| Accounts receivable | 44 | 97 | ||||||
| Prepaid expenses and other current assets | 8,437 | 9,251 | ||||||
| Total current assets | 405,077 | 445,475 | ||||||
| Property and equipment, net | 7,369 | 6,934 | ||||||
| Intangible assets, net | 1,422 | 1,458 | ||||||
| Goodwill | 949 | 949 | ||||||
| Restricted cash | 917 | 917 | ||||||
| Operating lease right-of-use | 27,404 | — | ||||||
| Other assets | 1,375 | 1,375 | ||||||
| Total assets | $ | 444,513 | $ | 457,108 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 9,511 | $ | 5,132 | ||||
| Accrued liabilities | 22,567 | 26,724 | ||||||
| Income tax payable | 13,374 | 13,339 | ||||||
| Deferred revenue, current portion | 50,765 | 52,713 | ||||||
| Total current liabilities | 96,217 | 97,908 | ||||||
| Deferred revenue, net of current portion | 197,754 | 225,267 | ||||||
| Operating lease liabilities - long term | 27,008 | — | ||||||
| Other long-term liabilities | 963 | 3,050 | ||||||
| Total liabilities | 321,942 | 326,225 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Convertible preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued and outstanding at March 31, 2019 and December 31, 2018. | — | — | ||||||
| Common stock, $0.00001 par value; 75,000,000 shares authorized; 45,157,652 and 45,083,209 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 1 | 1 | ||||||
| Additional paid-in capital | 451,613 | 445,956 | ||||||
| Accumulated other comprehensive income (loss) | 73 | (93 | ) | |||||
| Accumulated deficit | (329,116 | ) | (314,981 | ) | ||||
| Total stockholders' equity | 122,571 | 130,883 | ||||||
| Total liabilities and stockholders' equity | $ | 444,513 | $ | 457,108 | ||||
(1) The condensed balance sheet as of December 31, 2018 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.
CytomX Therapeutics
Investors:
Christopher Keenan
VP, Investor Relations and Corporate Communications
ckeenan@cytomx.com
650-383-0823