CytomX Therapeutics (CTMX) 7 Nov 24 2024 Q3 Earnings call transcript

In the recent earnings call, CytomX Therapeutics showcased their promising progress in advancing the clinical pipeline, with a focus on three major programs: CX-904, CX-2051, and CX-801. These programs are poised to deliver significant clinical readouts in 2025, potentially creating substantial value for shareholders.

Pipeline Updates and Clinical Progress

CX-904, a masked T-cell engager targeting EGFR and CD3, has seen positive early signs of single-agent anticancer activity at doses up to 10 milligrams. The program is currently in Phase I clinical development, and a decision on Phase Ib initiation is anticipated for later in 2025. This program represents a significant step forward in the field of T-cell engagers, as it aims to maximize activity in tumors while minimizing systemic toxicities in normal tissues.

CX-2051, a first-in-class antibody drug conjugate targeting EpCAM, is making excellent early progress in the Phase I study. Given the high EpCAM expression and substantial medical need in colorectal cancer, CytomX is focusing on this cancer type to initially assess safety and antitumor activity. The company anticipates providing an initial Phase Ia update in the first half of 2025, which could set the stage for broad-based development of this drug.

CX-801, a masked interferon alpha 2b Probody cytokine, has also made strides, with the recent initiation of its Phase I clinical study. This program incorporates a dual masking strategy, aiming to significantly increase the therapeutic window and improve the clinical profile of interferon alpha. The preclinical data demonstrates synergy with PD-1 inhibition, making it an attractive candidate for combination therapy across a wide range of indications.

Financial Outlook and Strategic Partnerships

CytomX ended the third quarter of 2024 with $118 million in cash, cash equivalents, and investments. The company anticipates that this balance will fund operations through the end of 2025. Revenue for the third quarter was $33.4 million, driven primarily by research under collaborations with Bristol-Myers Squibb and Moderna. Operating expenses increased to $29.3 million, primarily due to increased clinical and manufacturing spend for CX-2051 and higher clinical spend for CX-904.

CytomX continues to leverage strategic partnerships with industry leaders, including Amgen, Astellas, BMS, Moderna, and Regeneron. These collaborations are focused on masked T-cell engagers and are expected to deliver meaningful clinical milestones in 2025. The company remains committed to delivering against these milestones and driving sustainable innovation over time.

Looking Ahead

As CytomX moves into 2025, the company is well-positioned to deliver multiple clinical data readouts across the pipeline. The focus remains on advancing CX-904, CX-2051, and CX-801 to clinical proof of concept and rapidly advancing programs into later phase development. With a long-term perspective and a commitment to delivering value for patients, CytomX is poised for continued success in the field of masked therapeutics.