Key quarterly metrics and trend analysis:
- Revenue: $33.432 million in QQ3 2024, up 26.71% year over year and up 33.12% quarter over quarter (YoY and QoQ growth metrics provided by company data).
- Gross Profit: $33.432 million, gross margin effectively 100% (grossProfitRatio = 1.0000; cost of revenue is not disclosed in the reported figures).
- Operating Result: Operating income of $4.111 million with an operating margin of approximately 12.30% (operatingIncomeRatio = 0.12297).
- EBITDA: $4.54 million, with an EBITDA margin of about 13.58% (EBITDARatio = 0.1358).
- Net Income: $5.736 million, net income margin ~17.16% (netIncomeRatio = 0.1716).
- Earnings per Share (EPS): Basic $0.0674; Diluted $0.0673; Weighted average shares ~85.093 million (weightedAverageShsOut = 85,093,227; weightedAverageShsOutDil = 85,204,709).
- Cash Flow and liquidity: Net cash from operating activities $(20.73) million; free cash flow $(20.75) million for QQ3 2024. Cash at end of period $41.603 million; total cash and short-term investments $117.588 million. Net debt position is negative $(29.979) million, indicating a net cash-positive stance after investing and financing activities.
- Balance sheet snapshot: Total assets $138.981 million; total liabilities $162.433 million; total stockholders’ equity $(23.452) million (negative equity, partially offset by notable accumulated other comprehensive income of $40k and other stockholders’ equity of $686.962 million). Notably, current deferred revenue stands at $96.063 million; non-current deferred revenue at $33.556 million, highlighting substantial collaboration- and milestone-based revenue recognition. Current ratio 1.042x indicates modest liquidity cushion.
- Growth and valuation context: Revenue growth and strong gross margin reflect CytomX’s collaboration-driven revenue model. The enterprise value multiple is shown at approximately 15.5x, with price-to-sales around 3.0x in the provided data, aligning with a high-beta, development-stage biotech profile. Weaker balance sheet signals (negative equity) are common among biotech firms pre-commercialization, but CytomX’s cash runway and collaboration-driven revenue may de-risk near-term liquidity.