CytomX Therapeutics reported a Q3 2024 quarter (calendar 2024) characterized by solid top-line momentum driven by collaboration-related revenue, a robust 100% gross margin, and a meaningful operating profit despite ongoing investment in R&D. Revenue for QQ3 2024 reached $33.432 million, up 26.7% year over year and 33.1% quarter over quarter, with gross profit matching revenue (gross margin effectively 100%) as cost of revenue was not disclosed. Operating income of $4.111 million and net income of $5.736 million were supported by other income lines and a relatively modest tax expense, delivering earnings per share (non-diluted) of $0.067 and diluted $0.0673. Free cash flow remained negative at approximately $(20.75) million for the quarter, driven largely by working capital dynamics, even as the company held cash and equivalents plus short-term investments totaling about $117.6 million and a net cash position of roughly $(29.98) million. Deferred revenue remains a prominent feature on the balance sheet (current deferred revenue of $96.063 million), underscoring CytomX’s reliance on collaboration-based revenue recognition rather than upfront product sales, and suggesting future revenue recognition tied to milestone and performance events. Management commentary, where available, emphasized ongoing progression of Probody programs and the strategic importance of collaborations with major pharma partners. The quarter reinforces CytomX’s positioning as a revenue-recognition biotech with a defensible cash runway but continued exposure to clinical and development milestones that shape long-term profitability. Investors should monitor pipeline progress (CX2009, CX2029, CX2043, CX904) and any new collaboration milestones that could accelerate near-term revenue realization, as well as the cadence of R&D spend versus advancing late-stage programs.
Key Performance Indicators
Revenue
Increasing
33.43M
QoQ: 33.12% | YoY: 26.71%
Gross Profit
Increasing
33.43M
1.00% margin
QoQ: 33.12% | YoY: 33.95%
Operating Income
Increasing
4.11M
QoQ: 148.64% | YoY: 31.64%
Net Income
Increasing
5.74M
QoQ: 187.79% | YoY: 91.71%
EPS
Increasing
0.07
QoQ: 187.53% | YoY: 81.67%
Revenue Trend
Margin Analysis
Financial Highlights
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.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
33.43M
26.71%
33.12%
Gross Profit
33.43M
33.95%
33.12%
Operating Income
4.11M
31.64%
148.64%
Net Income
5.74M
91.71%
187.79%
EPS
0.07
81.67%
187.53%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Fair
12.30%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Good
17.20%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Fair
4.13%
Return on assets is acceptable but below top-tier companies
Return on Equity
Weak
-0.25%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.04
Current ratio meets minimum requirements but limited cushion
Debt to Equity
Conservative
-0.45
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Value
4.38x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Undervalued
-4.28x
Trading below book value, potential value opportunity or distressed
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