We remain on track to provide initial phase 1a data in CRC in the first half of 2025 and we expect to be in a position to define next steps for the program in the second half of the year.
— Sean McCarthy
03Detailed Report
CTMX
Company CTMX
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 14, 2026
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Executive Summary
CytomX delivered a solid full-year 2024 performance highlighted by collaboration-driven revenue growth and a meaningful cash runway extension into mid-2026. Total revenue for 2024 was $138.1 million, up meaningfully from $101.2 million in 2023, with gross profit effectively matching revenue (gross margin ~99%). The company reported net income of $18.9 million and earnings per share of $0.22 for the year, driven in part by milestone income from AbbVie and ongoing collaborations with BMS, Moderna, Estella, and Regeneron. Operating expenses were $113.1 million in 2024, up modestly versus 2023, with R&D activity totaling $83.4 million and G&A $29.7 million; excluding the AbbVie milestone, operating expenses were largely flat YoY, underscoring disciplined cost management as CytomX advances its pipeline.
Crucially, CytomX positioned 2025 as a watershed year for pipeline data generation and corporate value. Management highlighted two lead programs advancing into the clinic in 2024—CX-2051 (masked EPCAM-targeted ADC) and CX-801 (masked interferon alpha 2b). The company reiterated plans to publish initial Phase 1a data for CX-2051 in colorectal cancer during the first half of 2025, with continued escalation and data readouts expected in the second half of 2025. CX-801 is progressing through a Phase 1 dose-escalation in advanced melanoma, with translational data anticipated in H2 2025 and potential initiation of KEYTRUDA combination therapy in 2025 under Merck collaboration.
Liquidity remains robust with $100.6 million in cash, cash equivalents, and investments at year-end 2024, supporting a cash runway into Q2 2026. The company explicitly notes that its cash guidance does not assume additional milestones from existing collaborations. The balance sheet reflects substantial non-operating asset impact from collaboration milestones and a positive near-term outlook tied to its pipeline milestones. Investors should weigh CytomX’s strong near-term liquidity and marquee pipeline milestones against the inherent development risk common to early-stage oncology programs and the reliance on partner collaborations for future value creation.
Key Performance Indicators
Revenue
Increasing
38.09M
QoQ: 13.94% | YoY: 43.17%
Gross Profit
Increasing
38.09M
1.00% margin
QoQ: 13.94% | YoY: 45.83%
Operating Income
Increasing
17.68M
QoQ: 330.04% | YoY: 3 017.33%
Net Income
Increasing
18.88M
QoQ: 229.08% | YoY: 2 155.20%
EPS
Increasing
0.22
QoQ: 226.41% | YoY: 1 674.19%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue ( FY2024 ): $138.1 million; YoY growth: 43.17%; QoQ growth: 13.94% (Q4 2024 vs Q3 2024). Gross Profit: $138.1 million (gross margin ~99% by design, given collaboration-driven revenue structure; Q4 gross profit $38.093 million). Operating Expenses: $113.1 million (R&D $83.4 million; G&A $29.7 million; delta includes a $5 million AbbVie milestone).
EBITDA: $18.092 million; EBITDA margin ~47.49%. Operating Income: $17.679 million; Operating Margin ~46.41%. Income Before Tax: $18.938 million; Pre-tax Margin ~49.72%. Net Income: $18.876 million; Net Margin ~49.55%. Earnings per Share (basic/diluted): $0.22; Weighted Average Shares Outstanding: 80.099 million.
Balance Sheet and Cash Flow: Cash and cash equivalents + investments at 12/31/2024: $100.6 million; Cash at end of period $39.08 million (cash equivalents $38.05 million; short-term investments $62.57 million). Net cash provided by operating activities: $(19.91) million; Free cash flow: $(19.99) million. Total debt: $9.385 million; Net debt: $(28.67) million (net cash position). Current ratio: 1.251; Quick ratio: 1.251. Enterprise value multiple: 2.98; Price-to-Sales: 2.17.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
38.09M
43.17%
13.94%
Gross Profit
38.09M
45.83%
13.94%
Operating Income
17.68M
3 017.33%
330.04%
Net Income
18.88M
2 155.20%
229.08%
EPS
0.22
1 674.19%
226.41%
Key Financial Ratios
Gross Profit Margin
Excellent
98.90%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Excellent
46.40%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
49.60%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Strong
15.70%
Return on assets demonstrates excellent capital efficiency and value creation
Return on Equity
Weak
-41.39%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.25
Current ratio meets minimum requirements but limited cushion
Debt to Equity
Conservative
-20.58
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Value
1.09x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Undervalued
-180.93x
Trading below book value, potential value opportunity or distressed
Management Insights Available for Members
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