CytomX Therapeutics, Inc.
CytomX Therapeutics operates as a clinical-stage biopharmaceutical company developing targeted immunotherapies, generating revenue primarily through collaboration and license agreements with partners such as Amgen, Bristol-Myers Squibb, and Regeneron.
Business. CytomX Therapeutics, Inc. (Nasdaq: CTMX) is a biotechnology company operating within the Health Care sector. The firm is headquartered in the United States and is primarily listed on the Nasdaq stock exchange. As segment and geographic breakdowns are not specified, the company is described at the industry level as a biotechnology entity.
Analyst recommendations
8 analysts · consensus BuyAt a glance
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- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
CytomX Therapeutics, Inc. (Nasdaq: CTMX) is a biotechnology company operating within the Health Care sector. The firm is headquartered in the United States and is primarily listed on the Nasdaq stock exchange. As segment and geographic breakdowns are not specified, the company is described at the industry level as a biotechnology entity.
CytomX maintains a debt-free capital structure with a debt-to-equity ratio of 0.0 and a robust current ratio of 10.38, indicating strong short-term liquidity coverage. Total equity stands at $319.9 million, supported by $28.8 million in cash and equivalents as of Q1 2026. The company recently completed an underwritten public offering in March 2026, issuing approximately 46 million shares and pre-funded warrants, which significantly expanded its cash reserves but also increased the share count. The market capitalization is approximately $562.8 million, trading at a price-to-book ratio of 1.76.
Profitability remains negative, with a net loss of $18.2 million and an operating loss of $19.7 million in Q1 2026. Return on equity is -5.43% and return on assets is -4.83%, reflecting the pre-commercial stage of the business. Operating cash flow was negative $25.5 million, with no capital expenditures recorded, resulting in identical free cash flow. The company generates minimal organic revenue, reporting $10.3 million in Q1 2026, leading to a negative EV/EBITDA multiple of -23.88 and an EV/Revenue multiple of 7.01.
Revenue is derived from collaboration and license agreements rather than product sales, with key partners including Amgen, Astellas Pharma, Bristol-Myers Squibb, and Regeneron Pharmaceuticals. The company also has agreements with ModernaTX and ImmunoGen. Geographic exposure is primarily domestic, as indicated by the presence of domestic country members in the filing data. The revenue mix is heavily concentrated in these partnership milestones and license fees, with no disclosed product revenue streams.
Growth trajectory is characterized by high volatility in share count and capital raises rather than organic revenue expansion. The basic share count increased from 80.6 million in Q1 2025 to 170.2 million at the end of 2025, and further to 217.7 million by Q1 2026 following the recent offering. Revenue in Q1 2026 was $10.3 million, but historical annual revenue trends are not provided in the input data to assess long-term growth rates. The company's financial history shows a transition from a stockholders' deficit of $0.5 million in Q1 2025 to equity of $319.9 million in Q1 2026, driven by capital raises.
Risk factors include high dilution risk, as evidenced by the significant increase in shares outstanding and the presence of pre-funded warrants and options. The diluted share count is moderately above the basic share count, and source documents explicitly mention dilution or offering risk. Liquidity risk is assessed as low due to the strong current ratio and recent capital infusion. Key flags indicate that the company relies on external funding and partnership milestones to sustain operations.
Recent events include the completion of an underwritten public offering in March 2026, raising net proceeds of approximately $234 million from the issuance of common stock and pre-funded warrants. An 8-K filing was submitted with high severity regarding material events. Analyst sentiment is positive, with a mean recommendation of 1.50 (strong buy) and a mean price target of $12.57, significantly above the current market price of $3.175. The company also reported one-time severance payments and other employee-related costs in 2025.
- CytomX maintains a strong balance sheet with $319.9 million in equity and a 10.38 current ratio, mitigating near-term liquidity risk.
- High dilution risk is present due to a recent 46 million share offering and outstanding pre-funded warrants, increasing the share count to 217.7 million.
- The company remains unprofitable with a Q1 2026 net loss of $18.2 million and negative operating cash flow of $25.5 million.
- Revenue is dependent on collaboration agreements with major pharma partners like Amgen, BMS, and Regeneron, with no product sales.
- Analyst consensus is strongly bullish with a mean price target of $12.57, implying significant upside from the current $3.175 price.
- The company has no debt, providing financial flexibility but relying on equity financing for growth.
Bull / Bear case
Generated · model-assistedCytomX achieved $138.1 million in FY2024 revenue, representing an 81.2% year-over-year growth rate.
The company reported $31.9 million in net income for FY2024, a 283.5% increase from the prior period.
CytomX maintains a low leverage band with a debt-to-equity ratio of 0.53 as of late 2025.
Return on equity of -5.43% ranks above the biotechnology cohort median of -23.83%.
The firm holds a current ratio of 3.09, indicating strong short-term liquidity coverage.
CytomX faces high dilution risk, which could significantly erode shareholder value in future financing rounds.
FY2025 revenue is projected to drop to $76.2 million, reversing recent growth trends.
In focus — financials by report
Revenue $10.3M; Operating income -$19.7M.
- ▍Revenue $10.3M
- ▍Operating income -$19.7M
- ▍Net margin -177.9%
Revenue $75.5M; Operating income $5.6M.
- ▍Revenue $75.5M
- ▍Operating income $5.6M
- ▍Net margin 12.1%
Revenue $69.6M; Operating income $21.3M.
- ▍Revenue $69.6M
- ▍Operating income $21.3M
- ▍Net margin 33.6%
Revenue $76.2M; Operating income -$22.4M.
- ▍Revenue $76.2M
- ▍Operating income -$22.4M
- ▍Net margin -22.8%
Revenue $138.1M; Operating income $25.0M.
- ▍Revenue $138.1M
- ▍Operating income $25.0M
- ▍Net margin 23.1%
Revenue $138.1M; Operating income $25.0M.
- ▍Revenue $138.1M
- ▍Operating income $25.0M
- ▍Net margin 23.1%
Revenue $101.2M; Operating income -$6.5M.
- ▍Revenue $101.2M
- ▍Operating income -$6.5M
- ▍Net margin -0.6%
Revenue $101.2M; Operating income -$6.5M.
- ▍Revenue $101.2M
- ▍Operating income -$6.5M
- ▍Net margin -0.6%
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | -0,42 |
| Revenue | —no estimate | —no estimate | 36,5M USD |
| Operating income | —no estimate | —no estimate | -87,5M USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Diluted share count is moderately above the basic share count.
- Source documents mention dilution or offering risk.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Director · Stock Option (Right to Buy) → Common StockAcquired 118 000 @ $3,24grant · 2026-07-24
- Director · Stock Option (Right to Buy) → Common StockAcquired 59 000 @ $2,96grant · 2026-06-17
- Director · Stock Option (Right to Buy) → Common StockAcquired 59 000 @ $2,96grant · 2026-06-17
- Director · Stock Option (Right to Buy) → Common StockAcquired 59 000 @ $2,96grant · 2026-06-17
- Director · Stock Option (Right to Buy) → Common StockAcquired 59 000 @ $2,96grant · 2026-06-17
- Director · Stock Option (Right to Buy) → Common StockAcquired 59 000 @ $2,96grant · 2026-06-17
- Director · Stock Option (Right to Buy) → Common StockAcquired 59 000 @ $2,96grant · 2026-06-17
- Director · Stock Option (Right to Buy) → Common StockAcquired 59 000 @ $2,96grant · 2026-06-17
- Chief Medical Officer · Stock Option (Right to Buy) → Common StockAcquired 300 000 @ $6,09grant · 2026-02-02
- Chief Business Officer · Stock Option (Right to Buy) → Common StockAcquired 50 000 @ $6,09grant · 2026-02-02
- Chief Business Officer · Performance Stock Units (PSUs) → Common StockAcquired 50 000grant · 2026-02-02
- SVP, Chief Scientific Officer · Stock Option (Right to Buy) → Common StockAcquired 250 000 @ $6,09grant · 2026-02-02
- Director, CEO · Stock Option (Right to Buy) → Common StockAcquired 980 000 @ $6,09grant · 2026-02-02
- Chief Financial Officer · Stock Option (Right to Buy) → Common StockAcquired 325 000 @ $6,09grant · 2026-02-02
- Chief Business Officer · Stock Option (Right to Buy) → Common StockAcquired 650 000 @ $3,74grant · 2025-10-20
- Director, CEO · Stock Option (Right to Buy) → Common StockAcquired 570 000 @ $2,90grant · 2025-09-26
- Chief Financial Officer · Performance Stock Units (PSUs) → Common StockAcquired 39 150grant · 2025-09-26
- Chief Financial Officer · Stock Option (Right to Buy) → Common StockAcquired 78 250 @ $2,90grant · 2025-09-26
- Chief Medical Officer · Performance Stock Units (PSUs) → Common StockAcquired 43 750grant · 2025-09-26
- Chief Medical Officer · Stock Option (Right to Buy) → Common StockAcquired 87 500 @ $2,90grant · 2025-09-26
- Director, CEO · Performance Stock Units (PSUs) → Common StockAcquired 285 000grant · 2025-09-26
- SVP, Chief Scientific Officer · Stock Option (Right to Buy) → Common StockAcquired 36 300 @ $2,90grant · 2025-09-26
- SVP, Chief Scientific Officer · Performance Stock Units (PSUs) → Common StockAcquired 18 150grant · 2025-09-26
Actions
Ask Handelsavisen
- Market data
- Regulatory filings
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Price To Tangible Bookmarket_price / (tangible_book_value / shares_outstanding_diluted)
- Price To Bookmarket_price / (adjusted_book_value / shares_outstanding_diluted)
- Return On Equitynet_income / total_equity
- Enterprise Valuemarket_cap - net_cash
- Ev To Revenueenterprise_value / revenue
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- CytomX Therapeutics, Inc. company facts · 2026-07-28
- CytomX Therapeutics, Inc. 10-Q 2026-05-07 · 2026-07-28
- CytomX Therapeutics, Inc. 10-K 2026-03-16 · 2026-07-28
- CytomX Therapeutics, Inc. 10-Q 2025-11-06 · 2026-07-28
- CytomX Therapeutics, Inc. 10-Q 2025-08-07 · 2026-07-28
- 8-K (sec_8k_material) on CTMX · 2026-07-28
- CytomX Therapeutics Inc Market data — analyst estimates · 2026-07-28
- CytomX Therapeutics Inc Market data — ESG · 2026-07-28
- CytomX Therapeutics, Inc. HA canonical relationships · 2026-07-28
Ownership & reference
Top holders
- Institutional Investor · as of 2026-03-310,01 %$150M
- Investment Managers · as of 2026-03-310,00 %$17M
- Investment Managers · as of 2026-03-310,00 %$15M
- Investment Managers · as of 2026-03-310,00 %$3M
- Investment Managers · as of 2026-03-310,00 %$9M
- Investment Managers · as of 2026-03-310,00 %$27M
- Investment Managers · as of 2026-03-310,00 %$7M
- Investment Managers · as of 2026-03-310,00 %$10M
- Brokerage Firms · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2025-12-310,00 %$36M
- Investment Managers · as of 2026-03-310,00 %$3M
- Institutional Investor · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$2M
- Institutional Investor · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$1M
- Institutional Investor · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Funds · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2024-06-300,00 %$1M
- Brokerage Firms · as of 2026-03-310,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$0M
Leadership
- Sean A. McCarthyChairman of the Board, Chief Executive Officer
Insider activity
- Chief Financial Officer · Common StockSold 1 624 @ $3,05$5K · 2026-06-15
- Chief Medical Officer · Common StockSold 21 279 @ $6,42$137K · 2026-03-17
- Director, CEO · Common StockSold 118 969 @ $6,42$764K · 2026-03-17
- SVP, Chief Scientific Officer · Common StockSold 31 492 @ $6,42$202K · 2026-03-17
- Chief Financial Officer · Common StockSold 19 323 @ $6,42$124K · 2026-03-17
- Chief Business Officer · Common StockOther 20 000 · 2026-02-02
- Chief Medical Officer · Common StockOther 75 000 · 2026-02-02
- SVP, Chief Scientific Officer · Common StockOther 60 000 · 2026-02-02
- Chief Financial Officer · Common StockOther 90 000 · 2026-02-02
- Director, CEO · Common StockOther 210 000 · 2026-02-02
- Director, CEO · Class A Common StockSold 101 793 @ $4,54$462K · 2025-11-06
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Shares outstanding (annual): 170.19MUnknown
- Total liabilities (annual): USD 52.56MUnknown
- Revenue (annual): USD 76.2MUnknown
- R&D expense (annual): USD 68.73MUnknown
- Pre-tax income (annual): USD -17.13MUnknown
- Current liabilities (annual): USD 46.62MUnknown
- Capex (annual): USD 220KUnknown
- Total assets (annual): USD 151.57MUnknown
- Net income (annual): USD -17.37MUnknown
- Operating income (annual): USD -22.36MUnknown
- Shareholders' equity (annual): USD 99.01MUnknown
- Total operating expenses (annual): USD 98.56MUnknown
- Current assets (annual): USD 143.92MUnknown
- Operating cash flow (annual): USD -75.59MUnknown
- Cash & equivalents (annual): USD 12.67MUnknown
- Total liabilities (annual): USD 120.99MUnknown
- Current liabilities (annual): USD 85.77MUnknown
- Revenue (annual): USD 138.1MUnknown
- Pre-tax income (annual): USD 32.09MUnknown
- Current assets (annual): USD 107.31MUnknown
- Capex (annual): USD 310KUnknown
- R&D expense (annual): USD 83.38MUnknown
- Operating cash flow (annual): USD -86.23MUnknown
- Net income (annual): USD 31.87MUnknown