CytomX Therapeutics Announces First Quarter 2018 Financial Results
- Initial clinical data from the Phase 1/2 CX-072 program to be reported at
As of March 31, 2018, CytomX had cash, cash equivalents and short-term investments of $361.5 million.
“CytomX’s first quarter marked the continued execution across our clinical pipeline, our discovery stage programs and in our partnerships,” said
Business Highlights and Recent Developments
PROCLAIM-CX-072 (PD-L1 Probody Therapeutic) Clinical Program
- CX-072 is a Probody therapeutic targeting PD-L1, a clinically- and commercially-validated anti-cancer target.
- Initial clinical data from the Phase 1/2 PROCLAIM-CX-072 program will be presented on
Monday June 4 , from 8:00 –11:30 a.m. as part of the Developmental Therapeutics—Immunotherapy session at the ASCO Annual Meeting.- Abstract 3071 - Preliminary Results of the First-In-Human, Dose-Finding PROCLAIM-072 Trial of the PD-L1 Probody Therapeutic CX-072 as Monotherapy in Patients with Advanced Solid Tumors
- Abstract 3072 - Preliminary Interim Results of the First-In-Human, Dose-Finding PROCLAIM-072 Trial of the PD-L1 Probody Therapeutic CX-072 in Combination with Ipilimumab in Patients with Advanced Solid Tumors
- The data presented at the meeting will reflect a data cutoff approximately five months later than the abstract submission data cutoff, and therefore, will include longer term follow up as well data from additional patients.
PROCLAIM-CX-2009 (CD166 Probody Drug Conjugate) Clinical Program
- CX-2009 is a Probody drug conjugate (PDC) that targets CD166, an antigen that is broadly and highly expressed in many types of cancer.
- Preliminary data from Part A of the PROCLAIM-CX-2009 Phase 1/2 clinical program is expected to be presented in the second half of 2018.
CX-2029 (CD71 Probody Drug Conjugate) Preclinical Program
- CytomX, in collaboration with AbbVie, is advancing CX-2029, a CD71-directed PDC.
- CytomX filed an Investigational New Drug (IND) application for CX-2029 in
April 2018 . - CytomX expects the initiation of clinical trials in the third quarter of 2018.
CX-188 (PD-1 Probody Therapeutic) Preclinical Program
- CytomX is advancing CX-188, a PD-1-directed Probody therapeutic, through IND-enabling studies.
- CytomX expects to file an IND application for CX-188 in the second half of 2018.
First Quarter 2018 Financial Results
Cash, cash equivalents and short-term investments totaled
Revenue was
Research and development expenses increased
General and administrative expense increased
About CytomX Therapeutics
CytomX Therapeutics is a clinical-stage oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody therapeutic technology platform. Probody therapeutics are designed to exploit unique conditions of the tumor microenvironment to more effectively localize antibody binding and activity while limiting activity in healthy tissues. The Company’s pipeline includes cancer immunotherapies against clinically-validated targets, such as CX-072, a PD-L1-targeting Probody therapeutic wholly owned by CytomX, CX-188, a PD-1-targeting Probody therapeutic wholly owned by CytomX and BMS-986249, a CTLA-4-targeting Probody therapeutic partnered with
CytomX Therapeutics Forward-Looking Statements
This press release includes forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that are difficult to predict, may be beyond our control, and may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in such statements. Accordingly, you should not rely on any of these forward-looking statements, including those relating to the potential benefits and efficacy of CytomX’s or any of its collaborative partners’ product candidates, administered separately or in combination, CytomX’s ability and the ability of its collaborative partners to develop and advance product candidates into and successfully complete clinical trials, including CytomX’s Phase 1/2 clinical trials of CX-072 and CX-2009, the timing of any future clinical trials to be initiated by CytomX or any of its collaborative partners, CytomX’s expectations regarding the availability of clinical data, CytomX’s expectations with respect to its collaborations, and CytomX’s expectations regarding the timing of potential regulatory filings. Risks and uncertainties that contribute to the uncertain nature of the forward-looking statements include: two of CytomX’s product candidates under its Probody platform are in the initial stages of clinical development and its other product candidates are currently in preclinical development, and the process by which preclinical and clinical development could potentially lead to an approved product is long and subject to significant risks and uncertainties; the possibility that the results of early clinical trials may not be predictive of future results; the possibility that CytomX’s clinical trials will not be successful; CytomX’s dependence on the success of CX-072 and CX-2009; CytomX’s reliance on third parties for the manufacture of the company’s product candidates; and possible regulatory developments in
| CYTOMX THERAPEUTICS, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share data) (unaudited) |
|||||||||
| Three Months Ended | |||||||||
| March 31, | |||||||||
| 2018 | 2017 | ||||||||
| Revenues | $ | 14,184 | $ | 11,176 | |||||
| Revenues from related parties | — | 477 | |||||||
| Total revenues | 14,184 | 11,653 | |||||||
| Operating expenses: | |||||||||
| Research and development | 22,458 | 14,576 | |||||||
| General and administrative | 7,356 | 5,691 | |||||||
| Total operating expenses | 29,814 | 20,267 | |||||||
| Loss from operations | (15,630 | ) | (8,614 | ) | |||||
| Interest income | 1,375 | 236 | |||||||
| Other income (expense), net | (140 | ) | 120 | ||||||
| Loss before provision for (benefit from) income taxes | (14,395 | ) | (8,258 | ) | |||||
| Provision for (benefit from) income taxes | 1,098 | (1 | ) | ||||||
| Net loss | $ | (15,493 | ) | $ | (8,257 | ) | |||
| Net loss per share, basic and diluted | $ | (0.40 | ) | $ | (0.23 | ) | |||
| Shares used to compute net loss per share, basic and diluted | 38,647,878 | 36,538,869 | |||||||
| Other comprehensive loss: | |||||||||
| Changes in unrealized losses on short-term investments | (134 | ) | (73 | ) | |||||
| Comprehensive loss | $ | (15,627 | ) | $ | (8,330 | ) | |||
| CYTOMX THERAPEUTICS, INC. CONDENSED BALANCE SHEETS (in thousands, except share and per share data) |
||||||||
| March 31, | December 31, | |||||||
| 2018 | 2017 | |||||||
| (unaudited) | (1) |
|||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 142,155 | $ | 177,548 | ||||
| Short-term investments | 219,321 | 196,562 | ||||||
| Accounts receivable | 81 | 10,139 | ||||||
| Prepaid expenses and other current assets | 5,474 | 4,352 | ||||||
| Total current assets | 367,031 | 388,601 | ||||||
| Property and equipment, net | 4,622 | 4,218 | ||||||
| Intangible assets, net | 1,568 | 1,604 | ||||||
| Goodwill | 949 | 949 | ||||||
| Restricted cash | 917 | 917 | ||||||
| Other assets | 1,375 | 1,355 | ||||||
| Total assets | $ | 376,462 | $ | 397,644 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,349 | $ | 4,205 | ||||
| Income tax payable | 1,035 | 1 | ||||||
| Accrued liabilities | 16,335 | 16,382 | ||||||
| Deferred revenue, current portion | 46,988 | 40,559 | ||||||
| Total current liabilities | 69,707 | 61,147 | ||||||
| Deferred revenue, net of current portion | 255,053 | 264,704 | ||||||
| Other long-term liabilities | 2,055 | 1,897 | ||||||
| Total liabilities | 326,815 | 327,748 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Convertible preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued and outstanding at March 31, 2018 and December 31, 2017 |
— | — | ||||||
| Common stock, $0.00001 par value; 75,000,000 shares authorized; 38,903,699 and 38,478,560 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively |
1 | 1 | ||||||
| Additional paid-in capital | 295,744 | 289,454 | ||||||
| Accumulated other comprehensive loss | (228 | ) | (94 | ) | ||||
| Accumulated deficit | (245,870 | ) | (219,465 | ) | ||||
| Total stockholders' equity | 49,647 | 69,896 | ||||||
| Total liabilities and stockholders' equity | $ | 376,462 | $ | 397,644 | ||||
(1) The condensed balance sheet as of
December 31, 2017 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year endedDecember 31, 2017 .
Investors:
VP, Investor Relations and Corporate Communications
ckeenan@cytomx.com
650-383-0823
Media:
Spectrum
Christine Quern
cquern@spectrumscience.com
202-587-2588
Source: CytomX Therapeutics Inc.