CytomX Announces Second Quarter 2017 Financial Results and Mid-Year Update Webcast Conference Call
As of
"During the second quarter, our pipeline of innovative Probody therapeutics continued to advance. We now have two wholly owned product candidates in clinical studies - CX-072, a PD-L1-targeting Probody therapeutic, and CX-2009, a Probody drug conjugate that targets the novel, highly expressed tumor antigen, CD-166," said
Q2'17 BUSINESS HIGHLIGHTS AND RECENT DEVELOPMENTS
PROCLAIM-CX-072 (PD-L1 Probody) Clinical Program
- Patient enrollment has progressed well in the monotherapy dose escalation arm of the study evaluating CX-072 in patients with advanced unresectable solids tumors or lymphomas. This arm was initiated in 1Q'17 and enrollment is expected to be completed in 2H '17.
- Patient enrollment has been initiated in a combination arm of the study evaluating a concomitant schedule for CX-072 plus ipilimumab in patients with advanced unresectable solids tumors or lymphomas.
- Patient enrollment has also been initiated in a vemurafenib combination arm, evaluating CX-072 plus vemurafenib in patients with V600E BRAF-positive melanoma.
- During the first half of 2018, an expansion cohort of the study at the recommended Phase 2 dose is expected to begin enrolling patients to evaluate CX-072 as monotherapy in a tumor type with known sensitivity to PD-L1 and/or PD-1 inhibitors.
PROCLAIM-CX-2009 (CD166 Probody Drug Conjugate) Clinical Program
- Patient enrollment is underway in the PROCLAIM-CX-2009 study, a Phase 1/2 clinical trial evaluating CX-2009 as monotherapy in a subset of CD166-positive cancers.
- CX-2009 is a first-in-class Probody drug conjugate (PDC) that targets CD-166, an antigen that is broadly and highly expressed in many types of cancers, but has been considered undruggable given that it is also expressed in normal tissue.
- CX-2009 has broad potential across multiple solid tumor types and is the first PDC to enter the clinic.
CX-2029 Preclinical Program (
- CX-2029, a first-in-class PDC-targeting CD71 being developed by CytomX in collaboration with AbbVie, was advanced into GLP toxicology studies, resulting in a
$15 million milestone payment from AbbVie to CytomX to be received during the 3Q'17. - CD71, otherwise known as the transferrin receptor, is a high potential target, which, like CD166, has previously been considered undruggable given its expression and function in normal tissues.
- CytomX remains on track to file an IND for CX-2029 in 2018.
- BMS is progressing IND-enabling studies for a CTLA-4-directed Probody therapeutic discovered within the collaboration and expects to initiate a clinical trial in early 2018.
- During the second quarter, CytomX recognized receipt of a
$200 million upfront payment under the previously announced expansion of theBristol-Myers Squibb worldwide collaboration. - BMS selected its fifth target in the collaboration, the first under the newly expanded agreement. BMS has now selected five of ten available oncology targets.
Second Quarter Financial Results
Cash, cash equivalents and investments totaled
Revenue was
Research and development expenses were
General and administrative expenses were
Conference Call/Webcast Information
In conjunction with today's financial results announcement, the Company will provide a mid-year update via webcast or teleconference. Interested parties may access the live audio webcast of the teleconference today at
About
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 efficacy of CytomX's 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 and the timing of any future clinical trials to be initiated by CytomX or any of its collaborative partners. Two of our product candidates under our Probody platform are in the initial stages of clinical development and our 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. Projected net cash utilization and capital resources are subject to substantial risk of variance based on a wide variety of factors that can be difficult to predict. Applicable risks and uncertainties include those relating to our preclinical research and development, clinical development, and other risks identified under the heading "Risk Factors" included in CytomX's Quarterly Report on Form 10-Q filed with the
CYTOMX THERAPEUTICS, INC. | ||||||||||||||||
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues | $ | 8,283 | $ | 2,539 | $ | 19,459 | $ | 4,322 | ||||||||
Revenues from related party | 469 | 555 | 946 | 995 | ||||||||||||
Total revenues | 8,752 | 3,094 | 20,405 | 5,317 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 28,076 | 12,705 | 42,652 | 26,070 | ||||||||||||
General and administrative | 6,049 | 4,647 | 11,740 | 9,687 | ||||||||||||
Total operating expenses | 34,125 | 17,352 | 54,392 | 35,757 | ||||||||||||
Loss from operations | (25,373 | ) | (14,258 | ) | (33,987 | ) | (30,440 | ) | ||||||||
Interest income, net | 357 | 195 | 594 | 332 | ||||||||||||
Other income (expense), net | (174 | ) | (110 | ) | (54 | ) | (91 | ) | ||||||||
Loss before provision for income taxes | (25,190 | ) | (14,173 | ) | (33,447 | ) | (30,199 | ) | ||||||||
Provision for income taxes | 26 | 3 | 26 | 6 | ||||||||||||
Net loss | $ | (25,216 | ) | $ | (14,176 | ) | $ | (33,473 | ) | $ | (30,205 | ) | ||||
Net loss per share, basic and diluted | $ | (0.69 | ) | $ | (0.39 | ) | $ | (0.91 | ) | $ | (0.84 | ) | ||||
Shares used to compute net loss per share, basic and diluted | 36,780,897 | 36,113,363 | 36,660,548 | 36,088,393 |
CYTOMX THERAPEUTICS, INC. | ||||||||
CONDENSED BALANCE SHEETS | ||||||||
(in thousands, except share and per share data) | ||||||||
(unaudited) | ||||||||
June 30, | December 31, | |||||||
2017 | 2016 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 272,860 | $ | 104,645 | ||||
Short-term investments | 63,056 | 77,293 | ||||||
Accounts receivable | 158 | 2,159 | ||||||
Related party accounts receivable | 27 | 154 | ||||||
Prepaid expenses and other current assets | 4,579 | 3,896 | ||||||
Total current assets | 340,680 | 188,147 | ||||||
Property and equipment, net | 4,319 | 4,392 | ||||||
Intangible assets | 1,750 | 1,750 | ||||||
Goodwill | 949 | 949 | ||||||
Restricted cash | 917 | 917 | ||||||
Other assets | 3,240 | 2,973 | ||||||
Total assets | $ | 351,855 | $ | 199,128 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 6,364 | $ | 6,596 | ||||
Accrued liabilities | 7,499 | 8,824 | ||||||
Deferred revenues, current portion | 46,772 | 20,347 | ||||||
Total current liabilities | 60,635 | 35,767 | ||||||
Deferred revenue, net of current portion | 237,053 | 83,803 | ||||||
Deferred tax liability | 539 | 513 | ||||||
Other long-term liabilities | 1,391 | 566 | ||||||
Total liabilities | 299,618 | 120,649 | ||||||
Commitments and contingencies | ||||||||
Preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued and outstanding at June 30, 2017 and December 31, 2016. | — | — | ||||||
Common stock, $0.00001 par value; 75,000,000 shares authorized; 36,839,342 and 36,490,169 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 1 | 1 | ||||||
Additional paid-in capital | 262,185 | 254,871 | ||||||
Accumulated other comprehensive loss | (110 | ) | (27 | ) | ||||
Accumulated deficit | (209,839 | ) | (176,366 | ) | ||||
Total stockholders' equity | 52,237 | 78,479 | ||||||
Total liabilities and stockholders' equity | $ | 351,855 | $ | 199,128 |
Media Contact: Spectrum Christine Quern cquern@spectrumscience.com 202-587-2588 Investor Contact:Trout Group Pete Rahmer prahmer@troutgroup.com 646-378-2973