CytomX outlines Q1 2026 CX-2051 data update and 100-patient enrollment milestone as Phase Ib study nears

Earnings Call Insights: CytomX Therapeutics (CTMX) Q3 2025

MANAGEMENT VIEW

* CEO Sean McCarthy announced the appointment of Rachael Lester as Chief Business Officer, emphasizing her "broad strategic planning and business development experience will be highly valuable as we shape our pipeline and corporate development strategy towards realizing our ambition of building CytomX to commercial stage."
* McCarthy described CX-2051 as the company's most advanced drug candidate, targeting colorectal cancer (CRC) with "the first and only EpCAM-directed ADC in development" and highlighted the proprietary PROBODY platform as a key differentiator.
* The CEO detailed interim Phase I data for CX-2051, citing "robust clinical activity and the potential, we believe, for CX-2051 to become a new standard of care," with a preliminary median progression-free survival of 5.8 months and a confirmed objective response rate of 28% in the initial data set.
* McCarthy stated, "We're now well into the expansion phase of the Phase I study with our next data update planned for Q1 2026," and expects "total enrollment in the CX-2051 Phase I study to be about 100 patients by our planned data update in the first quarter next year."
* Plans were outlined to initiate a Phase Ib study with bevacizumab in Q1 2026 and to provide updates on non-CRC indications for CX-2051 in 2026.
* For CX-801, McCarthy highlighted progression in combination with KEYTRUDA in advanced melanoma, noting, "initial data for the CX-801-KEYTRUDA combination by the end of 2026."
* CFO Chris Ogden stated, "As of September 30, 2025, we ended the quarter with $143.6 million in cash, cash equivalents and investments versus $158.1 million in cash at the end of the second quarter of 2025. We continue to project that our cash balance, will be able to fund CytomX operations to at least the second quarter of 2027."

OUTLOOK

* McCarthy expects a "CX-2051 data update in Q1 of next year" and highlighted that "investing behind a potential first approval will continue to be our top capital allocation priority."
* The company plans to "initiate a Phase Ib study with the anti-VEGF antibody, bevacizumab in the first quarter of 2026."
* Updates on additional indications for CX-2051 and CX-801-KEYTRUDA combination data are targeted for 2026.

FINANCIAL RESULTS

* CFO Ogden reported, "Total revenue was $6 million compared to $33.4 million in the third quarter of 2024. The decreased revenue was primarily attributed to the completion of our performance obligations in our Bristol Myers Squibb collaboration."
* Operating expenses for the third quarter were $21.7 million, with R&D expenses at $15.3 million and G&A expenses at $6.4 million, each reflecting reductions from the third quarter of 2024.
* The company maintains a "disciplined approach to capital allocation, focused on delivering on our key program milestones for CX-2051 and CX-801 and advancing the pipeline towards later-stage development."

Q&A

* Edward Tenthoff, Piper Sandler: Asked about expectations for CX-2051 readout, including ORR and progression-free survival. McCarthy responded, "across the 3 relevant dose levels... we saw an integrated confirmed response rate of 28%, which very substantially beats the current standard of care... preliminary estimate [PFS] based on that early data set compares to 2 to 3 months in the late-line setting."
* Tenthoff asked if efficacy would be broken out by dose. McCarthy replied, "We absolutely would expect to be breaking the data out by dose in this next update."
* Nabeel Nissar, Jefferies: Inquired about enrollment momentum and AE management. McCarthy attributed increased enrollment to "high interest from our investigators and patients" and stated, "We are highly focused on really the one adverse event that we need to actively manage with the drug, which, as you know, is the diarrhea."
* Olivia Brayer, Cantor Fitzgerald: Asked about the combination approach with bevacizumab and loperamide use. McCarthy indicated multiple dose levels would be explored and that "loperamide is used... to manage diarrhea for any medicine that has that adverse event" with management strategies evolving as more is learned.
* Matthew Biegler, Oppenheimer: Questioned regulatory strategy for monotherapy. McCarthy stated, "everything is still on the table," with the fourth-line study being most clear for initial approval.
* Joyce (for Anupam Rama), JPMorgan: Asked about expansion to other tumor types. McCarthy described "pan-tumor potential given the widespread expression of EpCAM on so many solid tumor types" and anticipated updates in 2026.
* Etzer Darout, Barclays: Asked about enrollment balance across doses. McCarthy said, "we're enrolling patients at similar dose levels... the patient population that we're continuing to enroll is pretty consistent with what we saw in the first 20 to 25 patients."
* Mitchell Kapoor, H.C. Wainwright: Asked about FDA interactions and competitor landscape. McCarthy indicated regulatory discussions would occur in 2026 and emphasized the company's differentiated approach.

SENTIMENT ANALYSIS

* Analysts appeared positive on the progress of both CX-2051 and pipeline expansion, with questions focused on enrollment success, efficacy benchmarks, and regulatory pathways.
* Management maintained an optimistic and confident tone, frequently emphasizing robust data and strategic milestones, with direct statements such as "we're super excited about our progress in 2025."
* Compared to the previous quarter, both analyst and management sentiment remained confidently optimistic, with a slight increase in forward-looking statements regarding pipeline expansion and regulatory planning.

QUARTER-OVER-QUARTER COMPARISON

* The addition of Rachael Lester as CBO marks a new management appointment this quarter.
* Guidance shifted from a Q1 2026 CX-2051 update targeting 70 patients to an expanded enrollment of around 100 patients.
* Strategic planning now includes imminent initiation of a Phase Ib study with bevacizumab and explicit plans for updates on additional indications for CX-2051.
* Financial discipline remained a consistent theme, with a continued focus on capital efficiency and maintaining a projected cash runway through Q2 2027.
* Analyst questions in both quarters centered on efficacy benchmarks, regulatory strategy, and pipeline breadth, but this quarter saw greater emphasis on dose expansion and real-world management of adverse events.

RISKS AND CONCERNS

* Management highlighted the need to manage gastrointestinal adverse events, particularly diarrhea, associated with CX-2051, noting the implementation of prophylactic strategies and ongoing monitoring.
* A reduction in revenue was noted due to completed collaboration obligations, but management emphasized existing resources and ongoing business development efforts.
* Regulatory strategy and alignment with the FDA remain future-focused risks, with discussions planned as the CX-2051 dataset matures.

FINAL TAKEAWAY

CytomX Therapeutics highlighted strong momentum in advancing its clinical pipeline, particularly with CX-2051 in colorectal cancer, supported by robust early efficacy and a growing patient dataset. Key milestones include a planned Q1 2026 data update and the initiation of a Phase Ib bevacizumab combination study, with management emphasizing both capital discipline and the expansion of development into new indications. The company remains focused on addressing late-stage CRC while evaluating broader opportunities for its technology in additional tumor types and continuing to prioritize efficient capital allocation and regulatory engagement moving into 2026.

Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/ctmx/earnings/transcripts]

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