CytomX Therapeutics, Inc.

As of March 31, 2026, cash, cash equivalents and investments were $346.7 million, versus $137.1 million at December 31, 2025. Total revenue in Q1 2026 was $10.3 million, down from $50.9 million in Q1 2025, mainly due to completion of obligations under Bristol Myers Squibb and Amgen collaborations. Operating expenses were $29.8 million, compared with $28.3 million a year ago; R&D was $19.2 million, up $0.4 million year over year, and G&A was $10.6 million, up $1.1 million year over year. Guidance: management said cash runway extends to at least the second half of 2028, does not include any supplemental collaboration milestones or new business development, and should fund Varseta-M into a registrational study in late-line CRC plus additional combination and non-CRC data readouts.

Sean McCarthy framed 2026 as a transformational year driven by Varseta-M, calling the program “first-in-class” and emphasizing EpCAM as a previously unlocked target for ADCs. He repeatedly said CytomX has achieved something special with its PROBODY platform and believes Varseta-M could become a company-building asset in CRC and potentially beyond CRC as a pan-tumor therapy. His tone was upbeat and confident, but he also stressed urgency, noting the company wants to move rapidly toward approval and eventually into earlier-line CRC.

Chris Ogden emphasized a strengthened balance sheet following the March financing, with $346.7 million in cash, cash equivalents and investments at quarter-end. He said the company’s projected runway extends to at least the second half of 2028, even without counting any additional collaboration milestones or new business development. Financially, Q1 revenue was $10.3 million, operating expenses were $29.8 million, R&D was $19.2 million, and G&A was $10.6 million; he also said capital allocation will remain highly focused on Varseta-M over the near to medium term.

Analysts focused on how the second-half Varseta-M update will be structured, especially whether it will include subgroup breakdowns, PFS, and an early OS readout. Management said the update should be “fairly substantial,” covering the full study and the 40-patient optimization cohort, with an initial PFS estimate likely available and a first look at OS for the broader escalation/expansion population, though OS for the optimization cohort may be too immature. Questions on the 8.6 mg/kg versus 10 mg/kg dose decision were answered with a focus on balancing efficacy, safety, and OS maturation, while FDA discussions are expected to be important but not necessarily gated solely by the late-year update. Management also said the bevacizumab combination is a foundational step toward earlier-line CRC and that the chemo triplet can start later this year without waiting on bevacizumab data.