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CytomX Therapeutics

CTMX Lead: Phase 1 6 Biotech Distilled articles ↓ 30 filings & releases ↓ Cash $34.0M (Sep 30, 2026) ↓ 6 verdicts ↓
Oncology Protein

Market cap $477M 218.0M shares (10-Q, Oct 31, 2026) × $2.19 close Nov 6, 2026

Most recent annual filing: 2026-03-15

Catalyst timeline

4 trackedQuarter catalyst calendar →
  1. Varseta-M trial start2H 2026Varseta-M trial start, 2H 2026, notable
  2. CX-801 Ph1 readout1H 2027CX-801 Ph1 readout, 1H 2027, material
  3. CX-801 readout1H 2027CX-801 readout, 1H 2027, material
  4. Varseta-M (CX-2051) mCRC monotherapy PhaseJan 2027Varseta-M (CX-2051) mCRC monotherapy Phase, Jan 2027, material

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (7 active programs)

Technology platforms

PROBODY

Conditionally activated, masked biologics platform leveraging tumor-associated proteases to unmask and preferentially activate drug candidates in the tumor microenvironment. Applied across multiple modalities including ADCs, T-cell engagers, and cytokines for oncology indications.

PROBODY · Regeneron

Biologic masking platform that produces conditionally activated, masked antibody-based therapeutics localized to the tumor microenvironment via protease activation; used for ADCs, cytokines, T-cell engagers, and bispecific antibodies in oncology

Discontinued (2)

Capital (as filed)

Cash
$34.0M cash and cash equivalents · Sep 30, 2026 (10-Q)
Short-term investments
$314M Sep 30, 2026
Operating cash flow
$16.6M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$348M cash, runway 2H 2028 per the update of Nov 5, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (6)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (6 calls)

Every verdict Biotech Distilled has published on CytomX Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-28 Watch CytomX Therapeutics (CTMX): Scientific Deep Dive for Varseta-M and Pipeline Products The EpCAM masking platform shows real efficacy (28% ORR) but the Grade 5 death and narrow therapeutic window make the Q1 2026 data a binary existential event — watch before committing capital.
  2. 2026-03-22 Speculative buy speculative UPDATE: CytomX (CTMX) - Clears the Binary Hurdle and Executes the Classic Biotech Playbook The Q1 data met and exceeded the green-light criteria (32% ORR, 7.1-month PFS, Grade 3 diarrhea down to 10%), retiring the binary toxicity risk, and the $250M raise clears the financing overhang, offering a de-risked entry point.
  3. 2026-04-18 Speculative buy speculative UPDATE: CytomX Therapeutics (CTMX) - Act III of the Institutional Drama Post-dilution reset is attracting elite capital (Point72 at 8.6% stake), confirming the de-risked science and funded balance sheet thesis remains intact.
  4. 2026-06-03 Speculative buy speculative UPDATE: CytomX Therapeutics (CTMX) - Regeneron Doubles Down on the Mask Regeneron's $4B biobucks expansion and $37M immediate non-dilutive cash rebuts the partner-attrition bear case and strengthens the platform thesis while the stock sits 39% below where sophisticated capital bought.
  5. 2026-08-07 Speculative buy speculative UPDATE: CytomX Therapeutics (CTMX) - Two Partners Walked, One Doubled Down Despite BMS and Astellas terminations concentrating platform risk on Regeneron alone, the fortress balance sheet ($330M+), de-risked lead asset, and registrational path with a 1H 2027 start still present asymmetric upside at $3.37.
  6. 2026-08-27 Speculative buy speculative UPDATE: CytomX Therapeutics (CTMX) - The FDA Puts Varseta-M on the Fast Lane FDA Fast Track Designation incrementally de-risks the regulatory path and signals agency alignment with the registrational plan, while the stock remains 35% below the March offering price with the key value driver (end-of-2026 dose data) still ahead.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (30)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 7, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

16 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)