Earnings Alert: CytomX Therapeutics Inc. (NASDAQ: CTMX)

Richard Bower

I am Richard Bower and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions.

I am the driving force behind Tribune Updates with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Healthcare” category.

Address: 1208 Jewell Road Eagan, MN 55121, USA
Phone: (+1) 612-598-3663
Email: Richardbower@tribuneupdates.com
Richard Bower

SOUTH SAN FRANCISCO, Calif., November 13, 2019 – Shares of CytomX Therapeutics Inc. (NASDAQ: CTMX) showed the bearish trend with a lower momentum of -1.61% to $5.50. The company traded total volume of 521.723K shares as contrast to its average volume of 442.05K shares. The company has a market value of $258.17M and about 46.94M shares outstanding.

CytomX Therapeutics, Inc. (CTMX) reported revenue of $9.00M for the three months ended June 30, 2019, compared to $21.30M for the three months ended June 30, 2018.  The decrease in revenue of $12.30M for the three months ended June 30, 2019 compared to the corresponding period in 2018 was primarily due to the $21.00M milestone payment (net of the associated sublicense fee of $4.00M) earned in May 2018 under the CD71 Agreement with AbbVie, of which $9.90M was recognized in the second quarter of 2018 reflecting the percentage completed-to-date of the project related to this milestone.

Second Quarter 2019 Financial Results:

Cash, cash equivalents and short-term investments totaled $349.10M as of June 30, 2019, compared to $436.10M as of December 31, 2018.  The decrease of $87.00M for the six months ended June 30, 2019 included certain infrequent payments such as $5.00M for the acquisition from an Astellas subsidiary of technical know-how related to drug conjugate linker-toxin and CD3-based bispecific antibody technology in the first quarter, a $13.70M federal tax payment for the 2018 tax return filing in the second quarter and approximately $4.70M related to the UCSB license agreement, also in the second quarter.

Research and development expenses increased $5.30M during the three months ended June 30, 2019 compared to the corresponding period in 2018. The increase was attributable to  $3.40M in license fees and maintenance fees related to an amendment to the UCSB Licensing Agreement (which included the issuance of 150.0K shares of Company common stock valued at $1.60M, an upfront payment of $1.00M and an additional annual maintenance fee of $0.80M), an increase of $0.80M sublicense expense pertaining to the $10.00M milestone payment earned upon the AbbVie selection of the second target in the second quarter of 2019 under the Amended and Restated Discovery Collaboration and License Agreement, an increase of $2.40M in personnel-related expenses due to an increase in headcount, an increase of $0.50M in clinical related expenses resulting from increased clinical trial activities and an increase of $0.70M in the allocation of information technology and facilities related expenses resulting from an increase in headcount, partially offset by a decrease of $2.30M in laboratory contracts and services as a result of timing of manufacturing activities.

General and administrative expenses increased by $0.40M during the three months ended June 30, 2019 compared to the corresponding period in 2018. The increase was attributable to an increase of $1.00M in personnel-related expenses due to an increase in headcount, an increase of $0.30M for dues and subscriptions primarily related to software and other IT services and an increase of $0.20M in professional service expenses, partially offset by a decrease of $0.50M in consulting and contract services and a decrease of $0.70M through increased expense allocation of information technology and facilities-related expenses to research and development due to an increase in research and development headcount.

The stock, as of recent close, has shown the weekly downbeat performance of -11.43% which was maintained at -63.58% in this year.

Richard Bower

Richard Bower

I am Richard Bower and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Tribune Updates with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Healthcare” category. Address: 1208 Jewell Road Eagan, MN 55121, USA Phone: (+1) 612-598-3663 Email: Richardbower@tribuneupdates.com

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