CTMXHIGH SIGNALFINANCIAL10-K

CTMX shows concerning cash burn with cash reserves dropping by two-thirds to just $12.7M while revenue declined meaningfully year-over-year.

The dramatic cash decline to $12.7M combined with continued operating cash flow losses of $75.6M raises immediate liquidity concerns for this clinical-stage biotech. The substantial increase in outstanding shares from 80M to 170M indicates significant dilutive equity financing, likely reflecting desperate capital raising efforts.

Comparing 2026-03-16 vs 2025-03-06View on EDGAR →
FINANCIAL ANALYSIS

CTMX's financial position shows mixed signals with total assets growing 26% to $151.6M and current assets expanding 34% to $143.9M, offset by a concerning 67% drop in cash reserves to just $12.7M. Revenue declined substantially to $76.2M while R&D expenses decreased modestly to $68.7M, and operating cash flow losses improved slightly to $75.6M. The company reduced total liabilities meaningfully by 57% to $52.6M, but the cash burn rate combined with minimal remaining liquidity creates an urgent financing need.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-66.7%
$38.1M→$12.7M

Cash declined 66.7% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Liabilities
Balance Sheet
-56.6%
$121.0M→$52.6M

Liabilities reduced 56.6% — deleveraging improves balance sheet strength and financial flexibility.

Current Liabilities
Balance Sheet
-45.7%
$85.8M→$46.6M

Current liabilities reduced — improved short-term financial position and working capital health.

Revenue
P&L
-44.8%
$138.1M→$76.2M

Revenue declined 44.8% — significant demand weakness or market share loss warrants investigation.

Accounts Receivable
Balance Sheet
-35.1%
$3.1M→$2.0M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Assets
Balance Sheet
+34.1%
$107.3M→$143.9M

Current assets grew 34.1% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
-29%
$310K→$220K

Capex reduced 29% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Assets
Balance Sheet
+25.7%
$120.5M→$151.6M

Asset base grew 25.7% — expansion through organic growth, acquisitions, or capital deployment.

R&D Expense
P&L
-17.6%
$83.4M→$68.7M

R&D spending cut 17.6% — could signal cost discipline or concerning reduction in innovation investment.

Operating Cash Flow
Cash Flow
+12.3%
-$86.2M→-$75.6M

Operating cash flow grew 12.3% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-03-16
PRIOR — 2025-03-06
ADDED
As of February 28, 2026, 170,186,742 sha res of the registrant s common stock, $0.00001 par value per share, were outstanding.
If we do not achieve our projected development and commercialization goals in the time frames we announce and expect, the commercialization of any of our product candidates may be delayed, or never attained, and our business will be harmed.
Business Overview We are a clinical-stage, oncology-focused biopharmaceutical company dedicated to developing innovative therapies to address major unmet need in oncology.
CytomX has led the field of conditionally activated, masked biologics through the development of its PROBODY technology platform.
This versatile, multi-modality platform is built on a strong foundation of tumor biology expertise, including deep knowledge of tumor-associated enzymes known as proteases.
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REMOVED
As of February 28 , 2025, 80,099,889 sha res of the registrant s common stock, $0.00001 par value per share, were outstanding.
This number does not include 6,923,077 shares of common stock issuable upon the exercise of pre-funded warrants outstanding as of February 28, 2025 (which are immediately exercisable at an exercise price of $0.00001 per share of common stock, subject to beneficial ownership limitations) sold in the registrant s private placement in July 2023.
See Note 12 Common Stock to the registrant s audited financial statements.
If we do not achieve our projected development and commercialization goals in the timeframes we announce and expect the commercialization of any of our product candidates may be delayed, or never attained, and our business will be harmed.
Business Overview We are a clinical-stage, oncology-focused biopharmaceutical company developing novel, masked, conditionally activated biologics designed to be localized to the tumor microenvironment.
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