On August 6, 2026 CytomX Therapeutics, Inc. (Nasdaq: CTMX), a leader in the field of masked, conditionally activated biologics, reported Q2 2026 financial results and provided a business update.

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"CytomX had a productive second quarter as we advanced and broadened the Varseta-M program, the only EpCAM-directed antibody drug conjugate (ADC) in clinical development and a potentially best-in-class ADC for colorectal cancer. As we drive Varseta-M towards its first registrational study in late-line CRC, we are also accelerating our broader vision of earlier line utilization in CRC combination regimens, while also initiating development in additional gastrointestinal cancers of high unmet need," said Dr. Sean McCarthy, chairman and CEO of CytomX Therapeutics.

"Additionally, this quarter, we were excited to announce a significant expansion of our Regeneron collaboration in bispecific immunotherapies, further validating our PROBODY therapeutic platform expertise. We are also pleased to be strengthening the CytomX team and board of directors for CytomX’s next phase of growth as we remain highly focused on making a meaningful difference for patients and stakeholders over the near- and long-term."

Pipeline Program Updates:

Varsetatug masetecan (EpCAM PROBODY Topo-1 ADC, CX-2051)

Varseta-M Monotherapy CRC:
Enrollment into the Varseta-M Phase 1 clinical study is complete with 113 total patients enrolled across the dose escalation, expansion, and optimization phases. As of the end of April 2026, enrollment in the dose optimization cohorts reached the goal of 40 patients across the 8.6 mg/kg Q3W and 10 mg/kg Q3W doses1.
A Phase 1 data update is expected by the end of 2026 with a focus on dose selection for late phase development.
FDA interactions are planned towards alignment on the first monotherapy Varseta-M registrational study in CRC which the company aims to initiate in the first half of 2027.

Varseta-M CRC Combinations:
A Phase 1 combination study of Varseta-M and bevacizumab is ongoing in late-line patients with an initial focus on the evaluation of safety, dose, and schedule for later phase development. Initial clinical data is anticipated in 1H 2027.
Additionally, a Phase 1/2 chemotherapy combination study including Varseta-M administered with bevacizumab, 5-fluorouracil, and leucovorin focused in 2nd line mCRC is planned to start in Q4 2026, supporting the goal of advancing Varseta-M into earlier lines of CRC treatment, potentially replacing chemotherapy in standard of care regimens.

Varseta-M Non-CRC Indication Expansion:
Varseta-M monotherapy Phase 1 expansion cohorts are initiating in Q3 2026 in gastric and gastroesophageal junction (GEJ), EpCAM selected pancreatic ductal adenocarcinoma (PDAC), and EpCAM selected biliary tract cancer (BTC), an initial step towards realizing Varseta-M’s pan-tumor potential as a multi-indication antibody drug conjugate.

CX-801 (PROBODY Interferon alpha-2b)

The CX-801 Phase 1 study in advanced melanoma is ongoing. The CX-801 monotherapy dose escalation portion of the study has reached the fourth dose level.
CX-801 monotherapy has been generally well tolerated at dose levels exceeding the approved dose of unmasked IFNα2b.2
In May 2025, Phase 1 dose escalation of CX-801 in combination with KEYTRUDA (pembrolizumab) was initiated. Dose escalation of CX-801 in combination with KEYTRUDA has cleared the third dose level and enrollment into the study continues.
Initial clinical data for CX-801 in combination with KEYTRUDA in advanced melanoma is expected in the first half of 2027.

KEYTRUDA is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.

Corporate and Financial:

Strengthened Board of Directors and Leadership for Next Phase of Growth
Appointed Dr. Charles Fuchs, M.D., MPH, former Chief Medical Officer of Tubulis and former Senior Vice President and Global Head of oncology and hematology drug development at Genentech and Roche to the CytomX Board of Directors.
Expanded executive leadership team with the addition of Mamata G. Gokhale, Ph.D., RAC, as Senior Vice President of Regulatory Affairs and Alejandra V. Carvajal, J.D., as Senior Vice President, Chief Legal Officer & Secretary.
Regeneron Collaboration Expansion:
In June 2026, announced significant expansion of Regeneron collaboration building upon research momentum in developing next-generation bispecific immunotherapies using CytomX’s PROBODY and Regeneron’s Veloci-Bi platforms.
In July 2026, CytomX received $37.0 million target selection payment for two additional programs selected.
Regeneron also secured option to select up to 6 additional future targets bringing total potential target nomination, research, development, regulatory and sales-based milestones covered under the collaboration to up to approximately $4.0 billion.

Financial:
CytomX ended Q2 2026 with $330.3 million of cash, cash equivalents and investments with expected cash runway to at least the second half of 2028. The cash balance as of Q2 2026 does not include $37.0 million received in July 2026 as a result of the two targets selected by Regeneron as part of the expanded collaboration agreement.

Q2 2026 Financial Results:

Cash, cash equivalents and investments totaled $330.3 million as of June 30, 2026, compared to $346.7 million as of March 31, 2026.

Total revenue was $1.4 million for the quarter ended June 30, 2026, compared to $18.7 million for the second quarter of 2025. The decrease in revenue was driven primarily by the completion of the Company’s performance obligation during 2025 in the collaborations with Bristol Myers Squibb and lower research activities in the Astellas collaboration which concluded in the second quarter of 2026.

Total operating expense for the quarter ended June 30, 2026 was $25.2 million compared to $19.9 million for the quarter ended June 30, 2025, an increase of $5.3 million.

Research and development expenses increased by $4.3 million during the quarter ended June 30, 2026, to $17.6 million compared to $13.3 million for the quarter ended June 30, 2025. Research and development expenses increased primarily due to manufacturing activities for Varseta-M as well as increased personnel related costs and general research and development expenses.

General and administrative expenses increased by $1.0 million during the quarter ended June 30, 2026, to $7.6 million, compared to $6.6 million for the quarter ended June 30, 2025. Increased general and administrative expenses were primarily driven by higher consulting expenses and higher rent expenses.

(Press release, CytomX Therapeutics, AUG 6, 2026, View Source [SID1234669839])