On November 6, 2025 CytomX Therapeutics, Inc. (Nasdaq: CTMX), a leader in the field of masked, conditionally activated biologics, reported third quarter 2025 financial results and provided a business update.

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"CytomX continued to execute against its pipeline priorities this quarter, highlighted by robust Phase 1 expansion enrollment for CX-2051. We remain on track for a CX-2051 Phase 1 data update in Q1 2026. Looking ahead to 2026, CX-2051 is well positioned as a first-in-class EpCAM-directed, topoisomerase-1 ADC designed to address the high unmet need in CRC and a wide range of other EpCAM-expressing indications. CytomX’s top priority is to advance CX-2051 towards a potential registrational study in advanced, late-line CRC. Additionally, we continue to plan for focused investments to further unlock the potential of CX-2051, including moving into earlier lines of CRC therapy and additional EpCAM positive cancers," said Sean McCarthy, D.Phil., chief executive officer and chairman of CytomX.

Dr. McCarthy continued "We are also pleased with the dose escalation progress for our PROBODY interferon alpha-2b, CX-801, and look forward to presenting encouraging initial biomarker data at SITC (Free SITC Whitepaper) which underscore this potent masked cytokine’s therapeutic potential in combination with checkpoint inhibitors in advanced melanoma."

Q3 2025 Pipeline Program Updates:

CX-2051 (EpCAM PROBODY Topo-1 ADC)

CX-2051 Phase 1 dose expansions across the 7.2 mg/kg, 8.6 mg/kg, and 10 mg/kg doses, administered every three weeks (Q3W) are ongoing.
In Q3 2025, dose expansion enrollment continued with the goal of supporting a potential registrational study of CX-2051 monotherapy in advanced CRC.
Phase 1 study enrollment is projected to reach approximately 100 patients by the planned CX-2051 Phase 1 update in Q1 2026.
A Phase 1b CX-2051 combination study with bevacizumab in CRC is expected to start in Q1 2026, data from which is intended to inform potential late-phase development in earlier lines of CRC therapy.
Evaluation ongoing of multiple non-CRC, EpCAM-expressing tumor indications for potential future CX-2051 development.
CX-801 (PROBODY Interferon alpha-2b)

Society of Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) 2025 Annual Meeting
CX-801 monotherapy biomarker data in advanced melanoma patients to be presented that support CX-801’s mechanism of action and the ongoing combination study with KEYTRUDA (pembrolizumab).
CX-801 monotherapy has been well tolerated at doses exceeding the approved dose of unmasked IFNα2b.1
Gene expression analysis of pre- and post-treatment patient tumor biopsies demonstrated consistently increased expression of interferon-stimulated genes.
Patients demonstrated evidence of T-cell and NK cell activation and upregulation of immune checkpoint genes, including PD-1 and PD-L1.
Evidence of sustained elevation of CXCL10 in the tumor but not the blood was observed, suggesting preferential CX-801 activity in the tumor versus the periphery.
PK analysis also demonstrated dose-proportional exposure of CX-801, which remained predominantly in its intact (masked) form in circulation.
The CX-801 Phase 1 study is ongoing with a focus in advanced melanoma. CX-801 monotherapy dose escalation has reached the fourth dose level.
In May 2025, Phase 1 dose escalation of CX-801 in combination with KEYTRUDA was initiated. Dose escalation of CX-801 in combination with KEYTRUDA is currently enrolling the 2nd dose level.
Initial clinical data for CX-801 in the combination with KEYTRUDA in advanced melanoma is anticipated in 2026.
KEYTRUDA is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA

Corporate and Financial:

Corporate:
In October 2025, announced the appointment of Rachael Lester, MBA as Senior Vice President, Chief Business Officer.
Financial:
CytomX ended the third quarter of 2025 with $143.6 million of cash, cash equivalents and investments with expected cash runway to the second quarter of 2027.
Research Pipeline and Collaborations:
CytomX has research collaborations with Bristol Myers Squibb, Amgen, Astellas, Regeneron, and Moderna. Multiple drug discovery programs continue across our research collaborations with a focus on bispecific immunotherapies, including T-cell engagers.
At SITC (Free SITC Whitepaper) 2025, preclinical data will be presented for CX-908, a dually masked PROBODY T-cell Engager targeting CDH3 and CD3. CX-908 potently induced tumor regressions in established breast and lung cancer xenograft tumor models and demonstrated a 100-fold improvement in tolerability, including significantly reduced cytokine release vs. an unmasked CDH3xCD3 molecule.

Third Quarter 2025 Financial Results:

Cash, cash equivalents and investments totaled $143.6 million as of September 30, 2025, compared to $158.1 million as of June 30, 2025.

Total revenue was $6.0 million for the quarter ended September 30, 2025, compared to $33.4 million for the quarter ended September 30, 2024. The decrease in revenue was driven primarily by the completion of our performance obligations in the Bristol Myers Squibb collaboration and a decrease in Moderna activities due to Moderna budget considerations.

Total operating expense in the third quarter of 2025 was $21.7 million compared to $29.3 million in the third quarter of 2024, a decrease of $7.6 million.

Research and development expenses were $15.3 million for the three months ended September 30, 2025, a decrease of $6.1 million compared to the corresponding period of 2024. Reduced research and development expenses were primarily due to a reduction in CX-904 spend due to program de-prioritization in Q1 2025, reduced research expenses following the Q1 2025 restructuring, and lower CX-2051 manufacturing expenses which was partially offset by the increase in CX-2051 clinical spend.

General and administrative expenses were $6.4 million for the three months ended September 30, 2025, a decrease of $1.5 million compared to the corresponding period of 2024. The decrease in general and administrative expenses was primarily driven by personnel costs as well as patent and legal expenses.

(Press release, CytomX Therapeutics, NOV 6, 2025, View Source [SID1234659566])

On November 6, 2025 Nektar Therapeutics (Nasdaq: NKTR) reported financial results for the third quarter ended September 30, 2025.

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Cash and investments in marketable securities on September 30, 2025 were $270.2 million as compared to $269.1 million on December 31, 2024. Nektar’s cash and marketable securities at September 30, 2025 includes $107.2 million of net proceeds from the secondary offering closed on July 2, 2025 and $34.3 million of net proceeds for the issuance of registered stock under the Company’s filed at-the-market, "ATM", offering. Following the end of the third quarter, an additional $38.3 million of net proceeds were also raised from the ATM offering in October 2025. We expect our cash and investments in marketable securities to support our operations into the second quarter of 2027.

"We have made tremendous progress advancing rezpegaldesleukin, and the emerging data from the REZOLVE-AD study continue to demonstrate a highly differentiated profile for this first-in-class, novel regulatory T cell mechanism in moderate-to-severe atopic dermatitis," said Howard W. Robin, President and CEO of Nektar. "We will present important new findings from REZOLVE-AD this weekend at the ACAAI Scientific Meeting highlighting the potential of rezpegaldesleukin to treat atopic dermatitis and co-morbid asthma, which occurs in about 25% of atopic dermatitis patients. These compelling data give rezpegaldesleukin a unique position in the competitive landscape as this efficacy signal has not been observed with other biologic mechanisms recently approved or in advanced development. Notably, this year’s Nobel Prize in Physiology or Medicine, was awarded for discoveries establishing FOXP3-positive Tregs as essential for peripheral immune tolerance, and we were humbled that rezpegaldesleukin data were referenced in the background documents from the Nobel Committee. Finally, we look forward to reporting in December the topline data for rezpegaldesleukin in patients with severe-to-very-severe alopecia areata, a chronic auto-immune condition that greatly impacts quality of life and mental health for these patients."

Summary of Financial Results

Revenue in the third quarter of 2025 was $11.8 million as compared to $24.1 million in the third quarter of 2024. Revenue for the first nine months of 2025 was $33.4 million compared to $69.3 million in the first nine months of 2024. Revenue has decreased year over year because we no longer recognize product sales due to the sale of the Huntsville manufacturing facility in December 2024.

Total operating costs and expenses in the third quarter of 2025 were $43.5 million as compared to $58.5 million in the third quarter of 2024. Total operating costs and expenses in the first nine months of 2025 were $145.9 million compared to $188.8 million in the first nine months of 2024. Operating costs and expenses for the third quarter and first nine months of 2025 decreased due to the elimination of cost of goods sold following the sale of the Huntsville manufacturing facility and deceases in research and development expenses, as well as non-cash impairment charges recorded in the first nine months of 2024.

R&D expense in the third quarter of 2025 was $27.3 million as compared to $35.0 million for the third quarter of 2024. For the first nine months of 2025, R&D expense was $87.6 million compared to $92.2 million in the first nine months of 2024. R&D expense decreased in the first nine months of 2025 primarily due to a decrease in expense for the development of NKTR-255, partially offset by an increase in expenses for the development of rezpegaldesleukin and NKTR-0165.

G&A expense was $16.1 million in the third quarter of 2025 as compared to $19.0 million in the third quarter of 2024. G&A expense was $57.5 million for the first nine months of 2025 compared to $59.6 million in the first nine months of 2024. G&A expense decreased for both the third quarter and the first nine months of 2025 due to decreases in facilities and stock-based compensation expenses offset by an increase in legal expenses.

Non-cash restructuring and impairment charges were not material in the third quarter and the first nine months of 2025. Non-cash restructuring and impairment charges were less than $0.1 million in the third quarter of 2024 and $14.3 million in the first nine months of 2024. These non-cash charges were related to the declining San Francisco commercial real estate market and real estate lease obligations held by Nektar.

In the first quarter of 2025, we began accounting for our investment in the new portfolio company, Gannet BioChem, under the equity method of accounting which calculates our gain or loss based on the change in our share of Gannet BioChem’s equity each quarter. This resulted in non-cash losses from the equity method investment of $0.5 million in the third quarter of 2025 and $7.4 million for the first nine months of 2025.

Net loss for the third quarter of 2025 was $35.5 million or $1.87 basic and diluted loss per share as compared to a net loss of $37.1 million or $2.661 basic and diluted loss per share in the third quarter of 2024. Net loss in the first nine months of 2025 was $128.0 million or $8.14 basic and diluted loss per share compared to a net loss of $126.2 million or $9.271 basic and diluted loss per share in the first nine months of 2024. Excluding the $0.5 million and $7.4 million non-cash loss from our equity method investment in Gannet BioChem, net loss, on a non-GAAP basis, for the third quarter and the first nine months of 2025 were $35.0 million and $120.6 million, respectively, or $1.85 and $7.67 basic and diluted loss per share, respectively.

Recent Business Highlights

· In October of 2025, Nektar’s abstract "Rezpegaldesleukin, Novel Treg-Inducing Therapy, Demonstrates Efficacy in Atopic Dermatitis and Asthma in Phase 2b Trial" was accepted for a late-breaking oral abstract presentation at the American College of Allergy, Asthma and Immunology’s 2025 Annual Scientific Meeting (ACAAI). These data will be presented at ACAAI on Saturday, November 8, 2025 at 5:33pm ET.

1 The per share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split completed on June 8, 2025.

· In September of 2025, Nektar presented data from the REZOLVE-AD Phase 2b study of rezpegaldesleukin in atopic dermatitis in a late-breaker oral presentation at European Academy of Dermatology and Venereology (EADV) 2025 Congress.

· In July of 2025, the U.S. Food and Drug Administration (FDA) granted Fast Track designation for rezpegaldesleukin for the treatment of severe-to-very-severe alopecia areata (AA) in adults and pediatric patients 12 years of age and older who weigh at least 40 kilograms.

· In July of 2025, Nektar announced the successful closing of a public offering of its common stock including the full exercise of underwriters’ option to purchase additional shares, raising $115 million in gross proceeds.

Conference Call to Discuss Third Quarter 2025 Financial Results

Nektar management will host a conference call to review the results beginning at 5:00 p.m. Eastern Time/2:00 p.m. Pacific Time on November 6, 2025.

This press release and live audio-only webcast of the conference call can be accessed through a link that is posted on the Home Page and Investors section of the Nektar website: View Source The web broadcast of the conference call will be available for replay through February 6, 2025.

To access the conference call by phone, please pre-register at Nektar Earnings Call Registration. All registrants will receive dial-in information and a PIN allowing them to access the live call.

(Press release, Nektar Therapeutics, NOV 6, 2025, View Source [SID1234659582])

On November 6, 2025 Aptevo Therapeutics Inc. (Nasdaq:APVO), a clinical-stage biotechnology Company focused on developing novel immune-oncology therapeutics based on its proprietary ADAPTIR and ADAPTIR-FLEX platform technologies, reported financial results for the quarter ended September 30, 2025, and provided a business update.

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Third Quarter Highlights

89% remission* reported among evaluable frontline AML patients across two trials treated with mipletamig in combination therapy, including 100% remission in Cohort 3 in the ongoing RAINIER trial (*Remission = complete remission (CR) and, complete remission with blood markers that have not yet recovered (CRi).

No cytokine release syndrome (CRS) observed among evaluable frontline patients to date – a meaningful distinction in a category where CRS is a common and often dose-limiting toxicity

Introduced the Company’s first trispecific T-cell engagers – APVO451 and APVO452 – expanding the oncology portfolio to five CRIS-7-derived CD3-targeting molecules

These candidates are designed to target tumors that suppress immune activity, a key barrier to durable responses in solid tumors

Both trispecifics leverage Aptevo’s unique use of the CRIS-7-derived CD3 binding domain, a clinically validated T-cell activation approach that has demonstrated favorable safety and tolerability in clinical trials with mipletamig

Continued expansion of the portfolio reflects Aptevo’s intentional platform strategy: purpose-built immune-modulating therapies that aim to be both powerful and clinically manageable for patients

Raised $18.7 million, net in the third quarter and $4.1 million, net since quarter end, extending cash runway well into 4Q26 and enabling the Company to reach important clinical milestones next year

"We continue to make disciplined progress across both our clinical and research programs," said Marvin White, President and Chief Executive Officer of Aptevo. "The Cohort 3 results reinforce mipletamig’s potential to meaningfully improve outcomes for patients with frontline AML – a population that has had very limited treatment options. At the same time, the introduction of trispecific candidates, APVO451 and APVO452, reflects the continued strength of our platform strategy and our commitment to thoughtfully expanding the pipeline where we believe we can have real impact. Our approach remains focused, data-driven, and rooted in the belief that well-designed immunotherapies can be both powerful and tolerable for patients."

"Aptevo raised $22.8 million since the end of the second quarter, extending our runway well into the fourth quarter of 2026 and ensuring we are well-capitalized for the important milestones ahead. We are pleased to have completed this financing in a cost-effective manner and without issuing new warrants, reflecting continued momentum in the business. This additional capital positions us to execute on our clinical and development plans while remaining focused on delivering value for patients and shareholders," said Daphne Taylor, SVP and Chief Financial Officer of Aptevo.

Pipeline Expansion – APVO451 and APVO452 (Trispecific CD3 Portfolio)

During the quarter, Aptevo introduced APVO451 (for multiple solid tumors) and APVO452 (for prostate cancer), two trispecific T-cell engagers designed to more effectively activate the immune system in solid tumors with highly suppressive tumor microenvironments. With these additions, the Company now has five CD3-engaging molecules, all built using Aptevo’s unique application of the CRIS-7-derived CD3 binding domain, specifically engineered to deliver targeted, controlled T-cell activation.

Mr. White commented, "Bispecifics already deliver selective T-cell activation and are clinically validated and commercially viable today. Trispecifics, APVO451 and APVO452, build on that foundation to more flexibly fight tumors that have evolved to create a suppressive tumor microenvironment. In these cases, trispecifics add a third coordinated signal to help overcome that suppression. We are excited about adding to the pipeline and expanding our potential to impact a broader range of tumor types."

The design is intended to advance potent anti-tumor activity while reducing the risk of systemic cytokine release, a known challenge for traditional CD3-based therapies; these candidates extend Aptevo’s platform to a broader range of tumor biology, while preserving the Company’s core safety-first approach to immune activation via the CRIS-7-derived CD3 pathway.

Mipletamig (CD123 x CD3) in Frontline AML

Across two trials evaluating mipletamig in combination with venetoclax + azacitidine, 89% of newly diagnosed, evaluable AML patients unfit for intensive chemotherapy achieved remission. No cytokine release syndrome has been observed among frontline patients to date, supporting mipletamig’s emerging profile of favorable safety and tolerability, combined with high response rates among evaluable patients.

Q3 2025 Summary Financial Results

Cash Position: Aptevo had cash and cash equivalents as of September 30, 2025, totaling $21.1 million. During the third quarter of 2025, the Company raised $18.7 million, net under the Company’s Standy Equity Purchase Agreement (SEPA) with Yorkville and the Company’s ATM agreement with Roth. An additional $4.1 million, net was raised under the ATM agreement in October, bringing the proforma cash and cash equivalents at September 30, 2025, to $25.2 million. The SEPA and ATM programs carry lower fees than traditional equity raises, are done at market prices and do not include warrants that could result in additional shareholder dilutions. As such, they enable the Company to raise capital on as-needed basis, providing liquidity to support our ongoing operations. The Company now has sufficient cash resources to meet our projected operating requirements for at least twelve months from the date of issuance of the financial statements.

Research and Development Expenses: Research and development expenses increased by $0.9 million, from $3.1 million for the three months ended September 30, 2024, to $4.0 million for the three months ended September 30, 2025. The increase was primarily due to increased mipletamig and employee costs and was offset by lower costs on ALG.APV-527.

General and Administrative Expenses: General and administrative expenses increased by $1.5 million, from $2.1 million for the three months ended September 30, 2024, to $3.6 million for the three months ended September 30, 2025. The increase is primarily due to higher employee costs.

Net Income (Loss): Aptevo had a net loss of $7.5 million or $2.23 per share for the three months ended September 30, 2025, compared to a net loss of $5.1 million or $357.86 per share for the corresponding period in 2024.

Dividend Attributable to Down Round Feature of Warrants: This non-cash amount reflects the impact of reducing the exercise price of the Company’s June 2025 warrants from the original $3.25 per share to $1.39 per share, the lowest price at which we sold common shares after issuance of such common warrants due to contractual requirements of the warrants. The $1.5 million recorded in three months ended September 30, 2025, reflects dividend deemed to common shareholders and it increases net loss attributable to common shareholders to $9.0 million for EPS purposes.

(Press release, Aptevo Therapeutics, NOV 6, 2025, View Source [SID1234659610])

On November 5, 2025 NextCure, Inc. (Nasdaq: NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class, and best-in-class therapies to treat cancer, reported a business update and announced third quarter 2025 financial results.

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"We have made significant progress advancing our promising ADC programs," said Michael Richman, NextCure’s president and CEO. "We recently began U.S. enrollment in the Phase 1 trial for SIM0505, our CDH6 ADC, initiating at a mid-tier dose range where multiple clinical responses were observed in China by our partner Simcere Zaiming. We expect to advance into higher-dose cohorts in the US shortly, as is currently occurring in China. We believe the ability to dose at levels that match or exceed competitor CDH6-targeting ADCs should demonstrate the promise of this program. We also received FDA clearance for our LNCB74 protocol amendment, giving us the ability to add higher dose escalation cohorts. We plan to provide proof of concept data readouts on SIM0505 and LNCB74 in the first half of 2026."

Business Highlights and Near-Term Milestones

SIM0505 (CDH6 ADC)

● A novel antibody drug conjugate (ADC) directed to cadherin-6 (CDH6 ADC), featuring a proprietary topoisomerase 1 inhibitor (TOPOi) payload, designed for broad anti-tumor activity, fast systemic clearance and an improved potential therapeutic window.
● Acquired global rights in June 2025, excluding greater China where Simcere Zaiming retained rights.
● First U.S. patient dosed in October 2025 at a mid-tier dose level where multiple responses have been observed along with good tolerability in the ongoing Chinese trial.
● Proof of concept data readout, including data from Simcere Zaiming’s ongoing Phase 1 trial, in the first half of 2026.

LNCB74 (B7-H4 ADC)

● A novel ADC directed to B7-H4, featuring a proprietary tumor-selective cleavable linker and a tubulin inhibitor monomethyl auristatin E (MMAE) payload.
● Co-developed with LigaChem Biosciences Inc. in a 50-50 cost share arrangement.
● Received Food and Drug Administration (FDA) acceptance of a protocol amendment giving us the ability to add higher dose escalation cohorts.
● Proof of concept data readout in the first half of 2026.

Financial Results for Quarter Ended September 30, 2025

● Cash, cash equivalents, and marketable securities as of September 30, 2025 were $29.1 million as compared to $68.6 million as of December 31, 2024. The decrease of $39.5 million was primarily due to cash used to fund operations, including the $12.0 million upfront license fee to Simcere Zaiming. We expect current financial resources to be sufficient to fund operating expenses and capital expenditures into mid-2026.
● Research and development expenses were $6.1 million for the three months ended September 30, 2025, as compared to $8.8 million for the three months ended September 30, 2024. The decrease of $2.6 million was due to lower costs related to deprioritized programs, lower preclinical development costs and lower personnel-related costs.
● General and administrative expenses were $2.8 million for the three months ended September 30, 2025, as compared to $3.7 million for the three months ended September 30, 2024. The decrease of $0.9 million was primarily related to lower personnel costs.
● Net loss was $8.6 million for the three months ended September 30, 2025, as compared to a net loss of $11.5 million for the three months ended September 30, 2024 due to the lower research and development costs and lower general and administrative costs as described above, partially offset by lower other income.

(Press release, NextCure, NOV 5, 2025, View Source [SID1234659467])

On November 5, 2025 Nona Biosciences, a global biotechnology company providing integrated solutions from "Idea to IND" (I to ITM), reported an evaluation and license agreement with Umoja Biopharma ("Umoja"), the clinical-stage leader of in vivo cell therapies that aim to realize the full reach and promise of CAR-T cells.

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This agreement represents an expansion of the strategic collaboration established between the two companies in September 2024. The expanded partnership aims to create multiple in vivo CAR-T cell products by combining Nona’s proprietary HCAb Harbour Mice and NonaCarFxTM platforms with Umoja’s VivoVec platform.

Under the terms of the agreement, Nona Biosciences is eligible to receive an upfront payment, potential option exercise fees and milestone payments tied to the discovery and development of specific programs in the collaboration. Umoja will be responsible for all further product development and commercialization.

Dr. Di Hong, Chief Executive Officer of Nona Biosciences, commented, "We’re excited to expand our partnership with Umoja, a pioneer in in vivo CAR-T cell therapy. This collaboration reflects Umoja’s continued confidence in Nona’s technology platforms and expertise. With our industry-leading antibody discovery capabilities and deep experience in immunology and oncology, we look forward to supporting Umoja in developing next-generation in vivo CAR-T cell therapies with the potential to transform patient care."

"Expanding our collaboration with Nona Biosciences marks a critical next step in Umoja continuing to build an industry-leading, wholly-owned pipeline of in vivo CAR-T cell therapies," said Ryan Larson, PhD, Senior Vice President of Research, Umoja Biopharma. "This expanded partnership between Umoja and Nona enables us to harness Nona’s proprietary targeting technologies together with our VivoVecTM platform to accelerate the development of therapies that can transform the cell therapy landscape. By combining our expertise, we aim to enhance patient access to more innovative and effective medicines."

(Press release, Nona Biosciences, NOV 5, 2025, View Source [SID1234659468])