CTMX earnings analysis
What we found in CTMX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
CytomX Therapeutics reported decreased revenue of $10.3 million in Q1 2026, down 80% from $50.9 million in Q1 2025. The company continues to incur significant losses, with a diluted EPS of -$0.46, compared to $0.27 in the previous year. Cash reserves increased to $346.7 million following a public offering. Management is focused on advancing their clinical pipeline while facing significant operating expense challenges.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Revenue decreased to $10.3M in Q1 2026 from $50.9M in Q1 2025.
- Increased Operating Losses
- Operating loss of $40.4M reported, compared to a loss of $14.3M in Q1 2025.
- Higher Cash Position
- Cash, cash equivalents, and short-term investments increased to $346.7M from $137.1M at year-end 2025.
- R&D Investment Rise
- R&D expenses increased to $19.2M in Q1 2026, slightly up from $18.9M in Q1 2025.
- Ongoing Clinical Trials
- Continued investment in Varseta-M and CX-801 in clinical trials is ongoing.
- EPS Impact
- Diluted EPS for Q1 2026 was -$0.46, a decline from earnings of $0.27 in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Revenue Shortfall
- Revenue of $10.3M in Q1 2026 was far below the $50.9M reported in Q1 2025.
- High Operating Losses
- Net cash used in operating activities was -$25.5M, up from $21.0M in Q1 2025.
- Regulatory Approval Risks
- FDA's changing policies and potential delays in obtaining approvals could affect clinical candidates.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.46
What they said about what is next.
Management did not provide explicit quantitative guidance for future periods.
The filing reads worse than the one before it.
What came before.
- 10-K · March 16, 2026
- CytomX Therapeutics, a clinical-stage biopharmaceutical company, reported a significant decline in revenue and continued losses as it focuses on developing its PROBODY platform for oncology. The company experienced a…
- 10-Q · November 6, 2025
- CytomX Therapeutics reported a significant decline in revenue and increased losses for Q3 2025 compared to both the prior quarter and the previous year. Revenue fell to $5.963 million, a decrease of 83% from $33.432…
- 10-Q · August 7, 2025
- CytomX Therapeutics reported a decline in Q2 2025 revenue to $18.7 million, a decrease from $25.1 million in Q2 2024, attributed mainly to reduced collaboration revenue. Operating expenses also dropped significantly,…
- 10-Q · May 12, 2025
- CytomX Therapeutics reported robust Q1 2025 results, showcasing a significant increase in revenue and earnings per share compared to both the prior period and prior year. Revenue surged to $51 million, a 24% increase…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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