CytomX Therapeutics is a clinical-stage biopharmaceutical company that aims at developing novel probody therapeutic candidates that meaningfully impact patient suffering related to cancer. The company is based in South San Francisco and was founded in 2008. CytomX’s vision and mission are to develop safer, more effective therapies for patients suffering from cancer while delivering value to its shareholders.
In August 2020, CytomX released its Q2 2020 earnings report, which showed a net loss of $43.3 million, or $1.51 per share, compared to a net loss of $30.9 million, or $1.09 per share, in the second quarter of 2019. The report also showed revenue of $53.2 million, missing the consensus estimate of $72.1 million by $18.9 million.
CytomX’s financial performance occurred primarily because of decreased revenue from its collaboration and licensing agreements. This decrease in revenue was due to the COVID-19 pandemic, which disrupted clinical trials and other research initiatives requiring on-site data collection. Furthermore, CytomX encountered challenges in recruiting patients for clinical trials and acquiring FDA approvals, primarily due to regulatory restrictions and limitations related to COVID-19.
However, several new developments and announcements from CytomX indicate excellent prospects for the company for the future. CytomX recently released updated data from its Phase 1/2 clinical trial of CX-072, a Probody therapeutic candidate targeting PD-L1, and CX-2009, a Probody drug conjugate targeting CD166 in patients with advanced solid tumors. The data showed promising clinical activity and revealed evidence of the probody platform’s safety, tolerability, and clinical effectiveness.
Moreover, in June 2020, CytomX entered into a strategic partnership with Astellas Pharma, a Japanese pharmaceutical company that focuses on oncology, urology, and transplantation. This strategic partnership is poised to bring significant benefits to CytomX, including funding, collaboration on the research and development of up to six targets in oncology and certain immuno-oncology treatments. Under this agreement, both CytomX and Astellas will be responsible for developing and commercializing two lead programs, while CytomX will advance up to four additional discovery programs.
With the COVID-19 pandemic being declared a Public Health Emergency of International Concern, the resulting economic downturn and its effects on the pharmaceutical industry, CytomX, like other companies, has been immensely impacted. It has, however, shown the tenacity and resilience to progress forward and deliver immense value to its patients, shareholders and the healthcare industry.
CytomX has a mission- to develop safer, more effective therapies for patients suffering from cancer, which it is actively pursuing with fervor. Despite the negative impact of the COVID-19 pandemic, the company remains focused and committed to achieving its strategic objectives. Evidence of this commitment is through the partnerships entered into and updates on its clinical trials, which shows immense promise for the future. The Astellas partnership positions the company to expand growth through a robust pipeline, while promising data from the clinical trials of CX-072 and CX-2009 present new opportunities for therapeutic development. CytomX is a company to watch as it progresses forward in creating lasting value in the oncology space.