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SOUTH SAN FRANCISCO, Calif., Aug. 03, 2016 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq:CTMX), a biopharmaceutical company developing investigational Probody™ therapeutics for the treatment of cancer, today reported second quarter 2016 financial results.
“We achieved all targeted milestones in our pipeline this quarter as we continue to execute and drive our lead, wholly-owned programs towards the clinic,” said Sean McCarthy, D.Phil., president and chief executive officer of CytomX Therapeutics. “With our transformational Probody technology platform, CytomX intends to unlock the full potential of antibody therapeutics by bringing new and differentiated treatment options to cancer patients.”
As of June 30, 2016, CytomX had cash and cash equivalents and investments of $195.8 million. The Company continues to expect full year net cash utilization of $20.0 to $25.0 million in 2016. Based upon its current operating plan, the Company expects its existing capital resources will be sufficient to fund operations through 2018.
Business Highlights and Recent Developments
CX-072 (PD-L1 Probody) Program
CX-2009 (CD166 Probody Drug Conjugate) Program
Other Pipeline Updates
Second Quarter Financial Results
Cash, cash equivalents and investments totaled $195.8 million as of June 30, 2016, compared to $186.7 million as of December 31, 2015. The increase reflects a $30.0 million upfront payment received from AbbVie in connection with the collaboration agreements entered in April 2016, a $10.0 million milestone payment received from Bristol-Myers Squibb in connection with its third target selection in January 2016, partially offset by cash used in operations.
Research and development expenses were $12.7 million for the second quarter of 2016, compared to $5.0 million for the second quarter of 2015. The increase was primarily attributable to $3.8 million in manufacturing costs for the Company’s CX-072 and CX-2009 programs in preparation for preclinical and clinical studies, $1.5 million in laboratory and professional services, $0.9 million in non-cash stock-based compensation due to higher stock valuation, $0.9 million in personnel-related expenses due to an increase in headcount and $0.5 million in royalty payments to a third party triggered by the upfront payment in connection with the AbbVie collaboration agreement. The Company expects the manufacturing costs for the two programs to decrease in the third quarter and the costs related to preparation for CX-072 clinical trials to increase.
General and administrative expenses were $4.6 million for the second quarter of 2016, compared to $2.6 million for the second quarter of 2015. The increase was predominantly due to $0.9 million in non-cash stock based compensation due to higher stock valuation, $0.8 million in personnel-related expenses due to an increase in headcount and $0.4 million in additional consulting and professional service expenses associated with operating as a public company.
About CytomX Therapeutics
CytomX is an oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody technology platform. The company uses the platform to create proprietary cancer immunotherapies against clinically-validated targets, as well as to develop first-in-class investigational cancer therapeutics against novel targets. CytomX believes that its Probody platform has the potential to improve the combined efficacy and safety profile of monoclonal antibody modalities, including cancer immunotherapies, antibody drug conjugates and T-cell-recruiting bispecific antibodies. Probody therapeutics are designed to take advantage of unique conditions in the tumor microenvironment to enhance the tumor-targeting features of an antibody and reduce drug activity in healthy tissues. The company’s investigational Probody therapeutics address clinically-validated cancer targets in immuno-oncology, such as PD-L1, against which the clinical candidate CX-072 is directed, as well as novel targets, such as CD-166, that are difficult to drug without causing damage to healthy tissues. In addition to its proprietary programs, CytomX is collaborating with strategic partners including AbbVie, Bristol-Myers Squibb Company, Pfizer Inc., MD Anderson Cancer Center, and ImmunoGen, Inc. For more information, visit www.cytomx.com.
This press release includes forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that are difficult to predict, may be beyond our control, and may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in such statements. Accordingly, you should not rely on any of these forward-looking statements. Our Probody platform is in preclinical development, and the process by which a preclinical technology could potentially lead to an approved product is long and subject to significant risks and uncertainties. Projected net cash utilization and capital resources are subject to substantial risk of variance based on a wide variety of factors that can be difficult to predict. Applicable risks and uncertainties include those relating to our preclinical research and development and other risks identified under the heading "Risk Factors" included in our filings with the SEC. The forward-looking statements contained in this press release are based on information currently available to CytomX and speak only as of the date on which they are made. CytomX does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.
|CYTOMX THERAPEUTICS, INC.|
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Revenues from related parties||555||486||995||833|
|Research and development||12,705||5,033||26,070||9,697|
|General and administrative||4,647||2,552||9,687||4,498|
|Total operating expenses||17,352||7,585||35,757||14,195|
|Loss from operations||(14,258||)||(5,542||)||(30,440||)||(10,410||)|
|Other income (expense), net||(110||)||(180||)||(91||)||(1,431||)|
|Loss before provision for income taxes||(14,173||)||(5,801||)||(30,199||)||(12,012||)|
|Provision for income taxes||3||5||6||5|
|Accretion to redemption value and cumulative dividends on preferred stock||—||(1,757||)||—||(3,189||)|
|Net loss attributable to common stockholders||$||(14,176||)||$||(7,563||)||$||(30,205||)||$||(15,206||)|
|Net loss per share attributable to common stockholders, basic and diluted||$||(0.39||)||$||(7.56||)||$||(0.84||)||$||(15.22||)|
|Shares used to compute net loss per share attributable to common stockholders, basic and diluted||36,113,363||1,001,010||36,088,393||998,793|
|CYTOMX THERAPEUTICS, INC.|
CONDENSED BALANCE SHEETS
(in thousands, except share and per share data)
|June 30,||December 31,|
|Cash and cash equivalents||$||62,379||$||59,822|
|Related party accounts receivable||113||372|
|Prepaid expenses and other current assets||3,411||2,299|
|Total current assets||199,606||189,754|
|Property and equipment, net||3,370||3,481|
|Liabilities and Stockholders' Equity|
|Deferred revenues, current portion||13,485||6,130|
|Total current liabilities||22,224||15,739|
|Deferred revenue, net of current portion||82,783||54,703|
|Deferred tax liability||513||507|
|Other long-term liabilities||153||198|
|Commitments and contingencies (Note 11)|
|Preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued and outstanding at June 30, 2016 and December 31, 2015.||—||—|
|Common stock, $0.00001 par value; 75,000,000 shares authorized; 36,187,345 and 36,033,209 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively||1||1|
|Stockholders notes receivable||—||(78||)|
|Additional paid-in capital||248,777||243,687|
|Accumulated other comprehensive income / (loss)||80||(76||)|
|Total stockholders' equity||101,187||126,068|
|Total liabilities and stockholders' equity||$||206,860||$||197,215|
Corporate Communications Contact: Canale Communications Ian Stone firstname.lastname@example.org 619-849-5388 Investor Contact: Trout Group Pete Rahmer email@example.com 646-378-2973NEXT ARTICLE
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