CytomX Therapeutics, Inc. reported total revenue of $138.1 million for the year ended December 31, 2024, a $36.9 million increase compared to the $101.2 million reported in 2023. This increase stemmed primarily from higher revenue under agreements with Bristol Myers Squibb, Regeneron, and Moderna, driven by increased preclinical work and higher percentages of completion on existing targets. Conversely, revenue decreased under agreements with Amgen and AbbVie due to a rise in projected completion hours for one and termination of the other, respectively. Astellas revenue increased due to milestone payments.
The company's research and development expenses totaled $83.4 million in 2024, a $5.7 million increase from 2023. This increase was primarily due to a milestone payment to AbbVie, increased manufacturing and clinical activities for CX-2051 and CX-904, and higher consulting expenses. These increases were partially offset by decreased manufacturing activities for CX-801 and the winding down of legacy programs. General and administrative expenses decreased slightly to $29.7 million in 2024 from $30.0 million in 2023, mainly due to lower personnel expenses. Interest income decreased to $7.1 million in 2024 from $9.8 million in 2023, primarily due to lower interest rates and a smaller cash position.
Significant developments during the year included the initiation of Phase 1 clinical trials for CX-2051 and CX-801, both showing favorable tolerability profiles. The company also reported initial Phase 1a data for CX-904, which showed signs of antitumor activity but was ultimately terminated in March 2025 due to pipeline prioritization. In January 2025, CytomX announced a restructuring plan, reducing its workforce by approximately 40% to conserve capital and focus on high-priority programs. The company also terminated its license agreements for CX-2009 and CX-2029.
As of December 31, 2024, CytomX had 119 full-time and 2 part-time employees, 87 of whom were engaged in research and development. The company's cash, cash equivalents, and investments totaled $100.6 million, and it anticipates sufficient capital to fund operations into the second quarter of 2026. The company's accumulated deficit was $691.6 million as of December 31, 2024. The company expects future revenue to fluctuate based on milestone payments and research and development expenses under its collaboration agreements.
CytomX's outlook includes continued development of its pipeline, focusing on CX-2051 and CX-801, with initial data expected in the first and second half of 2025, respectively. The company acknowledges significant risks associated with clinical development, regulatory approvals, manufacturing, and market competition, as detailed in its 10-K filing. The company intends to raise additional funds in the future to support its operations.
About CytomX Therapeutics, Inc.
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