CytomX Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on oncology, reported significant financial developments in its recent 10-Q filing for the quarter ending September 30, 2024. The company recorded total revenues of $33.4 million for the third quarter, marking a 27% increase from $26.4 million in the same period of 2023. For the nine months ended September 30, 2024, revenues reached $100.0 million, up from $74.6 million year-over-year. The increase was primarily driven by higher revenues from collaborations with Bristol Myers Squibb and Moderna, which contributed $23.0 million and $5.8 million, respectively, in Q3 2024.
Operating expenses for the third quarter also rose to $29.3 million, compared to $23.3 million in Q3 2023, reflecting increased research and development costs associated with ongoing clinical trials and milestone payments. Despite the rise in expenses, CytomX reported income from operations of $4.1 million for the quarter, up from $3.1 million in the prior year. The net income for Q3 2024 was $5.7 million, compared to $3.0 million in Q3 2023, while the nine-month net income improved to $13.0 million from a net loss of $1.4 million in the same period last year.
As of September 30, 2024, CytomX's cash and cash equivalents totaled $40.6 million, a significant increase from $17.2 million at the end of 2023. However, total current assets decreased to $124.2 million from $182.9 million, and total liabilities also fell to $162.4 million from $249.2 million, indicating a reduction in financial obligations. The accumulated deficit improved to $710.5 million from $723.4 million at the end of 2023.
Strategically, CytomX has made notable adjustments, including the termination of the CD71 License and Collaboration Agreement with AbbVie in March 2023, which allowed the company to regain full rights to its CX-2029 product. Additionally, the company has entered into a Transition Agreement with AbbVie, granting exclusive rights to develop CX-2029. The company also announced a halt in substantial investments in the CX-2029 program while continuing to focus on other product candidates, including CX-904 and CX-2051.
CytomX's operational focus remains on advancing its PROBODY® therapeutic platform, with ongoing clinical trials for its key product candidates. The company continues to seek additional collaborations to support its development pipeline, although it faces challenges related to funding, regulatory approvals, and competition in the oncology market.
About CytomX Therapeutics, Inc.
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