CytomX Q2 revenue misses, partly hurt by lower research activities in the Astellas collaboration

CytomX Therapeutics

06/08/2026 23:05

Overview
US oncology biopharma's Q2 revenue declined sharply and missed analyst expectations
Company expanded Regeneron alliance in bispecific immunotherapies to additional targets
Cash position expected to last into second half of 2028

Outlook
CytomX expects Phase 1 monotherapy update for Varseta-M in advanced CRC by end-2026
Company plans to initiate Varseta-M registrational study in CRC in 1H 2027
CytomX expects cash runway to at least the second half of 2028

Result Drivers
COLLABORATION IMPACT - Revenue decline attributed to completion of performance obligations in Bristol Myers Squibb collaboration and reduced research activities in Astellas collaboration
HIGHER R&D COSTS - Increased research and development expenses mainly due to manufacturing activities for Varseta-M and higher personnel costs
HIGHER ADMIN COSTS - General and administrative expenses rose due to higher consulting and rent expenses

Company press release: ID:nGNX7kPr4h

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
$1.42 mln
$12.31 mln (6 Analysts)
Q2 Loss Per Share
 
$0.09
 

Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the biotechnology & medical research peer group is "buy."
Wall Street's median 12-month price target for CytomX Therapeutics, Inc. is $12.00, about 258.2% above its August 5 closing price of $3.35

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)