As of September 30, 2017, CytomX had cash, cash equivalents and short-term investments of $331.3 million.
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SOUTH SAN FRANCISCO, CA -- (Marketwired) -- Nov 07, 2017 -- CytomX Therapeutics, Inc. ( As of September 30, 2017, CytomX had cash, cash equivalents and short-term investments of $331.3 million. Based upon its current operating plan, the Company expects its existing capital resources will be sufficient to fund operations into 2020. "We have continued to enjoy a highly productive year with excellent progress in advancing our deep pipeline of potentially transformative Probody therapeutics and the addition of another major partner in Amgen," said Sean McCarthy, D.Phil., president and chief executive officer of CytomX Therapeutics. "I am delighted with the team's strong execution across all areas of the organization, and we continue to be well positioned for initial data read outs in 2018 from our lead, wholly owned programs, CX-072 and CX-2009. We also expect that Probody therapeutics targeting CTLA-4, PD-1, and CD71 will enter the clinic next year, demonstrating the considerable momentum behind our pipeline." Q3'17 BUSINESS HIGHLIGHTS AND RECENT DEVELOPMENTS PROCLAIM-CX-072 (PD-L1 Probody Therapeutic) Clinical Program
PROCLAIM-CX-2009 (CD166 Probody Drug Conjugate) Clinical Program
CX-2029 (CD71 Probody Drug Conjugate) Preclinical Program
CX-188 (PD-1 Probody Therapeutic) Preclinical Program
Amgen Partnership
Bristol-Myers Squibb (BMS) Partnership
Third Quarter Financial Results Revenue was $24.1 million for the three months ended September 30, 2017, compared to $3.5 million for the three months ended September 30, 2016. The increase was primarily attributable to the recognition of $14.0 million, net of the associated license fees, from the milestone payment received from AbbVie as a result of the Company achieving certain milestones required to be met to begin GLP toxicology studies under the CD71 Agreement and an increase of $6.3 million related to the recognition of the an upfront payment received from BMS in connection with the expansion of our collaboration pursuant to an amendment of our Collaboration and License Agreement entered into in March 2017. Research and development expenses were $28.9 million for the three months ended September 30, 2017, compared to $13.3 million for the corresponding period in 2016. The increase was primarily attributable to $10.7 million of in-process research and development expense recognized and a $1.2 million sublicense fee payable to UCSB as a result of the Amgen agreement, an increase of $1.7 million in pharmacology studies and clinical trial expenses resulting from the advancement of CX-072, CX- 2009 and CX-2029 in 2017, an increase of $0.9 million in allocations resulting from increases in facilities-related expenses, an increase of $0.4 million in consulting and contracted services and an increase of $0.4 million in personnel-related expense resulting from an increase in headcount. General and administrative expenses were $6.2 million for the three months ended September 30, 2017, compared to $5 million for the corresponding period in 2016. The increase was primarily attributable to an increase of $0.3 million in personnel-related expenses due to an increase in headcount, an increase of $0.3 million in legal expenses and an increase of $0.4 million in consulting and public relations expenses. About CytomX Therapeutics CytomX Therapeutics Forward-Looking Statements
CYTOMX THERAPEUTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
2017 2016 2017 2016
----------- ----------- ----------- -----------
Revenues $ 23,662 $ 2,829 $ 43,121 $ 7,151
Revenues from related
party 482 625 1,429 1,620
----------- ----------- ----------- -----------
Total revenues 24,144 3,454 44,550 8,771
----------- ----------- ----------- -----------
Operating expenses:
Research and
development 28,920 13,337 71,573 39,407
General and
administrative 6,249 5,033 17,989 14,720
----------- ----------- ----------- -----------
Total operating
expenses 35,169 18,370 89,562 54,127
----------- ----------- ----------- -----------
Loss from operations (11,025) (14,916) (45,012) (45,356)
Interest income, net 806 210 1,400 542
Other income
(expense), net (47) 45 (101) (46)
----------- ----------- ----------- -----------
Loss before provision
for income taxes (10,266) (14,661) (43,713) (44,860)
Provision (benefit)
for income taxes (19) 1 7 7
----------- ----------- ----------- -----------
Net loss $ (10,247) $ (14,662) $ (43,720) $ (44,867)
=========== =========== =========== ===========
Net loss per share,
basic and diluted $ (0.28) $ (0.40) $ (1.19) $ (1.24)
----------- ----------- ----------- -----------
Shares used to compute
net loss per share,
basic and diluted 36,947,129 36,324,805 36,757,119 36,168,026
----------- ----------- ----------- -----------
CYTOMX THERAPEUTICS, INC.
CONDENSED BALANCE SHEETS
(in thousands, except share and per share data)
September 30, December 31,
2017 2016
------------- -------------
(unaudited) (audited) (1)
Assets
Current assets:
Cash and cash equivalents $ 284,225 $ 104,645
Short-term investments 47,050 77,293
Accounts receivable 40,183 2,159
Related party accounts receivable 68 154
Prepaid expenses and other current assets 4,848 3,896
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Total current assets 376,374 188,147
Property and equipment, net 4,087 4,392
Intangible assets 1,641 1,750
Goodwill 949 949
Restricted cash 917 917
Other assets 3,071 2,973
------------- -------------
Total assets $ 387,039 $ 199,128
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Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 2,869 $ 6,596
Accrued liabilities 11,444 8,824
Deferred revenues, current portion 56,928 20,347
------------- -------------
Total current liabilities 71,241 35,767
Deferred revenue, net of current portion 267,996 83,803
Deferred tax liability 520 513
Other long-term liabilities 1,803 566
------------- -------------
Total liabilities 341,560 120,649
Preferred stock, $0.00001 par value;
10,000,000 shares authorized and no shares
issued and outstanding at September 30, 2017
and December 31, 2016. - -
Common stock, $0.00001 par value; 75,000,000
shares authorized; 37,095,462 and 36,490,169
shares issued and outstanding at September
30, 2017 and December 31, 2016, respectively 1 1
Additional paid-in capital 265,625 254,871
Accumulated other comprehensive loss (61) (27)
Accumulated deficit (220,086) (176,366)
------------- -------------
Total stockholders' equity 45,479 78,479
------------- -------------
Total liabilities and stockholders' equity $ 387,039 $ 199,128
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__________________________________ (1) The condensed consolidated balance sheet as of December 31, 2016 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.
Media Contact: Spectrum Christine Quern cquern@spectrumscience.com 202-587-2588 Investor Contact: Trout Group Pete Rahmer prahmer@troutgroup.com 646-378-2973 |
