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CytomX Therapeutics Cuts Workforce, Extend Cash Runway Into 2025

  • CytomX Therapeutics Inc (NASDAQ: CTMX) is restructuring its business to prioritize internal investments in its emerging pre-clinical and early clinical pipeline.

  • The company will cut 40% of its workforce. The changes are expected to extend the company's cash runway into 2025.

  • CytomX ended the March quarter with cash and equivalents of $263 million.

  • The company said that based on the results of a three-arm Phase 2 study of Praluzatamab ravtansine in breast cancer, it would deprioritize internal investment in this program and seek a partnership to advance the asset further.

  • Related: CytomX's Breast Cancer Candidate Meets Primary Goal Of Objective Response Rate.

  • CytomX is maintaining its robust research, translational, and early development organizations to support ongoing internal pipeline efforts with two Investigational New Drug Applications (INDs) planned for 2H of 2023, including:

    • CX-801: Interferon alpha-2b probody, with potential application in traditionally immuno-oncology sensitive and insensitive (cold) tumors.

    • CX-2051: EpCAM-directed ADC for potential application in EpCAM-expressing epithelial cancers.

  • Price Action: CTMX shares are up 6.15% at $1.38 during the premarket session on the last check Thursday.

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