CytomX Therapeutics, Inc.
CTMXHealthcare|Biotechnology|US
$2.19
+0.05 (+2.34%)
Tangible Book / Share
$1.29
Cash / Share
$1.59
Financials
Financial Snapshot
Market Cap
$477.2M
Enterprise Value
$447.6M
Revenue (TTM)
$14.0M
Net Income (TTM)
-$85.4M
Cash & Investments
$348.0M
Net Cash
$343.6M
Free Cash Flow (TTM)
-$51.0M
Operating CF (TTM)
-$50.2M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$348.0M
Quarterly Burn
$12.6M
Monthly Burn
$4.2M
Est. Runway
~27.7 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $181.9M | $374.1M | $436.1M | $296.1M | $316.1M | $305.2M | $193.7M | $174.5M | $100.6M | $137.1M | $348.0M | |
| Operating Cash Flow | -$2.0M | $170.4M | -$75.5M | -$140.5M | $5.3M | -$119.0M | -$110.8M | -$56.0M | -$86.2M | -$75.6M | -$50.2M | |
| Free Cash Flow | -$4.2M | $168.8M | -$79.3M | -$144.0M | $3.0M | -$120.6M | -$112.5M | -$56.9M | -$86.5M | -$75.8M | -$51.0M | |
| Capital Expenditure | -$2.2M | -$1.6M | -$3.8M | -$3.5M | -$2.3M | -$1.6M | -$1.7M | -$840.0K | -$310.0K | -$220.0K | -$790.0K | |
| Financing Cash Flow | $996.0K | $23.8M | $139.6M | $1.6M | $16.9M | $110.2M | $648.0K | $30.2M | $7.5M | $110.4M | $251.7M |
R&D Spending
R&D (TTM)
$74.6M
R&D Intensity
531.5%
R&D Growth vs Prior
+8.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.0M | $71.6M | $59.5M | $57.5M | $68.4M | $37.3M | $53.2M | $101.2M | $138.1M | $76.2M | $14.0M | |
| R&D Expense | $54.8M | $92.3M | $103.9M | $131.6M | $112.9M | $114.2M | $111.6M | $77.7M | $83.4M | $68.7M | $74.6M | |
| R&D % of Revenue | 364.0% | 128.8% | 174.6% | 228.9% | 165.0% | 306.1% | 210.0% | 76.7% | 60.4% | 90.2% | 531.5% | |
| SG&A | $19.9M | $25.6M | $33.5M | $36.8M | $36.0M | $39.2M | $42.8M | $30.0M | $29.7M | $29.8M | $34.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.0M | $71.6M | $59.5M | $57.5M | $68.4M | $37.3M | $53.2M | $101.2M | $138.1M | $76.2M | $14.0M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $251.0K | |
| Gross Profit | $15.0M | $71.6M | $59.5M | $57.5M | $68.4M | $37.3M | $53.2M | $101.2M | $138.1M | $76.2M | $13.8M | |
| R&D | $54.8M | $92.3M | $103.9M | $131.6M | $112.9M | $114.2M | $111.6M | $77.7M | $83.4M | $68.7M | $74.6M | |
| SG&A | $19.9M | $25.6M | $33.5M | $36.8M | $36.0M | $39.2M | $42.8M | $30.0M | $29.7M | $29.8M | $34.4M | |
| Operating Income | -$59.6M | -$46.3M | -$77.9M | -$110.9M | -$80.5M | -$116.0M | -$101.3M | -$6.5M | $25.0M | -$22.4M | -$94.9M | |
| Interest Expense | $1.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$58.9M | -$43.6M | -$70.3M | -$102.7M | -$50.9M | -$115.9M | -$99.3M | $3.3M | $32.1M | -$17.1M | -$85.2M | |
| Net Income | -$58.9M | -$43.1M | -$84.6M | -$102.2M | -$64.8M | -$115.9M | -$99.3M | -$569.0K | $31.9M | -$17.4M | -$85.4M | |
| EPS (Diluted) | -1.63 | -1.16 | -2.03 | -2.26 | -0.71 | -1.26 | -1.48 | -0.01 | 0.38 | -0.15 | -0.45 | |
| EBITDA | -$57.9M | -$42.0M | -$76.0M | -$100.1M | -$78.0M | -$113.2M | -$96.9M | $5.5M | $33.9M | -$15.8M | -$87.5M | |
| Shares Out. (M) | 36.23 | 37.17 | 41.66 | 45.34 | 46.15 | 64.15 | 65.74 | 73.81 | 84.75 | 137.94 | 219.11 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $104.6M | $177.5M | $247.6M | $188.4M | $191.9M | $205.5M | $193.7M | $17.2M | $38.1M | $12.7M | $34.0M | |
| Short-Term Investments | $77.3M | $196.6M | $188.6M | $107.7M | $124.3M | $99.7M | $0.00 | $157.3M | $62.6M | $124.4M | $314.0M | |
| Total Current Assets | $188.1M | $388.6M | $445.5M | $303.3M | $324.0M | $310.3M | $237.1M | $182.9M | $107.3M | $143.9M | $356.0M | |
| Total Assets | $199.1M | $397.6M | $457.1M | $341.3M | $358.7M | $339.4M | $260.9M | $201.8M | $120.5M | $151.6M | $364.7M | |
| Total Current Liabilities | $35.8M | $61.1M | $97.9M | $85.6M | $68.1M | $77.9M | $152.6M | $155.9M | $85.8M | $46.6M | $45.5M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.9M | |
| Total Liabilities | $120.6M | $327.7M | $326.2M | $290.2M | $366.4M | $339.9M | $346.6M | $249.2M | $121.0M | $52.6M | $79.8M | |
| Stockholders' Equity | $78.5M | $69.9M | $130.9M | $51.1M | -$7.8M | -$459.0K | -$85.8M | -$47.4M | -$456.0K | $99.0M | $284.9M | |
| Retained Earnings | -$176.4M | -$219.5M | -$315.0M | -$417.2M | -$507.7M | -$623.6M | -$722.9M | -$723.4M | -$691.6M | -$711.9M | -$770.9M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.0M | $170.4M | -$75.5M | -$140.5M | $5.3M | -$119.0M | -$110.8M | -$56.0M | -$86.2M | -$75.6M | -$50.2M | |
| Capital Expenditure | -$2.2M | -$1.6M | -$3.8M | -$3.5M | -$2.3M | -$1.6M | -$1.7M | -$840.0K | -$310.0K | -$220.0K | -$790.0K | |
| Free Cash Flow | -$4.2M | $168.8M | -$79.3M | -$144.0M | $3.0M | -$120.6M | -$112.5M | -$56.9M | -$86.5M | -$75.8M | -$51.0M | |
| Investing Cash Flow | $45.9M | -$121.3M | $5.9M | $79.7M | -$18.7M | $22.5M | $98.3M | -$150.7M | $99.7M | -$59.7M | -$201.2M | |
| Financing Cash Flow | $996.0K | $23.8M | $139.6M | $1.6M | $16.9M | $110.2M | $648.0K | $30.2M | $7.5M | $110.4M | $251.7M | |
| Issuance of Stock | $159.0K | $20.0M | $134.6M | $0.00 | $11.3M | $107.7M | $648.0K | $30.2M | $6.9M | $110.4M | $245.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $78.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $10.1M | $11.3M | $16.9M | $19.1M | $14.8M | $13.2M | $13.1M | $8.6M | $7.7M | $6.3M | $11.6M | |
| Net Change in Cash | $44.8M | $72.9M | $70.0M | -$59.2M | $3.4M | $13.7M | -$11.9M | -$176.5M | $21.0M | -$24.9M | $277.0K |
Dilution Tracker
Shares outstanding grew 198.9% over 5 years — significant dilution
Shares Outstanding
218M
5-Year Share Growth
+198.9%
Stock Issuance (TTM)
$245.1M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 36.23 | 37.17 | 41.66 | 45.34 | 46.15 | 64.15 | 65.74 | 73.81 | 84.75 | 137.94 | 219.11 | |
| Change vs Prior % | — | 2.6% | 12.1% | 8.8% | 1.8% | 39.0% | 2.5% | 12.3% | 14.8% | 62.8% | 58.8% | |
| Stock Issuance | $159.0K | $20.0M | $134.6M | $0.00 | $11.3M | $107.7M | $648.0K | $30.2M | $6.9M | $110.4M | $245.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $10.1M | $11.3M | $16.9M | $19.1M | $14.8M | $13.2M | $13.1M | $8.6M | $7.7M | $6.3M | $11.6M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 98.2% | |
| Operating Margin % | -396.1% | -64.6% | -130.9% | -192.9% | -117.7% | -311.0% | -190.6% | -6.4% | 18.1% | -29.3% | -676.5% | |
| Net Margin % | -391.5% | -60.2% | -142.2% | -177.8% | -94.7% | -310.5% | -186.8% | -0.6% | 23.1% | -22.8% | -609.0% | |
| EBITDA Margin % | -384.6% | -58.6% | -127.7% | -174.1% | -113.9% | -303.3% | -182.2% | 5.4% | 24.5% | -20.7% | -624.0% | |
| FCF Margin % | -28.0% | 235.7% | -133.3% | -250.4% | 4.3% | -323.3% | -211.7% | -56.2% | -62.7% | -99.5% | -363.6% | |
| ROE % | -75.1% | -61.7% | -64.6% | -200.0% | 833.8% | 25244.0% | 115.8% | 1.2% | -6988.8% | -17.5% | -34.0% | |
| ROA % | -29.6% | -10.8% | -18.5% | -30.0% | -18.1% | -34.1% | -38.1% | -0.3% | 26.4% | -11.5% | -23.4% | |
| ROIC % | -36.5% | -13.6% | -21.7% | -42.7% | -27.4% | -43.8% | -90.2% | 2.2% | 62.2% | -20.5% | -29.7% | |
| R&D / Revenue % | 364.0% | 128.8% | 174.6% | 228.9% | 165.0% | 306.1% | 210.0% | 76.7% | 60.4% | 90.2% | 531.5% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 95.1% | 376.1% | -16.9% | -3.4% | 19.0% | -45.5% | 42.5% | 90.4% | 36.4% | -44.8% | |
| Gross Profit | 95.1% | 376.1% | -16.9% | -3.4% | 19.0% | -45.5% | 42.5% | 90.4% | 36.4% | -44.8% | |
| Operating Income | -79.5% | 22.4% | -68.3% | -42.4% | 27.4% | -44.1% | 12.7% | 93.6% | 485.5% | -189.5% | |
| Net Income | -66.5% | 26.8% | -96.3% | -20.8% | 36.6% | -78.8% | 14.3% | 99.4% | 5700.9% | -154.5% | |
| EPS (Diluted) | -63.0% | 28.8% | -75.0% | -11.3% | 68.6% | -77.5% | -17.5% | 99.5% | 5035.1% | -139.5% | |
| Operating Cash Flow | 92.6% | 8484.5% | -144.3% | -86.0% | 103.7% | -2363.4% | 6.9% | 49.4% | -53.9% | 12.3% | |
| Free Cash Flow | 85.5% | 4111.7% | -147.0% | -81.5% | 102.0% | -4189.5% | 6.7% | 49.5% | -52.2% | 12.4% | |
| R&D Expense | 93.1% | 68.5% | 12.6% | 26.7% | -14.2% | 1.1% | -2.2% | -30.4% | 7.3% | -17.6% | |
| SG&A Expense | 58.3% | 28.8% | 30.9% | 9.7% | -2.0% | 8.7% | 9.4% | -29.9% | -1.0% | 0.4% | |
| Total Assets | 1.0% | 99.7% | 15.0% | -25.3% | 5.1% | -5.4% | -23.1% | -22.7% | -40.3% | 25.7% | |
| Book Value / Share | -39.0% | -13.2% | 67.0% | -64.1% | -114.9% | 95.8% | -18129.4% | 50.7% | 99.2% | 13391.5% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -10.2% | -12.9% | -16.7% | -22.6% | -32.8% | -54.8% | |
| Diluted Shares | 2.1% | 2.6% | 12.1% | 8.8% | 1.8% | 39.0% | 2.5% | 12.3% | 14.8% | 62.8% |
Valuation
P/E (TTM)At Loss
P/S34.02
10Y Low / Med / High0.63 / 7.44 / 26.47
P/B1.68
10Y Low / Med / High4.81 / 5.93 / 11.23
EV/EBITDAAt Loss
10Y Low / Med / High0.73 / 1.72 / 20.23
EV/Revenue31.91
10Y Low / Med / High0.42 / 3.76 / 19.52
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$1.29
Net Current Assets / Share
$1.27
Graham Net-Net
$1.23
Cash / Share
$1.59
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -6.74 | -18.20 | -7.44 | -3.68 | -9.23 | -3.44 | -1.08 | -201.30 | 2.71 | -28.40 | -4.85 | |
| P/S Ratio | 26.47 | 10.95 | 10.57 | 6.55 | 4.42 | 7.44 | 1.98 | 1.13 | 0.63 | 7.71 | 34.02 | |
| P/B Ratio | 5.07 | 11.23 | 4.81 | 7.37 | -38.88 | -605.13 | -1.23 | -2.41 | -190.73 | 5.93 | 1.68 | |
| EV/EBITDA | -5.07 | -14.46 | -5.02 | -2.16 | -1.73 | -0.83 | 0.73 | 20.23 | 1.72 | -36.76 | -5.11 | |
| EV/Revenue | 19.52 | 8.48 | 6.41 | 3.76 | 1.98 | 2.52 | -1.32 | 1.10 | 0.42 | 7.60 | 31.91 |
Analyst Estimates & Quality
Altman Z-Score
0.89
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $25.3M | $30.4M | $28.6M |
| Net Income | -$52.6M | -$64.3M | -$62.4M |
| EPS | $-0.38 | $-0.46 | $-0.51 |
| # Analysts (EPS) | 3 | 5 | 5 |