CytomX Therapeutics, Inc. (CTMX) stock plunged 24.96% in the current market trading session at the price of $4.84 after it published preliminary results from a phase-II study of CX-2029.
CTMX is an oncology-focused, clinical-stage biopharmaceutical firm dedicated to destroying cancer. Through its Probody technology platform, the company works to surpass the limits of current cancer treatments and leverage therapeutic targets.
CTMX Published Preliminary Data from CX-2029 Study
On 20th December 2021, CTMX reported initial results from its Phase 2 expansion study of CX-2029. The study evaluates the effects of CD71, an antibody-drug conjugate, in patients with either head and neck squamous cell carcinoma or advanced squamous non-small cell lung cancer. As per the data, 29 patients with HNSCC and 23 patients with sqNSCLC had received at least one dose of CX-2029. Likewise, 25 HNSCC patients and 16 sqNSCLC patients had at least one post-baseline assessment.
Chief executive officer and chairman of CTMX, Sean McCarthy, commented that they are happy to publish the initial results from its Phase-II study of CX-2029. The response rate from recent data in heavily-pretreated sqNSCLC patients is trending with their stated target of 20%. They are also motivated by the low discontinuation rate due to unfavorable events. These results affirm their earlier Phase-I observations. The company will continue to collaborate with its partner, AbbVie. They look forward to finishing the expansion phase of the CX-2029 program and delivering further updates by 2022, Mr. Sean added.
CTMX Third Quarter 2021 Financial Results
On 4th November 2021, CTMX announced its financial results for the third quarter of 2021 and presented business updates. On 30th September 2021, the company had $336 million in cash, cash equivalents, and investments. Cash and cash equivalents totaled $316 million on 31st December 2020.
For the Q3 ended 30th September 2021, CTMX calculated revenue of $18 million. Research and development costs totaled $29 million for the three months ended on 30th September 2021. General and administrative expenses were $11 million for the Q3 ended 30th September 2021.