CytomX Announces First Quarter 2017 Financial Results
2017年5月5日 - 9:00PM
CytomX Therapeutics, Inc. (Nasdaq:CTMX), a biopharmaceutical
company developing investigational Probody™ therapeutics for the
treatment of cancer, today reported first quarter 2017 financial
results.
As of March 31, 2017, CytomX had cash, cash equivalents and
short-term investments of $162.5 million. After the quarter, CytomX
will receive $200 million from Bristol-Myers Squibb as part of the
previously announced worldwide collaboration extension. This
payment will be reflected in the second quarter financial results
based on the transaction close date of April 24, 2017, under the
Hart-Scott-Rodino Antitrust Improvements Act. Based upon its
current operating plan, the Company expects its existing capital
resources will be sufficient to fund operations at least through
2019.
“The first quarter was highly productive for CytomX as we
continued to rapidly progress our diverse pipeline of potentially
transformative Probody therapeutics. During the quarter, we treated
the first patients in the PROCLAIM-CX-072 clinical trial, filed the
Investigational New Drug (IND) application for CX-2009 and moved
CX-2029 into IND-enabling studies,” said Sean McCarthy, D.Phil.,
president and chief executive officer of CytomX Therapeutics. “We
also entered into a major expansion of our foundational strategic
alliance with Bristol-Myers Squibb, that emphasizes their belief in
the power of the Probody platform and that will strengthen our
balance sheet.”
Business Highlights and Recent Developments
PROCLAIM-CX-072 (PD-L1 Probody) Program
- Enrollment in the initial monotherapy dose-escalation arm is
progressing on plan in the PROCLAIM clinical study of CX-072, a
PD-L1-targeting Probody therapeutic for the treatment of cancer
patients.
- The CX-072 combination arms with Yervoy® (ipilimumab) and
Zelboraf® (vemurafenib) are expected to open in the second half of
2017.
PROCLAIM-CX-2009 (CD166 Probody Drug Conjugate)
Program
- In April, CytomX filed the IND for CX-2009, a first-in-class
Probody drug conjugate targeting the highly expressed tumor
antigen, CD166.
- Phase 1/2 trial initiation is expected mid-year in multiple
CD166-positive tumor types.
Partnerships
- Expanded the 2014 worldwide collaboration with Bristol-Myers
Squibb (BMS) to include up to six additional oncology targets and
two non-oncology targets using CytomX’s proprietary Probody
platform.
- CytomX will receive a $200 million upfront payment and
additional research funding, milestones and royalties.
- The expansion takes total milestones under the alliance to more
than $5 billion and represents one of the largest platform deals in
recent years.
- BMS has initiated IND-enabling studies for a CTLA-4-directed
Probody therapeutic discovered within the collaboration.
Clinical initiation is anticipated by early 2018.
- CX-2029, a CD-71-directed Probody therapeutic in co-development
with AbbVie, has progressed into IND-enabling studies with an IND
filing anticipated in 2018.
First Quarter Financial ResultsCash, cash
equivalents and investments totaled $162.5 million as of March 31,
2017, compared to $181.9 million as of December 31, 2016.
Revenue was $11.7 million for the three months ended March 31,
2017, compared to $2.2 million for the three months ended March 31,
2016. The increase was primarily attributable to $6.5 million in
recognized revenue triggered by the Company’s delivery of a
development and commercialization license to ImmunoGen in
connection with its collaboration with ImmunoGen, which was entered
in January 2014, an increase of $1.6 million in recognized revenue
related to BMS’s third and fourth target selections under the
collaboration, and an increase of $1.4 million in recognized
revenue related to upfront payment received from AbbVie pursuant to
a collaboration entered in April 2016.
Research and development expenses were $14.6 million for the
three months ended March 31, 2017, compared to $13.4 million for
the three months ended March 31, 2016. The increase was primarily
attributable to $1.9 million to advance the Company’s CX-072 and
CX-2009 into Phase 1/2 clinical development, an increase of $1.0
million in personnel-related expenses due to an increase in
headcount, an increase of $1.0 million in facilities-related
expenses relating to the Company’s relocation to a larger facility
in October 2016, and an increase of $0.6 million in costs related
to acquisitions made with respect to the Company’s patent
portfolio. Expenses were partly offset by a decrease of $2.7
million in manufacturing costs for the Company’s CX-072 and CX-2009
programs, a decrease of $0.3 million in royalty payments due to
BMS’s third target selection in January 2016, and a decrease of
$0.3 million in professional and outside services.
General and administrative expenses were $5.7 million for the
three months ended March 31, 2017, compared to $5.0 million for the
three months ended March 31, 2016. The increase was attributable to
$0.4 million in personnel-related expenses due to an increase in
headcount and an increase of $0.3 million in non-cash stock based
compensation due to increase in headcount.
About CytomX TherapeuticsCytomX is a
clinical-stage, oncology-focused biopharmaceutical company
pioneering a novel class of investigational antibody therapeutics
based on its Probody technology platform. The Company uses its
platform to create proprietary cancer immunotherapies against
clinically-validated targets, such as PD-L1, and develop
first-in-class cancer therapeutics against difficult-to-drug
targets, such as CD166. Probody therapeutics are designed to take
advantage of unique conditions in the tumor microenvironment to
enhance the tumor-targeting features of an antibody and reduce drug
activity in healthy tissues. The Company’s lead program,
CX-072, a wholly-owned PD-L1-targeting Probody therapeutic, is
being evaluated in a Phase 1/2 study. CX-072 is part of PROCLAIM
(Probody Clinical Assessment In Man), an international umbrella
clinical trial program that provides clinical trial sites with
access to the Company’s novel therapies under one central protocol.
The trial initiation for CX-2009, a first-in-class Probody drug
conjugate targeting the highly expressed tumor antigen, CD166, is
expected mid-2017. In addition to its proprietary programs,
CytomX is collaborating with strategic partners, including AbbVie,
Bristol-Myers Squibb Company, Pfizer Inc., MD Anderson Cancer
Center and ImmunoGen, Inc. For more information, visit
www.cytomx.com or follow us on Twitter.
CytomX Therapeutics Forward-Looking
StatementsThis press release includes forward-looking
statements. Such forward-looking statements involve known and
unknown risks, uncertainties and other important factors that are
difficult to predict, may be beyond our control, and may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied in such statements. Accordingly, you should
not rely on any of these forward-looking statements, including
those relating to the potential efficacy of CytomX’s product
candidates, the Company’s ability to develop and advance product
candidates into and successfully complete clinical trials,
including the Company’s Phase 1/2 clinical trial of CX-072 and the
timing of any future clinical trials. One of our product candidates
under our Probody platform is in the initial stages of clinical
development and our other product candidates are currently in
preclinical development, and the process by which preclinical and
clinical development could potentially lead to an approved product
is long and subject to significant risks and uncertainties.
Projected net cash utilization and capital resources are subject to
substantial risk of variance based on a wide variety of factors
that can be difficult to predict. Applicable risks and
uncertainties include those relating to our preclinical research
and development, clinical development, and other risks identified
under the heading "Risk Factors" included in the Company’s Annual
Report on Form 10-K filed with the SEC on March 2, 2017. The
forward-looking statements contained in this press release are
based on information currently available to CytomX and speak only
as of the date on which they are made. CytomX does not undertake
and specifically disclaims any obligation to update any
forward-looking statements, whether as a result of any new
information, future events, changed circumstances or otherwise.
|
CYTOMX THERAPEUTICS, INC. |
CONDENSED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS |
(in thousands, except share and per share
data) |
(unaudited) |
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
11,176 |
|
|
$ |
1,783 |
|
Revenues from related
parties |
|
|
477 |
|
|
|
440 |
|
Total
revenues |
|
|
11,653 |
|
|
|
2,223 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Research
and development |
|
|
14,576 |
|
|
|
13,365 |
|
General
and administrative |
|
|
5,691 |
|
|
|
5,040 |
|
Total
operating expenses |
|
|
20,267 |
|
|
|
18,405 |
|
Loss from
operations |
|
|
(8,614 |
) |
|
|
(16,182 |
) |
Interest
income |
|
|
442 |
|
|
|
490 |
|
Interest
expense |
|
|
(206 |
) |
|
|
(353 |
) |
Other
income (expense), net |
|
|
120 |
|
|
|
19 |
|
Loss before benefit
from (provision for) income taxes |
|
|
(8,258 |
) |
|
|
(16,026 |
) |
Benefit
from (provision for) income taxes |
|
|
1 |
|
|
|
(3) |
|
Net loss |
|
$ |
(8,257 |
) |
|
$ |
(16,029 |
) |
Net loss per share,
basic and diluted |
|
$ |
(0.23 |
) |
|
$ |
(0.44 |
) |
Shares used to compute
net loss per share, basic |
|
|
|
|
|
|
|
|
and
diluted |
|
|
36,538,869 |
|
|
|
36,063,425 |
|
|
|
CYTOMX THERAPEUTICS, INC. |
CONDENSED BALANCE SHEETS |
(in thousands, except share and per share
data) |
(unaudited) |
|
|
|
March 31, |
|
December 31, |
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
85,662 |
|
|
$ |
104,645 |
|
Short-term investments |
|
|
76,861 |
|
|
|
77,293 |
|
Accounts
receivable |
|
|
213 |
|
|
|
2,159 |
|
Related
party accounts receivable |
|
|
55 |
|
|
|
154 |
|
Prepaid
expenses and other current assets |
|
|
4,118 |
|
|
|
3,896 |
|
Total current
assets |
|
|
166,909 |
|
|
|
188,147 |
|
Property and equipment,
net |
|
|
4,604 |
|
|
|
4,392 |
|
Intangible assets |
|
|
1,750 |
|
|
|
1,750 |
|
Goodwill |
|
|
949 |
|
|
|
949 |
|
Restricted cash |
|
|
917 |
|
|
|
917 |
|
Other assets |
|
|
2,753 |
|
|
|
2,973 |
|
Total assets |
|
$ |
177,882 |
|
|
$ |
199,128 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
3,700 |
|
|
$ |
6,596 |
|
Accrued
liabilities |
|
|
6,336 |
|
|
|
8,824 |
|
Deferred
revenues, current portion |
|
|
27,090 |
|
|
|
20,347 |
|
Total current
liabilities |
|
|
37,126 |
|
|
|
35,767 |
|
Deferred revenue, net
of current portion |
|
|
65,477 |
|
|
|
83,803 |
|
Deferred tax
liability |
|
|
514 |
|
|
|
513 |
|
Other long-term
liabilities |
|
|
978 |
|
|
|
566 |
|
Total liabilities |
|
|
104,095 |
|
|
|
120,649 |
|
Stockholders'
equity: |
|
|
|
|
|
|
|
|
Preferred stock,
$0.00001 par value; 10,000,000 shares authorized and noshares
issued and outstanding at March 31, 2017 and December 31,
2016. |
|
|
— |
|
|
|
— |
|
Common stock, $0.00001
par value; 75,000,000 shares authorized; 36,718,940and 36,490,169
shares issued and outstanding at March 31, 2017 and December31,
2016, respectively |
|
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
258,509 |
|
|
|
254,871 |
|
Accumulated other comprehensive loss |
|
|
(100 |
) |
|
|
(27 |
) |
Accumulated deficit |
|
|
(184,623 |
) |
|
|
(176,366 |
) |
Total stockholders'
equity |
|
|
73,787 |
|
|
|
78,479 |
|
Total liabilities and
stockholders' equity |
|
$ |
177,882 |
|
|
$ |
199,128 |
|
|
Media Contact:
Canale Communications
Ian Stone
ian@canalecomm.com
619-849-5388
Investor Contact:
Trout Group
Pete Rahmer
prahmer@troutgroup.com
646-378-2973
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