In addition to financial results, CytomX provided a business update highlighting positive data from its Phase 1 dose expansion study of varsetatug masetecan (Varseta-M), a PROBODY® ADC targeting EpCAM in patients with advanced colorectal cancer (CRC). The company aims to align with the FDA on a registrational path for Varseta-M in late-line CRC and has initiated a Phase 1 study evaluating Varseta-M in combination with bevacizumab. Initial data from this study is expected by the end of 2026.
CytomX's CEO, Sean McCarthy, emphasized the company's commitment to advancing its innovative pipeline, stating, "Today’s encouraging Varseta-M Phase 1 update underscores the program’s intentional design and broad potential in CRC as well as other EpCAM-expressing indications. Our top priority in 2026 is to align with the FDA on a registrational path for Varseta-M in late-line CRC."
The company also reported a decrease in total operating expenses to $98.6 million in 2025 from $113.1 million in 2024, reflecting efforts to control costs while progressing its pipeline programs. Research and development expenses decreased to $68.7 million, primarily due to lower general research and development expenses following a restructuring in January 2025. General and administrative expenses remained relatively stable at $29.8 million, including one-time restructuring costs.
Overall, while CytomX faced challenges in revenue generation, the positive clinical developments and strong cash position suggest a cautiously optimistic outlook for the company as it navigates its strategic goals for 2026.
