Persistent free cash flow deficits remain a critical concern, evidenced by quarterly outflows frequently exceeding $20 million and a 2025Q2 OCF/NI ratio of 102.29, indicating a disconnect between accounting profits and actual cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | -80.09M | -75.59M | -86.23M | -56.03M | -110.79M | -119.03M | 5.26M | -140.48M | -75.52M | 170.37M | -2.03M | -27.41M | 31.8M | -8.01M |
| Operating CF Margin % | - | -99.19% | -62.44% | -55.36% | -208.39% | -319.02% | 7.69% | -244.36% | -126.92% | 237.87% | -13.51% | -355.49% | 626.39% | -901.8% |
| Operating CF Growth % | 6.25% | 12.34% | -53.89% | 49.42% | 6.93% | -2363.38% | 103.74% | -86.01% | -144.33% | 8484.5% | 92.59% | -186.21% | 497.13% | - |
| Net Income | -59.14M | -17.37M | 31.87M | -569K | -99.32M | -83.61M | -32.88M | -132.82M | -84.6M | -43.1M | -58.9M | -35.37M | -30.31M | -15.14M |
| Depreciation & Amortization | 1.03M | 1.38M | 1.77M | 2.17M | 5.86M | 2.71M | 2.57M | 2.6M | 1.88M | 1.65M | 1.73M | 1.21M | 783K | 655K |
| Stock-Based Compensation | 9.12M | 6.3M | 7.67M | 8.56M | 0 | 13.17M | 14.79M | 19.1M | 16.88M | 11.29M | 10.1M | 3.99M | 553K | 343K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 272K | -236K | 0 | 0 | -513K | 6K | 8K | 8K | 10K |
| Other Non-Cash Items | -1.4M | 2.68M | -1.12M | -3.69M | 13.33M | 3.13M | 2.89M | 2.05M | -1.7M | 11.09M | 1.77M | 3.01M | 95K | 169K |
| Working Capital Changes | -29.7M | -68.58M | -126.42M | -62.51M | -30.65M | -54.7M | 18.13M | -31.41M | -7.98M | 189.97M | 43.26M | -248K | 60.67M | 5.96M |
| Change in Receivables | 1.31M | 1.09M | 329K | 32.55M | -35.2M | 8K | -785K | 84K | 10.04M | -7.83M | -1.57M | 1.13M | -1.64M | -237K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 11.64M | -11.12M | 0 | 19.91M | 10.32M | -253K | 1.81M | 188K | 329K |
| Change in Payables | 673K | 221K | -297K | -1.43M | 68K | -139K | -857K | -374K | 261K | -2.44M | 1.76M | 2.94M | 660K | 366K |
| Cash from Investing | -283.12M | -59.74M | 99.7M | -150.67M | 98.26M | 22.49M | -18.72M | 79.7M | 5.93M | -121.27M | 45.86M | -130.56M | -1.66M | -732K |
| Capital Expenditures | -101K | -220K | -310K | -840K | -1.74M | -1.61M | -2.31M | -3.5M | -3.79M | -1.56M | -2.18M | -1.59M | -1.66M | -732K |
| CapEx % of Revenue | 0.28% | 0.29% | 0.22% | 0.83% | 3.27% | 4.31% | 3.37% | 6.08% | 6.37% | 2.18% | 14.47% | 20.67% | 32.76% | 82.43% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -24.1M | 16.41M | 0 | -5.93M | 121.27M | 52K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 312K | 0 | 0 | 0 | 0 | 24.1M | -16.41M | 0 | 5.93M | -121.27M | 52K | -817K | 0 | 0 |
| Cash from Financing | 344.93M | 110.45M | 7.52M | 30.23M | 648K | 110.21M | 16.89M | 1.63M | 139.62M | 23.8M | 996K | 153.4M | 25.55M | 2.7M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 78K | -3.07M | -1.26M | 2.63M |
| Equity Issued (Net) | 344.68M | 110.45M | 6.91M | 30.23M | 648K | 107.71M | 11.29M | 0 | 134.6M | 19.96M | 0 | 156.21M | 26.8M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.71M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 253K | 0 | 613K | 0 | 0 | 2.5M | 5.61M | 1.63M | 5.03M | 3.84M | 918K | 6.97M | 8K | 62K |
| Net Change in Cash | -18.28M | -24.89M | 20.99M | -176.48M | -11.88M | 13.67M | 3.43M | -59.15M | 70.03M | 72.9M | 44.82M | -4.57M | 55.69M | -6.04M |
| Free Cash Flow | -80.19M | -75.81M | -86.54M | -56.88M | -112.53M | -120.64M | 2.95M | -143.98M | -79.31M | 168.81M | -4.21M | -29.01M | 30.14M | -8.74M |
| FCF Margin % | -225.63% | -99.48% | -62.66% | -56.19% | -211.67% | -323.33% | 4.31% | -250.44% | -133.29% | 235.7% | -27.97% | -376.15% | 593.64% | -984.23% |
| FCF Growth % | 1.65% | 12.4% | -52.16% | 49.46% | 6.72% | -4189.49% | 102.05% | -81.54% | -146.98% | 4111.74% | 85.49% | -196.25% | 444.84% | - |
| FCF per Share | -0.45 | -0.55 | -1.02 | -0.77 | -1.71 | -1.88 | 0.06 | -3.18 | -1.90 | 4.54 | -0.12 | -0.82 | 0.86 | -8.84 |
| FCF Conversion (FCF/Net Income) | 1.36x | 4.35x | -2.71x | 98.48x | 1.12x | 1.03x | -0.08x | 1.37x | 0.89x | -3.95x | 0.03x | 0.78x | -1.05x | 0.53x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.06M | 0 | 0 | 0 | 0 | 0 | 0 |
Binary milestone dependency risk
As reported in quarterly filings, the persistent disconnect between net income and operating cash flow, highlighted by the 2025Q2 OCF/NI ratio of 102.29, suggests that accounting profits are frequently driven by non-cash revenue recognition rather than actual cash inflows from the company's strategic collaboration agreements.
The extreme volatility in the OCF/NI ratio indicates that reported net income is a poor proxy for the company's underlying liquidity. Investors should monitor the recurring negative operating cash flows, which suggest that the firm's accrual-based accounting significantly masks the ongoing cash burn required to sustain its R&D operations.
Based on the provided financial data, CytomX's free cash flow trajectory remains consistently negative, with quarterly outflows frequently exceeding $20 million, indicating that the firm's current business model is unable to generate sufficient internal capital to cover its intensive research and development obligations.
The lack of a positive FCF margin across the observed ten-quarter period underscores the company's reliance on external financing or milestone payments to maintain operations. This trend suggests that the firm remains in a high-risk phase where cash preservation is secondary to the necessity of funding clinical trial milestones.
According to recent cash flow statements, working capital fluctuations are a primary driver of liquidity stress, evidenced by the significant $47.6 million outflow in 2025Q1, which suggests that the timing of milestone-related receivables is highly unpredictable and creates substantial pressure on the company's limited cash reserves.
The erratic nature of these working capital changes implies that the company lacks a stable cash conversion cycle, likely due to the lumpy, project-based revenue structure inherent in its pharmaceutical partnerships. This volatility warrants further investigation into the specific contractual terms governing the timing of milestone payments versus operational expenditures.
As indicated by the consistent stock-based compensation figures averaging roughly $1.5 million to $2.0 million per quarter, the company relies heavily on equity-based incentives to preserve cash, which effectively shifts the burden of operational costs onto shareholders through potential dilution rather than direct cash expenditure.
While these non-cash adjustments help mitigate immediate cash burn, they represent a recurring cost that is not fully captured in traditional operating cash flow metrics. Investors should consider the long-term impact of this dilution strategy, as it appears to be a necessary mechanism to offset the lack of self-sustaining cash flow from operations.
Quick answers to the most common questions about buying CTMX stock.
CytomX Therapeutics, Inc. (CTMX) generated $-75.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CytomX Therapeutics, Inc. (CTMX) reported negative free cash flow of $75.8M in 2025, indicating capital requirements exceeded cash from operations.
CytomX Therapeutics, Inc. (CTMX) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.