Revenue has experienced a sharp contraction, falling to $10.3 million in 2026Q1 from a $50.9 million peak in 2025Q1, while operating losses reached $19.7 million in the most recent quarter.
| 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 |
|---|
| Sales/Revenue | 35.54M | 76.2M | 138.1M | 101.21M | 53.16M | 37.31M | 68.43M | 57.49M | 59.5M | 71.62M | 15.04M | 7.71M | 5.08M | 888K |
| Revenue Growth % | -75.91% | -44.82% | 36.45% | 90.38% | 42.48% | -45.47% | 19.03% | -3.38% | -16.92% | 376.12% | 95.06% | 51.9% | 471.73% | - |
| Cost of Goods Sold | 251K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 35.29M | 76.2M | 138.1M | 101.21M | 53.16M | 37.31M | 68.43M | 57.49M | 59.5M | 71.62M | 15.04M | 7.71M | 5.08M | 888K |
| Gross Margin % | 99.29% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -44.82% | 36.45% | 90.38% | 42.48% | -45.47% | 19.03% | -3.38% | -16.92% | 376.12% | 95.06% | 51.9% | 471.73% | - |
| Operating Expenses | 99.95M | 98.56M | 113.11M | 107.7M | 154.5M | 153.35M | 148.97M | 168.38M | 137.38M | 117.88M | 74.63M | 40.91M | 34.84M | 15.84M |
| OpEx % of Revenue | - | 129.35% | 81.9% | 106.41% | 290.61% | 411% | 217.7% | 292.9% | 230.88% | 164.59% | 496.1% | 530.54% | 686.27% | 1784.23% |
| Selling, General & Admin | 31.1M | 29.84M | 29.73M | 30.02M | 42.85M | 39.16M | 36.03M | 36.77M | 33.51M | 25.61M | 19.87M | 12.56M | 6.54M | 4.95M |
| SG&A % of Revenue | - | 39.16% | 21.52% | 29.66% | 80.6% | 104.95% | 52.66% | 63.95% | 56.32% | 35.75% | 132.11% | 162.84% | 128.82% | 557.88% |
| Research & Development | 69.1M | 68.73M | 83.38M | 77.68M | 111.65M | 114.19M | 112.94M | 131.62M | 103.87M | 92.28M | 54.76M | 28.36M | 28.3M | 10.89M |
| R&D % of Revenue | - | 90.19% | 60.38% | 76.75% | 210.01% | 306.05% | 165.05% | 228.95% | 174.56% | 128.84% | 363.99% | 367.7% | 557.46% | 1226.35% |
| Other Operating Expenses | -251K | 0 | 0 | 0 | 0 | 0 | 0 | -135K | -68K | -27K | -69K | 0 | -55K | 71K |
| Operating Income | -64.66M | -22.36M | 25M | -6.48M | -101.33M | -116.04M | -80.54M | -110.89M | -77.87M | -46.26M | -59.59M | -33.2M | -29.77M | -14.96M |
| Operating Margin % | -181.92% | -29.35% | 18.1% | -6.41% | -190.61% | -311% | -117.7% | -192.9% | -130.88% | -64.59% | -396.1% | -430.54% | -586.27% | -1684.23% |
| Operating Income Growth % | - | -189.47% | 485.49% | 93.6% | 12.67% | -44.08% | 27.37% | -42.4% | -68.34% | 22.37% | -79.46% | -11.55% | -99.02% | - |
| EBITDA | -63.42M | -20.99M | 26.76M | -4.31M | -98.89M | -113.34M | -77.97M | -108.29M | -75.99M | -44.61M | -57.85M | -32M | -28.98M | -14.3M |
| EBITDA Margin % | -178.43% | -27.54% | 19.38% | -4.26% | -186.02% | -303.75% | -113.94% | -188.37% | -127.71% | -62.29% | -384.58% | -414.9% | -570.85% | -1610.47% |
| EBITDA Growth % | -268.46% | -178.42% | 721.1% | 95.64% | 12.74% | -45.36% | 28% | -42.51% | -70.33% | 22.88% | -80.81% | -10.4% | -102.66% | - |
| D&A (Non-Cash Add-back) | 1.24M | 1.38M | 1.77M | 2.17M | 2.44M | 2.71M | 2.57M | 2.6M | 1.88M | 1.65M | 1.73M | 1.21M | 783K | 655K |
| EBIT | -63.06M | -22.36M | 25M | -6.48M | -101.33M | -116.04M | -80.54M | -102.67M | -77.87M | -43.61M | -57.23M | -33.63M | -29.81M | -14.88M |
| Net Interest Income | 5.74M | 5.21M | 7.14M | 9.84M | 1.68M | 255K | 1.84M | 8.37M | 7.64M | 2.67M | 736K | -417K | -480K | -248K |
| Interest Income | 5.74M | 5.21M | 7.14M | 9.84M | 1.68M | 255K | 1.84M | 8.37M | 7.64M | 2.67M | 2.42M | 1.31M | 7K | 6K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.69M | 1.73M | 487K | 254K |
| Other Income/Expense | 5.75M | 5.23M | 7.1M | 9.81M | 2.02M | 172K | 29.63M | 8.23M | 7.57M | 2.65M | 667K | -2.16M | -535K | -177K |
| Pretax Income | -58.91M | -17.13M | 32.09M | 3.32M | -99.32M | -115.87M | -50.91M | -102.67M | -70.3M | -43.61M | -58.92M | -35.36M | -30.3M | -15.13M |
| Pretax Margin % | -165.74% | -22.48% | 23.24% | 3.28% | -186.82% | -310.54% | -74.4% | -178.58% | -118.15% | -60.89% | -391.67% | -458.56% | -596.81% | -1704.17% |
| Income Tax | 234K | 238K | 224K | 3.89M | 0 | 0 | 13.91M | -427K | 14.3M | -513K | -19K | 10K | 10K | 10K |
| Effective Tax Rate % | -0.4% | -1.39% | 0.7% | 117.12% | 0% | 0% | -27.33% | 0.42% | -20.35% | 1.18% | 0.03% | -0.03% | -0.03% | -0.07% |
| Net Income | -59.14M | -17.37M | 31.87M | -569K | -99.32M | -115.87M | -64.82M | -102.24M | -84.6M | -43.1M | -58.9M | -35.37M | -30.31M | -15.14M |
| Net Margin % | -166.4% | -22.79% | 23.08% | -0.56% | -186.82% | -310.54% | -94.73% | -177.84% | -142.19% | -60.17% | -391.54% | -458.69% | -597.01% | -1705.29% |
| Net Income Growth % | -242.16% | -154.5% | 5700.88% | 99.43% | 14.29% | -78.76% | 36.6% | -20.84% | -96.3% | 26.83% | -66.51% | -16.71% | -100.16% | - |
| Net Income (Continuing) | -59.14M | -17.37M | 31.87M | -569K | -99.32M | -115.87M | -64.82M | -102.24M | -84.6M | -43.1M | -58.9M | -35.37M | -30.31M | -15.14M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.33 | -0.15 | 0.38 | -0.01 | -1.48 | -1.26 | -0.71 | -2.26 | -2.03 | -1.16 | -1.63 | -1.00 | -0.87 | -15.32 |
| EPS Growth % | -172.2% | -139.47% | - | 99.48% | -17.46% | -77.46% | 68.58% | -11.33% | -75% | 28.83% | -63% | -14.94% | 94.32% | - |
| EPS (Basic) | - | -0.15 | 0.38 | -0.01 | -1.48 | -1.26 | -0.71 | -2.26 | -2.03 | -1.16 | -1.63 | -1.00 | -0.87 | -15.32 |
| Diluted Shares Outstanding | 177.27M | 137.94M | 84.75M | 73.81M | 65.74M | 64.15M | 46.15M | 45.34M | 41.66M | 37.17M | 36.23M | 35.49M | 34.92M | 988.51K |
| Basic Shares Outstanding | 177.27M | 137.94M | 84.44M | 73.81M | 65.74M | 64.15M | 46.15M | 45.34M | 41.66M | 37.17M | 36.23M | 35.48M | 34.92M | 988.51K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary milestone dependency risk
As reported in recent financial statements, CytomX's revenue trajectory has shifted from periodic growth to a sharp contraction, with the most recent quarterly revenue of $10.3 million representing a significant decline from the $50.9 million peak observed in the first quarter of 2025.
The revenue profile is inherently lumpy, driven by the timing of collaboration milestones rather than recurring commercial sales. This suggests that the current contraction may reflect a lull in clinical progress or the exhaustion of upfront payment amortizations, leaving the top line highly susceptible to the unpredictable nature of partner-driven development timelines.
Based on reported figures, CytomX maintains a near-100% gross margin, a structural artifact of its licensing-heavy business model that effectively hides the underlying research costs required to fulfill contractual obligations within the R&D line item rather than traditional cost of goods sold.
While the gross margin appears pristine, it provides little insight into the company's true profitability, as the absence of manufacturing costs is offset by heavy R&D spending. Investors should monitor whether future commercialization efforts introduce variable costs that could compress these margins as the company transitions from a pure R&D engine.
According to quarterly income statements, the company's operating leverage remains deeply negative, with operating losses reaching $19.7 million in 2026Q1, indicating that the current revenue scale is insufficient to cover the fixed costs associated with maintaining its proprietary Probody platform and ongoing clinical trials.
The inability to scale operating income alongside revenue suggests that the company's cost structure is heavily front-loaded. Without a significant increase in milestone-based inflows, the current operating model appears to require continuous external capital to sustain its research-intensive activities.
As evidenced by the provided data, R&D remains the primary driver of the company's cost structure, consistently consuming a significant portion of quarterly resources even as revenue fluctuates, which underscores the capital-intensive nature of advancing antibody-drug conjugate candidates through early-stage clinical development.
Management's expense discipline appears secondary to the necessity of funding clinical trial obligations, which remain the company's largest cash drain. The persistence of these costs, regardless of revenue recognition, suggests that the company's financial health is tethered to the successful advancement of its pipeline to trigger future partner payments.
Financial data suggests that CytomX faces a precarious outlook, as the reliance on a few large-cap pharmaceutical partners for the majority of its revenue creates a concentration risk that could lead to sudden, material declines in funding if strategic priorities at those partner firms shift.
Short-term observers may focus on the company's limited cash runway and the potential for dilutive financing to bridge the gap between milestone payments. The lack of recurring revenue streams warrants further investigation into whether the current platform can generate sufficient value to maintain its independence without further equity dilution.
Quick answers to the most common questions about buying CTMX stock.
For fiscal year 2025, CytomX Therapeutics, Inc. (CTMX) reported total revenue of $76.2M. This represents a 8481.2% increase compared to $0.9M in 2013.
CytomX Therapeutics, Inc. (CTMX) reported a net loss of $17.4M for the fiscal year ending 2025.
CytomX Therapeutics, Inc. (CTMX) reported an operating income of $-22.4M, resulting in an operating profit margin of -29.3%. This margin reflects the operational efficiency of the business before interest and taxes.
CytomX Therapeutics, Inc. (CTMX) generated $76.2M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.