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We are a clinical-stage, oncology-focused biopharmaceutical company dedicated to developing innovative therapies to address major unmet need in oncology. CytomX has led the field of conditionally activated, masked biologics through the development of its PROBODY technology platform.
The business is unprofitable at the operating level (-29.35% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 44.8% YoY. Margins deteriorated 47.4pp alongside, both lines moving the wrong way.
ROIC dropped from 212.09% to -31.37%, capital efficiency is deteriorating. Negative free cash flow of -$76M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$36M
▼ -44.8% YoY
Net Income (TTM)
-$59M
▼ -154.5% YoY
Op. Margin
-181.92%
▼ -47.4pp YoY
ROIC
-30.69%
▼ -243.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$80M
▲ +12.4% YoY
Op. Cash Flow (TTM)
-$80M
▲ +12.3% YoY
Net Debt
-$344M
Net Cash Position
Cash & Equiv.
$347M
5Y CAGR: +2.2%
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