CytomX Therapeutics, Inc. (Nasdaq:CTMX), a biopharmaceutical
company developing investigational Probody™ therapeutics for the
treatment of cancer, today reported financial results for the third
quarter of 2015 and provided an update on the Company's recent
progress.
"In recent months, we have presented data from programs across
our pipeline that showcase the broad potential of Probody
therapeutics," said Sean McCarthy, D.Phil., chief executive officer
of CytomX. "These data include preclinical proof-of-concept for our
lead Probody cancer immunotherapies and Probody drug conjugates. We
have also presented preclinical proof-of-concept data for T-cell
engaging Probody bispecifics and entered into a research
collaboration with MD Anderson Cancer Center to develop Probody
CAR-NK cell therapies. These advances illustrate the breadth and
depth of our innovative science and therapeutic pipeline."
Program and Corporate Updates:
CX-072 (PD-L1-Directed Probody Therapeutic) Results
Presented at ICIC
CytomX shared results from its lead program CX-072, a
PD-L1-directed Probody therapeutic, at the CRI-CIMT-EATI-AACR
Inaugural International Cancer Immunotherapy Conference on
September 16. The Company expects to file an Investigational New
Drug (IND) application for CX-072 in the second half of 2016 and
plans to share its clinical trial design for the first-in-human
studies during the second quarter of 2016.
Closed Initial Public Offering
On October 14, the Company announced the closing of its initial
public offering of 7,666,667 shares of common stock at an initial
public offering price of $12.00 per share which includes the
exercise in full by the underwriters of their option to purchase up
to 1,000,000 additional shares of common stock. The result was
gross proceeds of $92 million from the offering. These proceeds are
not reflected in the Company's balance sheet as of September 30,
2015.
Strategic Partnership with MD Anderson Center for
ProCAR-NK Cell Therapies
On November 5, CytomX announced a collaboration with The
University of Texas MD Anderson Cancer Center to research
Probody-enabled chimeric antigen receptor natural killer (CAR-NK)
cell therapies, to be known as ProCAR-NK cell therapies. MD
Anderson will leverage its expertise in developing allogeneic
umbilical cord blood and peripheral blood derived NK-cell therapies
and combine it with CytomX's Probody technology to address multiple
targets for this novel modality in cancer immunotherapy. Engineered
for more precise binding to tumors and reduced binding to healthy
tissue, ProCAR-NK cell therapies will be created against targets
for which toxicity is either known or anticipated to be a limiting
factor for traditional CAR cell therapies. Under the terms of the
agreement, CytomX will have the option to license therapeutics that
demonstrate preclinical proof of concept for clinical and
commercial development.
Poster Presentations on Probody Drug Conjugate and T
Cell-Engaging Probody Bispecific Programs at EORTC
The company also presented data from its Probody drug conjugate
program directed against CD166, as well as its proprietary T
cell-engaging Probody bispecific platform at the AACR-NCI-EORTC
International Conference on Molecular Targets and Cancer
Therapeutics in Boston from November 6 to 8. The Company expects to
select a clinical candidate for the CD166 program in the fourth
quarter and to file an IND during the first half of 2017.
Third Quarter 2015 Financial Results
CytomX reported a net loss attributable to common stockholders
of $14.8 million for the third quarter of 2015, compared to $4.8
million for the third quarter of 2014. The results included
non-cash, stock-based compensation charges of $1.3 million and
$164,000 for the third quarter of 2015 and 2014, respectively. The
results also included accretion to redemption value and cumulative
dividends on preferred stock of $3.0 million for the third quarter
of 2015, compared to $1.2 million for the third quarter of 2014. In
connection with our initial public offering, our preferred stock
converted to common stock. As of September 30, 2015, cash and cash
equivalents totaled $113.7 million and exclude proceeds from the
Company's initial public offering that closed on October 14.
Total revenues were $1.9 million for both the three months ended
September 30, 2015 and 2014.
Research and development expenses were $9.2 million and $3.9
million for the three months ended September 30, 2015 and 2014,
respectively. The $5.3 million increase in research and development
expenses in the third quarter was primarily due to manufacturing
and preclinical development costs for CX-072, an increase in lab
services and supplies related to advancement of our product
pipeline, and an increase in research and development personnel
costs.
General and administrative expenses were $4.1 million and $1.5
million for the three months ended September 30, 2015 and 2014,
respectively. The increase of $2.6 million in general and
administrative expenses in the third quarter was due to costs
associated with preparing to be a public company and our overall
growth including an increase in personnel, consulting and
professional services.
About CytomX Therapeutics
CytomX is an oncology-focused biopharmaceutical company
pioneering a novel class of investigational antibody therapeutics
based on its Probody technology platform. The company uses the
platform to create development-stage proprietary cancer
immunotherapies against clinically-validated targets, as well as to
develop first-in-class investigational cancer therapeutics against
novel targets. CytomX believes that its Probody platform has the
potential to improve the combined efficacy and safety profile of
monoclonal antibody modalities, including cancer immunotherapies,
antibody drug conjugates and T-cell-recruiting bispecific
antibodies. 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. Investigational Probody therapeutics are being
developed that address clinically-validated cancer targets in
immuno-oncology, such as PD-L1 against which our clinical candidate
CX-072 is directed, as well as novel targets, such as CD-166, that
are difficult to drug without causing damage to healthy tissues, or
toxicities. In addition to its proprietary programs, CytomX is
collaborating with strategic partners including Bristol-Myers
Squibb Company, Pfizer Inc. MD Anderson Cancer Center, and
ImmunoGen, Inc. For more information, visit www.cytomx.com.
Forward-Looking Statements
This 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. Our Probody platform is in
preclinical development, and the process by which a preclinical
technology could potentially lead to an approved product is long
and subject to significant risks and uncertainties. Applicable
risks and uncertainties include those relating to our preclinical
research and development and other risks identified under the
heading "Risk Factors" included in our filings with the SEC. 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 |
(in thousands, except share and
per share data) |
(unaudited) |
|
|
Three Months
Ended |
Nine Months
Ended |
|
September 30, |
September 30, |
|
2015 |
2014 |
2015 |
2014 |
|
|
|
|
|
Revenues: |
$ 1,939 |
$ 1,915 |
$ 5,724 |
$ 3,216 |
Operating expenses: |
|
|
|
|
Research and development |
9,157 |
3,916 |
18,854 |
23,963 |
General and administrative |
4,051 |
1,463 |
8,549 |
4,359 |
Total operating expenses |
13,208 |
5,379 |
27,403 |
28,322 |
Loss from operations |
(11,269) |
(3,464) |
(21,679) |
(25,106) |
Interest income |
407 |
2 |
874 |
5 |
Interest expense |
(718) |
(117) |
(1,356) |
(378) |
Other income (expense),
net |
(287) |
(10) |
(1,718) |
(44) |
Loss before provision for income taxes |
(11,867) |
(3,589) |
(23,879) |
(25,523) |
Provision for income taxes |
3 |
— |
8 |
— |
Net loss |
(11,870) |
(3,589) |
(23,887) |
(25,523) |
Accretion to redemption value and cumulative
dividends on preferred stock |
(2,958) |
(1,169) |
(6,147) |
(3,370) |
Net loss attributable to common
stockholders |
$ (14,828) |
$ (4,758) |
$ (30,034) |
$ (28,893) |
|
CYTOMX THERAPEUTICS,
INC. |
CONDENSED BALANCE
SHEETS |
(in thousands, except share and
per share data) |
|
|
September 30, |
December 31, |
|
2015 |
2014 |
|
(unaudited) |
|
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 36,191 |
$ 64,396 |
Restricted cash |
100 |
100 |
Short-term investments |
77,495 |
— |
Accounts receivable |
406 |
1,875 |
Prepaid expenses and other
current assets |
878 |
482 |
Total current assets |
115,070 |
66,853 |
Property and equipment, net |
3,667 |
3,018 |
Intangible assets |
1,750 |
1,750 |
Goodwill |
949 |
949 |
Other assets |
3,343 |
492 |
Total assets |
$ 124,779 |
$ 73,062 |
Liabilities, Redeemable Convertible
Preferred Stock, Convertible Preferred Stock and Stockholders'
Deficit |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 2,700 |
$ 1,919 |
Accrued liabilities |
5,143 |
1,695 |
Deferred revenues, current
portion |
6,130 |
6,130 |
Long-term debt, current
portion |
— |
1,419 |
Total current liabilities |
13,973 |
11,163 |
Long-term debt, net of current portion |
— |
1,568 |
Deferred revenue, net of current portion |
56,236 |
60,833 |
Convertible preferred stock warrant
liability |
788 |
186 |
Convertible preferred stock liability |
— |
395 |
Deferred tax liability |
507 |
499 |
Other long-term liabilities |
244 |
249 |
Total liabilities |
71,748 |
74,893 |
|
|
|
Redeemable convertible preferred stock |
158,605 |
76,236 |
Convertible preferred stock |
474 |
474 |
Stockholders' deficit |
|
|
Common stock |
1 |
1 |
Stockholders notes
receivable |
(78) |
(404) |
Additional paid-in capital |
— |
— |
Accumulated other comprehensive
income |
8 |
— |
Accumulated deficit |
(105,979) |
(78,138) |
Total stockholders' deficit |
(106,048) |
(78,541) |
Total liabilities, redeemable convertible
preferred stock, convertible preferred stock and stockholders'
deficit |
$ 124,779 |
$ 73,062 |
CONTACT: Media Contacts:
Canale Communications
Ian Stone
ian@canalecomm.com
619-849-5388
Investor Contacts:
Trout Group
Pete Rahmer
prahmer@troutgroup.com
646-378-2973
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