CytomX Therapeutics, Inc. Q2 FY2024 earnings call

• Sean McCarthy provided updates on CX-904, including positive Phase 1a dose escalation results and plans to accelerate enrollment in pancreatic cancer and prioritize enrollment in head and neck and non-small cell lung cancers. - CX-2051, a first-in-class EpCAM-directed PROBODY ADC, has started its Phase 1 dose escalation study with enrollment in the third cohort. - CX-801, a dually masked interferon alpha 2B PROBODY cytokine, has opened its Phase 1 dose escalation study. - The company has ongoing collaborations with over 10 partners, with $10 million in pre-clinical milestones achieved in 2024 through collaboration with Astellas. - Focus on controlling costs and disciplined capital allocation to invest in clinical pipeline progression.

CytomX finished the second quarter of 2024 with $137 million in cash, cash equivalents and investments, down from $150 million at the end of Q1 2024. Revenue for Q2 2024 was $25.1 million, up slightly from $24.7 million in Q2 2023. Operating expenses were $33.6 million, with R&D expenses at $25.2 million (an increase of $4.5 million from Q2 2023) and G&A expenses at $8.4 million (an increase of $1 million from Q2 2023).

• Cash balance is expected to fund operations to the end of 2025 without assuming additional milestones from collaborations. - Goal to generate data for CX-904 by the end of 2024 to enable strategic dialogue with Amgen regarding Phase 1b expansions. - CX-2051 is on track for initial data in the first half of 2025. - CX-801 is anticipated to have initial data in the second half of 2025.

• Forward-looking statements are subject to inherent uncertainties and risks, as detailed in the company's most recent public filings with the SEC. Uncertainties include those outside of the company's control that could impact clinical development and commercialization of programs.

Q: Etzer Darout asked about the correlation between efficacy and EGFR expression in CX-904 and the venue for the year-end update.

A: Sean McCarthy mentioned EGFR expression in pancreatic cancer relates to observed activity, but specific correlations between target level and response are still being determined; an update by the end of the year is planned with data to inform strategic dialogue with Amgen, venue TBD.

Q: Malcolm Kuno inquired about the size of data expected for CX-904 and indication prioritization.

A: Sean McCarthy stated the goal is to generate data by year-end for strategic dialogue with Amgen, prioritizing enrollment in pancreatic, head and neck, and non-small cell lung cancers to explore signals in those indications.

Q: Dan on behalf of Mitch asked about meaningful response rates for CX-904 in pancreatic cancer and tolerability differences for CX-2051.

A: Sean McCarthy said response rate bar is low in pancreatic cancer due to limited existing therapies; on CX-2051, EpCAM expression is highly consistent in colorectal cancer where enrollment is focused, and tolerability differences based on EpCAM expression variability are early to determine but initial progress in Phase 1 is positive.