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SOUTH SAN FRANCISCO – CytomX Therapeutics, Inc. (NASDAQ: CTMX), a biotech company currently valued at $57 million and trading below its InvestingPro Fair Value, in partnership with Moderna, has revealed new preclinical data for an innovative mRNA encoded masked IL-12 molecule, which shows potential in cancer treatment. The findings were presented at the American Association for Cancer Research (AACR) Annual Meeting in Chicago. The company maintains a strong financial position with more cash than debt on its balance sheet.
The collaboration aims to overcome the limitations of IL-12, a cytokine with anti-tumor properties, whose clinical application has been restricted due to its inflammatory toxicity. By leveraging CytomX’s PROBODY® technology and Moderna’s mRNA platform, the companies have developed a masked IL-12 therapeutic designed for activation within the tumor microenvironment, potentially reducing systemic side effects. This strategic partnership comes as CytomX demonstrates strong financial performance, with a 36% revenue growth in the last twelve months and a remarkable 100% gross profit margin.
The AACR presentation, titled "An mRNA-encoded masked IL-12 improves systemic tolerability while maintaining anti-tumor efficacy in preclinical studies," demonstrated the concept’s viability, marking a significant milestone in the CytomX-Moderna collaboration.
CytomX’s PROBODY® therapeutics are conditionally activated biologics intended to localize to the tumor microenvironment, potentially offering a safer and more effective approach to cancer treatment. The company’s pipeline includes various modalities like antibody-drug conjugates (ADCs), T-cell engagers, and immune modulators.
Despite the promising nature of the preclinical data, CytomX cautions that its product candidates, including CX-2051 and CX-801, are still in the early stages of development. The company acknowledges uncertainties inherent in the development process and the need for successful clinical trials before any product can be deemed safe and effective.
Investors and interested parties should note that forward-looking statements involve risks and uncertainties. The information in this article is based on a press release statement, and the success of the collaborative efforts between CytomX and Moderna will depend on the outcomes of ongoing research and development activities.
In other recent news, CytomX Therapeutics reported an impressive fourth-quarter 2024 financial performance, with total revenue reaching $138.1 million, significantly surpassing the forecast of $12.24 million. This strong revenue growth is attributed to successful collaborations with major partners such as Bristol Myers Squibb, Moderna, Astellas, and Regeneron. Piper Sandler initiated coverage on CytomX with an Overweight rating and set a price target of $2.50, acknowledging the company’s progress in clinical trials and strategic partnerships. CytomX is actively enrolling participants for the seventh cohort in the Phase I dose-escalation study of CX-2051, a drug candidate for metastatic colorectal cancer, with initial results expected in the second quarter of 2025.
Additionally, the company is conducting a Phase I study of CX-801 for metastatic melanoma, with preliminary data anticipated in the second half of 2025. CytomX concluded 2024 with $101 million in cash reserves, projected to sustain operations into the second quarter of 2026. However, the company has faced challenges, such as the discontinuation of the CX-9004 program with Amgen. Despite these hurdles, Piper Sandler highlights CytomX’s strategic partnerships as a key aspect of its business model, contributing to a positive outlook on the stock.
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