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Sean A. McCarthy, CEO of CytomX Therapeutics (NASDAQ:CTMX), a biotech company currently trading at $0.67 and showing a strong 13% return over the past week, recently sold 37,656 shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at an average price of $0.599 each, amounting to a total transaction value of $22,555. This sale was conducted to satisfy tax or other government withholding obligations related to the vesting of restricted stock units. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt, and has achieved profitability over the last twelve months. Following this transaction, McCarthy retains direct ownership of 995,195 shares, which includes 488,750 restricted stock units. Additionally, McCarthy holds 93,158 shares indirectly through the Sean A. McCarthy 2018 Trust. InvestingPro analysis suggests the stock appears undervalued, with 11 additional exclusive insights available to subscribers.
In other recent news, CytomX Therapeutics Inc . reported impressive fourth-quarter 2024 financial results, with revenue reaching $138.1 million, significantly surpassing the forecast of $12.24 million. This strong performance is attributed to successful collaborations with partners such as Bristol Myers (NYSE:BMY) Squibb, Moderna (NASDAQ:MRNA), Astellas, and Regeneron (NASDAQ:REGN). Despite a decline in cash balance from $174.5 million in 2023 to $100.6 million, CytomX has extended its cash runway to the second quarter of 2026. The company’s operating expenses increased slightly to $113.1 million from $107.7 million in 2023, primarily due to milestone payments for clinical advancements. Additionally, CytomX announced the discontinuation of the CX-9004 program with Amgen (NASDAQ:AMGN), while emphasizing the progress of key clinical programs, CX-2051 and CX-8001. The company remains optimistic about its future, with plans to release initial Phase 1a data for CX-2051 in the first half of 2025 and initiate a combination study of CX-8001 with KEYTRUDA later in the year. Analyst firms like Jefferies and Piper Sandler are closely monitoring these developments, particularly the safety profile and therapeutic potential of CytomX’s lead programs.
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