CytomX Therapeutics at Cantor Global Healthcare: Strategic Insights on CX-2051

On Thursday, 04 September 2025, at the Cantor Global Healthcare Conference 2025, CytomX Therapeutics (NASDAQ:CTMX) presented a strategic update on its innovative drug candidate, CX-2051. The discussion, led by CEO Sean McCarthy, highlighted the promising potential of this new treatment for metastatic colorectal cancer, while also addressing clinical challenges and future plans. The conference showcased both the promising advancements and the hurdles faced by CytomX as it strives to bring its therapies to market.

Key Takeaways

• CX-2051, an EpCAM-targeting ADC, shows a promising 28% overall response rate in late-stage CRC.
• CytomX ended Q2 with $158 million in cash, ensuring financial stability into 2027.
• The company is actively seeking partnerships to advance its Probody platform.
• A reported patient death was discussed transparently, with emphasis on safety management.
• Significant market potential exists in the third and fourth-line CRC treatment settings.

Financial Results

• Cash Position: CytomX concluded Q2 with $158 million, providing a financial runway into 2027.
• Future Funding: The company is exploring non-dilutive capital through partnerships and business development efforts centered around its Probody platform.

Operational Updates

• CX-2051 Development: The Phase 1 study of CX-2051 has completed enrollment, with a data update expected in Q1 of next year.
• Adverse Event Management: An updated plan includes prophylactic measures to manage GI toxicities, specifically grade 3 diarrhea.
• Partnership Interest: There is strong external interest in CytomX’s data, indicating potential for future collaborations.

Future Outlook

• Registrational Path: CytomX aims to advance CX-2051 to registration swiftly, considering a fourth-line CRC trial against Requintinib.
• Clinical Trial Design: Potential for accelerated approval based on PFS data, with future studies anticipated to be smaller due to CX-2051’s expected performance.
• Market Opportunity: Significant revenue potential is identified in both third-line (over 30,000 patients annually) and fourth-line (approximately 12,000 patients annually) CRC settings.

Q&A Highlights

• EpCAM Targeting: The unique masking technology allows specific targeting of EpCAM in tumors, overcoming historical challenges.
• Safety Concerns: The reported patient death was addressed, emphasizing transparency and consistency with the adverse event profile.
• Next Steps: The primary focus remains on advancing CX-2051 toward registration, with significant revenue opportunities in the U.S. market.

In conclusion, CytomX Therapeutics provided a comprehensive overview of its strategic direction and clinical progress at the Cantor Global Healthcare Conference. For further details, refer to the full transcript below.

Full transcript - Cantor Global Healthcare Conference 2025:

Olivia Breyer, Senior Biotech Analyst, Cantor: Okay. Hey, good morning everyone. Welcome to day two of the Cantor Healthcare Conference. My name is Olivia Breyer. I’m one the senior biotech analysts here at Cantor.

And we have the pleasure of hosting Sean McCarthy, who’s President and CEO of CytomX Therapeutics. Sean, thanks for making the trip. Happy to have you here.

Sean McCarthy, President and CEO, CytomX Therapeutics: Thanks for having us, Olivia. Great to be here and looking forward to our conversation.

Olivia Breyer, Senior Biotech Analyst, Cantor: Yes. Really interesting time for your company. You guys just had some initial very positive data. You’ll have some more coming up next year. So, maybe give us the lay of the land of the company as it sits today as we head into next year.

What are you most excited about as we get to the next phase one card flip for your EpCAM ADC?

Sean McCarthy, President and CEO, CytomX Therapeutics: It’s been a really exciting year for us for sure and obviously very focused right now on the CX 2,051 EpCAM ADC which really integrates so much of the work that we’ve done over many years with our Probody therapeutic masking platform and in particular applying it to antibody drug conjugates. I’m sure we’ll come back to other applications a bit later. But on 2051 the first look that we shared in May of clinical data from our Phase one study is really showing that this drug is performing as we designed it and it’s been a very intentional design leveraging our masking strategy to address EpCAM with a systemic ADC for the first time. So we think we’ve really broken new ground. We’ve shown impressive clinical activity in the late line metastatic CRC setting which is a very hard place to show this kind of clinical benefit for patients and it really unlocks EpCAM as a target not just in CRC but potentially in many other tumor types as well.

So we’re currently expanding that study. We’re going to have additional data in 2026. We recently announced that enrollment into the expansion phase is complete. Actually exceeded our expectations in terms of timing and we’re right on track to deliver what we’ve communicated previously which is an update in Q1 of next year from more than 70 patients across three different dose levels. Really excited about the drug candidate, about what it’s doing for patients.

And I think more than anything just the fact that even in a really tough environment particularly as it was earlier this year, even in a really tough environment that investors have seen the potential in the drug and in the platform and in the company allowing us to raise $100,000,000 round concurrent with the announcement of that data in May setting us up to continue to do what we’re here to do which is to develop great drugs.

Olivia Breyer, Senior Biotech Analyst, Cantor: Yes. And EpCAM hasn’t always historically been the easiest target. So maybe just talk about the antibody masking technology that you all have. I mean, what makes it unique and what gives you confidence that you will be able to turn EpCAM into a druggable target so to speak?

Sean McCarthy, President and CEO, CytomX Therapeutics: Yes. So, platform technology, the Probody therapeutic platform is a masking strategy. We have as you know we’ve been in this space for a while. We’ve pioneered the space actually going back more than a decade and in our particular case our strategy for masking is peptide based. So it’s a peptide based mask with a protease cleavable linker and the whole system is designed to allow for mask removal in the tumor microenvironment by tumor associated proteases.

We’ve achieved every first in this field over the years in terms of showing how this type of technology can function in patients. And we have been followed by others in the space several of whom are also doing quite well. And there are different strategies for masking. There’s peptide masking as we pioneered. There are less specific masking domains being employed by others and then there are even other approaches to conditional activation including pH dependent binding of antibodies to tumor targets leveraging differences in pH between normal and tumor tissue.

So different ways to potentially go about solving the challenge of getting the drug to the tumor and avoiding binding in normal tissues. We think our approach is the optimal one because it allows for a high degree of tunability in terms of getting the affinity of the mask right, the protease cleavability of the protease substrate right to deliver the appropriate therapeutic window.

Olivia Breyer, Senior Biotech Analyst, Cantor: So why is ADC in particular the right approach at least near term?

Sean McCarthy, President and CEO, CytomX Therapeutics: Yes. Well, ADCs, I mean we’ve always had the view that our platform should be applied in a multi modality way and that continues to be the case. It’s certainly the ADC that’s in the news right now given the impressive activity that we’ve shown in CRC but we continue to be active in T cell engagers, in cytokines and other areas where improvement of therapeutic window could be really impactful. In terms of ADCs, we’ve done a lot of work with a couple of other programs that really led to the design of 2051 and the thesis around applying masking to ADCs is to go after, it allows us to go after some of the most abundantly and broadly expressed tumor antigens even though they’re expressed in normal tissue. And EpCAM is one of the best if not the best examples of this.

And so as you mentioned EpCAM has been on the radar screen for all of us in oncology R and D for a long time. This target has been drugged successfully in the past but only with the locally administered therapeutics. There are drugs that can be administered for example into the bladder that can have impact, into the peritoneal cavity that can have impact but no one’s broken through giving a systemic anti EpCAM therapeutic because EpCAM epithelial cell adhesion molecule as the name suggests is expressed on most epithelial structures. And some of the early approaches to drugging, trying to drug EpCAM quickly run into toxicities for example acute pancreatitis or liver toxicities that limited their development. In the design of 2051 we’ve been very intentional in thinking about the three components that go into the design of an optimal drug using masking strategies.

Number one, what’s the target and what’s the validation that that target has to show that if you can engage it it will shrink tumors? EpCAM has that validation as I’ve already said from locally administered therapies. What’s the tumor type that you’re going to treat? Be very intentional about the tumor you’re going to go after where the unmet need is high and in this case late stage colorectal. Execute a clinical strategy specifically in that tumor type to get to an answer as quickly as you can.

And then the third component of this three component strategy for intentional drug design at CytomX is of course what’s the effector. And in this case we chose a TOPO-one inhibitor in the context of an ADC because we know that colorectal cancer can respond to the early lines to TOPO-one inhibition because of course oreniticam is such an embedded part of the standard of care. So that’s kind of how we got to 2051 and we think ADCs are just a terrific application of this technology.

Olivia Breyer, Senior Biotech Analyst, Cantor: Yes. And you mentioned safety, right, and just the importance of safety, especially around this EpCAM target. I mean, maybe just talk through the data you’ve seen to date. I know there was a disclosed patient death that did get some attention a couple of weeks ago. So maybe just walk us through what happened there?

What are you all doing to actively manage for or mitigate some of those toxicities that have historically been seen with this target?

Sean McCarthy, President and CEO, CytomX Therapeutics: Yes. So, beginning with the activity of the drug, just to summarize the data that we presented in May. So across 18 efficacy evaluable patients at that time at doses of seven point two, eight point six and ten mgs per kg which are now our expansion doses we demonstrated a 28 overall response rate which to put that in context compares to in the late line with drugs like Fruquintinib, Regorafenib or Loncer if you’re looking at response rates in the one percent to two percent range. So this is really a big step forward in terms of showing clinical activity in the late line CRC setting and in fact at ten milligrams per kilogram we saw three out of seven patients were confirmed PRs which was really, really exciting. This forty two percent ORR at the highest dose that we’re currently expanding.

So clearly this is a very active drug in CRC. It’s absolutely working as designed. In terms of AE profile, first of let’s talk about what we didn’t see. We saw low rates of hematologic toxicity which is really important because of course our longer term objective with 2051 is to bring it earlier the treatment paradigm and so that will be we think a significant advantage in terms of combinations with chemotherapy in the earlier line setting. And as we look at some of the other competitive agents being developed in CRC we do see higher rates of heme tox compared to 02/1951.

We did see a GI signal, tox signal. We saw about a 20 incidence of grade three diarrhea in the study. We know that TURPA1 inhibitors can induce diarrhea. It’s a well established toxicity seen with irinotecan. And the payload KAM59 which we licensed for Immunogen.

This is the first evaluation in patients of how KAM59 behaves. And so we’re learning more all the time and so not surprised to have seen GI talks.

Olivia Breyer, Senior Biotech Analyst, Cantor: John, can you contextualize that GI talks a little bit more for the audience just because we have seen high rates of GI and diarrhea with a lot of other drugs in CIC but also some later line solid tumor indications.

Sean McCarthy, President and CEO, CytomX Therapeutics: Absolutely. This is not an unusual toxicity to see. There are other agents with TOPO-one inhibitors. For example, Trodelvy which has a significant rate of grade three diarrhea. We also see other targeted agents for example HER2 bispecifics, HER2 small molecules, the Lilly CDK4six inhibitor Verzenio.

So this is not an unusual toxicity for a TOPOL-one ADC and something that we’ll learn more about over time. In terms of the steps that we’re taking, it’s important to also note that that first twenty of twenty five five safety evaluable patients in that first dataset in May and we had not implemented up to that data cut any significant prophylactic measures to try to mitigate and decrease the incidence of grade three diarrhea. In April around the time that we decided to expand these three doses in the study we did update our AE management plan to include for example prophylactic loperamide, anti motility agent which is well understood treatment for diarrhea and that’s something that is being utilized by our investigators in the context of the expansion phase. Certainly more to learn about this the overall integrated AE profile. In terms of that grade five event, it was a complicated situation.

We learned of that event some time ago. It was an event that was secondary we believe to GI toxicities specifically nausea, vomiting and diarrhea. It was an unusual clinical case. The patient as we subsequently learned had donated a kidney to a sibling some time ago, decades ago. Met all the enrollment criteria to come on to the study in terms of renal function.

But as the patient experienced GI toxicities the patient deteriorated and unfortunately didn’t make it for a whole host of other complicated reasons relating to that patient’s medical history. We did report that of course to FDA and we decided to communicate press release that event because of this somewhat new phenomenon that we’re all dealing with in our companies which is how to manage inbound interest and requests that relate from patient blogging. So we’re seeing a lot more activity I would say over the last couple of years running clinical studies, seeing patients sharing information which of course they want to do and is their right with each other as they’re on clinical studies. I’d say that it feels like investors are paying a bit more attention to this information these days and perhaps they did and there’s more information making its way to the public domain. And we saw some very specific posting relating to this adverse event some of which was accurate, a lot of which was not.

And we received a significant number of inbounds from our investors and we decided pretty quickly actually to just communicate and set the record straight in terms of what we did know and what had happened with that patient and also what was inaccurate. For example that there was an investigation with FDA or that the study was on hold and so on and so forth. So we thought it was better to get out in front of that and I’d say that our conversations with investors in the ensuing days and since then have been very constructive and I think people are appreciative of how we effectively managed a complicated situation.

Olivia Breyer, Senior Biotech Analyst, Cantor: Yes. I mean, we always appreciate the transparency. So, thank you for that and for staying in front of it. You mentioned dialogue with the FDA or that you all disclosed it to the FDA. And I know there was a safety review committee that was also involved.

What’s been the feedback from both of those entities? I mean, obviously, your trial is continuing as planned. So there’s no real I guess what I’m trying to ask, right, is, one, what’s been the feedback? And two, why shouldn’t investors be concerned about this event going forward?

Sean McCarthy, President and CEO, CytomX Therapeutics: Well several reasons. First of all, although this was a grade five very unfortunate event, the actual clinical case is not overall inconsistent with what we’ve seen previously with 02/1951. So this patient was particularly unique but the patient experienced GI toxicities that we’ve seen and reported previously even in our first update in May. So as we met with our SRC which is comprised of our clinical investigators very quickly after learning of that event their view was this is something that looks like an outlier case not inconsistent with the overall AE profile that we’re seeing for 2051 and study should absolutely continue. That decision was made very, very quickly.

In terms of FDA, obviously can’t comment on any specific dialogue with FDA but we fulfilled our obligation in terms of reporting in a timely manner and that was gosh more than six weeks ago and study continues and everything remains on track. We are as I said earlier, we’re fully enrolled with the expansion phase. We can certainly enroll additional patients as and when we need to or decide to. The study is open and ongoing and I think that we again I think we’ve very effectively navigated that situation. The event in and of itself was not something that we needed to disclose.

These things happen in clinical trials. These things particularly happen in late stage studies such as this patient population that we’re studying at fifth line fourth fifth line or even later CRC. But again, we decided to be transparent just to stay ahead of it. So that’s kind of our assessment.

Olivia Breyer, Senior Biotech Analyst, Cantor: Have you guys disclosed whether the patient was in a dose escalation group or which dose the patient was in?

Sean McCarthy, President and CEO, CytomX Therapeutics: This was an escalation patient. Mean, an expansion patient rather, but we haven’t shared with those.

Olivia Breyer, Senior Biotech Analyst, Cantor: Okay. And then how does this change how you’re thinking about like eligibility or enrollment criteria going forward? Are there any tweaks that you can make just to try to mitigate for any one off?

Sean McCarthy, President and CEO, CytomX Therapeutics: It really hasn’t changed very much at all. This patient was the study in terms of at the time entry to the study and the time of screening and obviously we will be paying even closer attention Patients have donated kidneys is not something that you see very typically. So again this looks to us like an outlier case. But no, we’re confident about our enrollment criteria. We think that we’re doing all the right things there.

Olivia Breyer, Senior Biotech Analyst, Cantor: Okay, great. Can you you can hear us both now? Great. So let’s fast forward. You’ve got data coming in 1Q.

Maybe just set the stage, how many patients, what should we be looking for? I assume ORR, probably an update on DCR, safety. What else can we expect to learn?

Sean McCarthy, President and CEO, CytomX Therapeutics: Yes. So it should be a pretty robust update across those three dose levels. So again, we’ve enrolled across those three dose levels. We’ve expanded to about 20 patients in each dose level. And the update in Q1 will be of course an update on the activity that we’re seeing.

I do anticipate that we’ll have pretty significant follow-up on the majority of patients, which obviously is important. So we should have a pretty good look at how PFS is shaping up across those three doses. And of course where the AE profile is at that point the impact of prophylactic measures as well. But most importantly of course the work that we’re doing in the expansion phase is principally designed to pick our dose or doses for the next study and it would be great. Maybe we should talk a little bit about where we’re going next in terms of what do the next studies for 2051 look like as we move into 2026.

Olivia Breyer, Senior Biotech Analyst, Cantor: Yeah. Are there higher doses that you plan to study?

Sean McCarthy, President and CEO, CytomX Therapeutics: We have evaluated two additional dose levels in the study in the dose escalation. We reported in the May disclosure we had the view that those upper dose levels, dose level six and seven were getting into the territory of maximum administered dose. We’re not currently expanding at those dose levels. You of course want to get there in a dose escalation to get a sense of what the upper bound is. But we think we’ve got what we need at the three dose levels of seven point two, eight point six and ten where there’s a lot of room to maneuver we think in terms of the activity that we’ve seen for the drug not just in terms of ORR but also in terms of disease control rate and also PFS.

Olivia Breyer, Senior Biotech Analyst, Cantor: So, what do your next steps look like at this point? I mean, I assume there’ll be some engagement with FDA around what a regulatory path forward looks like or a registrational study.

Sean McCarthy, President and CEO, CytomX Therapeutics: Yeah.

Olivia Breyer, Senior Biotech Analyst, Cantor: What are you guys thinking about just in terms trial design, potential dose moving forward? I mean, I guess we’ll wait to see what the first quarter update looks like. But what can you tell us at this stage?

Sean McCarthy, President and CEO, CytomX Therapeutics: Yeah. So, obviously, we’ll data driven based on what we see in this next data set. But we’re I mean our main goal as a company right now is to get this drug into the next stage of development and push it to registration as quickly as we possibly can. And given the scope of the unmet need in the late line CRC setting, we’ve got we believe a very competitive drug candidate here. So we haven’t locked into any specific design yet in that next study but one example would be to go into the fourth line compared to current standard of care maybe one specific component of standard of care like for example, Requintinib which is approved in the fourth line which as I’ve already mentioned has an overall response rate of one percent to two percent and median PFS of two to three months.

So we think that 2051 would be very competitive in that setting and that’s a study that again depending upon what we see the expansions could be run with one dose. Maybe we’re still evaluating two doses in Phase two depending upon how quickly we get there. And that’s a study that we think could be designed with potential registrational intent. We’re also keeping a close eye on the third line setting as well. So in the third line of course Bevlon Surf has become standard of care, low single digit response rate, five ish months of PFS.

Our understanding is that in the actual real world setting is not performing quite as well as indicated by those numbers. And so we’ll be evaluating our data very carefully over the next few months to figure out whether we see an opportunity for monotherapy in the third line as well. And then of course as we move into 2026 another key objective will be to start combination studies and the most obvious combination to start is bev to allow us to bring 2,051 into earlier lines of therapy including, but not limited to, the third line.

Olivia Breyer, Senior Biotech Analyst, Cantor: So, would consider doing for a potential third line study, would you do a monotherapy arm and a combo arm with bev? Or is the bev combo really more of a second line and moving further upstream?

Sean McCarthy, President and CEO, CytomX Therapeutics: I think it’s going to be yes, very data driven, right, in terms of what we see, particularly in terms of what we see with PFS. So, I think everything is still on the table for sure.

Olivia Breyer, Senior Biotech Analyst, Cantor: And then, as you think about endpoints, what’s your expectation there around ORR versus PFS versus maybe not overall survival, but curious to hear your thoughts.

Sean McCarthy, President and CEO, CytomX Therapeutics: Yeah. I think we need to be a little cautious there in the CRC setting. So, of course, there’s little precedent in colorectal, late stage metastatic colorectal for ORR driven endpoints for accelerated approval. It’s not unprecedented. It has been seen with certain targeted therapies, but that’s not an expectation that we’re setting just yet.

It’s more likely that an approval endpoint in a potentially accelerated approval would be PFS driven potentially with an early look at OS. But in this setting the disease moves so quickly and PFS is so short for current standard of care, that’s a study that could be executed very rapidly. So we don’t think that’s an impediment to getting the drug to potential registration very, very quickly. Obviously, we’re going be data driven and depend upon our dialogue with FDA at the appropriate time.

Olivia Breyer, Senior Biotech Analyst, Cantor: Sure. And then, so let’s assume you move forward with a randomized control fourth line study. Anything you can tell us at this point around how you’re thinking about, I assume there’ll be a superiority analysis. Anything you can tell us about statistical design? Is it

Sean McCarthy, President and CEO, CytomX Therapeutics: Not yet. But I think, again, given the space between standard of care and what we think the performance of 2051 could be, we do think that the study these next studies would not need to be too large. Sure.

Olivia Breyer, Senior Biotech Analyst, Cantor: And then as you think about the unmet need in fourth line, maybe just frame the revenue opportunity there. I mean, patient numbers, how big of a market realistically could fourth line be? And where do you think it would slot in? I mean, as simple as it would become the new standard of care fourth line therapy? Or does it get a little bit more nuanced than that as you consider orals and other things like that in the space?

Sean McCarthy, President and CEO, CytomX Therapeutics: Yes. So, the fourth line opportunity is significant. In The U. S. Alone, we’re looking at about twelve thousand patients on an annual basis.

In the third line, 30 plus thousand patients. And so it’s not hard to get to a multibillion dollar drug here even in the late line setting. So in The U. S. Alone, so we really think the opportunity with 2,051 is huge.

Of course thinking about then modeling in earlier lines coming into second line and then outside of CRC in other tumor types. And right now we’re pretty focused in colorectal because we see that as a massive opportunity. But we are highly interested in moving into other tumor types. To facilitate that we of course are mindful that a partner for the drug could be helpful at the right time. That’s we’ve always said with our robust deal making over the years it’s all about doing the right deal at the right time.

But it’s not lost on us that a partnership on 2051 could make sense and probably won’t surprise you to hear that there’s been robust interest in our data from external parties over the last few months.

Olivia Breyer, Senior Biotech Analyst, Cantor: Would a potential partnership be something where you would maintain control in The U. S, but commercialize it ex U. S. With a partner? Or at that point, would it become there would maybe be an opt in period where a partner could move that into a registrational study.

I mean, I know it’s a little bit early to comment on without actually having any agreements in place. But what would be an ideal partnership for you all as you think about this program?

Sean McCarthy, President and CEO, CytomX Therapeutics: Well, our corporate and strategic goal continues to be to build CytomX to commercial stage company. And 02/1951, we believe, gives us an incredible opportunity to do that. And so any partnership that we explore will be structured in the context of our commercial ambitions.

Olivia Breyer, Senior Biotech Analyst, Cantor: Okay. Understood. And then maybe remind us on just on capital allocation and cash runway.

Sean McCarthy, President and CEO, CytomX Therapeutics: Yes. Ended Q2 with $158,000,000 on the balance sheet. So strong cash position and that provides runway into 2027. So in a great place having financed on the heels of the really exciting 2051 data earlier in the year. We continue to be active in business development.

Probably surprise you that based on the really clear proof of concept for the technology platform that we’ve now demonstrated in our view with 2051 we’re now active in BD again and a lot of interest in the CytomX Probody Therapeutic platform. And so potential as there always has been for non dilutive capital over the course of that runway. So we feel like the company is in a very strong place from a financial perspective.

Olivia Breyer, Senior Biotech Analyst, Cantor: And you have talked about the potential for your Probody technology and other modalities, right, outside of BC. So maybe just talk about, are there modalities at this point that you all have identified or that you feel like maybe have a higher probability of success with your technology platform?

Sean McCarthy, President and CEO, CytomX Therapeutics: Well, we continue to be really interested in T cell engagers. We’re doing a lot of work with our partners, with Regeneron, with Astellas as two examples. And the field has made some progress in terms of masking that overall modality. It’s a more complex modality I would say than ADCs. The field is probably ten years less advanced than antibody drug conjugates.

But nonetheless we’ve made significant progress. We demonstrated with our EGFR CD3 CX-nine zero four program that masking on CD3 can substantially reduce cytokine release syndrome, masking on EGFR substantially reduce the EGFR toxicities. And so we’re optimistic about T cell engagers. And then it may be our last minute I can just give a quick summary where we are with our other clinical program which is our masked version of interferon alpha, the cytokine interferon alpha. So we’re in the clinic with CX-eight zero one, a duly masked interferon alpha 2b.

We’re running a very focused clinical study in metastatic melanoma looking for initial proof of concept in combination with KEYTRUDA. We do anticipate having initial biomarker data by the end of this year looking at the molecular performance of eight zero one in melanoma patients and our guidance is clinical data for the combination in 2026. So another exciting program. So we think ADCs, T cell engagers and cytokines continue to be important applications of masking. And I think you’ll continue to see us active in all of those areas whether it’s with our own internal proprietary programs or in our partnerships.

Olivia Breyer, Senior Biotech Analyst, Cantor: And that biomarker data, is that an internal readout? Or will you all be presenting that at some medical congress by the end of the year or sometime next year?

Sean McCarthy, President and CEO, CytomX Therapeutics: Yes, to be determined, but certainly by the end of the year. Okay.

Olivia Breyer, Senior Biotech Analyst, Cantor: Great. Well, clearly a lot going on. We’re looking forward to all the updates.

Sean McCarthy, President and CEO, CytomX Therapeutics: A lot going on, yes. Well, thanks for the time.

Olivia Breyer, Senior Biotech Analyst, Cantor: Thanks, Sean. Congratulations.

Sean McCarthy, President and CEO, CytomX Therapeutics: Thank you very much.

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