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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 001-37587

 

CytomX Therapeutics, Inc.

(Exact name of Registrant as Specified in its Charter)

 

 

Delaware

 

27-3521219

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

151 Oyster Point Blvd., Suite 400

South San Francisco, CA 94080

(Address of principal executive offices, including zip code)

(650) 515-3185 

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.00001 par value per share

 

CTMX

 

Nasdaq Global Select Market

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes        No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

☐ 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of October 31, 2020, the registrant had 46,224,402 shares of common stock, $0.00001 par value per share, outstanding.

 

 

 

 


CYTOMX THERAPEUTICS, INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2020

TABLE OF CONTENTS

 

 

  

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

  

Condensed Financial Statements (Unaudited)

 

5

 

  

Condensed Balance Sheets

 

5

 

  

Condensed Statements of Operations and Comprehensive Loss

 

6

 

 

Condensed Statements of Stockholders’ Equity

 

7

 

  

Condensed Statements of Cash Flows

                          

9

 

  

Notes to Condensed Financial Statements (Unaudited)

 

10

Item 2.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

30

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

 

39

Item 4

  

Controls and Procedures

 

40

 

 

 

 

 

 

  

PART II – OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

  

Legal Proceedings

 

41

Item 1A.

  

Risk Factors

 

41

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

 

82

Item 3.

  

Defaults Upon Senior Securities

 

82

Item 4.

  

Mine Safety Disclosures

 

82

Item 5.

  

Other Information

 

82

Item 6.

  

Exhibits

 

83

Signatures

 

85

 


2


 

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains certain forward-looking statements that involve risks and uncertainties. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” “annualized” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, including those factors identified in “Risk Factors” or “Management’s Discussion and Analysis of Financial Condition and Results of Operations” or the following:

 

 

the extent to which the COVID-19 coronavirus and related governmental regulations and restrictions may impact our business, including our research, clinical trials, manufacturing and financial condition;

 

 

our expectations regarding the potential benefits, activity, effectiveness and safety of our product candidates and therapeutics developed utilizing our Probody® platform technology;

 

 

the initiation, timing, progress and results of our ongoing clinical trials, research and development programs, preclinical studies, and regulatory submissions, including Investigational New Drug (“IND”) applications, Clinical Trial Applications, New Drug Applications (“NDA”) and, Biologics License Applications (“BLA”);

 

 

the timing of the completion of our ongoing clinical trials and the timing and availability of clinical data from such clinical trials;

 

 

our ability to identify and develop additional product candidates;

 

 

our dependence on collaborators for developing, obtaining regulatory approval for and commercializing product candidates in the collaboration;

 

 

our or a collaborator’s ability to obtain and maintain regulatory approval of any of our product candidates;

 

 

our receipt and timing of any milestone payments or royalties under any research collaboration and license agreements or arrangements;

 

 

our expectations and beliefs regarding the evolution of the market for cancer therapies and development of the oncology industry;

 

 

the rate and degree of market acceptance of any approved product candidates;

 

 

the commercialization of any approved product candidates;

 

 

our ability to establish and maintain collaborations and retain commercial rights for our product candidates in such collaborations;

 

 

the implementation of our business model and strategic plans for our business, technologies and product candidates;

 

 

our estimates of our expenses, ongoing losses, future revenue and capital requirements;

 

 

our ability to obtain additional funds for our operations;

 

 

our or any collaborator’s ability to obtain and maintain intellectual property protection for our technologies and product candidates and our ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property rights of others;

 

 

our reliance on third parties to conduct our preclinical studies or any future clinical trials;

 

 

our reliance on third-party supply and manufacturing partners to supply the materials and components for, and manufacture, our research and development, preclinical and clinical trial product supplies;

 

3


 

 

our ability to attract and retain qualified key management and technical personnel;

 

our ability to secure and maintain licenses of intellectual property to protect our technologies and product candidates;

 

 

our financial performance; and

 

 

developments relating to our competitors or our industry.

Any forward-looking statements in this Quarterly Report on Form 10-Q reflect our current views with respect to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under Part II, Item 1A. Risk Factors and discussed elsewhere in this Quarterly Report on Form 10-Q. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

This Quarterly Report on Form 10-Q also contains estimates, projections and other information concerning our industry, our business and the markets for certain drugs and therapeutic biologics, including data regarding the estimated size of those markets, their projected growth rates and the incidence of certain medical conditions. Information that is based on estimates, forecasts, projections or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained these industry, business, market and other data from reports, research surveys, studies and similar data prepared by third parties, industry, medical and general publications, government data and similar sources. In some cases, we do not expressly refer to the sources from which these data are derived.

Except where the context otherwise requires, in this Quarterly Report on Form 10-Q, “we,” “us,” “our” and the “Company” refer to CytomX Therapeutics, Inc.

Trademarks

This Quarterly Report on Form 10-Q includes trademarks, service marks and trade names owned by us or other companies. All trademarks, service marks and trade names included in this Quarterly Report on Form 10-Q are the property of their respective owners.

 

4


 

PART I – FINANCIAL INFORMATION

Item 1.

Condensed Financial Statements (Unaudited)

CYTOMX THERAPEUTICS, INC.

CONDENSED BALANCE SHEETS

(in thousands, except share and per share data)

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

(1)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

176,810

 

 

$

188,425

 

Short-term investments

 

 

144,266

 

 

 

107,720

 

Accounts receivable

 

 

543

 

 

 

13

 

Income tax receivable

 

 

13,061

 

 

 

 

Prepaid expenses and other current assets

 

 

5,625

 

 

 

7,177

 

Total current assets

 

 

340,305

 

 

 

303,335

 

Property and equipment, net

 

 

7,190

 

 

 

7,372

 

Intangible assets, net

 

 

1,203

 

 

 

1,312

 

Goodwill

 

 

949

 

 

 

949

 

Restricted cash

 

 

917

 

 

 

917

 

Operating lease right-of-use asset

 

 

23,239

 

 

 

25,382

 

Other assets

 

 

1,379

 

 

 

2,015

 

Total assets

 

$

375,182

 

 

$

341,282

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,643

 

 

$

4,158

 

Accrued liabilities

 

 

23,945

 

 

 

30,051

 

Deferred revenue, current portion

 

 

74,445

 

 

 

51,381

 

Total current liabilities

 

 

102,033

 

 

 

85,590

 

Deferred revenue, net of current portion

 

 

202,560

 

 

 

178,858

 

Operating lease liabilities - long term

 

 

22,525

 

 

 

24,871

 

Other long-term liabilities

 

 

 

 

 

850

 

Total liabilities

 

 

327,118

 

 

 

290,169

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Convertible preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued and outstanding at September 30, 2020 and December 31, 2019.

 

 

 

 

 

 

Common stock, $0.00001 par value; 150,000,000 and 75,000,000 shares authorized at September 30, 2020 and December 31, 2019, respectively; 46,223,402 and 45,523,088 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

483,524

 

 

 

468,285

 

Accumulated other comprehensive (loss) income

 

 

(47

)

 

 

57

 

Accumulated deficit

 

 

(435,414

)

 

 

(417,230

)

Total stockholders' equity

 

 

48,064

 

 

 

51,113

 

Total liabilities and stockholders' equity

 

$

375,182

 

 

$

341,282

 

__________________

(1)

The condensed balance sheet as of December 31, 2019 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

 

See accompanying notes to condensed financial statements.

5


 

CYTOMX THERAPEUTICS, INC.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except share and per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

$

17,788

 

 

$

10,712

 

 

$

83,989

 

 

$

49,210

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

24,049

 

 

 

27,967

 

 

 

90,929

 

 

 

95,178

 

General and administrative

 

 

8,634

 

 

 

8,463

 

 

 

26,886

 

 

 

27,548

 

Total operating expenses

 

 

32,683

 

 

 

36,430

 

 

 

117,815

 

 

 

122,726

 

Loss from operations

 

 

(14,895

)

 

 

(25,718

)

 

 

(33,826

)

 

 

(73,516

)

Interest income

 

 

200

 

 

 

1,997

 

 

 

1,730

 

 

 

6,854

 

Other income (expense), net

 

 

(15

)

 

 

22

 

 

 

1

 

 

 

(126

)

Loss before income taxes

 

 

(14,710

)

 

 

(23,699

)

 

 

(32,095

)

 

 

(66,788

)

Benefit from income taxes

 

 

 

 

 

 

 

 

(13,911

)

 

 

(6

)

Net loss

 

$

(14,710

)

 

$

(23,699

)

 

$

(18,184

)

 

$

(66,782

)

Net loss per share, basic and diluted

 

$

(0.32

)

 

$

(0.52

)

 

$

(0.40

)

 

$

(1.47

)

Shares used to compute net loss per share, basic and diluted

 

 

46,195,121

 

 

 

45,418,053

 

 

 

45,992,786

 

 

 

45,294,593

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on short-term investments, net of tax

 

 

(63

)

 

 

(99

)

 

 

(104

)

 

 

192

 

Impact of adoption of new accounting pronouncement

 

 

 

 

 

 

 

 

 

 

 

11

 

Comprehensive loss

 

$

(14,773

)

 

$

(23,798

)

 

$

(18,288

)

 

$

(66,579

)

 

See accompanying notes to condensed financial statements.

 


6


 

 

CYTOMX THERAPEUTICS, INC.

STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income/(Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2019

 

 

45,523,088

 

 

$

1

 

 

$

468,285

 

 

$

57

 

 

$

(417,230

)

 

$

51,113

 

Exercise of stock options

 

 

395,528

 

 

 

-

 

 

 

2,157

 

 

 

-

 

 

 

-

 

 

 

2,157

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

4,013

 

 

 

-

 

 

 

-

 

 

 

4,013

 

Other comprehensive income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

279

 

 

 

-

 

 

 

279

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,205

 

 

 

12,205

 

Balance at March 31, 2020

 

 

45,918,616

 

 

$

1

 

 

$

474,455

 

 

$

336

 

 

$

(405,025

)

 

$

69,767

 

Exercise of stock options

 

 

199,139

 

 

 

-

 

 

 

1,179

 

 

 

-

 

 

 

-

 

 

 

1,179

 

Issuance of common stock under the ESPP

 

 

72,315

 

 

 

-

 

 

 

369

 

 

 

-

 

 

 

-

 

 

 

369

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

3,513

 

 

 

-

 

 

 

-

 

 

 

3,513

 

Other comprehensive loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(320

)

 

 

-

 

 

 

(320

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,679

)

 

 

(15,679

)

Balance at June 30, 2020

 

 

46,190,070

 

 

$

1

 

 

$

479,516

 

 

$

16

 

 

$

(420,704

)

 

$

58,829

 

Exercise of stock options

 

 

33,332

 

 

 

-

 

 

 

167

 

 

 

-

 

 

 

-

 

 

 

167

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

3,841

 

 

 

-

 

 

 

-

 

 

 

3,841

 

Other comprehensive loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(63

)

 

 

-

 

 

 

(63

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(14,710

)

 

 

(14,710

)

Balance at September 30, 2020

 

 

46,223,402

 

 

$

1

 

 

$

483,524

 

 

$

(47

)

 

$

(435,414

)

 

$

48,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed financial statements.

 


7


 

 

CYTOMX THERAPEUTICS, INC.

STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income/(Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2018

 

 

45,083,209

 

 

$

1

 

 

$

445,956

 

 

$

(93

)

 

$

(314,981

)

 

$

130,883

 

Impact of adoption of new accounting pronouncement - ASC 606

 

 

-

 

 

 

-

 

 

 

-

 

 

 

11

 

 

 

(11

)

 

 

-

 

Exercise of stock options

 

 

74,443

 

 

 

-

 

 

 

465

 

 

 

-

 

 

 

-

 

 

 

465

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

5,192

 

 

 

-

 

 

 

-

 

 

 

5,192

 

Other comprehensive income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

155

 

 

 

-

 

 

 

155

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(14,124

)

 

 

(14,124

)

Balance at March 31, 2019

 

 

45,157,652

 

 

$

1

 

 

$

451,613

 

 

$

73

 

 

$

(329,116

)

 

$

122,571

 

Exercise of stock options

 

 

15,124

 

 

 

-

 

 

 

33

 

 

 

-

 

 

 

-

 

 

 

33

 

Issuance of common stock under the ESPP

 

 

81,062

 

 

 

-

 

 

 

665

 

 

 

-

 

 

 

-

 

 

 

665

 

Issuance of common stock pursuant to license agreement

 

 

150,000

 

 

 

-

 

 

 

1,602

 

 

 

-

 

 

 

-

 

 

 

1,602

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

5,454

 

 

 

-

 

 

 

-

 

 

 

5,454

 

Other comprehensive income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

136

 

 

 

-

 

 

 

136

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(28,960

)

 

 

(28,960

)

Balance at June 30, 2019

 

 

45,403,838

 

 

$

1

 

 

$

459,367

 

 

$

209

 

 

$

(358,076

)

 

$

101,501

 

Exercise of stock options

 

 

22,630

 

 

 

-

 

 

 

63

 

 

 

-

 

 

 

-

 

 

 

63

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

4,343

 

 

 

-

 

 

 

-

 

 

 

4,343

 

Other comprehensive loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(99

)

 

 

-

 

 

 

(99

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(23,699

)

 

 

(23,699

)

Balance at September 30, 2019

 

 

45,426,468

 

 

$

1

 

 

$

463,773

 

 

$

110

 

 

$

(381,775

)

 

$

82,109