CTMX

CytomX is a clinical-stage oncology company whose 10-K explicitly states it has 'not generated any revenue from product sales' and carries an accumulated deficit of $711.9M. The $76.2M in FY2025 revenue is collaboration/licensing income that fell 44.8% YoY off a 2024 base that included a one-time gain — the underlying business produced an operating loss of -$22.4M and burned -$75.6M in operating cash. Both lead assets, Varseta-M and CX-801, are still in Phase 1; management itself warns it has 'not yet demonstrated' the ability to complete mid- or late-stage trials, secure approvals, or commercialize a product.

The balance sheet is the acute problem. Cash and equivalents collapsed 66.7% to just $12.7M against $68.7M of annual R&D spend and a -$75.6M operating cash burn — roughly two months of runway on cash alone, with current assets of $144M presumably padded by short-term investments that are being drawn down fast. Shares outstanding jumped 151.3% to 170M in a single year, and the filing flags that the company 'will need to raise substantial additional funds' on terms that may not be 'acceptable... or at all.' That telegraphs further dilution at depressed prices.