CTMX — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-07

• We are a clinical-stage, oncology-focused biopharmaceutical company dedicated to developing innovative therapies to address major unmet need in oncology. We have led the field of conditionally activated, masked biologics through the development of our PROBODY technology platform. This versatile, mul…

• Our experience and leadership with the PROBODY platform for over 15 years has led to a highly focused strategy for the application of our technology in product development that has resulted in a current pipeline of novel clinical-stage and pre-clinical stage programs. In identifying and designing po…

• Target: Drug targets that have been validated previously as having clinical anti-tumor activity, but have been limited in their utility due to expression and toxicity in healthy tissues.

• Indication: The significance of the clinical unmet need that may be addressed if the target could be targeted systemically and unlocked through masking.

• Effector Mechanism: The PROBODY platform is highly versatile and is being applied to a wide range of modalities including antibody-drug conjugates (“ADCs”), T-cell engagers (“TCEs”), and cytokines. In PROBODY therapeutic design, the goal is to align the selected indication with the most validated dr…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• We are a clinical-stage, oncology-focused biopharmaceutical company focused on developing novel, conditionally activated, masked biologics designed to be preferentially unmasked and activated in the tumor microenvironment. We aim to build a commercial enterprise to maximize our impact on the treatme…

• Our proprietary, versatile, multi-modality PROBODY technology platform is designed to enable conditional activation of potent masked biologic therapeutic candidates within the tumor microenvironment while minimizing drug activity in healthy tissues and circulation. Our platform is built on a strong …

• We are employing our leading, masking platform technology to address some of the biggest challenges in oncology biologics research and development. These include the validation of potential new targets for antibody-drug conjugates (“ADCs”), increasing the therapeutic index for immune modulators such…

• We have utilized our PROBODY therapeutic platform and masking technology to build a promising pipeline of potential first-in-class and best-in-class clinical-stage molecules. These are CX-2051, an investigational, conditionally activated ADC targeting epithelial cell adhesion molecule (“EpCAM”), and…

• CX-2051, a conditionally activated, PROBODY ADC, targets EpCAM. High expression of EpCAM has been documented in many tumor types, including colorectal cancer (“CRC”). The CX-2051 payload, a topoisomerase-1 inhibitor payload licensed from AbbVie (formerly ImmunoGen), is tailored to have anti-tumor ac…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• We are exposed to market risks in the ordinary course of our business. These risks primarily relate to interest rate fluctuations. We had cash, cash equivalents and short-term investments of $346.7 million and $137.1 million as of March 31, 2026 and December 31, 2025, respectively, which consist of …

• We do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our interest rate exposure. We have not historically been exposed to material risks due to changes in interest rates. Based on our investment positions as of March 31…

• We are also exposed to foreign currency exchange risk related to foreign currency-based expenses. To date, foreign currency transaction gains and losses have not been material to our financial statements. We do not currently hedge our foreign currency exposure.

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Text added vs the prior filing · source: 10-Q · 2026-05-07

• We are a clinical-stage biopharmaceutical company with a limited operating history and have not generated any revenue from product sales. We have a history of losses, expect to continue to incur significant losses for the foreseeable future and may never achieve or maintain profitability, which coul…

• We expect that we will need to raise substantial additional funds to advance development of our product candidates and we cannot guarantee that this additional funding will be available on acceptable terms or at all. Failure to obtain this necessary capital when needed may force us to delay, limit o…

• Clinical development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results. We may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and…

• Our product candidates are in early stages of development and may fail or suffer delays that materially and adversely affect their commercial viability. If we are unable to advance our product candidates through clinical development, obtain regulatory approval and ultimately commercialize such produ…

• collaborations are not successful, we may not be able to capitalize on the market potential of our PROBODY platform and resulting product candidates.

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• We are a clinical-stage biopharmaceutical company with a limited operating history and have not generated any revenue from product sales.

• We expect that we will need to raise substantial additional funds to advance development of our product candidates and we cannot guarantee that this additional funding will be available on acceptable terms or at all.

• Clinical development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results.

• Our product candidates are in early stages of development and may fail or suffer delays that materially and adversely affect their commercial viability.

• Furthermore, we have never generated any revenue from product sales, and have not obtained regulatory approval for any of our product candidates. We also do not expect to generate any revenue from product sales for the foreseeable future, and we expect to continue to incur significant operating loss…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• On March 27, 2026, Sean McCarthy, our Chief Executive Officer and Chairman, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 200,000 shares of the Company’s common stock between January 4, 2027 and June 30, 2027. Th…

• In connection with our underwritten public offering in March 2026, Mr. McCarthy entered into a lock-up agreement pursuant to which he agreed, among other things, not to sell or transfer any securities for the period ending 45 days following the offering, subject to certain exceptions. No sales will …

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• The information set forth below is included for the purpose of providing disclosure under “Item 1.01 - Entry into a Material Definitive Agreement,” of Form 8-K.

• On November 3, 2025, we entered into an Office/Laboratory Lease (the “Emery Lease” or the "Lease") with Emery Station West, LLC (the “Landlord”). The Emery Lease provides for an initial term of thirty-nine (39) calendar months, commencing on October 1, 2026 and expiring on December 31, 2029 (the “Te…

• The Lease provides for an initial monthly base rent of approximately $151,232.00 (the “Base Rent”). The Base Rent under the Lease is abated for the first three (3) months of the Term and thereafter increases on a scheduled basis through the end of the Term. In addition to the Base Rent, we will also…

• We also hold certain rights under the Lease, including a continuous right of first refusal to lease any space located on the fourth floor of the building.

• The foregoing description of the Emery Lease does not purport to be complete and is qualified in its entirety by reference to the full text of the Emery Lease, a copy of which is filed as Exhibit 10.2 to this Quarterly Report on Form 10-Q and incorporated herein by reference.