CytomX’s workforce cuts could leave the biotech with fewer than 75 employees as it focuses resources on its wholly owned clinical-stage programs, most notably an antibody-drug conjugate for advanced metastatic colorectal cancer.
To direct capital resources to its clinical programs and create flexibility in its cost structure, CytomX Therapeutics will cut about 40% of its employees, the San Francisco–based biotech announced Jan. 6. The company had 120 employees as of Dec. 31, 2023, according to a March SEC filing, while Pitchbook puts the headcount at 122, meaning the cuts could affect about 48 people and leave the biotech with fewer than 75 employees.
CytomX’s top strategic objective for 2025 is development of CX-2051, an antibody-drug conjugate being developed initially in advanced metastatic colorectal cancer, according to the Jan. 6 announcement. The company expects to provide initial Phase Ia dose escalation data in the first half of the year. In addition to focusing on this and other wholly owned clinical stage programs, CytomX is continuing work with its collaboration partners, including Amgen, Astellas, Bristol Myers Squibb, Moderna and Regeneron.
That said, the biotech noted some hesitation about CX-904, a T-cell-engaging bispecific antibody it’s working on with Amgen. A Phase I study has enrolled over 70 patients to date, but plans for Phase Ia completion and potential advancement to Phase Ib are “pending ongoing consideration of 2025 program resourcing given CytomX current capital constraints and discussions with our partner Amgen,” according to the announcement.
Last March, the biotech had a major development when BMS discontinued its partnered program for a more potent version of the BMS immunotherapy Yervoy. CytomX’s stock dipped about 20% in premarket trading the morning after that news broke.
The biotech’s workforce reduction is expected to primarily affect areas supporting nonpartnered early research as well as general and administrative functions. The cuts should be complete by the end of the first quarter. CytomX noted in its announcement that cost reductions from the restructuring combined with focused clinical development priorities should extend its cash runway into the second quarter of 2026.
