CYTOMX THERAPEUTICS INC

CytomX Therapeutics, Inc. announced CEO Sean McCarthy will present at the 43rd Annual J.P. Morgan Healthcare Conference on January 15, 2025. The company focuses on developing conditionally activated biologics for cancer treatment, with a pipeline including CX-904, CX-2051, and CX-801, in collaboration with major oncology leaders.

2024 was a challenging year for the biopharma industry, with companies like Bayer, Bristol Myers Squibb, and Johnson & Johnson cutting hundreds to thousands of jobs. Cassava Sciences announced layoffs of 10 employees, 33% of its workforce, following a failed Phase III trial for its Alzheimer's drug. CytomX Therapeutics cut 40% of its staff to focus on clinical programs. Velia, a San Diego biotech, is shutting down, affecting 47 employees. Regeneron's acquisition of Oxular led to layoffs, with no Oxular employees joining Regeneron. Javara, Ring Therapeutics, Outlook Therapeutics, Editas, Bavarian Nordic, BenevolentAI, Chroma Medicine and Nvelop Therapeutics, Cellectar Biosciences, Carisma Therapeutics, Belharra Therapeutics, National Resilience, AmplifyBio, Agenus, Alligator Bioscience, Idorsia Pharmaceuticals, Kronos Bio, Novartis, Recursion Therapeutics, Medigene, Alector, Bristol Myers Squibb, Sonata Therapeutics, 23andMe, Johnson & Johnson, Merck, Gilead Sciences, Adaptimmune, Sensei Biotherapeutics, Marinus Pharmaceuticals, Orna Therapeutics, Thermo Fisher Scientific, Charles River Laboratories, Aurinia Pharmaceuticals, Viracta Therapeutics, Astellas Gene Therapies, Sana Biotechnology, Sage Therapeutics, Compass Pathways, Spero Therapeutics, ICON, Pfizer, Takeda, SalioGen Therapeutics, Evonik, Medtronic, CareFusion Resources, Turnstone Biologics, Leo Pharma, Astellas Pharma, Prime Medicine, Kaléo, Stryker, Relay Therapeutics, ImmunityBio, Shattuck Labs, Inventprise, bluebird bio, Athira Pharma, AGC Biologics, Oncternal Therapeutics, Biosense Webster, Vesigen Therapeutics, Connect Biopharma, BioMarin, IN8bio, Edwards Lifesciences, DermTech, Repare Therapeutics, Genentech, Tome Biosciences, Aadi Bioscience, Lykos Therapeutics, Evotec, Galera Therapeutics, Grail, Ovid Therapeutics, Lexicon Pharmaceuticals, Acelyrin, Boundless Bio, FibroGen, Ajinomoto Bio-Pharma Services, AN2 Therapeutics, Entero Therapeutics, Precigen, Sumitomo Pharma America, uniQure, Vir Biotechnology, Arbutus Biopharma, HilleVax, and Bayer also announced significant layoffs, reflecting a tough year for the industry.

CytomX Therapeutics, with a $79.75M market cap, focuses on cancer treatments, advancing EGFRxCD3 and EpCAM ADC in clinical trials. Despite a 40% workforce cut to extend cash runway to Q2 2026, it faces challenges in a competitive oncology market. Positive Phase 1 data for EGFRxCD3 could boost valuation, with Amgen collaboration offering potential benefits.

CytomX Therapeutics prioritizes CX-2051, a PROBODY® ADC for advanced metastatic CRC, with Phase 1a data expected in H1 2025. Organizational changes aim to extend cash runway into Q2 2026, focusing on clinical programs and partnerships. CX-904 and CX-801 also progress, with data expected in 2025.

Capricor Therapeutics' shares rose 8.4% after submitting a BLA to the FDA for deramiocel, a treatment for DMD cardiomyopathy. A decision is expected in late 2024. The submission triggered a $10M payment from Nippon Shinyaku. Deramiocel showed positive results in slowing DMD progression and improving quality of life.

Mesoblast Limited's shares surged 80% after FDA approved remestemcel-L (Ryoncil) for SR-aGVHD in children, marking its first approved product. The drug showed a 70% response rate in a phase III study. Mesoblast is also exploring Ryoncil for adults with SR-aGVHD and other conditions, alongside developing rexlemestrocel-L for heart failure and chronic low back pain.

Vertex Pharmaceuticals announced FDA approval of its cystic fibrosis drug Alyftrek for patients aged 6 and older with specific CFTR gene mutations, priced at $370,269 annually. The approval was earlier than expected and based on data showing enhanced patient benefit compared to Trikafta. Alyftrek carries a boxed warning for potential liver injury.