Cytomx Therapeutics, Inc. · NASDAQ:CTMX
Cytomx Therapeutics — Q4 2025 Earnings Presentation
26 slides from Cytomx Therapeutics's earnings presentation, Mar 16, 2026
Slide 1: Varsetatug Masetecan: Phase 1 Dose Expansion Interim Data Update
Varsetatug Masetecan: Phase 1 Dose Expansion Interim Data Update March 16, 2026 © 2026 CytomX Therapeutics, Inc. 1
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation (including any oral commentary that accompanies this presentation) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements ot
Slide 3: CytomX Therapeutics Speakers
CytomX Therapeutics Unmasking Advances in Oncology Dr. Sean McCarthy CHAIRMAN and CEO Dr. Wayne Chu Speakers CHIEF MEDICAL OFFICER Chris Ogden CHIEF FINANCIAL OFFICER 3
Slide 4: Introduction
Introduction Sean McCarthy, D.Phil. Chairman and CEO, CytomX Therapeutics © 2026 CytomX Therapeutics, Inc. 4
Slide 5: Colorectal Cancer Remains One of the Biggest Unmet Needs in Oncology
Colorectal Cancer Remains One of the Biggest Unmet Needs in Oncology 2nd leading cause of ~1.9M patients per year, 5-year survival rate of cancer death increasing to 3M by 2040 13% in mCRC worldwide Abbreviation: mCRC = metastatic colorectal cancer. Sources: World Health Organization, interactive da
Slide 6: Antibody Drug Conjugates are Transforming Cancer Care
Antibody Drug Conjugates are Transforming Cancer Care Varseta-M brings the promise of ADCs to Colorectal Cancer Varseta-M * PROBODY® ADC Nectin-4 / Bladder HER2 / Breast, Lung** EpCAM / CRC Seagen/Pfizer Daiichi/Astra Zeneca CytomX Therapeutics FR / Ovarian TROP2 / Breast Immunogen/AbbVie Immunomed
Slide 7: Varseta-M Potential to Address a Large Patient Population via EpCAM Expression in CRC
Varseta-M has the Potential to Address a Large Patient Population due to Broad and Consistent EpCAM Expression in CRC By 2040 U.S. CRC Incidence Estimated to be >170K Patients Annually Metastatic CRC (mCRC) 1L mCRC ~95K U.S. Patients 2L mCRC ~50K U.S. Patients 3L+ mCRC ~45K U.S. Patients Sources and
Slide 8: The Current Standard of Care in 3L+ Metastatic CRC Is Highly Inadequate
The Current Standard of Care in 3L+ Metastatic CRC Is Highly Inadequate Current therapies have poor response rates and limited survival benefit Treatment ORR DCR Median PFS Median OS Treatment Line (%) (%) (months) (months) Fruquintinib 3L/4L+ 2% 56% 3.7 7.4 Regorafenib 3L/4L+ 1% 41% 2.0 6.4 Triflur
Slide 9: Varsetatug masetecan: A Novel EpCAM Targeting PROBODY ADC
Varsetatug masetecan: A Novel EpCAM Targeting PROBODY ® ADC The Right Platform, The Right Target, The Right Payload TARGET DAR 8 PRODOMAIN EFFECTOR EpCAM IHC Staining in CRC Patient • EpCAM is abundant in CRC but previously undruggable due to normal tissue expression • CytomX protease cleavable mask
Slide 10: Varseta-M Phase 1 Study Focused in Metastatic Late-Line CRC
Varseta-M Phase 1 Study Focused in Metastatic Late-Line CRC 93 late-line mCRC patients enrolled as of the January 16, 2026 data cutoff Phase 1 Study Overview: • Phase 1 Dose Escalation (began April 2024); Dose Expansions (began May 2025); Dose Optimization (began October 2025) Patient Enrollment: mC
Slide 11: Phase 1 Interim Data Update Supports Varseta-M Potential to Change Standard of Care
Phase 1 Interim Data Update Supports Varseta-M Potential to Change Standard of Care in Unselected Late-Line CRC Robust Clinical Activity in Larger Patient Population • Confirmed ORR of 32% at 10 mg/kg and 20% at 8.6 mg/kg • Preliminary PFS of 7.1 months at 10 mg/kg and 6.8 months at 8.6 mg/kg Safety
Slide 12: Interim Phase 1 Dose Expansion Data
Interim Phase 1 Dose Expansion Data Wayne Chu, MD Chief Medical Officer, CytomX Therapeutics © 2026 CytomX Therapeutics, Inc. 12
Slide 13: Varseta-M Phase 1 Baseline Characteristics
Varseta-M Phase 1 Baseline Characteristics Heavily pre-treated advanced CRC population n=93 Baseline Characteristics n (%) ECOG status: 0 42 (45) 1 51 (55) Site of primary tumor: Colon, Left 33 (36) Colon, Right 23 (25) Rectum 28 (30) Liver metastases 71 (76) KRAS mutation 66 (71) MSS* 79 (85) Numbe
Slide 14: Robust Anti-Tumor Activity Confirmed at Varseta-M Expansion Doses
Robust Anti-Tumor Activity Confirmed at Varseta-M Expansion Doses 20% to 32% confirmed ORR at doses prioritized for late-phase development 60 7.2 mg/kg Percent Change in Sum of Target Lesions from Baseline (%) 8.6 mg/kg 7.2 mg/kg 8.6 mg/kg 10 mg/kg 10 mg/kg 40 cORR: 6% (1/17) cORR: 20% (4/20) cORR:
Slide 15: Durable Disease Control Observed Across Varseta-M Expansion Doses
Durable Disease Control Observed Across Varseta-M Expansion Doses Median follow-up of 8 months 7.2 mg/kg PR Percent Change in Sum of Target Lesions from Baseline (%) 80 8.6 mg/kg SD 10 mg/kg PD On treatment 20 -30 -100 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Months Data cutoff 1/16/2026 15
Slide 16: Preliminary PFS Exceeded Standard of Care Across Expansion Doses
Preliminary PFS Exceeded Standard of Care Across Expansion Doses 7.1 months at 10 mg/kg and 6.8 months at 8.6 mg/kg 100 7.2 mg/kg 8.6 mg/kg 10 mg/kg n=18 n=20 n=22 80 Progression-Free Survival (%) Median PFS 5.5 mo. 6.8 mo. 7.1 mo. 95% CI (2.5, NE) (2.8, NE) (3.9, NE) 60 40 20 7.2 mg/kg 8.6 mg/kg 10
Slide 17: Safety Profile Optimization: Key Observations and Learnings
Safety Profile Optimization: Key Observations and Learnings Varseta-M positioned for late-phase dose selection Dose Escalation Dose Expansion Dose Optimization 2.4 – 12 mg/kg 7.2 – 10 mg/kg 8.6 – 10 mg/kg • No DLTs, ILD, pancreatitis or • No new safety signals • Mandatory loperamide + liver toxicity
Slide 18: Preliminary Dose Optimization Results Support Improved Safety Data
Preliminary Dose Optimization Results Support Improved Safety Data TRAEs % of Patients 2 months time-aligned follow-up1 Diarrhea 29 52 85 10 Nausea 2 43 55 5 Grade 1-2 Vomiting 2 45 20 Grade 3+ Fatigue 33 30 Preferred Term Hypokalemia 17 12 10 5 Dose Escalation/Expansion Dose Optimization2 Decreased
Slide 19: Most Frequent Treatment-Related Adverse Events in Phase 1
Most Frequent Treatment-Related Adverse Events (TRAEs) Observed in Phase 1 at Expansion/Dose Optimization Cohorts 7.2 – 10 mg/kg1 7.2 mg/kg (n = 18)* 8.6 mg/kg (n = 30)1 10 mg/kg (n = 32)1 Overall (n = 80)1 Preferred Term, n (%) All grade Grade ≥3 All grade Grade ≥3 All grade Grade ≥3 All grade Grad
Slide 20: Varseta-M Demonstrated Expected Pharmacokinetics
Varseta-M Demonstrated Expected Pharmacokinetics Data from Phase 1 Escalation/Expansion prior to dose optimization (AIBW) Cmax in Dose Escalation/Expansion (n=73) Linear regression line Lower bound of 90% CI Upper bound of 90% CI CX-2051 Cmax (nmol/L) Pharmacokinetic Profile Summary Observed patient
Slide 21: Exposure-Response Analysis Supports >6 Months PFS at Optimized Doses
Varseta-M Phase 1 Exposure-Response Analysis Supports >6 months PFS at Optimized Doses of 8.6 and 10 mg/kg AIBW Exposure-Response Model1 Observed average concentration 8.6 mg/kg AIBW Percent of patients with 6 months PFS Observed average concentration 10.0 mg/kg AIBW % of patients with 6 mo. PFS 95%
Slide 22: Concluding Remarks
Concluding Remarks Sean McCarthy, D.Phil. Chairman and CEO, CytomX Therapeutics © 2026 CytomX Therapeutics, Inc. 22
Slide 23: Phase 1 Interim Data Update Supports Varseta-M Potential to Change Standard of Care
Phase 1 Interim Data Update Supports Varseta-M Potential to Change Standard of Care in Unselected Late-Line CRC Robust Clinical Activity in Larger Patient Population • Confirmed ORR of 32% at 10 mg/kg and 20% at 8.6 mg/kg • Preliminary PFS of 7.1 months at 10 mg/kg and 6.8 months at 8.6 mg/kg Safety
Slide 24: Varseta-M is a Differentiated, Potentially First-in-Class ADC
Varseta-M is a Differentiated, Potentially First-in-Class ADC Positioned to Address a Broad EpCAM+ Patient Population Unlocking Multiple Layers of Value Creation 3 2 Potential to 1 Expand into 1L/2L mCRC additional EpCAM+ potential through indications Goal for Varseta-M chemotherapy 1st FDA approval
Slide 25: Multiple Milestones Anticipated Over Next 12 to 18 Months
Multiple Milestones Anticipated Over Next 12 to 18 Months1 2026 2027 Program Q1 Q2 Q3 Q4 Q1 Q2 ✓Phase 1 Additional data at major Expansion Data medical meeting(s) in 2026 Varseta-M Monotherapy CRC Align with FDA on Potential registrational study registrational study start Varseta-M Phase 1 Study Bev
Slide 26: Varsetatug Masetecan: Phase 1 Dose Expansion Update
Varsetatug Masetecan: Phase 1 Dose Expansion Update March 16, 2026 © 2026 CytomX Therapeutics, Inc. 26