CytomX (CTMX) Q3 2026 Earnings Call Transcript

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DATE

Thursday, Nov. 5, 2026

CALL PARTICIPANTS

• Chief Financial Officer - Christopher W. Ogden
• Chief Executive Officer and Chairman - Sean A. McCarthy DPHIL

TAKEAWAYS

• Revenue -- $1.7 million, representing a decrease from $6 million in the prior year period primarily due to the conclusion of the Astellas collaboration.
• Cash Balance -- $348 million, reflecting the receipt of $37 million from Regeneron following the selection of two additional targets under an expanded collaboration.
• Cash Runway -- Projected to extend into the second half of 2028, supporting priorities such as registrational studies and pipeline expansion.
• Operating Expenses -- $25.2 million, an increase from $21.7 million in the third quarter of 2025.
• Research and Development Expenses -- $16.5 million, an increase of $1.2 million versus the prior year period driven by higher personnel-related costs.
• General and Administrative Expenses -- $8.7 million, representing an increase of $2.3 million compared to the previous year due to consulting spend and headquarters transition costs.
• Addressable Patient Population -- 35,000 patients in the United States with third-line or later metastatic colorectal cancer targeted for Varseta-M treatment.
• Phase 1 Enrollment -- More than 100 patients across dose-escalation, expansion, and optimization cohorts in the Varseta-M monotherapy study.
• Grade 3 Diarrhea Rate -- 10% in the initial dose optimization cohorts of 20 patients, compared to over 30% in earlier escalation and expansion phases.
• Toxicity Management Target -- 20% or below for grade 3 diarrhea, a threshold management identified as acceptable based on market research with oncologists.
• Diarrhea Onset Time -- Approximately 5 weeks for high-grade events, with management reporting that the adverse event does not appear to be cumulative.
• Expansion Cohort Size -- 20 patients per tumor type for new evaluations in gastric, gastroesophageal junction, pancreatic, and biliary tract cancers.
• Net Loss -- $20 million, or $0.09 per share, compared to a net loss of $14.2 million in the third quarter of 2025.
• Interest Income -- $3.3 million, an increase from $1.6 million in the prior year period.
• Target Dose Optimization -- 40 patients being evaluated across 8.6 and 10 milligrams per kilogram doses to determine the registrational dose for Varseta-M.

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RISKS

• McCarthy acknowledged the management of gastrointestinal toxicity as a primary challenge, stating, "We know that we have a certain rate of grade 3 diarrhea with Varseta-M," and noting that controlling this event is necessary to maximize dose intensity.
• Ogden reported a significant decline in quarterly revenue to $1.7 million from $6 million in the prior year, primarily attributed to the conclusion of the Astellas collaboration in the second quarter of 2026.

SUMMARY

CytomX Therapeutics, Inc. (NASDAQ:CTMX) reported third quarter financial results and outlined a strategic transition toward late-stage clinical development for its lead program, Varseta-M. Management emphasized the first-in-class status of the EpCAM-directed antibody-drug conjugate, noting that its proprietary PROBODY platform enables the targeting of antigens previously considered undruggable. The company is advancing Varseta-M toward its first potential registrational study in metastatic colorectal cancer during the first half of 2027, while simultaneously initiating studies in earlier-line combination therapies and other gastrointestinal malignancies. Furthermore, the company maintains a cash runway through late 2028, supported by its collaboration with Regeneron and disciplined capital allocation toward its most compelling clinical priorities.

• The January 2027 update is expected to provide the first look at overall survival data for Varseta-M, which management anticipates will serve as the primary endpoint in its initial registrational study.
• CEO McCarthy highlighted the unique competitive position of the lead asset, stating, "Varseta-M is first in class as the only EpCAM directed ADC in clinical development."
• Management is evaluating a strategy to replace irinotecan with Varseta-M in combination regimens, noting that Varseta-M has shown a lower rate of hematologic toxicity compared to other topoisomerase-1 antibody-drug conjugates.
• The company initiated Phase 1 expansion cohorts in gastric cancer, pancreatic ductal adenocarcinoma, and biliary tract cancer to assess the pan-tumor potential of Varseta-M.
• For the CX-801 program, management reported that monotherapy dose levels have exceeded the approved dose of unmasked interferon alpha 2b, with initial combination data with KEYTRUDA expected in the first half of 2027.
• The company implemented an adjusted ideal body weight dosing algorithm and upfront prophylaxis to manage gastrointestinal adverse events, which reduced high-grade diarrhea rates in optimization cohorts.

INDUSTRY GLOSSARY

• EpCAM: Epithelial cell adhesion molecule, a protein frequently overexpressed in various solid tumors and targeted by CytomX's lead candidate.
• ADC: Antibody-drug conjugate, a targeted cancer therapy that combines an antibody with a potent cytotoxic payload.
• Topo-1: Topoisomerase-1, an enzyme required for DNA replication that is targeted by the cytotoxic payload in Varseta-M.
• CRC: Colorectal cancer, the second leading cause of cancer death worldwide and the primary initial indication for Varseta-M.
• AIBW: Adjusted ideal body weight, a specific dosing methodology used to optimize the therapeutic window of CytomX's candidates.
• PROBODY: A proprietary technology platform that creates masked, conditionally activated biologics designed to remain inactive until they reach the tumor microenvironment.

Full Conference Call Transcript

Operator: Good afternoon, everyone. Thank you for standing by. Welcome to the CytomX Therapeutics third quarter 26 financial results call. Please be advised that today's call is being recorded. I would now like to hand the call over to your host for today, Christopher W. Ogden, CytomX's chief financial officer. Please go ahead.

Christopher W. Ogden: Thank you. Good afternoon, and thank you for joining us. Before we begin, I would like to remind everyone that during this call, we will be making forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent uncertainties and risks that are difficult to predict and many of which are outside of our control. Important risks and uncertainties are set forth in our most recent public filings with the SEC, at sec.gov. Except as required by law, we undertake no obligation to update any forward-looking whether as a result of new information, future developments or otherwise.

Earlier this afternoon, we filed our quarterly report on Form 10 Q for Q3 26 and issued a press release with a summary of our third quarter 26 financial results and business highlights. We encourage everyone to read today's filing and press release. Additionally, the press release recording of this call and our SEC filings can be found under the Investors and News section of our website. With me on the call today is Dr. Sean McCarthy, CytomX Chief Executive Officer and Chairman. Sean will provide an update on our pipeline and company progress, before I cover the financials for the quarter. We will then conclude with a Q&A session. With that, I will turn the call over to Sean.

Sean A. McCarthy DPHIL: Thanks, Christopher, and good afternoon, everyone. We are very pleased to be here today to provide an update on our third quarter developments and what continues to be a highly productive year for CytomX as we advance our lead program, Varseta-M, towards its first potential registrational study in the first half of 27. Varseta-M is an EpCAM targeting topo-1 antibody-drug conjugate with strong potential in colorectal cancer and potentially other solid tumors. Importantly, to our knowledge, Varseta-M is first in class as the only EpCAM directed ADC in clinical development. Viceta-M has been intentionally designed and uniquely enabled by our PROBODY platform, creating a significant opportunity for differentiation and long term value creation.

Strategically, we are initially developing Varseta-M in metastatic colorectal cancer as the lead indication. Our sense of urgency for Varseta-M is driven by the significant unmet need in colorectal cancer which is the second leading cause of cancer death in the United States and worldwide. Varseta-M is on the leading edge of ADC innovation in CRC and has the potential to be 1 of the first monotherapy ADCs to market for the treatment of this very challenging cancer type. In terms of commercial potential, there are an estimated 35 thousand addressable patients in the United States with third-line or later CRC.

Given the anticancer activity we have reported previously, across an unselected late stage patient population and the limited clinical benefit of existing therapies for these patients, we see considerable opportunity for Varseta-M. Based on Varseta-M's unique profile, we are actively advancing our development program across 3 strategic areas of priority. First, we aim to move Varseta-M monotherapy into a registrational study in the first half of next year enabling a potential first approval and meaningful market opportunity in metastatic CRC. Second, we continue our development of Varseta-M in combinations, including with bevacizumab and with earlier line chemotherapy regimens with the goal of replacing current standard of care.

And third, we have started to evaluate Varseta-M's pan tumor potential across multiple EpCAM expressing cancers initially in additional gastrointestinal indications. The monotherapy for Varseta-M Phase 1 study has enrolled more than 100 patients across dose-escalation, expansion, and optimization cohorts. As previously reported, patients enrolled in the phase 1 study have been heavily pretreated with most patients having received 3 or more prior treatments in the metastatic setting. In March, we reported encouraging progression-free survival at doses of 8.6 and 10 milligrams per kilogram that exceeded current standard of care. We also shared our increasing understanding of safety profile of Varseta-M, particularly how to lower and manage rates of high grade diarrhea.

This initial experience with Varceta m in very late-line patients will provide us with a highly relevant dataset to enable monotherapy dose selection and inform the potential first registrational study design. Most recently, we have been highly focused on dose optimization, evaluating 2 doses, 8.6 and 10 milligrams per kilogram given every 3 weeks with adjusted ideal body weight dosing and upfront prophylaxis to manage gastrointestinal adverse events.

We anticipate providing an integrated update in January across the phase 1 study, including our potential registrational strategy, and the data that underpin our plans. it is important to note here that we expect this next update to provide the first look at overall survival for Varseta-M which we anticipate will be the primary endpoint in our initial registrational study. We look forward to providing this next update in the near term. Now moving on to the Varseta-M combination development program. Our ongoing phase 1 study evaluating Varseta-M in combination with bevacizumab continues to enroll late-line CRC patients to assess dose and safety. We view this combination as a foundational first step in evaluating Varseta-M's potential in earlier-line CRC.

Subject to data from the ongoing phase 1 study we anticipate moving to earlier line CRC patients in the future evaluation of this combination and we anticipate reporting initial clinical data from the bevacizumab combination in the first half of 27. To also enable the use of Varseta-M in earlier lines of CRC therapy, we remain on track to initiate a study evaluating Varseta-M in combination with bevacizumab, 5-fluorouracil and leucovorin. By the end of the year. This study will be a new Phase 1/2 trial that would enroll second line CRC patients once phase 1 dose finding is successfully completed.

We believe these Varceta m combination studies have the potential to inform future development options and look forward to providing initial updates starting next year. Now moving to the development of Varseta-M outside of CRC, our strategy is to develop and ultimately commercialize Varseta-M across multiple EpCAM expressing solid tumors. And we have recently initiated phase 1 cohorts in gastrointestinal indications with substantial unmet clinical need. and that we view as highly complementary to CRC from a commercial perspective. Have initiated cohorts in unselected gastric and gastroesophageal junction cancer, as well as EpCAM selected pancreatic ductal adenocarcinoma and EPCAM selected biliary tract cancer.

Each of these EpCAM expressing tumor types currently have limited treatment options in later-line settings, and may present expedited development pathways for Varseta-M upon clinical proof-of-concept. Our initial plan is to enroll approximately 20 patients per tumor type to evaluate Varseta-M's antitumor activity and safety before assessing later phase development options. Having focused for Varseta-M exclusively in CRC for the first 2 years of development, we are very excited to now be evaluating Varseta-M's broader clinical potential. Now turning to CX-801, our masked interferon alpha 2 b program, being evaluated in checkpoint refractory melanoma.

We see CX-801 as an exciting and broad to reprogram the immune responsiveness of solid tumors and we continue to enroll the ongoing phase 1 study evaluating CX-801 as a monotherapy and in combination with KEYTRUDA. Enrollment in the monotherapy cohort of our phase 1 study continues. Having exceeded dose levels of the approved dose of unmasked interferon alpha 2 b. Initial biomarker data for CX-801 monotherapy presented previously have reinforced our mechanism of action hypothesis for CX-801 in combination with KEYTRUDA. We continue to enroll in the combination cohort, and we look forward to sharing initial clinical data from the phase 1 study in melanoma in the first half of 27.

With those updates, let me now transition the call back to Christopher.

Christopher W. Ogden: Thank you, Sean. As Sean highlighted, we are making important progress across the Varseta-M program. Including potentially moving towards later stage development. As we progress the broadening Varseta-M development program, we have continued to maintain an efficient and flexible cost structure enabling us to pursue the opportunities Sean described earlier. To that end, with our current balance sheet, we project cash runway into the second half of 28. Importantly, our runway funds our key value creation priorities that Sean outlined. Including advancing Varseta-M into its first potential registrational study pursuing combination development to move Varseta-M into earlier lines of CRC, and then expanding into multiple other EpCAM expressing gastrointestinal tumors.

With that, I will now walk through our third quarter financial results. As of September 30, 2026, we ended the quarter with $348 million in cash, cash equivalents and investments. Versus $330 million in cash as of June 30, 2026. The cash balance as of September 30, 2026, includes $37 million received from Regeneron, following its selection of 2 additional targets under the recently expanded collaboration. Looking at revenue and operating expenses for the quarter, total revenue was $1.7 million compared to $6 million in the third quarter of 25. The decrease in revenue was primarily attributed to the conclusion of the Astellas collaboration in the second quarter of 26.

Operating expenses for the third quarter were $25.2 million compared to $21.7 million in the third quarter of 25. Research and development expenses were $16.5 million during the third quarter, representing an increase of $1.2 million versus the third quarter of 25, primarily due to increased personnel related costs, and partially offset by lower Varseta-M spending due to the timing of manufacturing activities. General and administrative expenses increased by $2.3 million during the 3 ending September thirtieth 26, to $8.7 million compared to $6.4 million for the corresponding period in 2025. Increased G&A expenses were primarily driven by personnel related expenses and higher consulting spend.

As we move towards 2027, we will continue to be disciplined in capital allocation in order to progress the most compelling Varseta-M development priorities. And realize the broader value creation potential for Cytomic stakeholders. With that, operator, let's go ahead and open up the call for Q&A.

Operator: Thank you. At this time, we will conduct a question and answer session. To ask a question, you will need to press *1 on your telephone for your name to be announced. To withdraw your question, please press #1 again. Standby while we compile the Q&A roster. Our first question comes from the line of Paul Jeng of Guggenheim. Your line is now open.

Paul Jeng: Great. Thanks for taking the question. So I guess my first question is, can you expand a little bit about the bev-chemo combo study that is getting underway this quarter? Anything about the target enrollment number? And will this exclusively enroll second line patients from the outset? And then, on the patients themselves, are you focusing more on patients coming off of FOLFOX based frontline regimen, or do you otherwise plan to stratify by any you know, key baseline characteristics? And then I have a follow-up.

Sean A. McCarthy DPHIL: Great. Thanks for the questions there, and, we are really excited about the progress overall with the program and particularly moving further downstream with Varseta-M into the combination setting. And as we pointed out, the gaining of experience with Varseta-M in combination initially with Bev, which is ongoing, and soon to start with Bev chemotherapy is a really important component of the program. We do anticipate initially in the first part of phase 1 part of the study that will enroll most likely late stage patients as we dose range and gain initial experience of the combination. Strategy.

And then as we open up further down the road, the phase 2 part of the study, that would enroll second line patients. And that is really all the detail that we are ready to give at this moment in time.

Paul Jeng: Oh, great. So then my second question is just would be great to get your current perspective on the broader landscape of ADCs and colorectal now that there is a few competitors in phase 3 as well as some recent data from emerging targets at ESMO. So how are you currently thinking about the positioning of Varseta-M given many of these are also using topo-1 payloads. Thank you.

Sean A. McCarthy DPHIL: Yes. Actually, really exciting to see the field evolving in the way it is. I think we can say now quite clearly that antibody drug conjugates are coming to colorectal cancer patients. it is been a long time coming, and this is just a really exciting development for the field overall and, of course, for the patients who are waiting and in desperate need for these innovative therapies. I want to really emphasize, in addition, of course, that our drug, Varseta-M, is the only EpCAM targeting ADC. We are first in class on this target. We think that is a direct reflection of our proprietary masking technology.

We have already been able to do something that no 1 else has been able to do. We think that puts us in a strong position. a differentiation standpoint over time. And regard to the other programs, yes, there are several to watch. And we are keeping a very close eye on them. The BMS program, the Merck Serona program, Precem-TcT, And then more recently, I think as you are alluding to, at, including at ESMO, a number of CDH17 ADCs that have shown some, encouraging, we think, preliminary data. We believe we have got a very competitive asset here, and it really underscores and fuels our urgency to move Varseta-M forward. As rapidly as we can.

Paul Jeng: Great. Thank you.

Operator: Thank you. 1 moment for our next question. Our next question comes from the line of Etzer Darout of Barclays. Your line is now open.

Etzer Darout: Great. Thanks for taking the question. I guess the first 1, just curious about the OS update in January. For the first 73 or so patients If you could maybe comment on when you think about third versus line setting versus pursuing a faster fourth line setting, is there a threshold relative to the roughly 9-month OS benchmark in bev experienced patients receiving Lonsurf plus bev that you are looking at to decide whether you are going to go after maybe a third line versus a fourth line indication knowing that the fourth line would probably get you the market faster. How are you thinking about that? And then I have a follow-up.

Sean A. McCarthy DPHIL: Thanks. that is a great question. And yeah, you quite rightly point out the 9 months that. There or thereabouts OS that has been reported for BevLonsurf in the post bev setting per the Sunlight trial. That is an important number that we are looking at.

Relative to other components of standard of care in the third-line, third-line plus, and we continue to evaluate these options as we look towards, you know, this potentially initiating this first registration study in first half of next year, we are continuing to look at these 2 options in terms of how we increasingly think about third line plus as the place to go And, really, the key questions for us are what will the--in this first pivotal study, what will the patient population be? what is the appropriate comparator in that patient population?

Because I want to remind you that in the third line plus setting, although bev-Lonsurf is, of course, thought of as the dominant therapy in the third line, Treatment of third line patients and later is actually quite fragmented. And we see as we really lock in on this study design, we think there is, you know, number of ways to go to capture a significant portion of the third line plus market with a number of different designs.

So more to come on that, and your question also does allow me to restate what I said in my prepared remarks, which is that we do anticipate that in this first registrational study, the OS will be our primary endpoint in a randomized study.

Etzer Darout: Great. Thank you for that. And then for the January update now, is that primarily a conference timing and data maturation just wondered if you could comment on that in terms of now the data being in January of next year?

Sean A. McCarthy DPHIL: We have not specified the forum at this time. That will come in due course. Thank you.

Operator: Thank you. We will open up for our next question. Our next question comes from the line of Edward Tenthoff of Piper Sandler. Your line is now open.

Edward Andrew Tenthoff: Great. I wanted to ask with respect to the Avastin chemo arm study that you are going to start, in which it looks like you are replacing oxaliplatin. What safety endpoints are you going to be evaluating there to see whether or not the combination with Varseta is better tolerated And how maybe you can remind me how large that study would be. Thank you very much.

Sean A. McCarthy DPHIL: Hi, Ted. Thanks for the questions. So the strategy in the Bev-chemo combo will be to replace irinotecan with the ADC. And so, of course, the topo 1 ADC really having been designed with that as 1 of our--1 of the goals in mind. So that is a very important part of the strategy. In terms of the safety profile, of course, this work is all about initially evaluating the combinability with these other agents.

And 1 of the things that we think could be very attractive about the Varseta-M safety profile that we have learned a lot about so far is the quite remarkably low rate of hematologic toxicity we see with Varseta-M relative to other topo 1 ADCs in development in CRC and elsewhere. So we think that certainly is an advantage. The. I would say the area that we will be paying closest attention to would be the GI toxicity. We know that we have a certain rate of grade 3 diarrhea with Varseta-M. It is something that we are continuing to learn a lot about and getting an increasing handle on.

But that is something that we will be watching very carefully in combination, particularly with 5-FU. But I would also say that, of course, irinotecan, since we are switching out irinotecan for Varseta-M, irinotecan itself is known. Has been known since the early days of its development to have its own rate of grade 3 diarrhea. So we are switching Varseta for irinotecan, which I think could work in our favor, but we really need to do the work to evaluate combinability.

Edward Andrew Tenthoff: Yep. Makes sense. And would you be implementing the ideal body weight dosing and diarrhea mitigation in those studies just as you have with monotherapy of Varseta.

Sean A. McCarthy DPHIL: I think that is most likely. Yes. Since we are still-- we are in the late stages, but we are coming to, the later stages. And then I think soon a conclusion from our dose optimization work that we have been doing across the 8.6 and 10 mg/kg AIBW schedules, Q3 week schedules. So until we really pin that down, I cannot say for sure, but I think it is not unlikely that we would be using AIBW moving forward in those in those additional combination studies.

Edward Andrew Tenthoff: Yeah. Makes sense. Thanks. Keep up the important work.

Sean A. McCarthy DPHIL: Thanks. I appreciate the support.

Operator: 1 moment for our next question. Our next question comes from the line of Anupam Rama of JPMorgan. Your line is now open.

Anupam Rama: Hi. Thank you so much for taking the question. This is Brooke on for Anupam. What drove the shift of the monotherapy update from year end 26 to January? Is it more patient follow-up or waiting on FDA feedback? Thank you.

Sean A. McCarthy DPHIL: As dose optimization has continued, we have really wanted to allow time for sufficient follow-up to assess safety and efficacy and also allow for the full engagement and feedback from regulatory authorities. And we are looking forward to the update in January.

Operator: Thank you. 1 moment for our next question. Our next question comes from the line of Roger Song of Jefferies. Your line is now open.

Roger Song: Hey. Thanks, team, for taking our questions. This is Nabeel on for Roger. Couple from us. I guess, regarding GI toxicity, so it is encouraging to see the 10% Grade 3 in the 2 months. As we get longer follow-up, was just curious how you are thinking on time of onset duration and recurrence And then, as we go into second-line,, you mentioned earlier with 5-fluorouracil we know that may add some toxicity. We know that, as you mentioned, it is irinotecan, start using that second line, but, what is the target for the GI that we are looking for?

Sean A. McCarthy DPHIL: Yeah. Thanks, Nabeel. Great questions. And as I mentioned earlier, we are continuing to learn a lot about the safety profile of Varseta-M, and we did, as you also rightly point out, in March this year, report our initial experience in dose optimization showing that after 2 months of matched follow-up with the patients in dose optimization cohorts. The first 20 patients in dose optimization cohorts across the 2 doses of 8.6 and 10 mg/kg, a rate of grade 3 diarrhea of 10% relative to more than 30% in the time matched patients from escalation and expansion. So an encouraging start. We.

We have been pretty consistent in talking about our goal for grade 3 diarrhea based on work that we have done talking to oncologists and, other market research that we have done. That we would like to manage the rate of grade 3 diarrhea to 20% or below. We think that is a more than acceptable rate in this disease. Obviously, we want to do the best we can in terms of leveraging the prophylaxis strategy. Which in the March update was certainly showing a very good a very good start. Just a little bit more detail.

Let me just go into a bit more detail on since you mentioned time to onset, we have reported previously that time to onset for grade 3 diarrhea with Varseta-M at these doses is about 5 weeks. And we have reported that it does not appear to be cumulative. We have also spent a lot of time over the last few months looking not just at the grade, but also digging deeper into the patient experience in terms of what is the amount of time that a patient spends in grade 3 and what is the burden overall? And that is something that we will have more to say about over time.

And the reason I point that out is that of course, the goal of managing really this 1 significant AE that we have to think about with Varseta-M. The safety profile of Varseta-M overall, we think is highly attractive. But our goal in managing the high grade diarrhea is, of course, to maximize dose intensity. We do anticipate that dose intensity will be an important determinant of efficacy, particularly in regards to PFS and OS over time. So that work is ongoing, work and we continue to learn more all the time, and we will look forward to providing the update in January. Thanks for the questions.

Roger Song: Yeah. Thank you, Sean. If I could ask a follow-up Yeah.

Operator: Go ahead, Nabeel.

Sean A. McCarthy DPHIL: Please. Yeah. So, kind of taking a step back, we see the, ESMO updates encouraging to see more progress being done here. Curious if we take a step back and look at just the target itself, EpCAM, compared to targeting CCAM 5, Both are glycoproteins. Can you comment on the rate of shedding compared to CEACAM5 for EpCAM? We know that CEACAM5 is more readily shed into the bloodstream. And do you think that do you think that in that regard, EpCAM has a more favorable target profile. Well, we do see EpCAM, I would say, to CCAM 5 being somewhat more highly and broadly expressed.

Although CEACAM 5 is an abundant and broadly expressed target, which, the data that I have seen is not so far from patients that have been selected for target expression. But, you know, we do continue to like EpCAM quite a bit. As a target. In terms of shedding, you know, I do not really have anything to say there in terms of comparison across the targets, and it is not to be honest, something that we have spent a lot of time thinking about. But, maybe we will come back to you on that. Thank you.

Operator: Thank you. 1 moment for our next question. Our next question comes from the line of Olivia Brayer of Cantor. Your line is now open.

Olivia Brayer: Hi. Good afternoon, guys. Thank you for the question. I wanted to follow-up on the January timeline or timing. Can you disclose what follow-up threshold you guys are looking to achieve? Especially as you think about you know, safety follow-up, but also thinking through survival. And is this more about accruing events over time I guess I am trying to understand whether it is more about the dose expansion population or the 40-patient dose optimization cohort. Yeah.

Sean A. McCarthy DPHIL: Hi, Olivia. So, yes, we have, I think, again, been pretty consistent here for a while now in terms of our goals and strategy for data disclosures. If we go back, I guess, well, more than a year, year and a half when we were approaching the data coming out from escalation and expansion, we communicated that we would share those updates, which we did in March this year when we had an initial sense of progression free survival on a dose by dose basis. With regard to the optimization data, similar guidance that we want to be able to share PFS from the optimization cohorts in the context of the first look at OS from escalation and expansion.

So the January update, as I mentioned earlier, is simply to allow sufficient time to give as robust an update as we think is appropriate.

Olivia Brayer: that is helpful. And then, Sean, on the optimization cohort, how are you guys thinking about breaking out efficacy between patients who received--and, you know, 40 patients actually required a meaningful dose adjustment?

Sean A. McCarthy DPHIL: Well, every patient's dose would have been calculated using the AIVW algorithm. I think it is a good question, but I would reframe it a little bit in terms of ultimately, what is the dose? Of course, what is the absolute dose that a patient receives and what is the dose intensity achieved over time. And that is the type of data that we are going to be analyzing and that we will be sharing in due course.

Olivia Brayer: Okay. Understood. Looking forward to it. Thank you very much.

Sean A. McCarthy DPHIL: You are welcome.

Operator: Thank you. Moment for our next question. Our next question comes from the line of Kalpit Patel of Wolfe. Your line is now open.

Kalpit Patel: Hi. This is Nikki on for Kalpit. We wanted to ask if, as you gain additional experience with the optimized dosing regimen, you would be able to give us any granularity on what that selected dose might be for the phase 3 or what you are leaning towards? Thank you so much.

Sean A. McCarthy DPHIL: Yeah. Thanks for the question. cannot provide any additional color at this moment in time. But that will be an important component of the update in January. Thank you.

Operator: Thank you. I am not showing any further questions in the queue. I would now like to turn it back over to Dr. Sean McCarthy, Chairman and CEO, for closing remarks.

Sean A. McCarthy DPHIL: Thank you, and thanks, everyone, for listening in today. We continue to be highly encouraged by progress we are making here at CytomX with Varseta-M. With CX-801, and more broadly with our Probody therapeutic platform. We are excited about the breadth of opportunities in front of us as we drive toward the end of the year. and, rapidly as it seems, into 2027. So thank you all for your time today.

Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

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