CytomX Therapeutics, Inc. Segments Disclosure
16. Segment
The Company operates as a operating segment. is identified as the Chief Operating Decision Maker (“CODM”). The CODM primarily reviews the Company’s financial information on an aggregate basis. The CODM utilizes the aggregated financial information to make strategic decisions, assess performance, and allocate resources across the Company. The aggregate information includes the revenue by collaboration partner, research and development expense by program, as well as net income that is reported on the Statements of Operations and Comprehensive Income (Loss). Net income (loss) is used to monitor budget versus actual results in assessing performance of the segment and in establishing management's compensation. The measure of segment assets is reported on the Balance Sheets as total assets. All of the Company’s long-lived assets are located in the United States. In addition to the revenue by collaborative partners disclosed in Note 8, the CODM reviews the following significant expenses in making decisions about the allocation of resources and assessing performance (in thousands):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
|
|
(in thousands) |
|
|||||
Total revenue |
|
$ |
76,201 |
|
|
$ |
138,103 |
|
External costs incurred by product candidate (target): |
|
|
|
|
|
|
||
CX-904 (EGFRxCD3) |
|
|
459 |
|
|
|
7,487 |
|
Varseta-M |
|
|
24,302 |
|
|
|
17,846 |
|
CX-801 (IFNα2b) |
|
|
1,627 |
|
|
|
2,505 |
|
Other wholly owned and partnered programs |
|
|
1,922 |
|
|
|
7,075 |
|
General research and development expenses |
|
|
7,495 |
|
|
|
16,288 |
|
Total external costs |
|
|
35,805 |
|
|
|
51,201 |
|
Internal costs |
|
|
32,923 |
|
|
|
32,181 |
|
Research and development expenses |
|
|
68,728 |
|
|
|
83,382 |
|
General and administrative expenses |
|
|
29,837 |
|
|
|
29,726 |
|
Total operating expense |
|
|
98,565 |
|
|
|
113,108 |
|
Income (loss) from operations |
|
|
(22,364 |
) |
|
|
24,995 |
|
Interest income |
|
|
5,206 |
|
|
|
7,136 |
|
Other income (expense), net |
|
|
28 |
|
|
|
(38 |
) |
Income/(loss) before income taxes |
|
|
(17,130 |
) |
|
|
32,093 |
|
Provision for income taxes |
|
|
238 |
|
|
|
224 |
|
Net income (loss) |
|
$ |
(17,368 |
) |
|
$ |
31,869 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.