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CytomX Therapy (NASDAQ:CTMX) shares fell Tuesday after the cancer drug developer revealed with fourth-quarter 2023 results that Bristol Myers Squibb (BMY) has entered into a research collaboration to jointly develop an investigational drug for solid tumors .
The company said so that the pharmaceutical giant announced its decision on March 6 following a portfolio prioritization process. A Phase 1/2 trial for the treatment, called BMS-986288, was underway to evaluate it as a single agent and in combination with its PD-1 inhibitor Opdivo in solid tumors.
BMS-986288 belongs to a class of drugs called CTLA-4-targeting drugs, for which CytomX (CTMX) and Bristol Myers (BMY) teamed up as part of a collaboration and licensing agreement in 2014.
As for financials, the company reported $174.5 million in cash, cash equivalents and investments at year-end 2023. Revenue for the year rose approximately 90% year-over-year to $101.2 million. dollars, thanks largely to research partnerships with companies like BMY.
However, CytomX (CTMX) is eligible to receive up to $1.8 billion in milestone payments from its ongoing research partnership with Bristol Myers (BMY), which spans various preclinical programs, including T-cell promoters.