CytomX Therapeutics, Inc.
CTMX Healthcare Biotechnology
CytomX Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $76.2 million, down 44.8% from fiscal 2024. In the quarter to June 2026, revenue fell 92.4%, EPS fell 7,400.0% and free cash flow fell 14.5%, each against the same quarter a year earlier.
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CytomX Therapeutics, Inc. (CTMX) Altman Z-score
CytomX Therapeutics, Inc.'s Altman Z-score for fiscal 2025 is 0.92, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.92 | 6.48 |
| FY2024 | −5.56 | (1.37) |
| FY2023 | −4.19 | 0.20 |
| FY2022 | −4.39 | (2.11) |
| FY2021 | −2.28 | (1.69) |
| FY2020 | −0.59 | 0.48 |
| FY2019 | −1.07 | (1.74) |
| FY2018 | 0.67 | (0.78) |
| FY2017 | 1.45 | 0.70 |
| FY2016 | 0.75 | (0.47) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.64 | — | 0.77 | |
| Retained earnings / total assets | (4.70) | — | −6.58 | |
| EBIT / total assets | (0.15) | — | −0.49 | |
| Market value of equity / total liabilities | 11.18 | — | 6.71 | |
| Sales / total assets | 0.50 | — | 0.50 | |
| Altman Z-score | Distress zone | 0.92 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −10.12 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| STTK Shattuck Labs, Inc. compare | 10.2× |
| CTMX CytomX Therapeutics, Inc. | 0.9× |
| VALN Valneva SE Sponsored ADR compare | −0.5× |
| PBYI Puma Biotechnology, Inc. compare | −4.2× |
| ACRS Aclaris Therapeutics, Inc. compare | −5.6× |
| CYVNY Ceryvyn Therapeutics Ltd. - Unsponsored ADR compare | −30.4× |
| FTH Faeth Therapeutics, Inc. compare | — |
| VECT VectivBio Holding AG compare | — |
| DRUG Bright Minds Biosciences Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets