MeritValue

CytomX Therapeutics, Inc.

CTMXdata completeness 88%13 fiscal years on file
The thesis, from the filings

CytomX Therapeutics, Inc. earns about -18% on equity, but has diluted owners by 115% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$37.3M1$53.2M2$101.2M3$138.1M4$76.2M4
Net income−$115.9M5−$99.3M6−$569,0007$31.9M8−$17.4M8
Operating cash flow−$119M9−$110.8M10−$56M11−$86.2M12−$75.6M12
Capital expenditure$1.61M13$1.74M14$840,00015$310,00016$220,00016
Free cash flow (derived)−$120.6M9−$112.5M10−$56.9M11−$86.5M12−$75.8M12
Total debt—————
Cash & equivalents$205.5M17$193.7M18$17.2M19$38.1M20$12.7M20
Diluted shares64.1M65.7M73.8M84.7M137.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$7.18
your share of equity
Profit it earned you last year
−$1.26
Free cash flow it threw off
−$5.5
Debt you’d be carrying
—

10 shares is a claim on $7.18 of net worth that earned you −$1.26 and generated −$5.5 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-18% avg · 5y
FY21 —FY22 —FY23 —FY24 —FY25 -18%

It earned an average -18% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+115% shares · 5y

Share count is up 115% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0000950170-23-009984 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-029191 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-034575 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-107146 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0000950170-23-009984 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-029191 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-034575 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-107146 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0000950170-23-009984 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-029191 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-034575 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-107146 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0000950170-23-009984 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-029191 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-034575 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-107146 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2021-12-31 · accession 0000950170-23-009984 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-029191 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-034575 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-107146 (CashAndCashEquivalentsAtCarryingValue)