CytomX Therapeutics to Cut 40% of Workforce

Dow Jones

2025/01/07

By Dean Seal

CytomX Therapeutics said it would reduce its organizational headcount by about 40%, primarily affecting staff in general and administrative functions.

The oncology-focused biopharma company said Monday the job cuts are expected to extend its cash runway into the second quarter of 2026.

CytomX expects the restructuring to cost about $5 million to $6 million. The charges will be recorded in the first quarter of this year, when the layoffs are expected to be substantially completed. The costs are related to one-time termination severance payments.

The smaller workforce that remains will prioritize CX-2051, CytomX's tumor-fighting drug candidate.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

January 06, 2025 17:26 ET (22:26 GMT)

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