$CTMX (-5.21%)

📌 Key Points of the Page – Short & Easy to Understand

1. Varseta-M (EpCAM-ADC) is making great strides

• Phase 1 monotherapy in advanced colorectal cancer: Update by the end of 2026
• Registration trial (registration trial) is scheduled for 1H 2027 start
• Combination with bevacizumab is underway; first data 1H 2027
• New combination study (chemo + Varseta-M) to begin Q4 2026
• Expansion to additional tumor types: stomach, GEJ, PDAC, BTC starting in Q3 2026

2. CX‑801 (Interferon‑PROBODY)

• Phase 1 in melanoma is ongoing
• Well tolerated as monotherapy
• Combination with Keytruda in Phase 1: first data 1H 2027

3. Strong partnerships & team expansion

• Regeneron collaboration Significantly Expanded
• $37 million payment for new target selection
• Potential milestones of up to $4 billion
• New Executive Appointments:
• Dr. Charles Fuchs (Board)
• Mamata Gokhale (Regulatory)
• Alejandra Carvajal (Legal)

4. Financial Position

• Cash & Investments: $330.3 million
• Cash runway until at least 2H 2028
• Q2 Revenue: $1.4 million (sharp decline due to completed collaborations)
• Operating result: –$23.8 million
• R&D costs are rising due to Varseta-M production and personnel

5. Overall Picture

CytomX is investing heavily in clinical development, has strong partners, is expanding its pipeline potential, and is financially sound—despite currently low revenues.

🎯 What do the numbers really mean? (Investor interpretation)

1. CytomX is a classic “early-stage biotech”

Revenues are extremely low ($1.4 million), and costs are high (USD 25.2 million), and the net income is significantly negative (–$20.7 million). That is normal for companies that do not yet have approved drugs and are still developing their pipeline.

For investors, this means: ➡️ The company’s value depends almost entirely on its pipeline, not on current revenue.

2. The pipeline is the real core—and it’s making progress

Varseta-M (EpCAM-ADC)

This is the most important value driver. The page clearly shows:

• Phase 1 completed, 113 patients → solid data set
• Registration study in 1H 2027 → this is a true milestone
• Combinations (bevacizumab, chemo) → earlier use in the treatment pathway possible
• Expansion to stomach, gastroesophageal junction, PDAC, BTC → potentially multi-indication ADC

Interpretation: ➡️ Varseta-M is on its way to becoming a “late-stage asset”, which could significantly increase the company’s value. ➡️ The expansion to multiple tumor types demonstrates that CytomX believes in broad application potential.

3. CX‑801 is a second, though smaller, value driver

• Phase 1 is underway
• Combination with Keytruda → first data in 1H 2027
• Good tolerability so far

Interpretation: ➡️ CX‑801 is an “option value”: important, but not the main reason why investors are buying CytomX.

4. The Regeneron partnership is a major validation factor

• $37 million payment for new targets
• Potential milestones: up to $4 billion

Interpretation: ➡️ A big-pharma partner like Regeneron validates the technology. ➡️ The milestones aren’t guaranteed, but they show that Regeneron believes in CytomX for the long term.

5. The financial position is surprisingly strong

• $330 million in cash and investments
• Cash runway through at least 2H 2028
• No debt issues
• Quarterly cash burn: ~$20–25 million → solid for a biotech company

Interpretation: ➡️ CytomX has enough cash to bring Varseta-M to the regulatory phase. ➡️ This reduces the risk of a short-term capital raise.

6. The decline in revenue is not a problem

Revenue drops from 18.7 million → 1.4 million. Reason: previous collaborations have expired.

Interpretation: ➡️ This is not an operational problem, but a normal occurrence. ➡️ For biotech companies without products, revenue is irrelevant anyway.

7. Overall conclusion for investors

CytomX is a high-risk but potentially highly profitable pipeline play.

• Varseta-M is the key—and the data trend looks promising.
• The company is financially stable through 2028.
• Partnerships (Regeneron) lend credibility.
• The losses are normal and not a warning sign.

Risks:

• Clinical data could be disappointing
• The FDA approval process is unpredictable
• No short-term revenue drivers
• Biotech volatility remains high

$CTMX (-5.21%)

The key message of the document is that CytomX will be more financially stable in 2025. has become more financially stablebut at the same time Varseta-M and CX-801 clearly positioned as the main strategic programs. All facts are taken from your open PDF ir.cytomx.com.

📌 Key points of the document

🧬 1. progress in the Varseta-M program (CRC)

• Positive phase 1 data in advanced colorectal cancer.
• Target 2026: Coordination with the FDA on a registrational study design.
• Combination studies underway or starting in 2026:
• Varseta-M + bevacizumab (phase 1 started).
• Varseta-M + Chemo + Bevacizumab (Phase 1b/2 planned until the end of 2026).
• Extension to further EpCAM-positive tumors from 2H 2026.

🧪 2. progress in the CX-801 program (melanoma)

• Phase 1 monotherapy achieved 4th dose level, well tolerated.
• Combination with KEYTRUDA® in dose escalation since 2025.
• First efficacy data of the combination expected end of 2026.
• Biomarker data support mechanism and combination.

💼 3. financial position 2025

• Cash position at the end of 2025: USD 137.1 million (previous year: USD 100.6 million).
• Cash runway until Q2 2027.
• Decline in salesUSD 76.2 million (2025) vs. USD 138.1 million (2024), mainly due to concluded BMS cooperation.
• Costs reduced:
• R&D: USD 68.7 million (-14.7 million vs. 2024).
• G&A stable at ~29.8 m USD.
• Net loss 2025: -17.4m USD (2024: +31.9m profit).

🤝 4. partnerships & pipeline

• Active collaborations with Bristol Myers Squibb, Amgen, Regeneron, Moderna.
• Astellas terminated remaining preclinical programs (effective Q2 2026).
• Pipeline includes ADCs, cytokines, T-cell engagers.

🧭 5. strategic direction 2026

• Top priority: Move Varseta-M towards approval.
• Acceleration of combination therapies for earlier CRC lines.
• CX-801 positioned as a potential new building block for immunotherapy.
• Focus on lean cost structure and targeted pipeline.

🧾 6. key financial figures (excerpt)

• Total assets: USD 151.6 million.
• Equity: USD 99.0 million (previous year: USD -0.5 million).
• Deferred revenue fell sharply (from 94 million to 28 million), reflecting the completed partner milestones.

🎯 Summary

CytomX enters the year with stronger balance sheetclear pipeline focus and promising promising Varseta-M data. success now depends to a large extent on the FDA approval. FDA approval and the combination studies studies.

$CTMX (-5.21%)

The site reports on new, positive Phase 1 data on Varsetatug Masetecan (Varseta-M)an EpCAM-targeted PROBODY® ADC from CytomX, which is being investigated as a potential new therapy for therapy for late-stage metastatic colorectal cancer (CRC). is being developed. ir.cytomx.com

Key results of the study

• Clinical efficacy
• 32 % confirmed response rate at 10 mg/kg Q3W.
• 20 % response rate at 8.6 mg/kg Q3W.
• Median progression-free survival (PFS):7.1 months (10 mg/kg)
• 6.8 months (8.6 mg/kg)
• Disease control rate: 88% across all expansion doses.
• Patients were heavily pretreated (median 3 prior therapies; 96 % irinotecan-pretreated).
• Safety profile
• Overall well manageablepredominantly Grade 1/2 side effects.
• Most common side effect: Diarrheamostly reversible.
• With new prophylaxis (loperamide/diphenoxylate + budesonide), grade 3 diarrhea decreased to Grade 3 diarrhea to 10 %.
• An earlier grade 5 case of acute renal failure at 7.2 mg/kg, but no further fatal events.

Significance of the results

• The data indicate a consistent and durable response in a patient in a patient group that otherwise has very limited options.
• Varseta-M could represent a new treatment option for late-treated CRC patients.
• EpCAM has been difficult to target because it also occurs on healthy tissue; the PROBODY® technology is expected to solve this problem.

Next steps for CytomX

• FDA discussions in mid-2026 for a possible registrational study (relevance for approval).
• Phase 1 combination study with bevacizumab already started.
• Phase 1b/2 combination with chemo + bevacizumab planned until the end of 2026.
• Expansion into further EpCAM-positive tumor types from 2H 2026.
• Further data presentations at medical congresses in 2026.

Company context

• CytomX develops masked, locally activated biologics (PROBODY® platform).
• Pipeline includes ADCs, cytokines and T-cell engagers.
• Varseta-M was jointly discovered with ImmunoGen (now AbbVie).
• Further programs: e.g. CX-801 (masked IFN-α2b) for metastatic melanoma.

Partial profits from $CTMX (-5.21%) realized and the capital invested in $RIGL (-0.31%) invested.

Rigel Pharmaceuticals, Inc. is a US biotechnology company specializing in the development and provision of development and delivery of novel therapies for hematologic disorders and cancer. and cancer. The company focuses on compounds that interfere with immunological and oncological signaling pathways to better treat diseases with high unmet medical need. Rigel Pharmaceuticals, Inc.

🧬 Core business and scientific focus

• Development of innovative drugs for blood diseasesespecially immunological and oncological disorders.
• Research into targeted therapies that modulate specific signaling pathways in order to influence pathological cell processes.
• Pipeline includes several clinical programs and approved products such as Tavalisse, Gavreto and Rezlidhia. Rigel Pharmaceuticals, Inc.

💊 Products and approved therapies

• Tavalisse®: Treatment of certain immunological blood diseases.
• Gavreto®: treatment option for certain forms of cancer.
• Rezlidhia®: use in oncology.
• All products have full prescribing information and in some cases boxed warnings. Rigel Pharmaceuticals, Inc.

📈 Current company development

Rigel reported for the year 2025 a total revenue of around USD 294.3 millionincluding Record product sales of USD 65.4 million in the fourth quarter of 2025. This shows clear operational momentum and growing market acceptance of the products. FinanzNachrichten.de

🏢 Company profile in brief

• Registered office: USA
• Industry: Biotechnology / Pharmaceuticals
• Listed on the stock exchange: NASDAQ (Ticker: RIGL)
• Focus: Hematology, oncology, immunological diseases
• Mission: Improving the quality of life of patients through innovative therapies. Rigel Pharmaceuticals, Inc.

The current business figures of Rigel Pharmaceuticals show strong growth, high profitability and solid operational development. The key points can be clearly identified to provide a sound picture of the company's situation.

📊 Key results for 2025

• Total turnover 2025: approx. USD 294.3 milliona growth of 60 % compared to 2024. trendonify.com
• Net product sales:
  USD 232.0 million for the full year. Yahoo Finance
• Q4/2025 sales: approx. USD 69.8 millionthereof USD 65.4 million product sales (record value). Rigel Pharmaceuticals, Inc.
• Net profit for 2025:
  USD 367.0 millioninfluenced by a non-cash tax income of USD 245.9 million. trendonify.com

📈 Classification of the figures

Turnover development

The sales growth of 60% is exceptionally strong and shows that Rigel is successfully placing its products on the market. The high product sales in the fourth quarter in particular underline strong demand.

Profitability

The high annual profit is partly distorted by a one-off tax effect. Operationally, however, the company is showing a clear improvement, as product sales are rising continuously.

Pipeline & future prospects

• The Phase 1b study on R289 in MDS patients is proceeding according to plan, which strengthens the potential for future indications. Rigel Pharmaceuticals, Inc.
• The combination of a growing portfolio and clinical pipeline points to sustainable growth.

🧭 Overall assessment

Rigel currently presents itself as a a dynamically growing biotech company with:

The special tax effect should be taken into account when assessing profitability, but does not change the positive operating performance.

• strongly increasing sales,
• solid product demand,
• a developing pipeline,
• and a very strong balance sheet in 2025.

I had already flirted a few times with posts about Trading 212 and the possibility of creating pies to open a portfolio and yesterday after the post of @Novius finally went through with it (kiss goes out). The opening was also very easy with just a few clicks, only the flash transfer was rejected yesterday by my Sparkasse app and was credited to the broker this morning.

The year is only 12 days old and I've already broken all my New Year's resolutions not to take on any additional individual securities for the time being and to put more money into the good $GERD (-0.75%) in addition to the savings plans. Instead, the money went into Salesforce $CRM (-0.59%) and BB Biotech $BION (+0.38%). I have no idea why I lack the discipline to invest. Maybe it will get better in

February... Maybe it will get better with the Pie 🥸

I'm only using Trading 212 as a gimmick for the time being and have picked speculative individual stocks from six sectors/thematic areas that have actually run too hot for me (the classic community stocks 😃) and would only find their way into the portfolio in the event of a setback.

would only find their way into the portfolio in the event of a setback or whose business model I don't understand (quantum computing, biotech) and therefore have no place in the portfolio without research.

Most of the stocks will be familiar to you. I will therefore refrain from describing them. With the exception of biotech. Since Gemini really had to serve as an advisor for individual stocks. However, I also had $VTYX an egg in my portfolio where the takeover modalities are already set at 14 $/share.

1. Quantum: IonQ, D-Wave, Rigetti.

2. Space: Rocket Lab, Intuitive Machines, Redwire, AST SpaceMobile.

3. defense (autonomous): Kraken Robotics, Ondas, Kratos.

4. Future Mobility: Joby Aviation, Archer Aviation, EHang.

5.. Disruptive Tech: Palantir, SoFi.

6. biotech & genomic revolution (2026 candidates)

- Viking Therapeutics ($VKTX (-3.03%) ): Hottest candidate in the obesity market (weight loss drugs); considered the No. 1 takeover target for Big Pharma.

- Beam Therapeutics$BEAM): Pioneer in "base editing"; more precise gene correction than the first CRISPR generation; focus on sickle cell anemia.

- Intellia Therapeutics ($NTLA (-4.2%)
): Leader in "in vivo" editing (healing takes place directly in the patient's body).

- Ventyx Biosciences $VTYX
): Specialist in immune and inflammatory diseases; currently the target of a billion-euro takeover by Eli Lilly.

- BioAge Labs ($BIOA (-2.03%)
): Focus on longevity and metabolism; uses AI to research anti-ageing therapies.

- CytomX ($CTMX (-5.21%)
): Develops "masked" antibodies that only become active in tumor tissue in order to massively reduce side effects.

- CRISPR Therapeutics ($CRSP (+1.14%)
): The market leader in gene scissors; first commercial approvals for genetic defects already obtained.

Hello everyone,

I would like to wish everyone a happy holiday and a happy new year.

Here is my annual performance, which I am satisfied with, not only because of the return I achieved - some have achieved far more - but also because I was able to reduce my drawdown compared to my "comparison benchmarks".

I thought my 3 best stocks would be the ones I bought in the "Trump Crash". But the 3 best were the ones I bought before and simply held:

$CIEN (-10.19%)

$KGX (-0.33%)

$FN (-7.93%)

And also the ones I bought after the big carnage did well

$CTMX (-5.21%)

$SQ (-0.66%)

$INOD (-9.89%)

However, the following did not go well at all

$ENPH (-8.26%)

$US60855R1005 (+0.24%)

$1SXP (+2.4%)

The surprise of the year for me was silver, which of course benefited my portfolio.

Best regards

$CTMX (-5.21%)