CytomX Therapeutics Inc. (NASDAQ: CTMX) announced an underwritten public offering of $250 million in common stock and pre-funded warrants, according to a company statement. The biotechnology company also granted underwriters a 30-day option to purchase up to an additional $37.5 million of shares at the public offering price, less underwriting discounts and commissions.

The South San Francisco-based company said it expects to use the net proceeds to continue development of Varseta-M and other pipeline programs. Any remaining proceeds will fund capital expenditures, working capital and general corporate purposes.

Jefferies, Piper Sandler, Cantor and Barclays serve as joint bookrunning managers for the offering, while Wedbush PacGrow acts as co-manager.

CytomX filed a shelf registration statement with the Securities and Exchange Commission on March 16, 2026, which became effective upon filing. The offering remains subject to market and other conditions, with no assurance regarding completion or final terms.

The company develops masked, conditionally activated biologics designed for tumor microenvironments. Its clinical-stage pipeline includes varsetatug masetecan, an antibody-drug conjugate being developed for metastatic colorectal cancer, and CX-801, a masked interferon alpha-2b cytokine initially targeting metastatic melanoma.

CytomX maintains strategic collaborations with Amgen, Bristol Myers Squibb, Regeneron and Moderna.