CytomX Therapeutics Inc. (NASDAQ: CTMX) announced the pricing of an underwritten public offering of 45,990,567 shares of common stock at $5.30 per share and pre-funded warrants to purchase 1,179,245 shares. The biotechnology company expects to receive gross proceeds of $250 million before deducting underwriting discounts and estimated offering expenses.

The company granted underwriters a 30-day option to purchase up to an additional 7,075,471 shares at the public offering price, less underwriting discounts and commissions. The offering is expected to close on March 19, 2026, subject to customary closing conditions.

CytomX plans to use the net proceeds for continued development of Varseta-M and other pipeline programs. The company will allocate remaining proceeds for capital expenditures, working capital and general corporate purposes.

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

The South San Francisco-based company develops masked, conditionally activated biologics designed to target the tumor microenvironment. Its clinical-stage pipeline includes Varseta-M, a masked antibody-drug conjugate being developed for metastatic colorectal cancer, and CX-801, an interferon alpha-2b cytokine for metastatic melanoma treatment.

The company filed a shelf registration statement with the Securities and Exchange Commission on March 16, 2026, which became effective upon filing. CytomX has established collaborations with Amgen, Bristol Myers Squibb, Regeneron and Moderna.