CytomX Therapeutics, Inc.

AI-generated fair value estimate for this company.

Method: Sum-of-the-parts: $324.58M net cash ÷ 217.90M shares = $1.49/share of net cash, plus a risk-adjusted probability-weighted NPV of milestone/royalty payments from CytomX's partnered antibody-drug-conjugate (Probody) programs (with Astellas, Regeneron, Amgen and others), estimated at roughly $1.50/share using a ~10% probability-weighted blended success rate across the partnered pipeline discounted at 13%.

Reasoning: CytomX's revenue is lumpy collaboration/milestone income (TTM revenue fell 87% after a one-time FY2024 payment) rather than steady product sales, so a conventional revenue DCF is not meaningful; net cash plus a conservative risk-adjusted NPV of the partnered Probody pipeline is the more appropriate and rigorous method for a platform-licensing clinical-stage biotech.