Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Cytomx Therapeutics, Inc. (CTMX)
A forensic read on Cytomx Therapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
1.8
Distress distance
Watch
Earnings quality
5
Forensic signals
-7.3
P / E (ttm)
-17.5%
ROE
$697M
Market cap
0.00%
Dividend yield
-44.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Cytomx Therapeutics, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 1.8, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-15.64×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was -15.64× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
-19.1%
FY2025
Return on invested capital.Return on invested capital is -19.1% in the latest fiscal year.
+36.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +87% over the last 2 years to FY2025 (+36.7%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~36.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~46%.
8% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 8% of revenue in FY2025 — about $0.05 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 38.8% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
n/m (sign flip)
FY2024→FY2025
Key fundamentals
Latest Revenue$76.2M
Revenue Growth YoY-44.8%
Revenue CAGR (2yr)-13.2%
Net Margin-22.8%
Free Cash Flow-$75.8M
Return on Equity-17.5%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Cytomx Therapeutics, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Cytomx Therapeutics, Inc. (CTMX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-38.5M to FY2025 $+86.3M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.