SCHEDULE: Biotechnology Value Fund Entities Report Significant Stake in CytomX Therapeutics

Multiple entities associated with Biotechnology Value Fund, including Mark N. Lampert, collectively report beneficial ownership of 6.8% of CytomX Therapeutics, Inc. common stock, primarily through exercisable warrants.

Summary

• Biotechnology Value Fund, L.P. (BVF) and its affiliated entities, including BVF I GP LLC, Biotechnology Value Fund II, L.P. (BVF2), BVF II GP LLC, Biotechnology Value Trading Fund OS LP, BVF Partners OS Ltd., BVF GP Holdings LLC, BVF Partners L.P., BVF Inc., and Mark N. Lampert, collectively reported beneficial ownership of 11,538,462 shares of CytomX Therapeutics, Inc. common stock as of June 30, 2025.
• This aggregate ownership represents approximately 6.8% of the outstanding shares of CytomX Therapeutics, Inc.
• The reported shares primarily consist of warrants: 5,769,231 Tranche 1 Warrants exercisable at $2.73 per share, expiring on July 3, 2025, and 5,769,231 Tranche 2 Warrants exercisable at $3.77 per share, expiring on July 3, 2026.
• The exercise of these warrants is subject to a "Warrants Blocker" which prevents a holder from owning more than 9.99% of outstanding shares immediately after exercise; as of June 30, 2025, this blocker did not prohibit the exercise of any warrants held by the reporting persons.
• The percentage of class calculation is based on 157,544,369 shares outstanding as of May 13, 2025, plus the 11,538,462 shares underlying the warrants.

Sentiment

Score: 7

Explanation: The filing indicates a substantial beneficial ownership by a dedicated biotechnology investment fund, which can be interpreted as a vote of confidence in CytomX Therapeutics, Inc.

Positives

• A significant stake by a specialized biotechnology investment fund (Biotechnology Value Fund) could signal confidence in CytomX Therapeutics' long-term prospects.
• The warrants provide a defined exercise price, potentially offering upside if the stock price rises above these levels.

Negatives

• The Tranche 1 Warrants, representing half of the total beneficial ownership, expire soon on July 3, 2025, potentially leading to exercise or loss of value if not exercised.
• The "Warrants Blocker" limits the ability of the reporting persons to increase their ownership beyond 9.99% through warrant exercise, which could restrict their influence or further investment.

Risks

• The "Warrants Blocker" limits the beneficial ownership of the reporting persons to a maximum of 9.99% of the outstanding shares immediately after exercise.
• The Tranche 1 Warrants, representing 5,769,231 shares, expire on July 3, 2025, posing a risk of expiration if not exercised or if the stock price is below the exercise price of $2.73.

Future Outlook

No forward-looking statements or guidance from CytomX Therapeutics are provided in this beneficial ownership filing.

Industry Context

The filing involves CytomX Therapeutics, Inc., a company in the biotechnology sector. The reporting entity, Biotechnology Value Fund, specializes in investments within this industry, suggesting a focused investment strategy.

Corporate Governance

Stakeholder Impact

• Shareholders: The disclosure of a significant beneficial ownership by a specialized investment fund may influence investor perception and potentially the stock price. The upcoming warrant expirations could also lead to increased trading volume or dilution if exercised.

Next Steps

• Expiration of Tranche 1 Warrants on July 3, 2025.
• Expiration of Tranche 2 Warrants on July 3, 2026.

Key Dates

Keywords

CytomX Therapeutics, Biotechnology Value Fund, SEC Schedule 13G, Beneficial Ownership, Warrants, Biotechnology, Investment Fund, Stock Ownership, CXM