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Side-by-side financial comparison of CytomX Therapeutics, Inc. (CTMX) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $18.7M, roughly 1.5× CytomX Therapeutics, Inc.). CytomX Therapeutics, Inc. runs the higher net margin — -0.8% vs -147.1%, a 146.3% gap on every dollar of revenue. On growth, CytomX Therapeutics, Inc. posted the faster year-over-year revenue change (-25.7% vs -67.6%).
CytomX Therapeutics is a clinical-stage biotechnology company specializing in innovative cancer immunotherapies. It leverages its proprietary Probody technology platform to develop targeted therapies that activate exclusively in tumor microenvironments, minimizing off-target toxicities, with a pipeline covering multiple solid tumor indications and partnerships with leading global pharmaceutical firms.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
CTMX vs SPRY — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $18.7M | $28.1M |
| Net Profit | $-154.0K | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | -6.9% | -147.6% |
| Net Margin | -0.8% | -147.1% |
| Revenue YoY | -25.7% | -67.6% |
| Net Profit YoY | 97.6% | -182.8% |
| EPS (diluted) | — | $-0.41 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $28.1M | ||
| Q3 25 | — | $32.5M | ||
| Q2 25 | $18.7M | $15.7M | ||
| Q1 25 | $50.9M | $8.0M | ||
| Q4 24 | $38.1M | $86.6M | ||
| Q3 24 | $33.4M | $2.1M | ||
| Q2 24 | $25.1M | $500.0K | ||
| Q1 24 | $41.5M | $0 |
| Q4 25 | — | $-41.3M | ||
| Q3 25 | — | $-51.2M | ||
| Q2 25 | $-154.0K | $-44.9M | ||
| Q1 25 | $23.5M | $-33.9M | ||
| Q4 24 | $18.9M | $49.9M | ||
| Q3 24 | $5.7M | $-19.1M | ||
| Q2 24 | $-6.5M | $-12.5M | ||
| Q1 24 | $13.8M | $-10.3M |
| Q4 25 | — | -147.6% | ||
| Q3 25 | — | -163.7% | ||
| Q2 25 | -6.9% | -302.9% | ||
| Q1 25 | 44.4% | -466.3% | ||
| Q4 24 | 46.4% | 54.5% | ||
| Q3 24 | 12.3% | -1051.6% | ||
| Q2 24 | -33.7% | -3068.0% | ||
| Q1 24 | 28.1% | — |
| Q4 25 | — | -147.1% | ||
| Q3 25 | — | -157.4% | ||
| Q2 25 | -0.8% | -285.6% | ||
| Q1 25 | 46.2% | -425.7% | ||
| Q4 24 | 49.6% | 57.7% | ||
| Q3 24 | 17.2% | -925.0% | ||
| Q2 24 | -26.0% | -2503.2% | ||
| Q1 24 | 33.3% | — |
| Q4 25 | — | $-0.41 | ||
| Q3 25 | — | $-0.52 | ||
| Q2 25 | — | $-0.46 | ||
| Q1 25 | — | $-0.35 | ||
| Q4 24 | — | $0.52 | ||
| Q3 24 | — | $-0.20 | ||
| Q2 24 | — | $-0.13 | ||
| Q1 24 | — | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.0M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $119.9M | $114.3M |
| Total Assets | $175.1M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $245.0M | ||
| Q3 25 | — | $288.2M | ||
| Q2 25 | $49.0M | $240.1M | ||
| Q1 25 | $47.6M | $275.7M | ||
| Q4 24 | $38.1M | $314.0M | ||
| Q3 24 | $40.6M | $204.6M | ||
| Q2 24 | $43.2M | $218.7M | ||
| Q1 24 | $36.2M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $114.3M | ||
| Q3 25 | — | $147.7M | ||
| Q2 25 | $119.9M | $192.3M | ||
| Q1 25 | $25.0M | $229.0M | ||
| Q4 24 | $-456.0K | $256.8M | ||
| Q3 24 | $-23.5M | $201.0M | ||
| Q2 24 | $-31.2M | $215.2M | ||
| Q1 24 | $-31.7M | $223.9M |
| Q4 25 | — | $327.7M | ||
| Q3 25 | — | $372.8M | ||
| Q2 25 | $175.1M | $313.5M | ||
| Q1 25 | $98.5M | $327.3M | ||
| Q4 24 | $120.5M | $351.2M | ||
| Q3 24 | $139.0M | $217.6M | ||
| Q2 24 | $159.2M | $222.0M | ||
| Q1 24 | $184.7M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-15.8M | $-43.5M |
| Free Cash FlowOCF − Capex | $-15.8M | — |
| FCF MarginFCF / Revenue | -84.6% | — |
| Capex IntensityCapex / Revenue | 0.1% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-77.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-43.5M | ||
| Q3 25 | — | $-47.0M | ||
| Q2 25 | $-15.8M | $-39.6M | ||
| Q1 25 | $-21.0M | $-40.7M | ||
| Q4 24 | $-19.9M | $42.0M | ||
| Q3 24 | $-20.7M | $-14.5M | ||
| Q2 24 | $-19.5M | $-7.3M | ||
| Q1 24 | $-26.0M | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | $-15.8M | $-39.6M | ||
| Q1 25 | $-21.2M | $-40.8M | ||
| Q4 24 | $-20.0M | $41.7M | ||
| Q3 24 | $-20.7M | $-14.6M | ||
| Q2 24 | $-19.6M | $-7.3M | ||
| Q1 24 | $-26.2M | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | -84.6% | -252.2% | ||
| Q1 25 | -41.6% | -512.1% | ||
| Q4 24 | -52.5% | 48.2% | ||
| Q3 24 | -62.1% | -706.3% | ||
| Q2 24 | -78.2% | -1463.4% | ||
| Q1 24 | -63.1% | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | 0.1% | 0.3% | ||
| Q1 25 | 0.2% | 1.1% | ||
| Q4 24 | 0.2% | 0.3% | ||
| Q3 24 | 0.1% | 6.8% | ||
| Q2 24 | 0.4% | 7.6% | ||
| Q1 24 | 0.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.89× | — | ||
| Q4 24 | -1.05× | 0.84× | ||
| Q3 24 | -3.61× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -1.89× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CTMX
| Bristol Myers Squibb Company | $11.6M | 62% |
| Astellas Pharma Inc | $4.6M | 25% |
| Regeneron Pharmaceuticals Inc | $2.1M | 11% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
