According to the Complaint, CytomX Therapeutics operates as an oncology-focused biopharmaceutical company in the U.S. The Company develops a novel class of investigational antibody therapeutics based on its Probody technology platform for the treatment of cancer. CytomX’s lead product candidates in the clinical stage include, among others, CX-072, a Probody therapeutic targeting programmed cell death ligand 1 immuno-oncology target; and CX-2009, a Probody drug conjugate (PDC) against CD166 novel drug target.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about CytomX’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors that: (i) CytomX had downplayed issues with CX-072’s efficacy observed in the PROCLAIM-CX-072 clinical program; (ii) CytomX had similarly downplayed issues with CX-2009’s efficacy and safety observed in the PROCLAIM-CX-2009 clinical program; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.