Clinical Trial Failure and Delays Risk: Their drug candidates may not prove safe and effective in clinical trials, or trials may experience significant delays, preventing market entry and future revenue generation.

Regulatory Approval Uncertainty Risk: Even with positive clinical data, CytomX may not receive necessary regulatory approvals from health authorities like the FDA, or approvals may be subject to extensive delays or unfavorable conditions.

Commercialization Challenges Risk: If any of their product candidates are approved, CytomX may fail to effectively commercialize them due to intense market competition, challenges with market access and pricing, or lack of physician adoption.