CLDX · Celldex Therapeutics, Inc.

Celldex Therapeutics reported first quarter 2026 results reflecting intensified investment in its barzolvolimab KIT inhibitor program, with R&D expenses rising 39% to $73.0 million primarily from clinical trial and contract manufacturing costs plus headcount growth, alongside a 6% increase in G&A to $11.4 million driven by commercialization planning. Total revenues fell to $15 thousand from $0.7 million year-over-year due to reduced services under agreements with Rockefeller University, resulting in an operating loss of $84.4 million and net loss of $78.7 million or ($1.18) per share on 66.6 million shares outstanding, compared to $53.8 million or ($0.81) per share in Q1 2025. Cash burned $65.6 million in operations, reducing the position to $451.5 million from $518.6 million at year-end, but the April 2026 follow-on offering of 11.9 million shares at gross proceeds of $345 million ($323.9 million net) bolsters liquidity to fund operations through 2028. CEO Anthony Marucci highlighted early enrollment completion in Phase 3 chronic spontaneous urticaria (CSU) studies EMBARQ-CSU1/2 with 1,939 patients across 43 countries, positioning for Q4 2026 topline data and 2027 BLA submission. Ongoing Phase 3 in cold urticaria/symptom dermographism, completed Phase 2 in prurigo nodularis/atopic dermatitis (data summer/late 2026), and Phase 1 CDX-622 bispecific in asthma underscore pipeline momentum, with recent data presentations reinforcing barzolvolimab's disease-modifying potential in mast cell-driven diseases.