Celldex posts narrower-than-expected net loss
CLDX•Celldex reported a third-quarter net loss of $75.56 million, or $0.96 per share, beating analyst estimates of $81.01 million and $1.02 per share. The company expects to submit a BLA for barzolvolimab in chronic spontaneous urticaria in 2027 and says its cash will fund planned operations through 2028.
1. Quarterly results
Celldex reported a third-quarter net loss of $75.56 million, or $0.96 per share, compared with analyst estimates of $81.01 million and $1.02 per share. The company recognized no material revenue, down from the prior-year period, as services under manufacturing and research and development agreements with Rockefeller University declined. Operating expenses were $82.25 million.
2. Costs and outlook
Research and development expenses rose due to higher clinical trial and manufacturing costs for barzolvolimab, while general and administrative expenses increased with commercial planning and hiring for the drug. Celldex anticipates submitting a BLA for barzolvolimab in chronic spontaneous urticaria in 2027 and expects to update on Phase 3 cold urticaria and symptomatic dermographism programs that year. The company believes its cash on hand will fund planned operations through 2028.
