second quarter 2026
Filed Aug 6, 2026Celldex Reports Second Quarter Financial Results and Provides Corporate Update
Celldex increased its cash position through an underwritten public offering and continues to advance barzolvolimab toward Phase 3 CSU topline data, but reported no material revenue, higher R&D and G&A expenses, a larger net loss, and discontinued the Phase 2 prurigo nodularis study after it did not meet primary or key secondary endpoints.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Cash, cash equivalents and marketable securitiesother | $717.6 million | – | – |
| Shares outstandingother | 78.5 million shares | – | – |
| Revenues, second quarter of 2026other | No material revenue | – | – |
| Revenues, six months ended June 30, 2026other | No material revenue | – | – |
| Research and development expenses, second quarter of 2026other | $67.5 million | – | – |
| Research and development expenses, six months ended June 30, 2026other | $140.5 million | – | – |
| General and administrative expenses, second quarter of 2026other | $13.1 million | – | – |
| General and administrative expenses, six months ended June 30, 2026other | $24.6 million | – | – |
| Net loss, second quarter of 2026other | $73.5 million | – | – |
| Net loss per share, second quarter of 2026other | ($0.94) per share | – | – |
| Net loss, six months ended June 30, 2026other | $152.2 million | – | – |
| Net loss per share, six months ended June 30, 2026other | ($2.11) per share | – | – |
| Net proceeds from April 2026 underwritten public offeringother | $323.8 million | – | – |
| Second quarter cash used in operating activitiesother | $57.4 million | – | – |
| EMBARQ-CSU1 and EMBARQ-CSU2 patients enrolledother | 1,939 patients | – | – |
| EMBARQ-CSU1 and EMBARQ-CSU2 countriesother | 43 countries | – | – |
| EMBARQ-CSU1 and EMBARQ-CSU2 sitesother | over 500 sites | – | – |
| Barzolvolimab-treated angioedema patients remaining angioedema-free seven months after completion of dosingother | up to 64% | – | – |
2026-2028 outlook
- NoteTopline data are anticipated in September/October 2026.
- Notesupporting a planned BLA filing in 2027.
- NoteTopline data from this study are expected to be presented in late 2026.
- NoteCelldex believes that the cash, cash equivalents and marketable securities at June 30, 2026 are sufficient to meet estimated working capital requirements and fund current planned operations through 2028.
What drove it
- Revenue decreased primarily due to a decrease in services performed under manufacturing and research and development agreements with Rockefeller University.
- R&D expenses increased primarily due to increased barzolvolimab clinical trial and contract manufacturing expenses and increased employee headcount.
- G&A expenses increased primarily due to increased barzolvolimab commercial planning expenses.
- Enrollment was completed six months ahead of guidance in the global Phase 3 CSU program.
- CDX-622 Phase 1 results demonstrated rapid, profound, dose-dependent, and durable reductions in serum tryptase, and the candidate was well-tolerated in all study parts and at all dose levels.
Concerns
- No material revenue was recognized in the second quarter of 2026 or the six months ended June 30, 2026.
- The Phase 2 prurigo nodularis trial did not meet primary or key secondary endpoints, and Celldex is discontinuing the Phase 2 PN study.
- R&D expenses, G&A expenses, and net loss were higher than the comparable periods in 2025.
- Celldex cited uncertainties associated with clinical testing, Phase 3 trial execution, manufacturing supply, regulatory approvals, commercialization, competition, and other forward-looking risks.
What to watch
- Topline data from EMBARQ-CSU1 and EMBARQ-CSU2 anticipated in September/October 2026.
- Potential BLA filing for barzolvolimab planned for 2027.
- Topline data from the Phase 2 atopic dermatitis study expected in late 2026.
- Enrollment progress in EMBARQ-ColdU and EMBARQ-SD.
- Phase 1 proof of mechanism study of CDX-622 in adults with mild to moderate asthma and expansion into allergic rhinitis and food allergy.
Balance sheet and cash flow
- Cash, cash equivalents and marketable securities as of June 30, 2026 were $717.6 million compared to $451.5 million as of March 31, 2026.
- The increase was primarily driven by net proceeds of $323.8 million from our April 2026 underwritten public offering, partially offset by second quarter cash used in operating activities of $57.4 million.
- At June 30, 2026, Celldex had 78.5 million shares outstanding.
Analysis
Celldex's second-quarter financial profile remained that of a clinical-stage company. The company recognized no material revenue in the second quarter of 2026, versus $0.7 million in the comparable 2025 period, while R&D expenses were $67.5 million and G&A expenses were $13.1 million. Net loss was $73.5 million, or ($0.94) per share, compared with a net loss of $56.6 million, or ($0.85) per share, in the second quarter of 2025.
Spending reflected the advancement of barzolvolimab, with R&D growth attributed to clinical trial and contract manufacturing expenses and increased employee headcount. G&A growth was attributed to barzolvolimab commercial planning. The principal development catalyst is the Phase 3 CSU program, where enrollment was completed six months ahead of guidance and EMBARQ-CSU1 and EMBARQ-CSU2 enrolled 1,939 patients across 43 countries and over 500 sites. Topline CSU data are anticipated in September/October 2026, with a planned BLA filing in 2027.
The clinical update was mixed across indications. Celldex reported durable off-treatment results in CSU-associated angioedema, with up to 64% of applicable barzolvolimab-treated patients remaining angioedema-free seven months after completion of dosing. Enrollment is complete in the Phase 2 atopic dermatitis study, with topline data expected in late 2026. In contrast, the Phase 2 prurigo nodularis study did not meet primary or key secondary endpoints, leading Celldex to discontinue that study.
The balance sheet strengthened during the quarter. Cash, cash equivalents and marketable securities were $717.6 million at June 30, 2026, compared with $451.5 million at March 31, 2026. The company attributed the increase primarily to $323.8 million of net proceeds from its April 2026 underwritten public offering, partially offset by $57.4 million of second-quarter cash used in operating activities. Celldex stated that its cash, cash equivalents and marketable securities are sufficient to fund estimated working capital requirements and current planned operations through 2028.
CDX-622 provides an additional early-stage pipeline element. The company reported Phase 1 evidence of rapid, profound, dose-dependent and durable serum tryptase reductions, monoclonal antibody-like pharmacokinetics, and no dose-limiting toxicities or related serious adverse events. The near-term focus remains the barzolvolimab Phase 3 CSU readout, the Phase 2 atopic dermatitis data, and execution of ongoing and planned CDX-622 development activities.
Management, verbatim
We are leaders in mast cell science with a pipeline of programs that have the potential to dramatically shift treatment paradigms for patients.
Anthony Marucci, Co-founder, President and Chief Executive Officer at Celldex
Not in the filing
stated, not guessed- GAAP or non-GAAP basis for the reported financial metrics was not specified in the provided filing text.
- Gross profit, gross margin, operating income or loss, operating margin, income tax expense or benefit, tax rate, and non-GAAP financial measures were not provided.
- Prior-quarter financial comparisons for revenue, R&D expenses, G&A expenses, net loss, and net loss per share were not provided.
- Debt, free cash flow, total operating cash flow, capital expenditures, repurchases, dividends, and other capital-return information were not provided.
- Revenue, gross margin, operating expenses, and tax-rate numerical guidance were not provided.
- Segment revenue disclosure was not provided.
- Prior outlook was not provided, so no comparison of actual results with prior guidance is available.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.