Celldex Therapeutics (CLDX) Q4 2025 earnings summary

Executive summary

• Completed enrollment in two global Phase 3 chronic spontaneous urticaria (CSU) studies six months ahead of schedule; topline data expected Q4 2026 and BLA submission planned for 2027.

• Phase 3 cold urticaria and symptomatic dermographism study actively accruing; Phase 2 prurigo nodularis and atopic dermatitis studies completed enrollment with data expected in 2026.

• Initiated Phase 1 proof of mechanism study for CDX-622 in asthma; multiple key clinical readouts anticipated in 2026.

Financial highlights

• Cash, cash equivalents, and marketable securities were $518.6M as of December 31, 2025, down from $583.2M at September 30, 2025, due to increased clinical and manufacturing expenses.

• Total revenue was $0.1M in Q4 2025 and $1.5M for the year, compared to $1.2M and $7.0M for the same periods in 2024, reflecting lower R&D service revenue.

• R&D expenses rose to $75.3M in Q4 2025 and $245.1M for the year, up from $46.9M and $163.6M in 2024, driven by barzolvolimab trials and increased headcount.

• G&A expenses increased to $11.9M in Q4 2025 and $43.8M for the year, up from $10.3M and $38.5M in 2024, due to higher headcount and commercial planning.

• Net loss was $81.3M ($1.22/share) in Q4 2025 and $258.8M ($3.90/share) for the year, compared to $47.1M ($0.71/share) and $157.9M ($2.45/share) in 2024.

Outlook and guidance

• Cash position is expected to fund operations through 2027.

• Anticipates multiple clinical data readouts in 2026, including Phase 3 CSU, Phase 2 prurigo nodularis, and atopic dermatitis.