Celldex Reports First Quarter 2025 Financial Results and Provides Corporate Update

Core Viewpoint - Celldex Therapeutics reported positive Phase 2 study results for barzolvolimab, indicating significant improvements in the quality of life for patients with chronic spontaneous urticaria (CSU) and chronic inducible urticaria (CIndU) [2][14] Financial Highlights - As of March 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $673.3 million, down from $725.3 million at the end of 2024, primarily due to $54.4 million used in operating activities during the first quarter [10][15] - Total revenue for the first quarter of 2025 was $0.7 million, an increase from $0.2 million in the same period of 2024, attributed to increased services under manufacturing and research agreements [11] - Research and development expenses rose to $52.6 million in Q1 2025 from $31.7 million in Q1 2024, mainly due to costs associated with barzolvolimab clinical trials [12] - General and administrative expenses increased to $10.8 million in Q1 2025 from $9.1 million in Q1 2024, primarily due to higher stock-based compensation [13] - The net loss for the first quarter of 2025 was $53.8 million, or ($0.81) per share, compared to a net loss of $32.8 million, or ($0.56) per share, in the same period of 2024 [15] Pipeline and Clinical Development - Barzolvolimab is a humanized monoclonal antibody targeting the KIT receptor, showing best-in-class efficacy in chronic urticaria with high complete response rates [3][2] - A global Phase 3 program for CSU is ongoing, with two trials (EMBARQ-CSU1 and EMBARQ-CSU2) enrolling approximately 915 patients each across 40 countries [7] - The company is planning a global Phase 3 program for chronic inducible urticaria (CIndU) expected to start in 2025 [7] - Data from the Phase 2 CSU study, including 76-week follow-up results, will be presented at the EAACI Congress 2025 [6][7] Additional Indications and Studies - Enrollment is complete for the Phase 2 study in eosinophilic esophagitis (EoE), with data expected in 2025 [14] - Ongoing enrollment in Phase 2 studies for prurigo nodularis (PN) and atopic dermatitis (AD) [14] - CDX-622, a bispecific antibody targeting SCF and TSLP, is in Phase 1 study with data expected in 2025 [9]