Core Insights - Celldex reported financial results for Q3 2025, highlighting advancements in its pipeline, particularly with barzolvolimab, which has shown clinical benefits in treating cold urticaria and symptomatic dermographism [1][2] Financial Performance - Cash Position: As of September 30, 2025, cash, cash equivalents, and marketable securities totaled $583.2 million, down from $630.3 million as of June 30, 2025, primarily due to $48.6 million used in operating activities during Q3 [13] - Revenues: Total revenue was $0.0 million for Q3 2025 and $1.4 million for the nine months ended September 30, 2025, compared to $3.2 million and $5.8 million for the same periods in 2024, reflecting a decrease due to reduced services under manufacturing and R&D agreements [14] - R&D Expenses: R&D expenses were $62.9 million for Q3 2025 and $169.7 million for the nine months ended September 30, 2025, up from $45.3 million and $116.6 million in 2024, attributed to increased clinical trial costs for barzolvolimab [15] - G&A Expenses: G&A expenses were $10.7 million for Q3 2025 and $31.9 million for the nine months ended September 30, 2025, compared to $10.1 million and $28.3 million in 2024, mainly due to higher stock-based compensation and employee headcount [16] - Net Loss: The net loss was $67.0 million, or ($1.01) per share, for Q3 2025, and $177.4 million, or ($2.67) per share, for the nine months ended September 30, 2025, compared to a net loss of $42.1 million, or ($0.64) per share, for Q3 2024 [17] Pipeline Developments - Barzolvolimab: This humanized monoclonal antibody has shown significant efficacy in treating chronic spontaneous urticaria (CSU) and cold urticaria, with 71% of patients achieving a complete response at 52 weeks in the Phase 2 CSU study [5][6] - Upcoming Studies: A global Phase 3 study for cold urticaria and symptomatic dermographism is set to begin in December 2025, following positive Phase 2 results [7] - CDX-622: The first stem cell factor neutralizing bispecific antibody studied in humans, showing promising Phase 1 data with a favorable safety profile [10][12] Corporate Updates - Leadership: Teri Lawver has joined Celldex as Senior Vice President, Chief Commercial Officer, bringing extensive experience in launching immunology drugs, which is expected to aid in the commercialization of barzolvolimab [2]

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]