Core Insights - Celldex announced multiple presentations of Phase 2 clinical trials for barzolvolimab at the 2026 AAAAI Annual Meeting, focusing on chronic spontaneous urticaria (CSU), cold urticaria (ColdU), and symptomatic dermographism (SD) [1][2] Group 1: Clinical Trial Presentations - New data from the Phase 2 ColdU and SD Open Label Extension (OLE) will be presented, indicating that retreatment with barzolvolimab results in rapid improvement in urticaria control after symptom recurrence [2] - The presentations include: - **Phase 2 ColdU and SD Study**: "Treatment with Barzolvolimab Improves Urticaria Control and Quality of Life in Patients with Chronic Inducible Urticaria" on February 27, 2026 [2] - **Phase 2 CSU Study**: "Prolonged Off-Treatment Efficacy of Barzolvolimab in Chronic Spontaneous Urticaria" on February 27, 2026 [2] - **Phase 2 ColdU and SD Study**: "Retreatment with Barzolvolimab Leads to Rapid Improvement in Urticaria Control After Symptom Recurrence in Chronic Inducible Urticaria" on March 1, 2026 [2] Group 2: Barzolvolimab Overview - Barzolvolimab is a humanized monoclonal antibody with a novel mechanism of action targeting mast cells by binding to a unique part of the KIT receptor, which is critical for mast cell function and survival [3] - The drug shows significant potential as a first-in-class treatment for CSU, ColdU, and SD, based on data from robust Phase 2 studies [3] - Barzolvolimab is currently undergoing Phase 3 studies for CSU and ColdU/SD, as well as Phase 2 studies for prurigo nodularis (PN) and atopic dermatitis (AD) [3] Group 3: Company Background - Celldex is focused on pioneering new therapies in immunology, particularly antibody-based treatments that engage the human immune system to address allergic, inflammatory, and autoimmune disorders [4]

Summary of Celldex Therapeutics Conference Call Company Overview - **Company**: Celldex Therapeutics (NasdaqCM:CLDX) - **Event**: Guggenheim Emerging Outlook Biotech Summit 2026 - **Date**: February 11, 2026 - **Key Executives Present**: Anthony Marucci (President and CEO), Diane Young (Chief Medical Officer), Tibor Keler (Chief Scientific Officer) [1] Key Milestones and Developments - **2025 Achievements**: - Initiated a second Phase 3 study for cold urticaria and symptomatic dermographism in December 2025 [3] - Completed Phase 2 studies for prurigo nodularis (PN) and atopic dermatitis (AD) [3] - **Ongoing Studies**: - Two Phase 3 studies for chronic spontaneous urticaria (CSU) are ongoing, with enrollment expected to complete by summer 2026 [4] - Combined enrollment target of at least 1,830 patients across 500 centers in 43 countries [4] Clinical Data and Efficacy - **Cold Urticaria and Symptomatic Dermographism**: - Phase 3 studies involve 240 patients, with results expected in approximately 18 months [5] - **Phase 2 Data**: - Anticipated data from PN and AD studies in the second half of 2026, which will inform future Phase 3 studies [5] - **Physician Feedback**: - Physicians are enthusiastic about the data, noting a 70% complete response rate and 41% persistence of effect seven months post-treatment [9] - Long-term durability data is expected to change treatment paradigms [13] Safety Profile - **Safety Data**: - Consistent safety profile with common side effects being mild and reversible [24] - Investigators are comfortable with the safety data presented so far [24] Commercial Strategy - **Market Dynamics**: - The market for biologically eligible patients is estimated at 750,000, with potential for growth as competitors enter [39] - Pricing strategy will be influenced by competitors like Novartis and Sanofi, with a focus on positioning behind existing treatments [39][41] - **Launch Considerations**: - Additional capital will be needed for product launch and further development [82] Future Indications and Research - **Additional Indications**: - Exploring food allergies, allergic rhinitis, and chronic pruritic itch as potential future indications [6] - **Bispecific Molecule Development**: - CDX-622 targets stem cell factor and TSLP, with promising early results in healthy volunteers [68] - Ongoing studies in asthma to validate the dual mechanism of action [72] Financial Position - **Cash Reserves**: - $583 million at the end of Q3 2025, sufficient to fund operations through 2027 [82] - **Future Funding Needs**: - Additional capital will be required for product launch and ongoing development [84] Conclusion - Celldex Therapeutics is positioned for significant growth with multiple ongoing clinical trials and a strong pipeline. The company is focused on expanding its market presence while ensuring safety and efficacy in its treatments. Future developments in additional indications and bispecific therapies are also being explored, with a solid financial foundation to support these initiatives.

Core Insights - Celldex Therapeutics is focused on developing antibody-based therapies for allergic, inflammatory, and autoimmune diseases, with a market capitalization of $1.76 billion [3] - The lead program, barzolvolimab, has shown promising results in clinical trials for chronic urticaria conditions, with significant efficacy and safety profiles reported [2][5] - The company is currently in a strong financial position with $583.2 million in cash and equivalents, expected to sustain operations until 2027 despite reporting a net loss of $67 million in Q3 [5] Clinical Development - Celldex initiated a global Phase 3 study for barzolvolimab in December, targeting ColdU and SD, with ongoing Phase 2 studies for prurigo nodularis and atopic dermatitis [1] - Positive Phase 2 results for barzolvolimab indicated that 66% of ColdU patients and 49% of SD patients achieved complete responses at 20 weeks, significantly outperforming placebo [2] - The company is also developing CDX-622, a bispecific antibody, with positive Phase 1 data and further results expected in Q3 2026 [1] Market Potential - There are over half a million patients in the U.S. and Europe suffering from various urticaria conditions, indicating a substantial unmet medical need that barzolvolimab could address [7] - Analysts have a favorable outlook on CLDX stock, with 13 out of 17 rating it a "Strong Buy" and an average target price suggesting a potential upside of 104% from current levels [7] Investment Landscape - The biotech sector, particularly for growth stocks like Celldex, is characterized by high risk and potential for significant returns based on clinical trial outcomes and regulatory approvals [4][6] - Celldex's stock performance is closely tied to the success of its clinical trials, typical for clinical-stage biotech companies [6]

Core Insights - Celldex Therapeutics, Inc. (NASDAQ:CLDX) is identified as a promising small-cap stock with significant upside potential, with Barclays raising its price target from $21 to $24 while maintaining an Equal Weight rating [1] - The company has initiated a global Phase 3 trial for barzolvolimab, targeting adult patients with cold urticaria and symptomatic dermographism, conditions for which no advanced approved therapies currently exist [2][3] Company Developments - The Phase 3 trial, named EMBARQ-ColdU and SD, aims to evaluate the efficacy and safety of barzolvolimab, a humanized monoclonal antibody, in patients who remain symptomatic despite H1 antihistamine treatment [2] - Barzolvolimab is the only drug in development that has shown clinical benefits in a randomized, large, placebo-controlled study, meeting all primary and secondary endpoints with high statistical significance at 12 weeks and sustained through the end of the treatment period at 20 weeks in the Phase 2 study [3] - The initiation of this trial marks the second Phase 3 program for barzolvolimab, with another ongoing Phase 3 trial in chronic spontaneous urticaria (CSU) [4] Company Overview - Celldex Therapeutics, Inc. focuses on developing, manufacturing, and commercializing novel therapeutics for human healthcare, with a pipeline that includes Varlilumab, CDX-1140, CDX-301, and CDX-3379 [4]

Core Insights - Celldex has initiated a global Phase 3 trial (EMBARQ-ColdU and SD) to evaluate the efficacy and safety of barzolvolimab in adult patients with cold urticaria (ColdU) and symptomatic dermographism (SD) who are symptomatic despite H1 antihistamine treatment [1][2] - Barzolvolimab is a humanized monoclonal antibody that targets the receptor tyrosine kinase KIT, crucial for mast cell function, which is a key driver in ColdU and SD [1][7] - The trial aims to enroll approximately 240 participants across 75 clinical sites in 7 countries, with a primary endpoint focused on the percentage of patients achieving a complete response at Week 12 [2][3] Study Design and Objectives - The EMBARQ-ColdU and SD trial will include two cohorts: one for ColdU and one for SD, with participants randomized in a 1:1 ratio to receive either barzolvolimab or placebo for 24 weeks [2][3] - The primary endpoint will assess the complete response rate using TempTest® for ColdU and FricTest® for SD at Week 12, with follow-up for 16 weeks post-treatment [2][5] Clinical Background and Need - ColdU and SD affect over 533,000 patients in the U.S. and Europe, with no advanced therapies currently approved, leading to inadequate disease control for over 80% of patients [3][4] - Patients often experience severe itching and hives, significantly impacting their mental and emotional well-being, daily activities, and social interactions [3][4] Previous Study Results - A Phase 2 study showed that barzolvolimab met its primary endpoint, demonstrating a statistically significant difference in negative provocation tests compared to placebo at Week 12, with up to 75% of ColdU patients and 67% of SD patients achieving a partial or complete response [3][5] - Secondary endpoints also showed strong support for the primary results, with sustained effects through the end of the treatment period [5] Future Directions - Barzolvolimab is being studied across five indications, including chronic spontaneous urticaria, with ongoing Phase 3 studies and plans for additional indications [3][7] - The initiation of the EMBARQ-ColdU and SD trial represents a significant advancement in treatment options for patients suffering from these conditions [4][5]

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 Insights - Celldex announced new data on barzolvolimab's efficacy in chronic spontaneous urticaria (CSU) at the ACAAI Annual Scientific Meeting, highlighting its potential to transform treatment for patients suffering from this debilitating condition [1][2] Study Results - The Phase 2 study met its primary endpoint, showing significant improvement in UAS7 scores compared to placebo at 12 weeks across all dose groups [4] - Barzolvolimab achieved rapid complete response rates (UAS7=0) in up to 51% of patients at 12 weeks, increasing to 71% at 52 weeks [4] - Seven months post-treatment, 41% of patients reported a complete response, and 48% indicated their quality of life was no longer affected by the disease [4] - Patients on barzolvolimab experienced an average improvement of 8.6 points in UCT7 scores from baseline at Week 12, compared to 2.5 points for placebo [7] - At Week 52, 71% of patients achieved complete disease control (UCT7=16) and 86% achieved well-controlled disease (UCT7>12) at the 150 mg Q4W dose [7] Safety Profile - Barzolvolimab demonstrated a well-tolerated safety profile, with mild side effects such as hair color changes and skin hypopigmentation being reversible after treatment discontinuation [4][7] Ongoing Research - The company is currently enrolling patients in a global Phase 3 Program for barzolvolimab, consisting of two trials aimed at establishing its efficacy and safety in adult patients with CSU who remain symptomatic despite H1 antihistamine treatment [5][10] Background on CSU - Chronic spontaneous urticaria (CSU) is characterized by hives or wheals lasting six weeks or longer without identifiable triggers, often leading to significant patient discomfort and reduced quality of life [11]

Core Viewpoint - Celldex Therapeutics, Inc. (NASDAQ:CLDX) is viewed as a small-cap stock with potential upside, but Barclays has initiated coverage with an Underweight rating and a $25 price target due to safety concerns and competitive pressures [1][3]. Group 1: Company Overview - Celldex Therapeutics, Inc. develops, manufactures, and commercializes novel therapeutics for human health care, with a pipeline that includes Varlilumab, CDX-1140, CDX-301, and CDX-3379 [3]. Group 2: Investment Analysis - Barclays highlighted that while there is binary risk associated with small and mid-cap biotechnology stocks, investments backed by de-risked mechanisms of action and prior clinical data present a favorable risk-reward profile [2]. - The firm noted that the market is currently favorable towards new mechanisms and modes of action that could enhance dosing frequency and patient compliance [2]. Group 3: Clinical Data and Market Position - Despite the encouraging clinical data for Celldex's lead molecule barzolvolimab, the shares are not expected to provide significant upside through 2026 due to safety liabilities and a competitive landscape [3].

Group 1 - Celldex Therapeutics, Inc. (NASDAQ: CLDX) shares have increased over 70% from their 60-month low in April 2025, which was attributed to high discontinuation rates for their lead asset, barzolvolimab [2] - The company is involved in mast cell therapy and has faced challenges with its primary asset, impacting its stock performance [2] - The Biotech Forum offers a model portfolio featuring 12-20 high upside biotech stocks, along with live discussions and weekly updates [2]

Core Insights - Celldex Therapeutics, Inc. announced topline results from its Phase 2 study of barzolvolimab for eosinophilic esophagitis (EoE), meeting the primary endpoint of mast cell depletion but failing to show clinical improvement in symptoms [1][2][6] Study Results - The study aimed to assess the effect of barzolvolimab on intraepithelial mast cells and clinical outcomes in EoE [1] - The primary endpoint was met with a significant reduction in peak esophageal intraepithelial mast cell count, showing an absolute change from baseline of -36.0 for barzolvolimab compared to -2.7 for placebo at Week 12 [5][6] - Despite the significant mast cell depletion, no improvement in EoE symptoms was observed, with p-values of 0.33 for the Dysphagia Symptom Questionnaire and 0.95 for endoscopic scoring [6][7] Safety Profile - Barzolvolimab exhibited a favorable safety and tolerability profile consistent with previous studies [2][7] - The dosing regimen of 300 mg Q4W was well-tolerated, showing no significant adverse effects compared to less frequent dosing in earlier studies [7] Future Directions - Following these results, Celldex will not pursue further development of barzolvolimab for EoE but will continue to advance its pipeline, including ongoing studies in chronic spontaneous urticaria and plans for a Phase 3 program in inducible urticaria [3][4]