Celldex Therapeutics (CLDX) Q1 2026 earnings summary

Executive summary

• Net loss for Q1 2026 was $78.7 million, a 46% increase year-over-year, driven by higher R&D expenses for barzolvolimab and lower investment income.

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

• Revenue decreased 98% to $15,000, primarily due to lower contract and grant revenue.

• Cash, cash equivalents, and marketable securities totaled $451.5 million at March 31, 2026, with an additional $323.9 million raised in April 2026.

• Multiple key data readouts expected in 2026 across the pipeline, including prurigo nodularis, atopic dermatitis, and bispecific antibody programs.

Financial highlights

• Total revenue for Q1 2026 was $15,000, down from $695,000 in Q1 2025.

• Research and development expenses rose 39% to $73.0 million, mainly due to barzolvolimab clinical trials.

• General and administrative expenses increased 6% to $11.4 million, primarily from increased commercial planning for barzolvolimab.

• Operating loss was $84.4 million, up 35% year-over-year.

• Cash, cash equivalents, and marketable securities were $451.5 million as of March 31, 2026, down from $518.6 million at year-end 2025.

Outlook and guidance

• Cash and investments, including the April 2026 offering, are expected to fund operations through 2028.

• Revenue and expenses are expected to increase over the next twelve months due to expanded development and commercial planning for barzolvolimab.

• Topline data from multiple Phase 2 and 3 studies for barzolvolimab and CDX-622 are expected in 2026.