10-K · February 25, 2026
Celldex’s 10-K emphasizes clinical progress: Phase 3 enrollment for barzolvolimab in chronic spontaneous urticaria is complete and topline data is expected in the fourth quarter of 2026, while the bispecific CDX‑622…
Earnings analysis · 10-Q
CLDX earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Celldex reported a significant decline in revenue for Q1 2026, recording only $15,000 compared to $695,000 in Q1 2025, indicating a 98% decrease. The net loss also widened to $78.7 million, up from $53.8 million year…
Read full summary
Celldex reported a significant decline in revenue for Q1 2026, recording only $15,000 compared to $695,000 in Q1 2025, indicating a 98% decrease. The net loss also widened to $78.7 million, up from $53.8 million year over year, largely due to increased research and development expenditures. Management remains optimistic about future cash flows, bolstered by a recent capital raise, suggesting operations are funded through at least 2028.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.18
What stood out
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Revenue Decline
Total revenue for Q1 2026 was only $15,000, representing a 98% decrease from $695,000 in Q1 2025.
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Increased R&D Expenses
Research and development expenses rose to $73 million from $52.6 million in the prior year, a 39% increase.
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Widening Net Loss
Net loss increased to $78.7 million compared to $53.8 million in Q1 2025.
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Successful Public Offering
Raised $345 million in a public offering in April 2026, enhancing liquidity.
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Cash Reserves Update
Cash, cash equivalents, and marketable securities totaled $451.5 million as of March 31, 2026.
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Management's Development Strategy
Management emphasized ongoing development of barzolvolimab with multiple Phase 3 trials anticipated to yield topline data in late 2026.
What to watch
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Dependence on Revenue Generation
Revenue was significantly lower at $15,000, indicating ongoing challenges in securing contract manufacturing and research agreements.
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Increased Operating Loss
Operating loss reached $84.4 million for the quarter, which may jeopardize financial stability.
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Investment Income Decline
Investment and other income fell by 36% from $8.9 million to $5.7 million due to lower cash reserves.
Management's outlook
Management expects sufficient liquidity from current cash and public offering proceeds to meet operational needs through 2028.
Earlier filings 4
10-Q · November 10, 2025
Celldex reported total revenue of $0 for the three months ended September 30, 2025 (vs. $3,191 in Q3 2024) and a wider quarterly net loss of $67,044 ($1.01 loss per share) compared with a $42,121 loss ($0.64 loss per…
10-Q · August 7, 2025
Celldex reported Q2 revenue of $0.73 million (down from $2.50 million in Q2 2024) while R&D spending accelerated to $54.2 million, driving an operating loss of $63.9 million and a net loss of $56.6 million (EPS -$0.85).…
10-Q · May 8, 2025
Celldex reported Q1 2025 revenue of $695,000 and a net loss of $53.8 million (EPS -$0.81). R&D spending accelerated to $52.6 million driven by $39.7 million on the barzolvolimab/anti‑KIT program (Phase 3), while cash +…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.