CLDX earnings analysis
What we found in CLDX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Total revenue for Q1 2026 was only $15,000, representing a 98% decrease from $695,000 in Q1 2025.
- Increased R&D Expenses
- Research and development expenses rose to $73 million from $52.6 million in the prior year, a 39% increase.
- Widening Net Loss
- Net loss increased to $78.7 million compared to $53.8 million in Q1 2025.
- Successful Public Offering
- Raised $345 million in a public offering in April 2026, enhancing liquidity.
- Cash Reserves Update
- Cash, cash equivalents, and marketable securities totaled $451.5 million as of March 31, 2026.
- Management's Development Strategy
- Management emphasized ongoing development of barzolvolimab with multiple Phase 3 trials anticipated to yield topline data in late 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Dependence on Revenue Generation
- Revenue was significantly lower at $15,000, indicating ongoing challenges in securing contract manufacturing and research agreements.
- Increased Operating Loss
- Operating loss reached $84.4 million for the quarter, which may jeopardize financial stability.
- Investment Income Decline
- Investment and other income fell by 36% from $8.9 million to $5.7 million due to lower cash reserves.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.18
What they said about what is next.
Management expects sufficient liquidity from current cash and public offering proceeds to meet operational needs through 2028.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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