Quarterly ResultMay 7, 2026, 04:04 PM
Celldex Completes Barzolvolimab Phase 3 Enrollment Early; Raises $345M
AI Summary
Celldex Therapeutics reported its first-quarter 2026 financial results and provided a corporate update, highlighting the early completion of enrollment in its Phase 3 chronic spontaneous urticaria (CSU) studies for barzolvolimab, six months ahead of guidance. The company also successfully raised $345 million in gross proceeds from a follow-on public offering in April 2026, strengthening its balance sheet and extending its cash runway through 2028. For Q1 2026, Celldex reported a net loss of $78.7 million, or ($1.18) per share, with R&D expenses increasing to $73.0 million due to clinical trial and manufacturing costs.
Key Highlights
- Enrollment completed six months ahead of guidance in barzolvolimab Phase 3 CSU studies (EMBARQ-CSU 1 and 2).
- Raised $345 million in gross proceeds from a follow-on public offering, closed in April 2026.
- Cash, cash equivalents, and marketable securities were $451.5 million as of March 31, 2026.
- Net loss was $78.7 million, or ($1.18) per share, for Q1 2026.
- Research and development (R&D) expenses increased to $73.0 million in Q1 2026 from $52.6 million in Q1 2025.
- Total revenue was $0.0 million in Q1 2026, down from $0.7 million in Q1 2025.
- Cash and proceeds from the April offering are sufficient to fund operations through 2028.