Celldex Therapeutics(CLDX) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for Q4 2024 was $1.2 million, a decrease from$ 4.1 million in Q4 2023, while total revenue for the year was $7.0 million compared to$ 6.9 million in 2023[13]. - The net loss for Q4 2024 was $47.1 million, or ($ 0.71) per share, compared to a net loss of $43.3 million, or ($ 0.83) per share, in Q4 2023; for the year, the net loss was $157.9 million, or ($ 2.45) per share, compared to $141.4 million, or ($ 2.92) per share, in 2023[17]. Expenses - Research and development (R&D) expenses increased to $46.9 million in Q4 2024 from$ 30.4 million in Q4 2023, and for the year, R&D expenses were $163.6 million compared to$ 118.0 million in 2023[14]. - General and administrative (G&A) expenses rose to $10.3 million in Q4 2024 from$ 8.8 million in Q4 2023, with annual G&A expenses totaling $38.5 million compared to$ 30.9 million in 2023[15]. Cash and Assets - Cash, cash equivalents, and marketable securities as of December 31, 2024, were $725.3 million, down from$ 756.0 million as of September 30, 2024, primarily due to $32.5 million used in operating activities during Q4[11]. - Total assets increased to$ 792,340 million in December 2024, up from $465,627 million in December 2023, representing a growth of 70%[25]. - Cash, cash equivalents, and marketable securities rose to$ 725,281 million, compared to $423,598 million in the previous year, indicating a 71% increase[25]. - Stockholders' equity grew significantly to$ 747,005 million, up from $429,171 million, reflecting a 74% increase year-over-year[25]. - Current liabilities increased to$ 39,501 million from $31,125 million, marking a rise of 27%[25]. - Long-term liabilities slightly increased to$ 5,834 million from $5,331 million, showing a growth of 9%[25]. - Other current assets surged to$ 21,878 million, compared to $8,095 million, which is an increase of 170%[25]. - Intangible and other assets, net, rose to$ 40,835 million from $29,874 million, representing a 37% increase[25]. - Property and equipment, net, increased to$ 4,346 million from $4,060 million, showing a growth of 7%[25]. Clinical Development - Barzolvolimab demonstrated a 71% complete response rate at Week 52 in a Phase 2 study for chronic spontaneous urticaria (CSU), marking the highest rate observed in a controlled study[12]. - The global Phase 3 program for CSU is enrolling approximately 915 patients across 40 countries and 500 sites, with ongoing enrollment in the Phase 3 barzolvolimab studies[8]. - A Phase 1 study for CDX-622, a bispecific candidate targeting SCF and TSLP, was initiated in November 2024, with enrollment ongoing in a two-part randomized, double-blind, placebo-controlled study[10]. - The company anticipates multiple important data readouts in 2025, including results from barzolvolimab Phase 2 studies in CSU, CIndU, and eosinophilic esophagitis[7]. Future Outlook - Celldex expects its cash position to be sufficient to meet estimated working capital requirements and fund current planned operations through 2027[18].