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Celldex Reports Fourth Quarter and Year End 2024 Financial Results and Provides Corporate Update
CLDXCelldex Therapeutics(CLDX) GlobeNewswire·2025-02-27 21:01

Core Insights - Celldex Therapeutics reported strong efficacy data for barzolvolimab in chronic urticarias, with ongoing Phase 3 studies in chronic spontaneous urticaria (CSU) and plans to initiate a Phase 3 program in chronic inducible urticaria (CIndU) in 2025 [2][7][12] - The company has initiated two new programs, including advancing barzolvolimab into atopic dermatitis and introducing a bispecific candidate, CDX-622, targeting inflammatory pathways [2][10] - Financial results showed a net loss of 47.1millionforQ42024,withtotalrevenuesof47.1 million for Q4 2024, with total revenues of 1.2 million for the quarter and 7.0millionfortheyear,reflectingadecreaseinrevenueprimarilyduetoreducedservicesunderagreements[11][12][17]PipelineDevelopments−BarzolvolimabisahumanizedmonoclonalantibodytargetingtheKITreceptor,crucialformastcellactivity,withsignificantresultsinPhase2studiesforCSUandCIndU[3][6]−ThePhase3programforCSUincludestwotrialsenrollingapproximately915patientseachacross40countries,aimingtoestablishthedrug′sefficacyandsafety[7]−CDX−622,abispecificantibody,isdesignedtoneutralizeTSLPanddepletemastcells,withaPhase1studyinhealthyvolunteersinitiatedinNovember2024[10][13]FinancialPerformance−AsofDecember31,2024,thecompanyhadcash,cashequivalents,andmarketablesecuritiestotaling7.0 million for the year, reflecting a decrease in revenue primarily due to reduced services under agreements [11][12][17] Pipeline Developments - Barzolvolimab is a humanized monoclonal antibody targeting the KIT receptor, crucial for mast cell activity, with significant results in Phase 2 studies for CSU and CIndU [3][6] - The Phase 3 program for CSU includes two trials enrolling approximately 915 patients each across 40 countries, aiming to establish the drug's efficacy and safety [7] - CDX-622, a bispecific antibody, is designed to neutralize TSLP and deplete mast cells, with a Phase 1 study in healthy volunteers initiated in November 2024 [10][13] Financial Performance - As of December 31, 2024, the company had cash, cash equivalents, and marketable securities totaling 725.3 million, down from 756.0millionattheendofQ32024[11][25]−Researchanddevelopmentexpensesincreasedto756.0 million at the end of Q3 2024 [11][25] - Research and development expenses increased to 46.9 million for Q4 2024 and 163.6millionfortheyear,drivenbyclinicaltrialcostsforbarzolvolimab[14]−Generalandadministrativeexpensesroseto163.6 million for the year, driven by clinical trial costs for barzolvolimab [14] - General and administrative expenses rose to 10.3 million for Q4 2024, attributed to higher stock-based compensation and commercial planning expenses [15]