aibioCelldex holds $717.6 million before phase 3 readout; CFO Sam Martin to retire
Tickers CLDX
An April stock sale lifted cash, and Celldex guides to funding through 2028. Its finance chief of nine years plans to leave by March 31, 2027.
Key facts
- Company
- Celldex Therapeutics, Inc. (NASDAQ: CLDX)
- News type
- Financings
- Primary source
- Celldex Therapeutics (SEC Form 8-K exhibit)
Celldex Therapeutics reported $717.6 million in cash, cash equivalents and marketable securities at June 30, up from $451.5 million at March 31, in its second-quarter report on Aug. 6. The increase came from $323.8 million of net proceeds from an April stock offering, offset by $57.4 million of cash used in operations during the quarter.
The company said that money should fund planned operations through 2028. Celldex had 78.5 million shares outstanding at quarter-end.
Three weeks earlier, Celldex disclosed that chief financial officer Sam Martin plans to retire on or about March 31, 2027. Martin joined in April 2009 and has been CFO since July 2017. The company has started a search for a successor, and Martin will stay until March 31 or until a replacement begins.
The details
Celldex reported no material revenue in the quarter, compared with $0.7 million a year earlier, when it was paid for services under manufacturing and research agreements with Rockefeller University. Research and development expenses rose to $67.5 million from $54.2 million, driven by barzolvolimab trials, contract manufacturing and more staff. General and administrative expenses climbed to $13.1 million from $10.4 million, mainly from commercial planning for barzolvolimab.
The net loss was $73.5 million, or $0.94 a share, compared with $56.6 million, or $0.85 a share, in the second quarter of 2025. For the first half, the loss was $152.2 million.
The April offering sold 11,896,750 shares for gross proceeds of $345.0 million. Celldex said it would use the proceeds partly for commercial readiness and a U.S. launch of barzolvolimab in CSU, if approved.
Context
At the time of the report, Celldex was waiting on topline data from its two phase 3 trials in chronic spontaneous urticaria, which it then expected in September or October 2026. In May it had guided to the fourth quarter. The trials enrolled 1,939 patients across 43 countries and more than 500 sites.
The quarter also brought a setback. In July a phase 2 trial in prurigo nodularis missed its primary and main secondary endpoints, and Celldex dropped that indication. On the positive side, first-in-human data for the bispecific CDX-622 showed dose-dependent drops in serum tryptase, and Celldex said it is expanding that program into allergic rhinitis and food allergy.
Anthony Marucci, co-founder and chief executive, said the company was "actively driving towards potential commercialization".
What it means for investors
The balance sheet is strong for a company with no product sales. At the second-quarter rate of operating cash use, $717.6 million covers years of spending, and the guidance to fund operations through 2028 gives Celldex room to file a BLA and start a launch without an immediate need to raise. Launch costs will push spending higher, so that runway could shorten once commercial hiring begins.
A CFO change during the run-up to a first launch adds execution risk. Martin's long notice period and the overlap with a successor reduce it. The bigger questions are clinical and commercial.
What to watch
Celldex expects phase 3 CSU topline data in September or October 2026 and plans a BLA in 2027. Phase 2 atopic dermatitis data are due in late 2026. Martin's planned retirement date is March 31, 2027.