--- title: "Celldex holds $717.6 million before phase 3 readout" url: "https://aibio.space/news/celldex-holds-717-6-million-before-phase-3-readout-cfo-sam-martin/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-08-06" section: "Financings" tickers: "NASDAQ:CLDX" source: "https://www.sec.gov/Archives/edgar/data/744218/000117184326005316/exh_991.htm" summary: "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." --- By the aibio.space Celldex desk. Sources - [Celldex Therapeutics (SEC Form 8-K exhibit)](https://www.sec.gov/Archives/edgar/data/744218/000117184326005316/exh_991.htm) - [SEC Form 8-K, July 15, 2026](https://www.sec.gov/Archives/edgar/data/744218/000110465926083880/tm2620527d1_8k.htm) - [Celldex Form 10-Q, Q2 2026](https://www.sec.gov/Archives/edgar/data/744218/000110465926091984/cldx-20260630x10q.htm) [CLDX](https://aibio.space/companies/celldex-therapeutics/) 2026-08-06 # Celldex holds $717.6 million before phase 3 readout; CFO Sam Martin to retire Tickers [CLDX](https://aibio.space/companies/celldex-therapeutics/) 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)](https://www.sec.gov/Archives/edgar/data/744218/000117184326005316/exh_991.htm) *A red price chart on a screen. CC0, via rawpixel. The picture shows the field, not the companies named.* Celldex Therapeutics reported [$717.6 million in cash, cash equivalents and marketable securities](https://www.sec.gov/Archives/edgar/data/744218/000117184326005316/exh_991.htm) 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](https://www.sec.gov/Archives/edgar/data/744218/000117184326005316/exh_991.htm). Celldex had 78.5 million shares outstanding at quarter-end. Three weeks earlier, Celldex disclosed that chief financial officer [Sam Martin plans to retire](https://www.sec.gov/Archives/edgar/data/744218/000110465926083880/tm2620527d1_8k.htm) 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](https://www.sec.gov/Archives/edgar/data/744218/000117184326005316/exh_991.htm) 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](https://www.sec.gov/Archives/edgar/data/744218/000117184326005316/exh_991.htm), 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](https://www.sec.gov/Archives/edgar/data/744218/000117184326003153/exh_991.htm) for gross proceeds of $345.0 million. Celldex said it would use the proceeds partly for [commercial readiness and a U.S. launch](https://www.sec.gov/Archives/edgar/data/744218/000110465926038882/tm267111d2_ex99-1.htm) 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](https://www.sec.gov/Archives/edgar/data/744218/000117184326005316/exh_991.htm). 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](https://www.sec.gov/Archives/edgar/data/744218/000117184326005316/exh_991.htm), 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"](https://www.sec.gov/Archives/edgar/data/744218/000117184326005316/exh_991.htm). ## What it means for investors The balance sheet is strong for a company with [no product sales](https://www.sec.gov/Archives/edgar/data/744218/000117184326005316/exh_991.htm). 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](https://www.sec.gov/Archives/edgar/data/744218/000110465926083880/tm2620527d1_8k.htm) 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](https://www.sec.gov/Archives/edgar/data/744218/000117184326005316/exh_991.htm) and plans a BLA in 2027. Phase 2 atopic dermatitis data are due in [late 2026](https://www.sec.gov/Archives/edgar/data/744218/000117184326005316/exh_991.htm). Martin's planned retirement date is [March 31, 2027](https://www.sec.gov/Archives/edgar/data/744218/000110465926083880/tm2620527d1_8k.htm). [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story CLDX Celldex Therapeutics, Inc. NASDAQ ยท United States Open the desk ## More from the Celldex desk Financings ### [Celldex closes $345 million raise and guides to funding through 2028](https://aibio.space/news/celldex-closes-345-million-raise-guides-funding-through-2028/) May 7, 2026 Debt Financing ### [Pelthos amends Horizon venture loan, funds Loans E to H and adds Loans I and J](https://aibio.space/news/pelthos-amends-horizon-venture-loan-funds-loans-e-h-adds-loans/) Oct 30, 2026 Debt Financing ### [Repligen announces $1.0 billion private convertible notes transaction](https://aibio.space/news/repligen-announces-1-0-billion-private-convertible-notes-transaction/) Oct 30, 2026 --- Source page: https://aibio.space/news/celldex-holds-717-6-million-before-phase-3-readout-cfo-sam-martin/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Celldex holds $717.6 million before phase 3 readout", 2026-08-06, https://aibio.space/news/celldex-holds-717-6-million-before-phase-3-readout-cfo-sam-martin/