The early enrollment completion in Phase 3 CSU studies is a significant derisking event, but the stock will likely trade on the Q4 2026 topline data readout rather than Q1 financials. The $345M offering caused ~18% dilution (11.9M new shares vs 66.6M outstanding), which may pressure the stock near-term. Monitor for Phase 2 PN and AD data in summer/late 2026 as additional catalysts.
Price Chart
Executive Summary
Celldex reported Q1 2026 results with a net loss of $78.7M (-$1.18/share), wider than the $53.8M loss (-$0.81/share) in Q1 2025, driven by increased R&D spending on barzolvolimab clinical trials and manufacturing. The key positive is the early completion of enrollment in Phase 3 CSU studies (six months ahead of schedule), with topline data expected in Q4 2026, supporting a planned BLA filing in 2027. The company also raised $345M in gross proceeds from a follow-on offering in April 2026, extending its cash runway through 2028.
Key Financial Metrics
Key Facts
- Net loss of $78.7M (-$1.18/share) for Q1 2026 vs $53.8M (-$0.81/share) in Q1 2025
- Enrollment completed six months ahead of guidance in Phase 3 CSU studies (EMBARQ-CSU1 and 2); topline data expected Q4 2026
- Raised $345M gross proceeds from April 2026 follow-on public offering (11.9M shares)
- Cash, cash equivalents and marketable securities of $451.5M at March 31, 2026; pro forma cash with offering proceeds extends runway through 2028
- R&D expenses increased to $73.0M from $52.6M YoY, driven by barzolvolimab clinical trial and manufacturing costs
- Total revenue was negligible at $15K for Q1 2026 vs $695K in Q1 2025
Financial Impact
Net loss widened by $24.9M YoY to $78.7M; cash burn of $65.6M in operating activities for Q1 2026
Risk Factors
- Phase 3 CSU topline data in Q4 2026 could fail to meet efficacy or safety endpoints
- Significant dilution from April 2026 follow-on offering (~18% share increase)
- No approved products or revenue stream; pre-commercialization stage with high cash burn
- Competition from existing CSU therapies (Xolair) and other pipeline candidates
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-003153 |
| Document: f8k_050726.htm | 0001171843-26-003153 |
| Document: 0001171843-26-003153-index-headers.html | 0001171843-26-003153 |
| Document: 0001171843-26-003153-index.html | 0001171843-26-003153 |
| Document: 0001171843-26-003153.txt | 0001171843-26-003153 |
| 8-K Data (Synthetic) | 0001171843-26-003153 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 14, 2026 15w ago | Press Release | $32.12 $38.53 | ▼ −19.96% | ▼ −20.71% | $31.41 (+2.21%) |
Jun 14, 2026 15w ago | Press Release | $32.12 $38.53 | ▲ +19.96% | ▲ +20.71% | $31.41 (−2.21%) |
Jun 11, 2026 16w ago | Institutional Cluster | $29.96 $38.98 | ▲ +30.11% | ▲ +28.22% | $31.41 (+4.84%) |
Jun 10, 2026 16w ago | Press Release | $29.96 $38.98 | ▲ +30.11% | ▲ +28.22% | $31.41 (+4.84%) |
May 7, 2026 21w ago | 8-K | $33.97 $28.62 | ▼ −15.75% | ▼ −15.77% | $31.41 (−7.54%) |
May 7, 2026 21w ago | Press Release | $33.97 $28.62 | ▼ −15.75% | ▼ −15.77% | $31.41 (−7.54%) |
Apr 6, 2026 25w ago | Press Release | $31.37 $32.77 | ▲ +4.46% | ▼ −4.52% | $31.41 (+0.13%) |
Apr 2, 2026 26w ago | Press Release | $31.06 $32.88 | ▲ +5.86% | ▼ −4.02% | $31.41 (+1.13%) |
Apr 1, 2026 26w ago | 424B5 | $31.06 $32.88 | ▲ +5.86% | ▼ −4.02% | $31.41 (+1.13%) |
Apr 1, 2026 26w ago | Press Release | $31.06 $32.88 | ▲ +5.86% | ▼ −4.02% | $31.41 (+1.13%) |
US Market Status
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