Traders should watch for topline Phase 3 barzolvolimab CSU data in Q4 2026 and Phase 2 PN/AD readouts in mid-to-late 2026 as key catalysts. The $345M financing removes near-term dilution risk, but escalating R&D spend and lack of revenue mean the stock will trade primarily on pipeline execution.
Price Chart
Executive Summary
Celldex reported Q1 2026 EPS of -$1.18 (miss vs -$1.13 consensus) and revenue of $15K (miss vs $861K), reflecting widening losses as the company invests heavily in its pipeline. Positively, the company completed enrollment six months ahead of schedule in its Phase 3 barzolvolimab CSU studies, with topline data expected in Q4 2026 and a BLA submission planned for 2027, and strengthened its balance sheet with a $345M public offering in April. The mixed report balances near-term financial deterioration against significant pipeline progress and a cash runway through 2028.
Key Financial Metrics
Key Facts
- EPS of -$1.18 vs consensus -$1.13 (miss of -4.4%)
- Revenue of $15K vs consensus $861K (miss, but pre-revenue biotech)
- Net loss widened to $78.7M from $53.8M in Q1 2025
- Enrollment completed six months ahead of guidance in Phase 3 CSU studies (EMBARQ-CSU1 and 2, n=1,939 patients)
- Topline Phase 3 CSU data expected Q4 2026; BLA filing planned for 2027
- Raised $345M in gross proceeds from a follow-on public offering in April 2026
- Cash, cash equivalents and marketable securities $451.5M at March 31, 2026
- Cash used in operating activities $65.6M in Q1 2026
- Phase 2 PN and AD studies fully enrolled; topline data expected summer/late 2026
- Phase 1 CDX-622 asthma proof-of-mechanism study ongoing
Financial Impact
Net loss of $78.7M in Q1 2026, compared to $53.8M in Q1 2025; cash balance of $451.5M supplemented by $345M offering, extending runway through 2028
Risk Factors
- Clinical trial failure or negative data in upcoming readouts
- Dilution from the April 2026 public offering (11.9M shares issued)
- Continued operating losses and cash burn ($65.6M operating cash flow in Q1)
- Competition from other chronic urticaria therapies
- Regulatory delays or setbacks for BLA submission
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3290499 |
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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