Celldex Therapeutics reported fourth‑quarter and full‑year 2025 results that fell short of analyst expectations. Revenue for the quarter was $121,000, a steep decline from $1.2 million in Q4 2024 and from $7.0 million for the full year 2024. Net loss widened to $81.3 million in Q4 2025, up from $47.1 million in the same quarter last year, and to $258.8 million for the full year, compared with $157.9 million in 2024. Earnings per share were –$1.22, missing the consensus estimate of –$1.00 to –$1.01.
The revenue shortfall was driven by a sharp drop in services performed under manufacturing and research‑and‑development agreements with Rockefeller University. The company’s R&D and manufacturing expenses rose, reflecting accelerated enrollment in the Phase 3 CSU study of barzolvolimab and increased costs associated with barzolvolimab’s manufacturing. These higher operating costs, combined with the loss of revenue from the Rockefeller partnership, pushed the quarter’s earnings into negative territory.
Management highlighted the completion of enrollment in the Phase 3 CSU study of barzolvolimab, a key de‑risking event for the company’s lead asset. CEO Anthony Marucci emphasized that the early enrollment completion positions Celldex to deliver topline data in 2026 and to prepare for a potential BLA filing and commercialization of barzolvolimab in CSU. He also noted that the company is advancing other pipeline candidates, including CDX‑622, and that the 2026 clinical readouts will be a “landmark year.”
Celldex’s cash, cash equivalents, and marketable securities totaled $518.6 million as of December 31, 2025. Management stated that this balance is sufficient to fund operations through 2027, underscoring confidence in the company’s ability to reach key milestones without additional financing.
The market reaction to the earnings was muted. While the revenue miss dampened enthusiasm, the clinical milestone of accelerated enrollment in barzolvolimab’s Phase 3 study provided a positive narrative. Analysts remained cautiously optimistic, with a consensus rating of “Moderate Buy” and an average price target of $44.20. Stifel Nicolaus upgraded its rating to “Buy” and raised its target to $68, reflecting confidence in the company’s clinical progress and cash runway.
The earnings miss highlights the challenges of operating as a clinical‑stage biotechnology company, where heavy R&D and manufacturing investments can outweigh modest revenue streams. However, the company’s strong cash position and the de‑risking of its lead asset suggest that management is focused on positioning Celldex for future regulatory milestones and potential commercialization. Investors will likely weigh the continued financial losses against the strategic gains from the barzolvolimab program and the company’s ability to sustain operations through 2027.
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