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Investing.com -- Celldex Therapeutics Inc (NASDAQ:CLDX) reported third-quarter earnings that fell short of analyst expectations on Monday, as the company continues to invest heavily in its pipeline of mast cell inhibitors led by barzolvolimab. The stock remained flat following the announcement.
The clinical-stage biopharmaceutical company posted a loss of $1.01 per share for the quarter ended September 30, missing the analyst consensus estimate of a $0.90 loss. The wider-than-expected loss reflects increased research and development expenses, which rose to $62.9 million in the third quarter, up from $45.3 million in the same period last year. The company reported no revenue for the quarter.
Celldex’s increased spending primarily went toward clinical trials and manufacturing for barzolvolimab, its lead drug candidate targeting the KIT receptor to inhibit mast cell activity. The company highlighted positive Phase 2 data for the drug in treating chronic spontaneous urticaria (CSU), cold urticaria, and symptomatic dermographism, with plans to initiate a Phase 3 study in cold urticaria and symptomatic dermographism in December 2025.
"This quarter, Celldex continued to demonstrate our leadership in the field of mast cell biology, presenting exciting data across our pipeline programs," said Anthony Marucci, Co-founder, President and Chief Executive Officer of Celldex.
The company ended the quarter with $583.2 million in cash, cash equivalents and marketable securities, down from $630.3 million at the end of the previous quarter. Management believes current funds are sufficient to support operations through 2027.
Celldex is also advancing CDX-622, a bispecific antibody targeting stem cell factor and TSLP, with data from the first part of its Phase 1 study showing the drug was well tolerated with promising pharmacokinetic results.
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