Celldex Therapeutics 2025 Q3 Earnings Misses Estimates as Net Loss Widens 59.2%

Celldex Therapeutics (CLDX) reported third-quarter 2025 results on Nov 10, 2025, with the stock price declining across key timeframes. The company posted a net loss of $67.04 million (EPS -$1.01), missing analyst expectations of -$0.90 per share. Despite zero revenue in Q3 2025 (vs. $3.19 million in Q3 2024), Celldex highlighted positive Phase 2 data for barzolvolimab in chronic urticaria and plans for a Phase 3 trial in 2025. Management confirmed cash reserves of $583.2 million, sufficient to fund operations through 2027.

Revenue

Celldex Therapeutics’s total revenue fell to $0 in Q3 2025, a 100.0% decline from $3.19 million in Q3 2024. The drop was attributed to the conclusion of manufacturing and research agreements with Rockefeller University.

Earnings/Net Income

The company’s net loss widened to $-67.04 million in Q3 2025, representing a 59.2% increase from the $-42.12 million loss in Q3 2024. Per-share losses deepened to $-1.01 from $-0.64, marking a 57.8% wider loss. Celldex has sustained losses for over two decades in its quarterly reporting. The EPS of -$1.01 indicates a significant deterioration in profitability.

Post-Earnings Price Action Review

The strategy of buying Celldex shares post-earnings and holding for 30 days underperformed over three years, averaging -14.4% returns versus SPY’s 17.6%. This pattern suggests earnings releases fail to predict meaningful investment outcomes.

CEO Commentary

Anthony Marucci, Co-founder, President, and CEO, emphasized Celldex’s leadership in mast cell biology, citing “exciting data across pipeline programs.” He noted increased R&D investments in barzolvolimab trials and CDX-622 development, though the tone remained cautiously optimistic due to ongoing losses and pipeline risks.

Guidance

Celldex expects cash reserves to fund operations through 2027 and plans to initiate a Phase 3 trial for barzolvolimab in cold urticaria and symptomatic dermographism by December 2025. The company anticipates multiple data readouts in 2026, including Phase 1b results for CDX-622.

Additional News

Celldex announced the appointment of Teri Lawver as Chief Commercial Officer, leveraging her 30 years of biopharma experience, including leadership at Dexcom and Johnson & Johnson. The company also confirmed participation in three investor conferences in November-December 2025, including the Guggenheim Healthcare Innovation and Cowen Immunology & Inflammation Summit. Meanwhile, a Phase 2 trial for barzolvolimab in eosinophilic esophagitis (EoE) showed significant mast cell depletion but no clinical improvement in symptoms, leading to the program’s discontinuation.