Celldex Therapeutics Reports $0 Revenue and $67M Net Loss in Q3 2025

Celldex Therapeutics, Inc. reported significant financial results for the third quarter of 2025, revealing a total revenue of $0 for the three months ended September 30, 2025, a decrease from $3.2 million in the same period last year. For the nine months ending September 30, 2025, total revenue was $1.4 million, down 76% from $5.8 million in 2024. The decline in revenue was primarily attributed to a decrease in contracts and grants revenue, particularly from agreements with Rockefeller University. The company incurred a net loss of $67.0 million for the quarter, a 59% increase compared to a loss of $42.1 million in the prior year, and a net loss of $177.4 million for the nine-month period, up 60% from $110.8 million in 2024.

Operating expenses for the third quarter rose to $73.6 million, a 33% increase from $55.3 million in the same quarter of 2024. This increase was driven by a 39% rise in research and development expenses, which totaled $62.9 million, largely due to costs associated with the development of the drug candidate barzolvolimab. General and administrative expenses also increased by 6% to $10.7 million. The company reported a significant increase in personnel expenses, reflecting a higher employee headcount to support ongoing projects.

Celldex continues to focus on the development of its lead product candidate, barzolvolimab, which is currently in Phase 3 clinical trials for chronic spontaneous urticaria (CSU) and has shown promising results in earlier studies. The company has expanded its clinical development efforts to include additional indications such as chronic inducible urticaria and prurigo nodularis. As of September 30, 2025, Celldex had cash, cash equivalents, and marketable securities totaling $583.2 million, which the company believes will be sufficient to fund its operations through at least 2027.

Looking ahead, Celldex anticipates continued increases in research and development expenses as it advances its clinical trials and prepares for potential commercialization of barzolvolimab. The company may also seek additional capital through various means, including licensing agreements, debt issuance, or equity financing, to support its long-term liquidity needs. However, the company cautioned that there is no assurance that additional financing will be available on acceptable terms, which could impact its ability to fund ongoing and future projects.