On November 2, 2023, Celldex Therapeutics Inc (CLDX, Financial) released its financial results for the third quarter ended September 30, 2023. The company reported a net loss of $38.3 million, or ($0.81) per share, for the third quarter of 2023, compared to a net loss of $26.8 million, or ($0.57) per share, for the third quarter of 2022.
Financial Highlights
The company's cash, cash equivalents, and marketable securities as of September 30, 2023, were $235.3 million, compared to $252.7 million as of June 30, 2023. The decrease was primarily driven by third-quarter cash used in operating activities of $19.0 million.
Total revenue for the third quarter of 2023 was $1.5 million, compared to $0.4 million for the same period in 2022. The increase in revenue was primarily due to an increase in services performed under manufacturing and research and development agreements with Rockefeller University.
Research and development (R&D) expenses were $34.5 million in the third quarter of 2023, compared to $21.6 million for the same period in 2022. The increase in R&D expenses was primarily due to an increase in barzolvolimab clinical trial, barzolvolimab contract manufacturing, and personnel expenses.
General and administrative (G&A) expenses were $8.2 million in the third quarter of 2023, compared to $6.5 million for the same period in 2022. The increase in G&A expenses was primarily due to an increase in stock-based compensation and recruiting expenses, partially offset by a decrease in legal expenses.
Company Performance and Future Outlook
During the third quarter, Celldex completed enrollment for its Phase 2 chronic spontaneous urticaria study ahead of schedule. The company is also planning for the potential advancement of barzolvolimab into registrational studies in 2024. The Phase 1b study results in prurigo nodularis met the company's internal hurdle for advancement, and Celldex is actively planning for the initiation of a Phase 2 study early next year.
Looking ahead, Celldex anticipates important data readouts from its ongoing Phase 2 studies in chronic inducible urticaria and eosinophilic esophagitis in 2024 and beyond. The company also plans to broaden barzolvolimab into other mast cell-mediated diseases.
Based on its current financial position, Celldex believes that its cash, cash equivalents, and marketable securities at September 30, 2023, are sufficient to meet estimated working capital requirements and fund planned operations through 2025.
Explore the complete 8-K earnings release (here) from Celldex Therapeutics Inc for further details.
