Executive Summary

Q2 revenue of $0.73M and diluted EPS of -$0.85; EPS modestly beat S&P Global consensus (-$0.87) while revenue missed ($1.13M) as services with Rockefeller University declined; operating spend rose on barzolvolimab trials and manufacturing . Results vs estimates: EPS +$0.01 beat; revenue -$0.40M miss (see Estimates Context).*
Pipeline execution remained the core driver: unprecedented 76-week CSU durability (41% complete response, 48% DLQI 0/1 seven months post-dosing) and strong 52-week angioedema improvements presented at EAACI; Phase 3 CSU enrollment on track, targeting full enrollment next summer .
Balance sheet strong with $630.3M cash and securities; runway guided “through 2027,” supporting multiple Phase 2 readouts (EoE, CIndU) and CDX-622 Part 1 data in 2H 2025 .
Near-term stock catalysts: continued Phase 3 CSU enrollment progress; 2H25 CIndU 20-week data and EoE 12-week analysis; CDX-622 Phase 1 Part 1 biomarker/PK data; any CSU regulatory/timing updates .

What Went Well and What Went Wrong

What Went Well
- Phase 2 CSU durability: 41% complete response (UAS7=0) and 48% no QoL impact at 76 weeks post-dosing; safety/tolerability events were KIT-related, mild, and reversible .
- Angioedema outcomes: up to 77% angioedema-free at Week 52; patients angioedema-free up to 72% of time across 52 weeks .
- Management execution/tone: “barzolvolimab is best in disease” and Phase 3 CSU “on track and expected to be fully enrolled next summer,” underscoring confidence and operational momentum .
What Went Wrong
- Revenue contraction: $0.73M vs $2.50M YoY, driven by lower services under Rockefeller University agreements; revenue also missed consensus ($1.13M) .*
- Rising R&D and OpEx: R&D $54.2M (+37% YoY) on trials, CMO, and personnel; G&A rose on stock comp and headcount, deepening net loss to -$56.6M .
- Transcript/Q&A visibility: no Q2 2025 earnings call transcript available in our corpus, limiting color on enrollment pace, regulatory interactions, and OpEx cadence (see “Q&A Highlights”).

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$2.50	$0.70	$0.73
Diluted EPS ($)	-$0.54	-$0.81	-$0.85
R&D Expenses ($USD Millions)	$39.69	$52.61	$54.20
G&A Expenses ($USD Millions)	$9.13	$10.82	$10.39
Net Loss ($USD Millions)	-$35.84	-$53.80	-$56.60

Notes:

Management attributed revenue decline to lower services performed under Rockefeller University agreements .
R&D increase driven by barzolvolimab clinical trial activity, contract manufacturing, and personnel .

KPIs and Balance Sheet

KPI	Q4 2024	Q1 2025	Q2 2025
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$725.28	$673.29	$630.34
Cash Used in Operating Activities (Quarter) ($USD Millions)	$32.5 (Q4)	$54.4 (Q1)	$44.0 (Q2)
Shares Outstanding (Millions)	66.4	66.4	66.4

Segment breakdown: Not applicable (no commercial product revenue disclosed).

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Through 2027	Through 2027 (Q1’25)	Through 2027 (Q2’25)	Maintained
CSU Phase 3 enrollment	CSU Phase 3	Enrollment ongoing (Q1’25)	On track; expected fully enrolled next summer	Timing updated (more specific)
CIndU Phase 3 start	2025	Expected to initiate in 2025 (Q1’25)	Expected to initiate in 2H 2025	Narrowed timing
CIndU Phase 2 20-wk data	2025	“Later this year” (Q1’25)	“Later this year” (reaffirmed)	Maintained
EoE Phase 2 data	2025	Data expected in 2025 (Q1’25)	12-week analysis in 2H 2025	Narrowed timing
CDX-622 Phase 1 Part 1	2025	2025	Data expected in 2H 2025	Narrowed timing
Financial metrics (revenue/margins)	FY25	None provided	None provided	No change

Note: A Q2 2025 earnings call transcript was not found in our corpus; themes below reflect press releases and 8-Ks.

Topic	Previous Mentions (Q4 2024)	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
CSU efficacy/durability	52-week data: 71% CR at 52 weeks; best-in-disease positioning	Teed up 76-week late-breaker at EAACI	76-week durability: 41% CR; 48% DLQI 0/1; reversibility of KIT AEs	Strengthening
CSU angioedema	—	—	77% angioedema-free at 52 wks; up to 72% angioedema-free time	New supportive data
CSU Phase 3 enrollment	Enrollment ongoing; global trials	Enrollment ongoing	On track; fully enrolled next summer	Positive clarity
CIndU program	Phase 3 planned for 2025; strong 12-wk Phase 2 data	20-wk data later in 2025	Phase 3 planned 2H 2025; 20-wk data later in 2025	On plan
EoE	Fully accrued; data 2025	Data 2025; histology baseline data presented May	12-week analysis 2H 2025	On plan
CDX-622 (bispecific)	Phase 1 initiated	Phase 1 ongoing; 2025 Part 1 data	Phase 1 ongoing; Part 1 data 2H 2025	On plan
Cash runway	Through 2027	Through 2027	Through 2027	Stable

CEO on barzolvolimab profile and execution: “barzolvolimab is best in disease and achieves the goal of treatment… rapid, profound, durable complete response… We remain focused on executing across our Phase 3 program in CSU, which is on track and expected to be fully enrolled next summer” .
CMO on CSU durability: “Barzolvolimab also presented a favorable safety profile… further supporting barzolvolimab’s significant potential to become a transformative treatment option” .
CMO on angioedema: “rapid, profound angioedema relief… benefit continued to improve over 52 weeks” .

No Q2 2025 earnings call transcript was available in our document set at the time of analysis; thus, Q&A themes and any guidance clarifications from a live call are unavailable. We searched common transcript sources but found no transcript posted.

Metric	Actual (Q2 2025)	Consensus (Q2 2025)	Surprise
EPS (Primary)	-$0.85*	-$0.87*	+$0.01*
Revenue ($USD)	$0.73M*	$1.13M*	-$0.40M*

Values retrieved from S&P Global.*

Additional context:

Consensus inputs: EPS (11 ests), revenue (10 ests); CLDX also shows a mean target price of $53.14 (14 ests) as of the period.*
The company’s reported revenue decline vs. consensus reflects lower services performed under Rockefeller agreements, while EPS benefited modestly from investment income and spend pacing .*

Barzolvolimab’s 76-week durability and 52-week angioedema relief meaningfully de-risk CSU efficacy and safety; the durability narrative is now a differentiator vs. incumbents and late-stage competitors .
Phase 3 CSU enrollment timeline clarity (full enrollment targeted next summer) tightens the approval/launch window scenarios; continued recruitment updates will be stock-sensitive .
2H 2025 is data-rich: CIndU 20-week, EoE 12-week analysis, and CDX-622 Part 1 pharmacodynamic/PK readouts provide multiple catalyst paths; negative EoE outcomes could modestly temper multi-indication optionality while not impairing CSU .
Balance sheet runway through 2027 reduces near-term financing overhang and supports multiple registrational/late-stage studies without immediate dilution risk .
Near-term trading setup: expect shares to be sensitive to trial enrollment updates and any EAACI/EADV follow-on analyses; incremental safety clarity (KIT-related AEs, neutropenia management) remains important for broad adoption narratives .
Revenue/OpEx optics are less relevant near-term given pre-commercial status; focus should remain on program execution and regulatory path milestones .

Q2 2025 Press Release and 8-K: financials, cash runway, pipeline updates .
EAACI data (76-week CSU durability; angioedema outcomes) .
Prior quarters: Q1 2025 8-K (financials, guidance) ; Q4 2024 8-K (year-end context) .