Name: Celldex Therapeutics, Inc. Q4 2024 Earnings Call
Start: 2025-02-27T00:00:00.000Z

Executive Summary

Q4 2024 revenue was $1.18M, down 63% sequentially versus Q3 ($3.19M) and down 72% year over year versus Q4 2023 ($4.13M), driven by lower services under Rockefeller agreements .
EPS was ($0.71), widening from ($0.64) in Q3 and improving versus ($0.83) a year ago as investment and other income partially offset elevated R&D .
Cash, cash equivalents and marketable securities ended the quarter at $725.3M, down from $756.0M in Q3, supporting operations through 2027 (guidance unchanged) .
Pipeline execution continued: Phase 3 CSU enrollment ongoing; Phase 2 AD initiated; EoE fully accrued; PN enrolling; CDX-622 Phase 1 in healthy volunteers underway—key 2025 data readouts expected (CSU 76-week, CIndU through week 44, EoE; CDX-622 biomarker readouts) .
Street consensus for Q4 2024 (EPS and revenue) was unavailable due to S&P Global access limits; we cannot assess beat/miss this quarter.

What Went Well and What Went Wrong

Management highlighted “best-in-disease” Phase 2 efficacy across CSU and CIndU; CSU Week 52 showed 71% complete response at 150 mg Q4W with deepening of response, and favorable tolerability .
CDX-622 (bispecific SCF & TSLP) advanced into the clinic (Phase 1, healthy volunteers), strengthening the inflammatory pipeline and mast cell leadership .
Cash runway remains robust with guidance to fund operations through 2027, enabling continued Phase 3/program execution without near-term financing pressure .

Revenue fell sharply QoQ and YoY; Q4 decline was primarily due to reduced services under Rockefeller manufacturing/R&D agreements .
R&D expense rose to $46.9M vs. $45.3M in Q3 and $30.4M in Q4 2023, reflecting higher clinical trial and personnel costs tied to the expanded pipeline .
Net loss widened sequentially to ($47.1M) from ($42.1M) in Q3, reflecting operating expense growth outpacing investment income .

Metric	Q2 2024	Q3 2024	Q4 2024
Total Revenues ($USD Thousands)	2,498	3,191	1,175
Operating Loss ($USD Thousands)	(46,317)	(52,126)	(56,027)
Net Loss ($USD Thousands)	(35,842)	(42,121)	(47,092)
Basic & Diluted EPS ($USD)	(0.54)	(0.64)	(0.71)
R&D Expense ($USD Thousands)	39,687	45,263	46,939
G&A Expense ($USD Thousands)	9,128	10,054	10,263
Cash, Cash Equivalents & Marketable Securities ($USD Thousands)	802,317	755,999	725,281
Shares Outstanding (Millions)	66.3	66.3	66.4

Segment breakdown: Not applicable (no reportable segments disclosed).

Key KPIs (Clinical Efficacy – Current Period):

KPI	Result	Context
CSU Week 52 Complete Response (150 mg Q4W)	71%	Deepening of response over 52 weeks; well tolerated
CIndU Week 12 Complete Response – ColdU	46.9% (150 mg Q4W) / 53.1% (300 mg Q8W) vs 12.5% placebo	Highly significant primary endpoint; rapid, durable responses
CIndU Week 12 Complete Response – Symptomatic Dermographism	57.6% (150 mg Q4W) / 42.4% (300 mg Q8W) vs 3.2% placebo	Secondary endpoints supportive; favorable safety

Metric	Period	Previous Guidance	Current Guidance	Change
Liquidity Runway	Through 2027	“Sufficient to fund operations through 2027” (Q2 2024) ; (Q3 2024)	“Sufficient to fund operations through 2027” (Q4 2024)	Maintained
Phase 3 Program – CIndU	2025 initiation	“Global Phase 3 program in CIndU expected to initiate in 2025” (Q3 2024)	“Global Phase 3 program in CIndU expected to initiate in 2025” (Q4 2024)	Maintained
Key 2025 Data Readouts	2025	CSU 52-week data presented Q3 2024	CSU 76-week data (2025); CIndU data through Week 44 (2025); EoE Phase 2 data (2025); CDX-622 Phase 1 biomarkers (2025)	Added specificity (timing)

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
R&D Execution	Phase 3 CSU initiated; topline CIndU achieved primary; 52-week CSU data to be reported 2H 2024	Phase 3 CSU enrolling; all endpoints met; CSU Week 52 shows 71% CR; CIndU 12-week strongly positive	AD Phase 2 initiated; EoE fully accrued; PN ongoing; CDX-622 Phase 1 enrolling; 2025 readouts detailed	Strengthening execution across multiple indications
Product Performance (Clinical)	CIndU topline Week 12 met primary endpoints	CSU Week 52 deepening response; highest CR observed in controlled CSU study (71%)	CIndU secondary endpoints detailed; SD/ColdU robust response rates; favorable safety	Continued strong efficacy signals
Cash Runway/Capital	Cash $802.3M; runway through 2027	Cash $756.0M; runway through 2027	Cash $725.3M; runway through 2027	Runway maintained while investing
Bispecific Platform (CDX-622)	Plan to enter clinic by YE 2024	Phase 1 initiation by YE 2024	Phase 1 initiated; enrollment ongoing; plan initial asthma pipeline after HV study	Advancing per plan

“In 2024, Celldex set a new bar for efficacy in chronic urticarias—presenting best-in-disease data across both our Phase 2 studies in CSU and CIndU. Our Phase 3 studies in CSU have been met with great enthusiasm… We look forward to… Phase 3 in CIndU.” — Anthony Marucci, Co-founder, President & CEO .
“We closed 2024 with the initiation of two new programs—advancing barzolvolimab into its fifth indication, atopic dermatitis, and… CDX-622… We expect 2025 will be a year of continued execution… supported by important data.” — Anthony Marucci .
“Two-thirds of patients treated with first line systemic therapy do not achieve complete control of their atopic dermatitis… utilizing our mast cell depleting agent, barzolvolimab, could yield meaningful benefit…” — Diane C. Young, M.D., SVP & CMO .

A Q4 2024 earnings call transcript was not available in our source set; no Q&A highlights can be provided this quarter.

Wall Street consensus (S&P Global) for Q4 2024 EPS and revenue was unavailable due to SPGI access limits this session; we cannot assess beat/miss versus estimates for this quarter. If access is restored, we will add comparisons to “Primary EPS Consensus Mean” and “Revenue Consensus Mean” with S&P Global attribution.

Cash runway through 2027 remains intact while R&D scales—supports multi-indication development and Phase 3 programs without near-term raise .
Clinical momentum is strong: CSU Week 52 71% complete response; CIndU Week 12 robust complete responses vs. placebo; AD Phase 2 launched; EoE fully accrued .
Near-term catalysts in 2025: CSU 76-week data, CIndU Week 44, EoE Phase 2 readout, and CDX-622 biomarker data—each can be stock-moving given prior “best-in-disease” efficacy signals .
Operating loss and R&D trend higher as Phase 3 and multi-study execution ramp; investment income softens the blow but EPS is likely to remain negative near term .
Revenue volatility is non-core (services/grants) and not a driver of valuation; investor focus should remain on registrational path (CSU, CIndU) and breadth of barzolvolimab opportunity .
Watch for Phase 3 CIndU initiation timing and regulatory interactions; smooth execution across global sites and manufacturing scale-up are critical de-risking steps .
CDX-622 represents strategic expansion beyond urticaria; early HV biomarker readouts in 2025 and subsequent asthma plans broaden the long-term thesis .