HAMPTON, N.J. - Celldex (NASDAQ:CLDX) Therapeutics, Inc. (NASDAQ:CLDX) announced its financial results for the fourth quarter ended December 31, 2023, with a reported EPS of -$0.83, which was slightly below the analyst expectations of -$0.76.
Revenue for the quarter was significantly higher than anticipated, at $4.13 million against a consensus estimate of $855.71 thousand.
The company's revenue showed a substantial increase compared to the same quarter last year, indicating a strong year-over-year performance. In response, the stock rose 3.58%.
Anthony Marucci, Co-founder, President, and CEO of Celldex, commented on the progress of the company's barzolvolimab development program, highlighting the positive data sets across mast cell-mediated diseases and the planned initiation of registrational studies in CSU this summer. "We carried this momentum into 2024, presenting positive 12-week data from our ongoing Phase 2 CSU study that directly support the planned initiation of registrational studies in CSU this summer, a major milestone for barzolvolimab and Celldex," Marucci stated.
Celldex's financial position remains strong, with cash, cash equivalents, and marketable securities totaling $423.6 million as of December 31, 2023, a significant increase from $235.3 million on September 30, 2023. The company believes that these funds are sufficient to meet estimated working capital requirements and fund planned operations into 2026.
The company's R&D expenses rose to $30.4 million for the fourth quarter, up from the previous year, primarily due to increased clinical trial and manufacturing expenses for barzolvolimab. G&A expenses also increased due to higher stock-based compensation and commercial planning expenses for barzolvolimab.
Celldex continues to focus on its pipeline of antibody-based therapeutics, aiming to improve the lives of patients with severe inflammatory, allergic, autoimmune, and other diseases. With multiple clinical trials ongoing and planned, the company is poised for a potentially transformative year ahead.
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