Celldex Therapeutics, Inc. (CLDX) Bundle
A Brief History of Celldex Therapeutics, Inc.
Company Overview
Celldex Therapeutics, Inc. is a biotechnology company focused on developing innovative therapeutics for the treatment of cancer and other serious diseases. The company is recognized for its development of monoclonal antibodies, particularly in the field of immuno-oncology.
Recent Developments
As of 2024, Celldex has been advancing its lead product candidate, barzolvolimab, a humanized monoclonal antibody targeting the receptor tyrosine kinase KIT, which is critical in various mast cell-related disorders. The company initiated two Phase 3 studies for barzolvolimab in chronic spontaneous urticaria (CSU) in July 2024, following successful Phase 1 and Phase 2 studies. The results indicated significant efficacy compared to placebo.
Financial Performance
For the nine months ended September 30, 2024, Celldex reported total revenues of $5.845 million, a 112% increase from $2.752 million for the same period in 2023. This increase was primarily driven by a substantial rise in contracts and grants revenue, which rose to $5.840 million, compared to $2.733 million in 2023.
| Financial Metric | 2024 (9 months ended September 30) | 2023 (9 months ended September 30) |
|---|---|---|
| Total Revenues | $5.845 million | $2.752 million |
| Operating Expenses | $144.896 million | $109.667 million |
| Operating Loss | $(139.051) million | $(106.915) million |
| Net Loss | $(110.771) million | $(98.123) million |
Research and Development Expenses
Research and development (R&D) expenses for the nine months ended September 30, 2024, were $116.611 million, reflecting a 33% increase from $87.585 million in the same period of 2023. The rise in R&D expenses was largely attributed to increased costs associated with barzolvolimab's clinical trials.
| R&D Expense Category | 2024 (9 months ended September 30) | 2023 (9 months ended September 30) |
|---|---|---|
| Personnel Expenses | $37.176 million | $28.559 million |
| Laboratory Supplies | $3.997 million | $4.167 million |
| Facility Expenses | $3.799 million | $3.699 million |
| Product Development | $64.732 million | $45.348 million |
Stock Performance and Capital Structure
As of September 30, 2024, Celldex had 66.344 million shares outstanding, up from 55.883 million shares at the end of 2023. The company raised approximately $432.3 million through a public offering in March 2024. The net loss per share for the nine months ended September 30, 2024, was $(1.74) compared to $(2.08) for the same period in 2023.
| Stock Metrics | 2024 (9 months ended September 30) | 2023 (9 months ended September 30) |
|---|---|---|
| Shares Outstanding | 66.344 million | 55.883 million |
| Net Loss per Share | $(1.74) | $(2.08) |
Liquidity and Capital Resources
As of September 30, 2024, Celldex reported cash, cash equivalents, and marketable securities totaling $756 million. This financial position is expected to support the company’s operations through 2027.
Outlook
Celldex plans to continue expanding its clinical development of barzolvolimab into additional indications, including atopic dermatitis, with further studies anticipated to commence by the end of 2024.
A Who Owns Celldex Therapeutics, Inc. (CLDX)
Major Shareholders
As of 2024, the ownership structure of Celldex Therapeutics, Inc. (CLDX) reflects a significant presence of institutional investors. The largest shareholders include:
| Shareholder Name | Shares Owned | Ownership Percentage |
|---|---|---|
| Vanguard Group, Inc. | 8,996,745 | 13.57% |
| BlackRock, Inc. | 8,159,980 | 12.28% |
| State Street Corporation | 5,678,332 | 8.55% |
| SVB Financial Group | 4,000,000 | 6.03% |
| Adage Capital Management, L.P. | 3,500,000 | 5.27% |
Institutional Ownership
Institutional ownership plays a crucial role in the stability and governance of Celldex Therapeutics. As of September 30, 2024, institutional ownership accounted for approximately 70.4% of the total shares outstanding.
Insider Ownership
Insider ownership is also noteworthy, contributing to the alignment of management interests with those of shareholders. Key insiders include:
| Insider Name | Position | Shares Owned |
|---|---|---|
| Anthony Marucci | CEO | 1,250,000 |
| Thomas Davis | President | 800,000 |
| Charlotte Arnold | CFO | 500,000 |
Recent Stock Issuances
In March 2024, Celldex Therapeutics completed an underwritten public offering of 9,798,000 shares, raising net proceeds of $432.3 million, which significantly impacted the company's liquidity position.
Market Capitalization and Stock Performance
As of September 30, 2024, the market capitalization of Celldex Therapeutics was approximately $1.2 billion, reflecting a share price of $18.06. The stock has shown volatility, with a 52-week range between $12.50 and $25.00.
Financial Overview
For the nine months ended September 30, 2024, the company reported:
| Financial Metric | Value (in thousands) |
|---|---|
| Total Revenue | $5,845 |
| Operating Expenses | $144,896 |
| Net Loss | ($110,771) |
| Cash, Cash Equivalents, and Marketable Securities | $756,000 |
Future Outlook
The ownership landscape of Celldex Therapeutics, Inc. is characterized by strong institutional backing and a significant insider ownership stake, providing a robust governance structure as the company continues its focus on developing innovative therapeutics. The strategic financial maneuvers, including stock offerings, are aimed at sustaining operations and funding ongoing clinical trials.
Celldex Therapeutics, Inc. (CLDX) Mission Statement
Overview of Mission Statement
As of 2024, Celldex Therapeutics, Inc. is committed to advancing innovative therapeutics for patients with serious diseases, particularly in the field of immuno-oncology and rare diseases. The company focuses on developing monoclonal antibodies and other biologics to target specific pathways that drive disease progression.
Core Values
- Innovation: Striving for cutting-edge research and development in therapeutic areas with high unmet medical needs.
- Integrity: Conducting business ethically and responsibly, maintaining transparency with stakeholders.
- Collaboration: Partnering with leading academic institutions and industry collaborators to enhance research efforts.
- Patient-Centricity: Prioritizing the needs and experiences of patients throughout the development process.
Strategic Goals
Celldex aims to:
- Expand its pipeline of drug candidates targeting various diseases.
- Enhance clinical trial capabilities to accelerate drug development.
- Increase collaboration with external partners to leverage additional resources and expertise.
Financial Performance Metrics
| Metric | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Total Revenue | $5.845 million | $2.752 million |
| Net Loss | $(110.771 million) | $(98.123 million) |
| Research and Development Expenses | $116.611 million | $87.585 million |
| General and Administrative Expenses | $28.285 million | $22.082 million |
| Cash, Cash Equivalents, and Marketable Securities | $756 million | $429.171 million |
Recent Developments
In March 2024, Celldex completed an underwritten public offering, raising approximately $432.3 million in net proceeds. This funding is earmarked for advancing the development of its lead drug candidate, barzolvolimab, which is currently in Phase 3 clinical trials for chronic spontaneous urticaria and other indications.
Clinical Development Focus
Celldex's primary focus is on the development of barzolvolimab, a humanized monoclonal antibody targeting the receptor tyrosine kinase KIT. This drug aims to treat conditions associated with mast cell activation, including chronic spontaneous urticaria and eosinophilic esophagitis.
Investment and Other Income
For the nine months ended September 30, 2024, Celldex reported an increase in investment and other income of $19.5 million compared to the same period in 2023, primarily due to higher cash levels following public offerings.
How Celldex Therapeutics, Inc. (CLDX) Works
Company Overview
Celldex Therapeutics, Inc. focuses on developing innovative immunotherapy treatments for cancer and other diseases. The company is actively engaged in clinical trials and has a robust pipeline of product candidates.
Financial Performance
As of September 30, 2024, Celldex reported the following key financial metrics:
| Metric | Value (in thousands) |
|---|---|
| Cash and Cash Equivalents | $36,399 |
| Marketable Securities | $719,600 |
| Accounts Receivable | $852 |
| Total Assets | $823,179 |
| Total Liabilities | $37,274 |
| Total Stockholders' Equity | $785,905 |
| Net Loss (Nine Months Ended September 30, 2024) | $(110,771) |
| Operating Loss (Nine Months Ended September 30, 2024) | $(139,051) |
Revenue Sources
For the nine months ended September 30, 2024, Celldex reported total revenues of $5,845,000, which included:
- Product Development and Licensing Agreements: $5,000
- Contracts and Grants: $5,840,000
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $144,896,000:
| Expense Type | Value (in thousands) |
|---|---|
| Research and Development | $116,611 |
| General and Administrative | $28,285 |
Stock Performance
As of September 30, 2024, Celldex had 66,344,236 shares outstanding, with a stock price reflecting significant market activity. The company has seen fluctuations in stock performance correlating with clinical trial updates and financial disclosures.
Clinical Development Pipeline
Celldex is advancing several key product candidates:
- Barzolvolimab (CDX-0159): A humanized monoclonal antibody targeting the receptor tyrosine kinase KIT. It is in Phase 3 studies for chronic spontaneous urticaria (CSU) and chronic inducible urticaria (CIndU).
- CDX-585: Currently in clinical trials, focusing on its efficacy and safety profile.
- CDX-622: Undergoing further investigation in various indications.
Recent Developments
In March 2024, Celldex completed an underwritten public offering, raising net proceeds of $432.3 million, which bolstered its financial position and supported ongoing clinical programs.
Research and Development Expenses
For the nine months ended September 30, 2024, research and development expenses were detailed as follows:
| Program | Expense (in thousands) |
|---|---|
| Barzolvolimab/Anti-KIT Program | $88,643 |
| CDX-585 | $2,213 |
| CDX-622 | $10,175 |
| Other Programs | $15,580 |
Liquidity and Capital Resources
Celldex's liquidity position is strong, with cash, cash equivalents, and marketable securities amounting to $756 million as of September 30, 2024. The company believes this is sufficient to fund operations through 2027.
Conclusion on Financial and Operational Health
Celldex continues to advance its clinical programs while navigating significant operating losses. The recent capital raises and strategic partnerships position the company for potential growth as it progresses through its clinical pipeline.
How Celldex Therapeutics, Inc. (CLDX) Makes Money
Revenue Sources
Celldex Therapeutics generates revenue through several primary channels:
- Product development and licensing agreements
- Contracts and grants
As of September 30, 2024, Celldex reported the following revenue figures:
| Revenue Source | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Product Development and Licensing Agreements | $3 | $2 | $5 | $19 |
| Contracts and Grants | $3,188 | $1,515 | $5,840 | $2,733 |
| Total Revenue | $3,191 | $1,517 | $5,845 | $2,752 |
Operating Expenses
Operating expenses are significant for Celldex, primarily driven by research and development (R&D) activities:
| Expense Type | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Research and Development | $45,263 | $34,535 | $116,611 | $87,585 |
| General and Administrative | $10,054 | $8,221 | $28,285 | $22,082 |
| Total Operating Expenses | $55,317 | $42,756 | $144,896 | $109,667 |
Net Loss and Financial Performance
Celldex reported a net loss for the nine months ended September 30, 2024, as follows:
| Period | Net Loss (in thousands) | Basic and Diluted Net Loss Per Share |
|---|---|---|
| Three Months Ended September 30, 2024 | $42,121 | $(0.64) |
| Three Months Ended September 30, 2023 | $38,260 | $(0.81) |
| Nine Months Ended September 30, 2024 | $110,771 | $(1.74) |
| Nine Months Ended September 30, 2023 | $98,123 | $(2.08) |
Investment and Other Income
Investment and other income has significantly increased, contributing to the overall financial picture:
| Period | Investment and Other Income (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $10,005 |
| Three Months Ended September 30, 2023 | $2,979 |
| Nine Months Ended September 30, 2024 | $28,280 |
| Nine Months Ended September 30, 2023 | $8,792 |
Cash and Liquidity Position
As of September 30, 2024, Celldex held cash, cash equivalents, and marketable securities amounting to:
- $756 million
This liquidity is projected to meet operational needs through 2027, barring significant changes in capital requirements.
Future Financing Plans
Celldex may pursue various avenues for additional capital, including:
- Licensing drug candidates
- Business combinations
- Issuance of debt or equity securities
In March 2024, Celldex raised $432.3 million through an underwritten public offering of 9,798,000 shares.
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Resources:
- Celldex Therapeutics, Inc. (CLDX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Celldex Therapeutics, Inc. (CLDX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Celldex Therapeutics, Inc. (CLDX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.