Hampton, NJ-based Celldex Therapeutics, Inc. (CLDX - Free Report) is a development-stage biopharmaceutical company focused on the development and commercialization of immunotherapy technologies and other cancer-targeting biologics.
The company’s most advanced pipeline candidate, glembatumumab vedotin failed in a mid-stage study evaluating it in breast cancer in April 2018. Following the failure, the company discontinued the development of the candidate across all indications.
Celldex is now focused on other candidates which include varlilumab (CDX-1127), an immune modulating antibody designed to enhance a patient’s immune response against their cancer, CDX-1401, a targeted immunotherapeutic aimed at antigen presenting cells for cancer indications, CDX-301, an immune cell mobilizing agent and dendritic cell growth factor, and CDX-014, an antibody drug conjugate targeting renal and ovarian cancers.
Celldex beat earnings estimates by 26.09% in the last quarter. Overall, Celldex has beaten earnings estimates thrice in the four quarters with an average positive surprise of 18.94%. Currently, Celldex has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: Celldex’s first-quarter 2018 earnings beat expectations. Our consensus called for an adjusted loss of 17 cents per share, and the company reported adjusted loss of 6 cents.
Revenues: Revenues in the reported quarter also missed expectations. Celldex posted revenues of $4.1 million which is below our consensus estimate of $2.03 million.
Key Stats: Research and development expenses were down 15.1% year over year to $21.9 million during the quarter. General and administrative expenses were $5.6 million, down 22.2% year over year. The company recorded a gain of $13.6 million infair value remeasurement of contingent consideration related to assumptions for glemba-related milestones and discount rates. The company also recorded $18.7 million in intangible impairment charges and $91 million in goodwill impairment due to discontinuation of development of glembatumumab vedotin.
2018 Outlook: The company expects its cash, cash equivalents and marketable securities and anticipated proceeds from future sales of our common stock under the Cantor agreement is enough to fund its operation through 2020.
Pre-Market Trading: Shares were down 2.7% in pre-market trading.
Check back later for our full write up on this CLDX earnings report later!
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