On Monday, Shares of Celldex Therapeutics Inc (NASDAQ: CLDX) declined -1.50% to $0.51. The stock recorded $0.51 as its minimum price and hit the max level of $0.53, during its most recent trading session. It traded total volume of 424.43K shares lower than the average volume of 4.05M shares.
Celldex Therapeutics, Inc. (CLDX) recently stated business and financial highlights for the first quarter ended March 31, 2018.
First Quarter 2018 Financial Highlights:
Cash Position: Cash, cash equivalents and marketable securities as of March 31, 2018 were $123.20M contrast to $139.40M as of December 31, 2017. The decrease was mainly driven by first quarter cash used in operating activities of about $28.00M and partially offset by the receipt of $11.70M from sales of common stock under our Cantor agreement. At March 31, 2018, Celldex had 143.40M shares outstanding.
Revenues: Total revenue was $4.10M in the first quarter of 2018, contrast to $1.50M for the comparable period in 2017. The increase in revenue was mainly because of the contract manufacturing and research and development agreements with International AIDS Vaccine Program and Frontier Biotechnologies, Inc. signed in the second quarter of 2017.
R&D Expenses: Research and development (R&D) expenses were $21.90M in the first quarter of 2018, contrast to $25.80M for the comparable period in 2017. The decrease in R&D expenses was mainly because of lower varlilumab, CDX-3379 and anti-KIT program product development expenses of $0.90M, $0.70M and $0.30M, respectively, and lower personnel and facility costs of $1.40M.
G&A Expenses: General and administrative (G&A) expenses were $5.60M in the first quarter of 2018, contrast to $7.20M for the comparable period in 2017. The decrease in G&A expenses was mainly because of lower personnel expenses of $0.70M, lower commercial planning costs of $0.40M and lower legal, consulting and professional services expense of $0.30M.
Changes in Fair Value Remeasurement of Contingent Consideration: The $13.60M gain on the fair value remeasurement of contingent consideration in the first quarter of 2018 was mainly because of updated assumptions for glemba-related milestones and discount rates. The $3.40M loss on fair value remeasurement of contingent consideration in the first quarter of 2017 was mainly because of changes in discount rates and the passage of time.
Intangible Asset and Goodwill Impairments: The Company recorded $18.70M in non-cash impairment charges related to fully impaired glemba-related intangible assets and $91.00M in goodwill impairment charges as the carrying value of the Company’s net assets exceeded the Company’s fair value by an amount in excess of the goodwill asset in the first quarter of 2018.
Income Tax Benefit: The Company recorded a $0.80M non-cash income tax benefit related to the impaired glemba in-process research and development (IPR&D) assets in the first quarter of 2018.
Net Loss: Net loss was $118.10M, or ($0.84) per share, for the first quarter of 2018, contrast to a net loss of $34.30M, or ($0.28) per share, for the comparable period in 2017.
CLDX has the market capitalization of $74.74M and its EPS growth ratio for the past five years was 3.20%. The return on assets ratio of the Company was -60.40% while its return on investment ratio stands at -49.20%. Price to sales ratio was 4.89 while 48.80% of the stock was owned by institutional investors.