Shares of Celldex Therapeutics Inc (NASDAQ:CLDX) fell 2.7% on Thursday following the companys announcement of an underwritten public offering of common stock. The firm plans to sell 10,345,000 shares at $29.00 per share.
In connection with the offering, Celldex has granted the underwriters a 30-day option to buy up to an additional 1,551,750 shares at the public offering price, less underwriting discounts and commissions. Excluding underwriting discounts, commissions and other offering-related expenses, the company said it expects to receive gross proceeds of approximately $300 million.
The company indicated the offering is expected to close on or about April 6, 2026, subject to customary closing conditions.
Celldex outlined how it intends to deploy the net proceeds, together with existing cash, cash equivalents and marketable securities. The primary stated use is to support commercial readiness activities and the commercial launch of barzolvolimab, if approved, for the treatment of chronic spontaneous urticaria in the United States.
Beyond potential commercial launch preparations, the company said net proceeds will also be allocated to continue clinical and preclinical development of its product candidates, including both current and future work on barzolvolimab. Celldex also plans to use funds to grow its bispecific antibody platform and related clinical candidates, to support efforts to develop additional clinical pipeline product candidates and for general corporate purposes.
The underwriting group for the offering is led by Leerink Partners, TD Cowen, Guggenheim Securities and Cantor, which are acting as joint bookrunning managers. LifeSci Capital and H.C. Wainwright & Co. are serving as co-lead managers.
The companys disclosure did not add further commentary about timeline for regulatory decisions or detailed allocation breakdowns. The offering and the companys stated use of proceeds are subject to the outcome of customary closing conditions, and the planned commercial activities are conditional on approval of barzolvolimab for the referenced indication.
Investors will likely monitor both the finalization of the offering and subsequent use of proceeds against the companys cash position and near-term operating plans. The announced financing reflects a direct effort to fund potential commercial activity for a candidate that would require regulatory approval before U.S. commercialization.