Barzolvoliamb Does Not Improve PN But This Indication Was Upside

Research evidence excerpt

Barzolvoliamb Does Not Improve PN But This Indication Was Upside

Biotechnology

Celldex Therapeutics

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

July 21, 2026

Price: $35.66 (07/21/2026) Barzolvoliamb Does Not Improve PN But This

Price Target: NA Indication Was Upside

BUY (1)

Yaron Werber, M.D. THE TD COWEN INSIGHT

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Ph2 PN trial for barzolvolimab profoundly reduced tryptase but did not meet primary or key

yaron.werber@tdsecurities.com

secondary endpoints for either dose. MCs don't seem to be a driver for PN and mgmt will not

Jaena Han, Ph.D. develop barzol in this indication. Encouragingly, safety remains favorable and consistent with

646 562 1428 prior data, even with more frequent dosing + loading dose. Our thesis remains unchanged, as

jaena.han@tdsecurities.com

PN was upside.

Sarah Cai, Ph.D.

646 562 1447 Our Take: Barzolvolimab Does Not Improve PN Outcomes In Ph2 And Will Not Be Taken

sarah.cai@tdsecurities.com Forward In PN – This Does Not Change Our Thesis As PN Was Upside

Steven Ionov, Ph.D. Today, Celldex announced that the Ph2 study of barzolvolimab in prurigo nodularis (PN) failed

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to meet its primary or key secondary endpoints despite profound tryptase reduction. While

steven.ionov@tdsecurities.com

different routes of administration might have contributed to the discrepancy between positive

Key Data Ph1 (IV) and negative Ph2 (SC) data in PN, the more likely conclusion is that mast cells are

Symbol NASDAQ: CLDX simply not a pathogenic driver for PN. Hence, Celldex is discontinuing the Ph2 PN trial and will

Market Cap $2.8B not advance barzolvolimab in this indication.

Click here for the full company update from Encouragingly, barzol's safety in PN remained favorable and consistent with prior readouts

our latest quarterly report.