Mgmt Catch-up: SCFxTSLP Bispecific Validates Soluble SCF Approach as Upside

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Mgmt Catch-up: SCFxTSLP Bispecific Validates Soluble SCF Approach as Upside

USA | Biotechnology

Celldex Therapeutics, Inc. EquityJuneResearch16, 2026

FLASH NOTEMgmt Catch-up: SCFxTSLP Bispecific Validates

RATING BUYSoluble SCF Approach as Upside

PRICE $32.32^

We caught up w/ mgmt. FIH Ph1 HV data for CDX-622 (SCF×TSLP) at EAACI26

showed clear on-target PD and clean safety. Key differentiator is selective PRICE TARGET | % TO PT $68.00 | +110%

soluble SCF inhibition that preserves other c-KIT functions. CDX-622 is the 2nd 52W HIGH-LOW $35.79 - $19.52

asset/platform validator that represents main upside (FIH, high optionality), FLOAT (%) | ADV MM (USD) 114.7% | 24.96

while barzol remains the near-term value driver. Catalysts: barzol Ph2 PN MARKET CAP $2.1B

(summer ’26), Ph3 CSU top line (4Q26), Ph2 AD (late 4Q26). TICKER CLDX ^Prior trading day's closing price unless otherwise

noted.

Bottom line. CLDX presented CDX-622 (SCFxTSLP) FIH Ph1 HV data at EAACI26, with clear on-

target PD and a clean safety profile that increase our confidence the program can advance clinically.

This is particularly important given last year’s EoE outcome, where barzolvolimab (c-Kit inhibitor)

achieved mast cell depletion but failed to improve symptoms (NOTE), underscoring that mast cell

targeting alone may be insufficient in certain diseases. CDX-622 could address this by combining

mast cell depletion with TSLP blockade and, critically, by selectively targeting soluble SCF, a key

differentiation that enables potent mast cell ablation while sparing other c-Kit-dependent functions

and avoiding the safety liabilities seen with broader c-Kit inhibition. We see CDX-622 now emerging

as a viable second asset that complements barzolvolimab, which remains the near-term value