Celldex Therapeutics Inc
CLDXHealthcare|Biotechnology|USA
$39.11
+0.14 (+0.36%)
Tangible Book
$6.45
Financials
Financial Snapshot
Market Cap
$3.07B
Enterprise Value
$449.6M
Revenue (TTM)
$866.0K
Net Income (TTM)
$-283.6M
Cash & Equivalents
—
Net Cash/Share
$5.96
Free Cash Flow (TTM)
$-226.2M
Operating CF (TTM)
$-222.2M
Debt/Equity
0
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$55.5M
Monthly Burn
$18.5M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $189.8M | $139.4M | $94.0M | $64.4M | $194.4M | $408.3M | $305.0M | $423.6M | $725.3M | $518.6M | $451.5M | |
| Operating Cash Flow | $-113.0M | $-99.9M | $-75.2M | $-46.4M | $-40.4M | $-60.9M | $-103.7M | $-107.3M | $-157.8M | $-210.9M | $-222.2M | |
| Free Cash Flow | $-115.8M | $-101.7M | $-76.0M | $-47.1M | $-42.0M | $-62.2M | $-105.6M | $-109.1M | $-159.7M | $-213.7M | $-226.2M | |
| Capital Expenditure | $-2.8M | $-1.8M | $-813.0K | $-731.0K | $-1.6M | $-1.2M | $-1.8M | $-1.8M | $-1.9M | $-2.7M | $-4.1M | |
| Financing Cash Flow | $14.5M | $51.3M | $29.4M | $16.3M | $171.2M | $272.4M | $4.1M | $218.5M | $441.4M | $2.4M | $2.5M |
R&D Spending
R&D (TTM)
$265.5M
R&D Intensity
30653.7%
R&D Growth YoY
+8.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.8M | $12.7M | $9.5M | $3.6M | $7.4M | $4.7M | $2.4M | $6.9M | $7.0M | $1.5M | $866.0K | |
| R&D Expense | $102.7M | $96.2M | $66.4M | $42.7M | $42.5M | $53.3M | $82.3M | $118.0M | $163.6M | $245.1M | $265.5M | |
| R&D % of Revenue | 1513.8% | 754.7% | 696.7% | 1194.3% | 573.4% | 1146.2% | 3489.9% | 1714.5% | 2329.8% | 15862.4% | 30653.7% | |
| SG&A | $36.0M | $25.0M | $19.3M | $15.4M | $14.5M | $20.5M | $27.2M | $30.9M | $38.5M | $43.8M | $44.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.8M | $12.7M | $9.5M | $3.6M | $7.4M | $4.7M | $2.4M | $6.9M | $7.0M | $1.5M | $866.0K | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $6.8M | $12.7M | $9.5M | $3.6M | $7.4M | $4.7M | $2.4M | $6.9M | $7.0M | $1.5M | $866.0K | |
| R&D | $102.7M | $96.2M | $66.4M | $42.7M | $42.5M | $53.3M | $82.3M | $118.0M | $163.6M | $245.1M | $265.5M | |
| SG&A | $36.0M | $25.0M | $19.3M | $15.4M | $14.5M | $20.5M | $27.2M | $30.9M | $38.5M | $43.8M | $44.5M | |
| Operating Income | $-132.9M | $-109.3M | $-76.4M | $-54.5M | $-49.6M | $-69.1M | $-107.1M | $-142.0M | $-195.1M | $-287.4M | $-309.1M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-128.5M | $-117.3M | $-151.9M | $-50.9M | $-60.9M | $-70.7M | $-112.3M | $-141.4M | $-157.9M | $-258.8M | $-283.6M | |
| Net Income | $-128.5M | $-93.0M | $-151.2M | $-50.9M | $-59.8M | $-70.5M | $-112.3M | $-141.4M | $-157.9M | $-258.8M | $-283.6M | |
| EPS (Diluted) | -18.99 | -10.86 | -14.48 | -3.51 | -2.02 | -1.64 | -2.40 | -2.92 | -2.45 | -3.90 | -4.26 | |
| EBITDA | $-128.8M | $-104.0M | $-72.6M | $-49.7M | $-45.6M | $-66.1M | $-104.2M | $-139.0M | $-191.9M | $-284.0M | $-305.7M | |
| Shares Out. (M) | 6.77 | 8.57 | 10.44 | 14.51 | 29.64 | 42.87 | 46.89 | 48.45 | 64.39 | 66.42 | 66.57 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $42.5M | $40.3M | $24.3M | $11.2M | $43.8M | $39.1M | $29.4M | $34.8M | $28.4M | $28.9M | $35.7M | |
| Marketable Securities | $147.3M | $99.1M | $69.7M | $53.2M | $150.6M | $369.1M | $275.5M | $388.8M | $696.9M | $489.7M | $415.7M | |
| Total Current Assets | $195.6M | $144.8M | $99.1M | $66.7M | $197.8M | $410.8M | $317.7M | $431.7M | $747.2M | $534.7M | $459.2M | |
| Total Assets | $383.4M | $315.6M | $155.8M | $122.9M | $235.8M | $444.7M | $352.7M | $465.6M | $792.3M | $583.0M | $511.3M | |
| Total Current Liabilities | $35.2M | $27.7M | $12.6M | $11.6M | $14.2M | $16.5M | $18.6M | $31.1M | $39.5M | $51.0M | $51.5M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $117.9M | $79.3M | $31.7M | $28.9M | $26.5M | $25.2M | $26.5M | $36.5M | $45.3M | $55.8M | $55.0M | |
| Stockholders' Equity | $265.4M | $236.4M | $124.1M | $94.0M | $209.4M | $419.5M | $326.2M | $429.2M | $747.0M | $527.2M | $456.2M | |
| Retained Earnings | $-719.5M | $-812.5M | $-962.4M | $-1.01B | $-1.07B | $-1.14B | $-1.26B | $-1.40B | $-1.56B | $-1.81B | $-1.89B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-113.0M | $-99.9M | $-75.2M | $-46.4M | $-40.4M | $-60.9M | $-103.7M | $-107.3M | $-157.8M | $-210.9M | $-222.2M | |
| Capital Expenditure | $-2.8M | $-1.8M | $-813.0K | $-731.0K | $-1.6M | $-1.2M | $-1.8M | $-1.8M | $-1.9M | $-2.7M | $-4.1M | |
| Free Cash Flow | $-115.8M | $-101.7M | $-76.0M | $-47.1M | $-42.0M | $-62.2M | $-105.6M | $-109.1M | $-159.7M | $-213.7M | $-226.2M | |
| Investing Cash Flow | $68.9M | $46.5M | $29.8M | $17.1M | $-98.2M | $-216.2M | $89.9M | $-105.8M | $-290.1M | $209.1M | $238.2M | |
| Financing Cash Flow | $14.5M | $51.3M | $29.4M | $16.3M | $171.2M | $272.4M | $4.1M | $218.5M | $441.4M | $2.4M | $2.5M | |
| Issuance of Stock | $13.9M | $51.0M | $29.0M | $16.2M | $170.8M | $269.9M | $0.00 | $216.2M | $432.3M | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $3.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $-3.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $15.3M | $12.3M | $8.1M | $4.6M | $3.9M | $9.0M | $15.6M | $23.9M | $34.2M | $36.2M | $35.4M | |
| Net Change in Cash | $-29.6M | $-2.2M | $-16.0M | $-13.1M | $32.6M | $-4.7M | $-9.7M | $5.4M | $-6.5M | $515.0K | $18.6M |
Dilution Tracker
Shares outstanding grew 55.3% over 5 years — significant dilution
Shares Outstanding
67M
5-Year Share Growth
+55.3%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 6.77 | 8.57 | 10.44 | 14.51 | 29.64 | 42.87 | 46.89 | 48.45 | 64.39 | 66.42 | 66.57 | |
| YoY Change % | — | 26.6% | 21.8% | 38.9% | 104.3% | 44.6% | 9.4% | 3.3% | 32.9% | 3.1% | 0.2% | |
| Stock Issuance | $13.9M | $51.0M | $29.0M | $16.2M | $170.8M | $269.9M | $0.00 | $216.2M | $432.3M | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $15.3M | $12.3M | $8.1M | $4.6M | $3.9M | $9.0M | $15.6M | $23.9M | $34.2M | $36.2M | $35.4M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -1958.7% | -857.9% | -801.0% | -1526.0% | -668.3% | -1486.7% | -4543.7% | -2063.7% | -2778.9% | -18599.8% | -35688.4% | |
| Net Margin % | -1894.0% | -730.1% | -1585.1% | -1424.0% | -805.9% | -1516.0% | -4765.6% | -2054.8% | -2248.8% | -16748.0% | -32753.6% | |
| EBITDA Margin % | -1898.4% | -816.3% | -761.2% | -1390.1% | -615.3% | -1420.8% | -4420.9% | -2020.0% | -2733.6% | -18381.0% | -35299.7% | |
| FCF Margin % | -1706.3% | -798.2% | -797.3% | -1319.5% | -565.6% | -1336.4% | -4478.6% | -1585.2% | -2274.9% | -13829.1% | -26125.8% | |
| ROE % | -46.3% | -37.1% | -83.9% | -46.7% | -39.4% | -22.4% | -30.1% | -37.4% | -26.8% | -40.6% | -48.2% | |
| ROA % | -35.7% | -26.6% | -64.1% | -36.5% | -33.3% | -20.7% | -28.2% | -34.6% | -25.1% | -37.6% | -44.7% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S3008.46
Historical2.54 / 160.81 / 3008.46
Industry Med.9.49
P/B5.71
Historical0.26 / 2.35 / 12.00
Industry Med.2.93
EV/EBITDA-8.57
Historical-40.42 / -4.45 / 0.91
Industry Med.13.02
EV/Revenue3025.72
Historical-9.85 / 107.49 / 3025.72
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$6.45
Net Current Assets
$6.070
Median P/S Value
$1.57
Net-Net Working Capital
$5.96
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 52.94 | 28.65 | 3.25 | 9.07 | 70.08 | 357.78 | 891.40 | 279.30 | 231.83 | 1180.87 | 3008.46 | |
| PB Ratio | 1.61 | 1.66 | 0.29 | 0.40 | 3.31 | 4.30 | 6.45 | 5.16 | 2.25 | 3.43 | 5.71 | |
| EV/EBITDA | -1.84 | -2.44 | 0.81 | 0.46 | -11.02 | -21.19 | -17.30 | -12.91 | -4.98 | -4.55 | -8.57 | |
| EV/Revenue | 34.90 | 19.93 | -6.14 | -6.40 | 67.80 | 301.10 | 764.88 | 260.83 | 136.16 | 835.75 | 3025.72 |
Analyst Estimates & Quality
Altman Z-Score
27.42
Safe
Piotroski F-Score
2
Weak
Beneish M-Score
-4.86
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $2.90M | $13.05M | $166.23M |
| Net Income | $-322.13M | $-359.39M | $-262.11M |
| EPS | -4.34 | -4.47 | -2.99 |
| Book Value per Share | 7.35 | 7.23 | 5.97 |
| Operating Cash Flow per Share | -4.38 | -4.04 | -2.05 |
| Operating CF | $-291.56M | $-268.93M | $-136.46M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Development, manufacturing and commercialization of novel therapeutics for human health care | $1.5M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $1.5M |