Detailed financial statements for Celldex Therapeutics, Inc. (CLDX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Celldex Therapeutics, Inc. is a biopharmaceutical company dedicated to developing antibody-based treatments, specifically monoclonal and bispecific antibodies, for a range of diseases. Their pipeline features therapeutic candidates aimed at both inflammatory conditions and various forms of cancer. Among their key clinical programs: CDX-0159 is a Phase I monoclonal antibody designed to bind to and inhibit the activity of the KIT receptor tyrosine kinase.
Analysis Summary
Celldex Therapeutics, Inc. reported revenue of $1.5M in the most recent fiscal year, growing at a 5-year CAGR of -27.4%.
Trailing-twelve-month margins: gross margin -568.5%, operating margin -2,909.5%, net margin -2,683.9%.
At $29.71 (closing price, November 3, 2026), CLDX has negative trailing earnings (P/E not meaningful) and an ROE of -52.36%. Market capitalisation stands at $2.3B.
Balance sheet quality for CLDX: debt-to-equity ratio of 0.01, current ratio of 11.82 over the last 12 months, net cash position of $516.2M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.8M | $12.7M | $9.5M | $3.6M | $7.4M | $4.7M | $2.4M | $6.9M | $7.0M | $1.5M |
| Cost of Revenue | $102.0M | $96.2M | $66.4M | $42.7M | $42.5M | $53.3M | $82.3M | $118.0M | $163.6M | 0 |
| Gross Profit | -$95.2M | -$83.4M | -$56.9M | -$39.1M | -$35.1M | -$48.7M | -$79.9M | -$111.1M | -$156.5M | $1.5M |
| Research & Development | $102.7M | $96.2M | $66.4M | $42.7M | $40.5M | $56.8M | $82.3M | $118.0M | $163.6M | $245.1M |
| Selling, General & Admin | $36.0M | $25.0M | $19.3M | $15.4M | $14.5M | $20.5M | $27.2M | $30.9M | $38.5M | $43.8M |
| Operating Expenses | $37.7M | $38.1M | $99.5M | $15.9M | $28.2M | $22.6M | $35.3M | $43.4M | $38.5M | $288.9M |
| Operating Income | -$132.9M | -$121.5M | -$156.4M | -$55.0M | -$63.4M | -$71.2M | -$115.2M | -$154.5M | -$195.1M | -$287.4M |
| EBITDA | -$124.4M | -$104.0M | -$72.6M | -$49.7M | -$45.6M | -$66.1M | -$104.2M | -$139.0M | -$154.7M | -$255.4M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$128.5M | -$117.3M | -$151.9M | -$50.9M | -$60.9M | -$70.7M | -$112.3M | -$141.4M | -$157.9M | -$258.8M |
| Income Tax | 0 | -$24.3M | -$765,000 | 0 | -$1.2M | -$226,999 | 0 | 0 | 0 | 0 |
| Net Income | -$128.5M | -$93.0M | -$151.2M | -$50.9M | -$59.8M | -$70.5M | -$112.3M | -$141.4M | -$157.9M | -$258.8M |
| EPS | -$18.99 | -$10.86 | -$14.48 | -$3.51 | -$2.02 | -$1.64 | -$2.40 | -$2.92 | -$2.45 | -$3.90 |
| EPS (Diluted) | -$18.99 | -$10.86 | -$14.48 | -$3.51 | -$2.02 | -$1.64 | -$2.40 | -$2.92 | -$2.45 | -$3.90 |
| Shares Outstanding (Diluted) | 6.8 M | 8.6 M | 10.4 M | 14.5 M | 29.6 M | 42.9 M | 46.9 M | 48.4 M | 64.4 M | 66.5 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 0 | $75,000 | $15,000 | $22,000 |
| Gross Profit | -$62.9M | $75,000 | -$839,000 | $22,000 |
| Operating Income | -$73.6M | -$87.2M | -$84.4M | -$80.6M |
| EBITDA | -$66.2M | -$80.5M | -$77.8M | -$72.6M |
| Net Income | -$67.0M | -$81.4M | -$78.7M | -$73.5M |
| EPS | -$1.01 | -$1.23 | -$1.18 | -$0.94 |
| EPS (Diluted) | -$1.01 | -$1.23 | -$1.18 | -$0.94 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $42.5M | $40.3M | $24.3M | $11.2M | $43.8M | $39.1M | $29.4M | $34.8M | $28.4M | $28.9M |
| Short-term Investments | $147.3M | $99.1M | $69.7M | $53.0M | $150.6M | $369.1M | $275.5M | $386.9M | $696.9M | $489.7M |
| Receivables | $1.8M | $1.9M | $3.2M | $1.2M | $1.8M | $172,000 | $347,000 | $4.5M | $700,000 | $2.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $195.6M | $144.8M | $99.1M | $66.7M | $197.8M | $410.8M | $317.7M | $431.7M | $747.2M | $534.7M |
| Property, Plant & Equipment | $13.2M | $10.4M | $6.1M | $7.5M | $7.3M | $6.5M | $7.7M | $6.6M | $8.2M | $7.8M |
| Goodwill | $91.0M | $91.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $81.5M | $67.6M | $50.6M | $48.7M | $30.7M | $27.2M | $27.2M | $27.2M | $27.2M | $27.2M |
| Total Assets | $383.4M | $315.6M | $155.8M | $122.9M | $235.8M | $444.7M | $352.7M | $465.6M | $792.3M | $583.0M |
| Accounts Payable | $1.7M | $1.7M | $1.1M | $1.2M | $1.0M | $1.2M | $3.3M | $3.5M | $3.3M | $1.2M |
| Short-term Debt | 0 | $6.6M | $4.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $35.2M | $27.7M | $12.6M | $11.6M | $14.2M | $16.5M | $18.6M | $31.1M | $39.5M | $51.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $117.9M | $79.3M | $31.7M | $28.9M | $26.5M | $25.2M | $26.5M | $36.5M | $45.3M | $55.8M |
| Retained Earnings | -$719.5M | -$812.5M | -$962.4M | -$1.01B | -$1.07B | -$1.14B | -$1.26B | -$1.40B | -$1.56B | -$1.81B |
| Total Equity | $265.4M | $236.4M | $124.1M | $94.0M | $209.4M | $419.5M | $326.2M | $429.2M | $747.0M | $527.2M |
| Total Debt | 0 | $6.6M | $4.5M | $3.7M | $3.5M | $3.0M | $4.0M | $2.5M | $3.8M | $2.3M |
| Net Debt | -$189.8M | -$132.9M | -$89.5M | -$60.5M | -$190.9M | -$405.2M | -$300.9M | -$419.2M | -$721.5M | -$516.2M |
| Working Capital | $160.3M | $117.0M | $86.5M | $55.1M | $183.6M | $394.3M | $299.1M | $400.6M | $707.7M | $483.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $36.0M | $28.9M | $35.7M | $47.5M |
| Total Assets | $648.4M | $583.0M | $511.3M | $782.3M |
| Total Liabilities | $50.1M | $55.8M | $55.0M | $67.8M |
| Total Equity | $598.4M | $527.2M | $456.2M | $714.6M |
| Total Debt | $2.6M | $2.3M | $1.9M | $4.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$128.5M | -$93.0M | -$151.2M | -$50.9M | -$59.8M | -$70.5M | -$112.3M | -$141.4M | -$157.9M | -$258.8M |
| Depreciation & Amortization | $4.1M | $5.3M | $3.8M | $4.9M | $3.9M | $3.1M | $2.9M | $3.0M | $3.2M | $3.4M |
| Stock-based Compensation | $15.3M | $12.3M | $8.1M | $4.6M | $3.9M | $9.0M | 0 | $23.9M | $34.2M | $36.2M |
| Change in Working Capital | -$6.6M | -$12.2M | -$15.4M | -$4.3M | -$299,000 | -$1.1M | -$3.9M | $13.5M | -$21.6M | $14.1M |
| Operating Cash Flow | -$113.0M | -$99.9M | -$75.2M | -$46.4M | -$40.4M | -$60.9M | -$103.7M | -$107.3M | -$157.8M | -$210.9M |
| Capital Expenditure | -$2.8M | -$1.8M | -$813,000 | -$731,000 | -$1.6M | -$1.2M | -$1.8M | -$1.8M | -$1.9M | -$2.7M |
| Acquisitions | $4.6M | $1.8M | $342,000 | $20,000 | $55,000 | $27,000 | $69,000 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$115.8M | -$101.7M | -$76.0M | -$47.1M | -$42.0M | -$62.2M | -$105.6M | -$109.1M | -$159.7M | -$213.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$48.6M | -$63.9M | -$65.6M | -$57.4M |
| Capital Expenditure | -$440,000 | -$993,000 | -$1.6M | -$3.2M |
| Free Cash Flow | -$49.1M | -$64.9M | -$67.2M | -$60.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $8.8M | $8.9M | $8.5M | $8.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +87.8% | -25.2% | -62.5% | +107.6% | -37.3% | -49.3% | +192.0% | +2.0% | -78.6% | |
| Net Income Growth (YoY) | +27.6% | -62.5% | +66.3% | -17.5% | -18.0% | -59.3% | -25.9% | -11.6% | -63.9% | |
| EPS Growth (YoY) | +42.8% | -33.3% | +75.8% | +42.5% | +18.8% | -46.3% | -21.7% | +16.1% | -59.2% | |
| Shares Change (YoY) | +26.6% | +21.8% | +38.9% | +104.3% | +44.6% | +9.4% | +3.3% | +32.9% | +3.3% | |
| FCF Growth (YoY) | +12.1% | +25.2% | +38.0% | +11.0% | -48.2% | -69.8% | -3.4% | -46.4% | -33.8% | |
| Gross Margin | -1,403.5% | -654.7% | -596.7% | -1,094.3% | -473.4% | -1,046.2% | -3,389.9% | -1,614.5% | -2,229.8% | 100.0% |
| Operating Margin | -1,958.7% | -953.7% | -1,640.1% | -1,540.2% | -854.1% | -1,531.8% | -4,889.0% | -2,245.3% | -2,778.9% | -19,160.0% |
| EBITDA Margin | -1,833.7% | -816.3% | -761.2% | -1,390.1% | -615.3% | -1,420.8% | -4,420.9% | -2,020.0% | -2,203.5% | -17,028.0% |
| Net Margin | -1,894.0% | -730.1% | -1,585.1% | -1,424.0% | -805.9% | -1,516.0% | -4,765.6% | -2,054.8% | -2,248.8% | -17,253.3% |
| FCF Margin | -1,706.3% | -798.2% | -797.3% | -1,319.5% | -565.6% | -1,336.4% | -4,478.6% | -1,585.2% | -2,274.9% | -14,243.9% |
| Effective Tax Rate | -0.0% | 20.7% | 0.5% | -0.0% | 1.9% | 0.3% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$17.11 | -$11.87 | -$7.28 | -$3.25 | -$1.42 | -$1.45 | -$2.25 | -$2.25 | -$2.48 | -$3.21 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 6.8 M | 8.6 M | 10.4 M | 14.5 M | 29.6 M | 42.9 M | 46.9 M | 48.4 M | 64.4 M | 66.5 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -52.36% |
| Return on Invested Capital | -45.10% |
| Return on Assets | -38.42% |
| Gross Margin | -56,850.89% |
| Operating Margin | -290,948.21% |
| Net Margin | -268,385.71% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 11.82 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 14.43 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -2.80 | -3.92 | -0.21 | -0.64 | -8.67 | -23.56 | -18.57 | -13.58 | -10.31 | -6.96 |
| P/B | 1.35 | 1.54 | 0.25 | 0.34 | 2.48 | 3.95 | 6.41 | 4.48 | 2.18 | 3.43 |
| P/S | 52.96 | 28.65 | 3.28 | 9.05 | 70.00 | 356.16 | 886.63 | 279.16 | 231.80 | 1,204.09 |
| Gross Margin | -1,403.5% | -654.7% | -596.7% | -1,094.3% | -473.4% | -1,046.2% | -3,389.9% | -1,614.5% | -2,229.8% | 100.0% |
| Operating Margin | -1,958.7% | -953.7% | -1,640.1% | -1,540.2% | -854.1% | -1,531.8% | -4,889.0% | -2,245.3% | -2,778.9% | -19,160.0% |
| Net Margin | -1,894.0% | -730.1% | -1,585.1% | -1,424.0% | -805.9% | -1,516.0% | -4,765.6% | -2,054.8% | -2,248.8% | -17,253.3% |
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