Logo

CLDX

Celldex Therapeutics, Inc.

CLDX

Celldex Therapeutics, Inc. • NASDAQ
$27.02 ▲ 0.86% (+0.23)
Market Cap $1.80 B
52w High $29.05
52w Low $14.40
Dividend Yield 0%
P/E -7.99
Volume 292.05K
Outstanding Shares 66.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 ▼ $73.617M ▲ $-67.044M ▼ 0% ▲ $-1.01 ▼ $-66.22M ▼
Q2-2025 $730K ▲ $64.587M ▲ $-56.6M ▼ -7.753K% ▼ $-0.85 ▼ $-62.984M ▼
Q1-2025 $695K ▼ $63.434M ▲ $-53.796M ▼ -7.74K% ▼ $-0.81 ▼ $-61.872M ▼
Q4-2024 $1.175M ▼ $56.383M ▲ $-47.092M ▼ -4.008K% ▼ $-0.71 ▼ $-55.208M ▼
Q3-2024 $3.191M $55.317M $-42.121M -1.32K% $-0.64 $-51.34M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $583.223M ▼ $648.439M ▼ $50.076M ▲ $598.363M ▼
Q2-2025 $630.337M ▼ $692.407M ▼ $37.001M ▲ $655.406M ▼
Q1-2025 $673.291M ▼ $739.471M ▼ $36.49M ▼ $702.981M ▼
Q4-2024 $725.281M ▼ $792.34M ▼ $45.335M ▲ $747.005M ▼
Q3-2024 $755.999M $823.179M $37.274M $785.905M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-67.044M ▼ $-48.628M ▼ $60.847M ▲ $774K ▲ $12.993M ▲ $-49.068M ▼
Q2-2025 $-56.6M ▼ $-44.005M ▲ $49.85M ▲ $63K ▼ $5.908M ▲ $-44.733M ▲
Q1-2025 $-53.796M ▼ $-54.372M ▼ $42.95M ▲ $202K ▼ $-11.22M ▼ $-54.637M ▼
Q4-2024 $-47.092M ▼ $-32.476M ▲ $24.047M ▼ $386K ▼ $-8.043M ▼ $-33.232M ▲
Q3-2024 $-42.121M $-55.337M $47.758M $1.239M $-6.34M $-54.719M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Grant
Grant
 $0 ▲$0 ▲$0 ▲$0 ▲
Service
Service
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Celldex is essentially a pre‑revenue biotech company: it has almost no product sales, and its income statement is driven by research and development spending, not commercial activity. Losses have been consistent and have gradually widened as the pipeline has advanced and operating expenses have risen. Earnings per share remain clearly negative, which is typical for a clinical‑stage biotech funding multiple trials. The financial story here is about investing heavily ahead of any potential future revenue rather than managing a mature profit‑and‑loss profile.

Balance Sheet

Balance Sheet The balance sheet is clean and equity‑heavy, with no reported debt, which reduces financial risk from lenders. Total assets and shareholders’ equity have grown over the past few years, likely reflecting repeated capital raises to fund development. Cash on hand is meaningful but not large relative to the company’s ongoing spending needs, implying that future fundraising or partnerships are likely if trials continue at the current pace. Existing shareholders bear dilution risk as the company finances itself mainly through equity rather than borrowing.

Cash Flow

Cash Flow Cash flow is consistently negative, driven by operating cash burn tied to clinical trials and overhead. Free cash flow closely tracks operating cash flow, as the company spends very little on physical assets and facilities. This pattern is typical for a lean, R&D‑heavy biotech, but it also means the business is structurally dependent on outside capital until it can secure meaningful partnership payments or eventual product revenue. The key cash‑flow question is not profitability in the near term, but how long current resources can support the trial program and on what terms new funding can be raised.

Competitive Edge

Competitive Edge Celldex operates in a focused niche within immunology, concentrating on mast‑cell driven diseases. This specialization, plus in‑house antibody engineering capabilities, gives it a clear scientific identity and some differentiation from broader‑based biotech peers. Its lead drug, barzolvolimab, has progressed to late‑stage development and targets conditions where patients still have significant unmet needs, which could translate into strong demand if the data hold up. However, the company competes against very large pharmaceutical players in chronic urticaria and related diseases, many of whom already market established therapies and are developing next‑generation drugs. Celldex’s competitive strength rests on superior clinical outcomes and safety, while its main vulnerabilities are its smaller scale, narrower portfolio, and dependence on a limited number of assets.

Innovation and R&D

Innovation and R&D Innovation is the core of Celldex’s value. The company has built deep expertise in mast cell biology and antibody engineering, and it is leveraging that into a focused pipeline. Barzolvolimab, aimed at multiple mast cell–mediated diseases, is the centerpiece and could act as a “pipeline in a product” if it proves effective across several conditions. The newer bispecific candidate, CDX‑622, shows that Celldex is pushing into more complex antibody designs with dual mechanisms of action, which could open up additional indications. This innovation comes with high execution risk: clinical, regulatory, and safety outcomes are still uncertain, and the pipeline is relatively concentrated in a small number of programs. R&D is clearly a major cost center, but also the primary source of potential future value.

Summary

Celldex is a classic clinical‑stage biotech: very limited revenue today, steady and intentional losses driven by research spending, and a balance sheet funded largely by equity rather than debt. Financially, its strengths are a clean capital structure and growing asset base; its challenges are ongoing cash burn and the likelihood of needing additional capital over time. Strategically, the company has carved out a clear niche in mast cell immunology, with a late‑stage lead asset and a scientifically interesting next‑generation platform. The overall story is high risk and highly dependent on clinical trial outcomes and future financing conditions, with potential for significant change in the company’s profile if its key programs succeed or fail in pivotal studies.

NEWS

November 10, 2025 · 8:01 AM UTC

Celldex Announces Appointment of Teri Lawver as Chief Commercial Officer

Read more

November 7, 2025 · 8:01 AM UTC

Celldex to Present at Upcoming Investor Conferences

Read more

September 17, 2025 · 5:11 AM UTC

Celldex Presents Data Demonstrating Barzolvolimab Improves Chronic Spontaneous Urticaria Independent of Baseline Immunoglobulin E levels in Phase 2 Study at EADV Congress 2025

Read more

September 9, 2025 · 9:01 AM UTC

Celldex to Present at Morgan Stanley 23rd Annual Global Healthcare Conference

Read more