Celldex (CLDX) AI Stock Analysis

• Market Cap: $1.65B
• Dividend Yield: N/A
• Average Volume (3M): 687.75K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.34
• Revenue Growth: -73.94%
• EPS Growth: -31.70%
• Country: US
• Employees: 186
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.22
• Shares Outstanding: 66,449,470
• 10 Day Avg. Volume: 972,718
• 30 Day Avg. Volume: 687,750
• PEG Ratio: -0.12
• Price to Book (P/B): 3.43
• Price to Sales (P/S): 1204.09
• P/FCF Ratio: -8.56
• Enterprise Value/Market Cap: 1.20
• Enterprise Value/Revenue: 1.32K
• Enterprise Value/Gross Profit: 1.32K
• Enterprise Value/Ebitda: -6.95
• 1Y Price Target: $51.14
• Price Target Upside: 66.91% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): -4.51
• Revenue Forecast (FY): $3.18M

• Rating: 56 Neutral
• Price Target: $32.00 ▲(4.44% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is held back primarily by weak and worsening financial performance (deep losses, declining revenue, and accelerating cash burn), partially offset by a very low-debt balance sheet. Technicals are a positive with strong trend and momentum, though overbought signals add near-term risk. Valuation remains constrained by negative earnings and no dividend.

Positive Factors

Low leverage / balance sheet health

Very low absolute debt and near-zero debt/equity materially reduce short-term solvency and refinancing risk. For a cash-burning clinical biotech this durable balance-sheet strength gives management flexibility to raise equity or partner programs without immediate leverage pressure, aiding operational continuity.

Focused pipeline in immunology & oncology

A clearly defined therapeutic focus on engineered monoclonal antibodies creates durable strategic clarity: development expertise, repeatable platform learnings, and targeted commercial/partnering routes. That specialization supports long-term partnership appeal and more predictable R&D prioritization and asset valuation.

Cash losses largely cash-backed and predictable

When losses are cash-backed rather than accrual-driven, cash burn is more predictable and easier to model. That transparency reduces execution risk for financing plans and partner negotiations, enabling management to time capital raises or collaborations with clearer visibility on actual runway.

Negative Factors

Accelerating cash burn

Rapidly increasing negative operating and free cash flow signals rising funding needs and shorter runway absent financing or partnership infusions. This structural cash-burn trend pressures capital strategy, risks greater equity dilution, and constrains long-term investment flexibility for development programs.

Deepening losses & revenue decline

Sharply widening losses alongside a steep revenue drop show deteriorating operating performance. Persistent negative margins and volatile, minimal revenue erode shareholder equity and heighten dependency on external capital, creating structural profitability risk until commercial products or sustained licensing revenue appear.

No recurring commercial revenue; financing-dependent

As a clinical-stage biotech, the lack of product revenue makes long-term sustainability contingent on successful trials, approvals, or licensing. Reliance on capital markets or milestone payments is structurally riskier and less predictable than product cash flows, prolonging exposure to financing cycles and partner outcomes.

Celldex Business Overview & Revenue Model

Company Description

Celldex Therapeutics, Inc., a biopharmaceutical company, engages in developing therapeutic monoclonal and bispecific antibodies for the treatment of various diseases. Its drug candidates include antibody-based therapeutics to treat patients with inflammatory diseases and various forms of cancer. The company's clinical development programs CDX-0159, a Phase I monoclonal antibody that binds the receptor tyrosine kinase KIT and inhibits its activity; CDX-1140, a human agonist monoclonal antibody targeted to CD40, a key activator of immune response, which is found on dendritic cells, macrophages, and B cells, as well as is expressed on various cancer cells; and CDX-527, a bispecific antibody, which uses the company's proprietary active anti-PD-L1 and CD27 human antibodies to couple CD27 costimulation with blockade of the PD-L1/PD-1 pathway to help prime and activate anti-tumor T cell responses through CD27 costimulation. The company has research collaboration and license agreements with University of Southampton to develop human antibodies towards CD27; Amgen Inc. with exclusive rights to CDX-301 and CD40 ligand; and Yale University. Celldex Therapeutics, Inc. was incorporated in 1983 and is headquartered in Hampton, New Jersey.

How the Company Makes Money

Celldex Therapeutics generates revenue primarily through the development and commercialization of its therapeutic products. The company has a revenue model that includes proceeds from collaborations and partnerships with larger pharmaceutical companies, which may involve upfront payments, milestone payments, and royalties on sales of approved products. Additionally, Celldex may engage in licensing agreements for its technology platforms or products, providing another stream of income. The success of its clinical trials and the subsequent approval of its therapies are critical to its earnings potential, as market demand for effective cancer treatments can significantly impact revenue. Furthermore, government grants and funding for research and development can also contribute to the company's financial resources.

Celldex Financial Statement Overview

Summary

Financials are dominated by sizable, worsening losses and accelerating cash burn (2025 net income about -$259M; free cash flow about -$211M). Revenue is small and declined sharply in 2025. The key offset is a low-leverage balance sheet with minimal debt, which reduces solvency/refinancing risk despite equity erosion from ongoing losses.

Income Statement

Operating performance is weak and worsening in the most recent year. Annual revenue is very small and volatile, with 2025 revenue down ~41% versus 2024 after minimal growth in 2024. Profitability remains deeply negative: 2025 net income was about -$259M and the net margin deteriorated sharply versus 2024’s already negative level. Overall, the company continues to run significant losses with no clear near-term improvement in margins.

Balance Sheet

The balance sheet is a relative strength due to very low leverage. Total debt is minimal (roughly $2–4M across the period), and debt relative to equity remains near zero, which limits refinancing and solvency risk. The key weakness is ongoing value erosion from persistent losses—return on equity is consistently negative, and equity declined materially in 2025 versus 2024, indicating the cash burn is weighing on shareholder capital despite low debt.

Cash Flow

Cash generation is consistently negative, reflecting heavy operating spend. Operating cash flow and free cash flow are meaningfully negative each year (about -$211M in 2025 versus about -$158M in 2024), implying an accelerating cash burn. A partial positive is that free cash flow has generally tracked net losses (free cash flow to net income around ~1x), suggesting losses are largely cash-backed rather than accounting-only; however, the overall trajectory still points to elevated funding needs.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.50M	7.02M	6.88M	2.36M	4.65M
Gross Profit	1.50M	-156.53M	-111.13M	-79.90M	-48.66M
EBITDA	-284.02M	-191.90M	-139.03M	-104.20M	-66.08M
Net Income	-258.80M	-157.86M	-141.43M	-112.33M	-70.51M
Balance Sheet
Total Assets	582.98M	792.34M	465.63M	352.74M	444.65M
Cash, Cash Equivalents and Short-Term Investments	518.57M	725.28M	421.70M	304.95M	408.25M
Total Debt	2.34M	3.81M	2.54M	4.03M	3.04M
Total Liabilities	55.82M	45.34M	36.46M	26.53M	25.18M
Stockholders Equity	527.16M	747.00M	429.17M	326.20M	419.48M
Cash Flow
Free Cash Flow	-210.94M	-159.70M	-109.11M	-105.56M	-62.16M
Operating Cash Flow	-210.94M	-157.78M	-107.29M	-103.73M	-60.91M
Investing Cash Flow	209.07M	-290.13M	-105.78M	89.94M	-216.16M
Financing Cash Flow	2.39M	441.45M	218.46M	4.08M	272.37M

Celldex Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 30.64
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLDX, the sentiment is Positive. The current price of 30.64 is above the 20-day moving average (MA) of 24.67, above the 50-day MA of 25.66, and above the 200-day MA of 24.12, indicating a bullish trend. The MACD of 0.51 indicates Negative momentum. The RSI at 71.47 is Negative, neither overbought nor oversold. The STOCH value of 93.39 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CLDX.

Celldex Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLDX	56 Neutral	$1.65B	-9.11	-40.62%	―	-73.94%	-31.70%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
JANX	50 Neutral	$821.02M	-8.18	-12.48%	―	-23.37%	-42.45%
VRDN	49 Neutral	$2.81B	-8.19	-47.40%	―	23340.07%	18.06%
VERA	48 Neutral	$2.97B	-10.45	-73.25%	―	―	-53.44%
TVTX	47 Neutral	$2.85B	-48.66	-57.80%	―	114.22%	77.02%