Recent News
On February 25, 2026 Celldex reported fourth-quarter and year‑end 2025 results and provided a corporate update on pipeline progress and expected 2026 readouts. Prior to the results the company presented clinical and program updates at the Guggenheim Emerging Outlook Biotech Summit in February and planned multiple Phase 2 barzolvolimab datasets for the AAAAI meeting (Feb 27–Mar 2). On April 1 the company priced an underwritten offering at $29.00 per share and on April 6 closed the offering, including full exercise of the underwriters’ option.
Technical Analysis
Directional indicators: ADX at 21.07 indicates an emerging trend strength; DI+ at 30.59 (increasing) and DI‑ at 20.79 (peak‑and‑reversal) together create a bullish directional bias that supports potential upside continuation in the near term.
MACD and momentum: MACD at 1.10 sits above the signal line (1.01) with an increasing MACD trend, signaling bullish momentum and the possibility of additional upside if momentum sustains.
MRO (Momentum/Regression Oscillator): MRO at 34.17 with a peak‑and‑reversal pattern implies price currently sits above model targets and faces heightened mean‑reversion risk; that reduces the distance for any further upside and raises the probability of a corrective pullback if momentum stalls.
RSI and price momentum: RSI at 57.63 and rising indicates bullish momentum without overbought extremes, aligning with MACD’s bullish read and supporting near‑term continuation rather than an immediate exhaustion signal.
Price vs moving averages and cloud: Last close $33.87 sits above the 12‑day EMA ($32.31), 20‑day average ($31.88), 50‑day average ($28.79) and 200‑day average ($25.87); Ichimoku tenkan/ kijun near $31.34/$31.22 and Senkou cloud in the mid‑$26s provide underlying support and a constructive trend context.
Bands, volatility, and volume: Price trades between the 1x and 2x upper Bollinger band (upper1x $33.27; upper2x $34.65), indicating short‑term upside pressure but constrained by the 2x band. Daily volume (~971,613) remains below the 10‑day average (1,516,039) and below 50/200‑day averages, suggesting momentum currently lacks broad volume conviction.
Support/resistance: SuperTrend lower at $30.32 and the 20‑day/12‑day averages cluster near $31–32, forming a clear near‑term support band that aligns with the technical strength but also marks the level where a failure would flip the outlook.
Fundamental Analysis
Profitability and earnings: Operating margin and EBIT margin stand at approximately -720.27%, reflecting heavy R&D and negative operating leverage; EBIT improved YoY by 14.11% but remains deeply negative. Reported EPS was -$1.22 versus an estimate of -$1.00, an EPS surprise of -22% (EPS surprise ratio -0.22), reflecting continued loss generation despite margin improvement year‑over‑year.
Revenue and growth: Total revenue registers at $121,000 with YoY revenue growth of 32.05% and a QoQ decline of -17.57%, indicating tiny absolute revenue with volatile quarter‑to‑quarter timing effects; revenue per share approximates $0.00182.
Cash, liquidity, and capital structure: Cash and short‑term investments total $518,573,000 with a current ratio of 10.49 and a cash ratio near 10.17, providing a strong liquidity buffer. Total debt equals $2,336,000, producing a debt‑to‑assets ratio of ~0.40% and debt‑to‑equity of ~0.44%, reflecting minimal leverage.
Cash flow and investment: Operating cash flow and free cash flow remain negative at -$63.94M and -$65.22M respectively; free cash flow yield stands at approximately -3.89%. R&D expense of $75.33M drives the cash burn consistent with clinical‑stage priorities.
Valuation and peer context: Price/book sits near 3.18x with P/S extremely elevated (≈13,848x) and forward PE negative; WMDST values the stock as over‑valued given current operating losses, thin revenue base, and high multiples. The company’s operating margin of -720.27% sits well below the industry peer mean (-0.89%) and median (0.21%), while low leverage and cash reserves reduce immediate financing risk. The April equity offering materially increased available capital, with the company closing an underwritten sale that produced substantial gross proceeds and net proceeds supportive of commercialization and pipeline work.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-25 |
| NEXT REPORT DATE: | 2026-05-27 |
| CASH FLOW | Begin Period Cash Flow | $ 36.0 M |
| Operating Cash Flow | $ -63.94 M | |
| Capital Expenditures | $ -1.28 M | |
| Change In Working Capital | $ 8.5 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -7.17 M | |
| End Period Cash Flow | $ 28.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 121.0 K | |
| Forward Revenue | $ 29.5 K | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 816.0 K | |
| Depreciation and Amortization | $ 816.0 K | |
| Research and Development | $ 75.3 M | |
| Total Operating Expenses | $ 87.3 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -86.34 M | |
| EBIT | $ -87.15 M | |
| Operating Income | $ -87.15 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ -81.32 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -81.32 M | |
| Net Income From Continuing Operations | $ -81.32 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.00 | |
| EPS Actual | $ -1.22 | |
| EPS Difference | $ -0.22 | |
| EPS Surprise | -22.0 % | |
| Forward EPS | $ -1.19 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 583.0 M | |
| Intangible Assets | $ 27.2 M | |
| Net Tangible Assets | $ 500.0 M | |
| Total Current Assets | $ 534.7 M | |
| Cash and Short-Term Investments | $ 518.6 M | |
| Cash | $ 28.9 M | |
| Net Receivables | $ 2.0 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 1.2 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 51.0 M | |
| Net Debt | — | |
| Total Debt | $ 2.3 M | |
| Total Liabilities | $ 55.8 M | |
| EQUITY | ||
| Total Equity | $ 527.2 M | |
| Retained Earnings | $ -1.81 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 7.92 | |
| Shares Outstanding | 66.549 M | |
| Revenue Per-Share | $ 0.00 | |
| VALUATION | Market Capitalization | $ 1.7 B |
| Enterprise Value | $ 1.2 B | |
| Enterprise Multiple | -13.429 | |
| Enterprise Multiple QoQ | -8.87 % | |
| Enterprise Multiple YoY | -19.417 % | |
| Enterprise Multiple IPRWA | high: 67.346 median: 47.169 mean: 12.139 CLDX: -13.429 low: -114.076 |
|
| EV/R | 9581.896 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.106 | |
| Asset To Liability | 10.444 | |
| Debt To Capital | 0.004 | |
| Debt To Assets | 0.004 | |
| Debt To Assets QoQ | -0.743 % | |
| Debt To Assets YoY | -16.632 % | |
| Debt To Assets IPRWA | high: 1.032 mean: 0.121 CLDX: 0.004 median: 0.003 low: 0.0 |
|
| Debt To Equity | 0.004 | |
| Debt To Equity QoQ | 1.142 % | |
| Debt To Equity YoY | -13.137 % | |
| Debt To Equity IPRWA | high: 1.524 mean: 0.136 median: 0.005 CLDX: 0.004 low: -0.893 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.179 | |
| Price To Book QoQ | 15.041 % | |
| Price To Book YoY | 44.65 % | |
| Price To Book IPRWA | high: 19.432 median: 6.164 mean: 5.219 CLDX: 3.179 low: -10.511 |
|
| Price To Earnings (P/E) | -20.639 | |
| Price To Earnings QoQ | -16.223 % | |
| Price To Earnings YoY | -40.749 % | |
| Price To Earnings IPRWA | high: 74.171 mean: -0.899 median: -16.335 CLDX: -20.639 low: -119.903 |
|
| PE/G Ratio | -0.993 | |
| Price To Sales (P/S) | 13848.317 | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | 891.277 % | |
| Price To Sales IPRWA | CLDX: 13848.317 high: 773.807 mean: 49.096 median: 20.207 low: -75.758 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -22.006 | |
| Forward PE/G | -1.058 | |
| Forward P/S | 57181.491 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.0 | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | -86.207 % | |
| Asset Turnover Ratio IPRWA | high: 0.406 mean: 0.116 median: 0.109 CLDX: 0.0 low: -0.066 |
|
| Receivables Turnover | 0.115 | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | -92.408 % | |
| Receivables Turnover Ratio IPRWA | high: 7.397 mean: 1.44 median: 1.333 CLDX: 0.115 low: -1.505 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 793.724 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 793.724 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 974.716 CLDX: 793.724 median: 189.511 mean: 187.672 low: -1689.26 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.0 | |
| CapEx To Revenue | -10.587 | |
| CapEx To Depreciation | -1.57 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 527.2 M | |
| Net Invested Capital | $ 527.2 M | |
| Invested Capital | $ 527.2 M | |
| Net Tangible Assets | $ 500.0 M | |
| Net Working Capital | $ 483.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 10.17 | |
| Current Ratio | 10.485 | |
| Current Ratio QoQ | -19.382 % | |
| Current Ratio YoY | -44.565 % | |
| Current Ratio IPRWA | high: 27.397 CLDX: 10.485 mean: 3.908 median: 2.827 low: 0.027 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.027 | |
| Cost Of Debt | 125.479 % | |
| Interest Coverage Ratio | -28.023 | |
| Interest Coverage Ratio QoQ | 18.387 % | |
| Interest Coverage Ratio YoY | 55.555 % | |
| Interest Coverage Ratio IPRWA | high: 671.002 mean: 40.586 median: 3.11 CLDX: -28.023 low: -1571.333 |
|
| Operating Cash Flow Ratio | -1.677 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -10.094 % | |
| Revenue Growth | -83.425 % | |
| Revenue Growth QoQ | -1756.573 % | |
| Revenue Growth YoY | 32.048 % | |
| Revenue Growth IPRWA | high: 443.939 % mean: 13.233 % median: 3.233 % CLDX: -83.425 % low: -242.388 % |
|
| Earnings Growth | 20.792 % | |
| Earnings Growth QoQ | 10.455 % | |
| Earnings Growth YoY | 90.107 % | |
| Earnings Growth IPRWA | high: 208.389 % CLDX: 20.792 % median: -14.286 % mean: -16.978 % low: -237.5 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -72027.273 % | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | 1410.558 % | |
| EBIT Margin IPRWA | high: 3501.566 % median: 21.25 % mean: -88.741 % low: -7602.597 % CLDX: -72027.273 % |
|
| Return On Sales (ROS) | -72027.273 % | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | 1410.558 % | |
| Return On Sales IPRWA | high: 1116.376 % median: 27.297 % mean: -99.09 % low: -7602.597 % CLDX: -72027.273 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -65.22 M | |
| Free Cash Flow Yield | -3.892 % | |
| Free Cash Flow Yield QoQ | 31.132 % | |
| Free Cash Flow Yield YoY | 92.292 % | |
| Free Cash Flow Yield IPRWA | high: 21.452 % median: 0.303 % mean: 0.162 % CLDX: -3.892 % low: -51.848 % |
|
| Free Cash Growth | 32.92 % | |
| Free Cash Growth QoQ | 239.697 % | |
| Free Cash Growth YoY | -181.22 % | |
| Free Cash Growth IPRWA | high: 177.21 % CLDX: 32.92 % median: -24.526 % mean: -32.954 % low: -201.25 % |
|
| Free Cash To Net Income | 0.802 | |
| Cash Flow Margin | -70671.901 % | |
| Cash Flow To Earnings | 1.052 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -13.207 % | |
| Return On Assets QoQ | 32.07 % | |
| Return On Assets YoY | 126.535 % | |
| Return On Assets IPRWA | high: 33.814 % median: 1.099 % mean: -2.704 % CLDX: -13.207 % low: -65.985 % |
|
| Return On Capital Employed (ROCE) | -16.382 % | |
| Return On Equity (ROE) | -0.154 | |
| Return On Equity QoQ | 37.662 % | |
| Return On Equity YoY | 144.686 % | |
| Return On Equity IPRWA | high: 0.809 median: 0.037 mean: 0.001 CLDX: -0.154 low: -1.16 |
|
| DuPont ROE | -14.705 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |