Recent News
On April 1, 2026 the company announced pricing of a proposed public offering for $300 million of common stock; the offering closed on April 6 with full exercise of the underwriters’ option. On May 7, 2026 Celldex reported first-quarter 2026 financial results and provided a corporate update. In mid-June the company presented long-term Phase 2 barzolvolimab results and positive Phase 1 CDX-622 data at the European Academy of Allergy and Clinical Immunology (EAACI) meeting, describing durable mast-cell control and dose-dependent mast-cell depletion with favorable safety signals.
Technical Analysis
Directional indicators show a bullish tilt: DI+ measured at 31.58 and trending increasing, while DI- sits at 14.85 and trends decreasing, indicating directional momentum favors buyers; ADX at 26.81 signals an emerging to established trend strength supporting that directional bias.
MACD registers 0.91 with the MACD line above the signal line at 0.29 and the MACD trend increasing; the cross above the signal line constitutes a bullish momentum confirmation and supports near-term upside pressure.
MRO stands at 26.46 and is increasing; because MRO > 0, price sits above the model target and that condition typically generates downward pressure, which may act as a counterbalance to the bullish MACD and DI+ signals.
RSI at 54.57 and rising indicates neutral-to-mild bullish momentum without overbought extremes, aligning with the momentum indicators while leaving room for continuation.
Price structure favors buyers: the close of $37.44 sits above the 12-day and 26-day EMAs ($33.56 and $32.45) and above the 20-day average ($32.64) and 200-day average ($28.33), with the 12-day EMA trending up—this alignment supports a near-term bullish price bias. The super trend lower support at $32.86 and the 20-day average around $32.64 form nearby technical support zones; Bollinger bands place the close near the upper two-standard-deviation band, indicating price near the short-term upper range and susceptibility to mean reversion. Volume roughly matches recent averages (10-day avg ~1.67M), providing typical participation rather than an extreme volume confirmation.
Fundamental Analysis
Cash position and liquidity present a strong buffer: cash and short-term investments total $451,458,000 and cash equals $35,729,000 at period end, while total debt remains minimal at $1,908,000; the current ratio equals 892.18% and the cash ratio equals 877.09%, indicating substantial short-term liquidity relative to liabilities that supports ongoing development spend and buffers near-term financing needs.
Operating performance remains deeply negative: operating income (EBIT) equals -$84,435,000 and EBIT margin registers -5,629.0%, a level well below the industry peer mean of -1.143%. QoQ improvement in EBIT margin equals 6.8151 percentage points and YoY improvement equals 61.35603 percentage points, reflecting sequential and annual margin moves but remaining far below profitable norms.
Revenue and growth metrics show minimal current sales with high percentage moves: total revenue equals $15,000; YoY revenue growth reads 114.445% and QoQ revenue growth reads 5.008%, reflecting very small base revenues driving large percentage swings. The price-to-sales ratio calculates to 136,913.47, a product of minimal revenue and market cap that reduces comparability to typical PS levels.
Earnings per share came in at -$1.18 versus an estimate of -$1.13, an EPS surprise of -4.43%. Forward EPS remains negative at approximately -$1.12, and trailing PE metrics show negative values, reflecting ongoing development-stage losses rather than earnings comparability.
Cash flow and burn: operating cash flow equals -$65,588,000 and free cash flow equals -$67,227,000, producing negative free cash flow yields and indicating ongoing cash consumption to fund R&D (R&D expense $73,001,000). Combined with the $451M in liquid securities, the company retains runway to advance clinical programs without material near-term debt issuance.
Valuation summary: WMDST values the stock as over-valued. The valuation reflects a disconnect between enterprise value/market cap and minimal current revenue plus deeply negative operating margins, even as positive clinical readouts and a large cash balance reduce immediate financing risk.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| CASH FLOW | Begin Period Cash Flow | $ 28.9 M |
| Operating Cash Flow | $ -65.59 M | |
| Capital Expenditures | $ -1.64 M | |
| Change In Working Capital | $ 4.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 6.9 M | |
| End Period Cash Flow | $ 35.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 15.0 K | |
| Forward Revenue | $ 3.6 K | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 854.0 K | |
| Depreciation and Amortization | $ 854.0 K | |
| Research and Development | $ 73.0 M | |
| Total Operating Expenses | $ 84.5 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -83.58 M | |
| EBIT | $ -84.44 M | |
| Operating Income | $ -84.44 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ -78.69 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -78.69 M | |
| Net Income From Continuing Operations | $ -78.69 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.13 | |
| EPS Actual | $ -1.18 | |
| EPS Difference | $ -0.05 | |
| EPS Surprise | -4.425 % | |
| Forward EPS | $ -1.12 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 511.3 M | |
| Intangible Assets | $ 27.2 M | |
| Net Tangible Assets | $ 429.0 M | |
| Total Current Assets | $ 459.2 M | |
| Cash and Short-Term Investments | $ 451.5 M | |
| Cash | $ 35.7 M | |
| Net Receivables | $ 230.0 K | |
| Inventory | — | |
| Long-Term Investments | $ 634.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 10.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 51.5 M | |
| Net Debt | — | |
| Total Debt | $ 1.9 M | |
| Total Liabilities | $ 55.0 M | |
| EQUITY | ||
| Total Equity | $ 456.2 M | |
| Retained Earnings | $ -1.89 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.85 | |
| Shares Outstanding | 66.569 M | |
| Revenue Per-Share | $ 0.00 | |
| VALUATION | Market Capitalization | $ 2.1 B |
| Enterprise Value | $ 1.6 B | |
| Enterprise Multiple | -19.193 | |
| Enterprise Multiple QoQ | 42.922 % | |
| Enterprise Multiple YoY | 75.093 % | |
| Enterprise Multiple IPRWA | high: 75.51 median: 27.492 mean: 7.265 CLDX: -19.193 low: -128.217 |
|
| EV/R | 106943.468 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.121 | |
| Asset To Liability | 9.291 | |
| Debt To Capital | 0.004 | |
| Debt To Assets | 0.004 | |
| Debt To Assets QoQ | -6.983 % | |
| Debt To Assets YoY | -19.612 % | |
| Debt To Assets IPRWA | high: 1.112 mean: 0.168 median: 0.032 CLDX: 0.004 low: 0.0 |
|
| Debt To Equity | 0.004 | |
| Debt To Equity QoQ | -5.643 % | |
| Debt To Equity YoY | -14.344 % | |
| Debt To Equity IPRWA | high: 1.864 mean: 0.194 median: 0.051 CLDX: 0.004 low: -1.172 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.502 | |
| Price To Book QoQ | 41.619 % | |
| Price To Book YoY | 134.74 % | |
| Price To Book IPRWA | high: 20.93 mean: 7.558 median: 5.613 CLDX: 4.502 low: -11.267 |
|
| Price To Earnings (P/E) | -26.145 | |
| Price To Earnings QoQ | 26.679 % | |
| Price To Earnings YoY | 4.285 % | |
| Price To Earnings IPRWA | high: 74.242 mean: -2.231 median: -14.301 CLDX: -26.145 low: -125.804 |
|
| PE/G Ratio | 7.973 | |
| Price To Sales (P/S) | 136913.468 | |
| Price To Sales QoQ | 888.665 % | |
| Price To Sales YoY | 6958.601 % | |
| Price To Sales IPRWA | CLDX: 136913.468 high: 864.732 mean: 64.578 median: 30.918 low: 0.192 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -24.566 | |
| Forward PE/G | 7.492 | |
| Forward P/S | 569365.682 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.036 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.0 | |
| Asset Turnover Ratio QoQ | -100.0 % | |
| Asset Turnover Ratio YoY | -100.0 % | |
| Asset Turnover Ratio IPRWA | high: 0.403 mean: 0.103 median: 0.094 low: 0.0 CLDX: 0.0 |
|
| Receivables Turnover | 0.013 | |
| Receivables Turnover Ratio QoQ | -88.379 % | |
| Receivables Turnover Ratio YoY | -98.305 % | |
| Receivables Turnover Ratio IPRWA | high: 6.246 mean: 1.269 median: 1.226 low: 0.065 CLDX: 0.013 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 6828.542 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 6828.542 | |
| Cash Conversion Cycle Days QoQ | 760.317 % | |
| Cash Conversion Cycle Days YoY | 5796.731 % | |
| Cash Conversion Cycle Days IPRWA | CLDX: 6828.542 high: 1575.417 mean: 228.154 median: 208.031 low: -1586.264 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.0 | |
| CapEx To Revenue | -109.267 | |
| CapEx To Depreciation | -1.919 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 456.2 M | |
| Net Invested Capital | $ 456.2 M | |
| Invested Capital | $ 456.2 M | |
| Net Tangible Assets | $ 429.0 M | |
| Net Working Capital | $ 407.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 8.771 | |
| Current Ratio | 8.922 | |
| Current Ratio QoQ | -14.913 % | |
| Current Ratio YoY | -58.825 % | |
| Current Ratio IPRWA | high: 32.587 CLDX: 8.922 mean: 3.942 median: 2.409 low: 0.016 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.023 | |
| Cost Of Debt | 146.56 % | |
| Interest Coverage Ratio | -27.15 | |
| Interest Coverage Ratio QoQ | -3.119 % | |
| Interest Coverage Ratio YoY | 34.581 % | |
| Interest Coverage Ratio IPRWA | high: 604.866 median: -14.753 CLDX: -27.15 mean: -78.374 low: -1887.466 |
|
| Operating Cash Flow Ratio | -1.299 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -12.304 % | |
| Revenue Growth | -87.603 % | |
| Revenue Growth QoQ | 5.008 % | |
| Revenue Growth YoY | 114.445 % | |
| Revenue Growth IPRWA | high: 269.985 % median: -7.18 % mean: -9.943 % CLDX: -87.603 % low: -242.388 % |
|
| Earnings Growth | -3.279 % | |
| Earnings Growth QoQ | -115.77 % | |
| Earnings Growth YoY | -123.28 % | |
| Earnings Growth IPRWA | high: 200.0 % CLDX: -3.279 % median: -5.682 % mean: -13.74 % low: -250.0 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -562900.0 % | |
| EBIT Margin QoQ | 681.51 % | |
| EBIT Margin YoY | 6135.603 % | |
| EBIT Margin IPRWA | high: 2524.194 % median: 23.412 % mean: -114.303 % low: -7259.515 % CLDX: -562900.0 % |
|
| Return On Sales (ROS) | -562900.0 % | |
| Return On Sales QoQ | 681.51 % | |
| Return On Sales YoY | 6135.603 % | |
| Return On Sales IPRWA | high: 100.302 % median: 20.658 % mean: -114.307 % low: -7394.476 % CLDX: -562900.0 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -67.23 M | |
| Free Cash Flow Yield | -3.273 % | |
| Free Cash Flow Yield QoQ | -15.904 % | |
| Free Cash Flow Yield YoY | -19.245 % | |
| Free Cash Flow Yield IPRWA | high: 11.709 % median: 0.11 % mean: -0.512 % CLDX: -3.273 % low: -45.34 % |
|
| Free Cash Growth | 3.076 % | |
| Free Cash Growth QoQ | -90.656 % | |
| Free Cash Growth YoY | -95.224 % | |
| Free Cash Growth IPRWA | high: 253.163 % mean: 4.281 % CLDX: 3.076 % median: -16.303 % low: -249.577 % |
|
| Free Cash To Net Income | 0.854 | |
| Cash Flow Margin | -445780.0 % | |
| Cash Flow To Earnings | 0.85 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -14.382 % | |
| Return On Assets QoQ | 8.897 % | |
| Return On Assets YoY | 104.755 % | |
| Return On Assets IPRWA | high: 38.074 % median: -8.157 % mean: -13.757 % CLDX: -14.382 % low: -67.817 % |
|
| Return On Capital Employed (ROCE) | -18.364 % | |
| Return On Equity (ROE) | -0.172 | |
| Return On Equity QoQ | 11.812 % | |
| Return On Equity YoY | 125.363 % | |
| Return On Equity IPRWA | high: 0.797 median: -0.114 CLDX: -0.172 mean: -0.344 low: -1.265 |
|
| DuPont ROE | 0.0 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |