Recent News
Jun 14, 2026 — Celldex presented EAACI data showing positive Phase 1 results for CDX‑622 and long‑term Phase 2 barzolvolimab results that reported durable off‑treatment benefit in chronic spontaneous urticaria (CSU), with Phase 3 topline expected in Q4 2026 noted previously. Jul 15, 2026 — the CFO notified the company of plans to retire effective ~Mar 31, 2027. Jul 21, 2026 — topline Phase 2 results in prurigo nodularis did not meet primary or key secondary endpoints and the PN program will be discontinued; Phase 3 CSU topline timing referenced for Sept/Oct 2026 in the release.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX at 27.93 signals a strong trend strength. DI+ stands at 27.93 and shows an increasing trend, indicating bullish directional pressure; DI- at 15.48 is decreasing, reinforcing the same bullish directional read.
MACD: MACD sits at 1.31 and is increasing while the MACD signal line reads 0.93, so MACD currently trades above its signal line — a bullish momentum signal that supports near‑term upside bias.
MRO (Momentum/Regression Oscillator): MRO at 34.66 shows a dip & reversal pattern. Because MRO remains positive, price currently trades above WMDST’s target and the indicator implies potential mean reversion pressure even as the dip & reversal suggests recent momentum recovery.
RSI: RSI at 61.56 with an increasing trend indicates strengthening momentum below traditional overbought thresholds, leaving room for further advance before momentum exhaustion.
Price vs moving averages and bands: Last close $41.71 trades above the 20‑day ($37.68), 50‑day ($35.04) and 200‑day ($29.98) averages; the 12‑day EMA (38.91) is increasing. Price sits above the Bollinger 1x upper band ($40.41), suggesting short‑term strength but a stretched intraday position relative to the 20‑day volatility band. SuperTrend lower support sits near $38.51.
Volume and volatility context: Daily volume (808,900) runs below the 10‑, 50‑ and 200‑day averages, implying current moves lack above‑average participation. 42‑day volatility 3% and 52‑week volatility 4% reflect low realized volatility versus many peers; 42‑day beta 0.31 versus 52‑week beta 1.44 shows a recent reduction in sensitivity to the market.
Fundamental Analysis
Profitability and cash flows: Total revenue $15,000 versus R&D expense $73.0M highlights development‑stage economics. EBIT -$84.435M and EBITDA -$83.581M produce an EBIT margin of -5,629.0%. QoQ, EBIT margin improved by 6.82%; YoY improvement shows 61.36% relative change. Operating cash flow -$65.588M and free cash flow -$67.227M reflect ongoing negative operating cash generation; free cash flow to net income equals 85.44%.
Earnings per share: GAAP EPS actual -$0.94 versus estimate -$1.05, an absolute beat of $0.11 and an EPS surprise of +10.48% versus consensus. Forward EPS -$1.0469 and forward PE remains negative at -24.57x, consistent with ongoing losses.
Liquidity and leverage: Cash and short‑term investments $451.46M with cash $35.73M and net working capital $407.75M. Current ratio 8.92x and cash ratio 8.77x denote ample near‑term liquidity. Total debt $1.91M produces debt to assets of 0.37% and debt to equity 0.418% — effectively minimal leverage.
Valuation multiples and peer context: Market capitalization $2.054B against enterprise value $1.604B yields extreme revenue multiples driven by very low reported revenue. Price‑to‑book 4.50 is below the industry peer mean of 7.50 and below the industry peer median of 5.88. PEG and PE metrics remain negative or elevated where applicable; price‑to‑sales and forward PS metrics register exceptionally large values due to near‑zero revenue base. WMDST notes the current valuation as over‑valued given market cap and multiples relative to operating scale and revenue.
Growth and returns: Reported revenue growth QoQ +5.01% and revenue growth YoY +114.45% (absolute percent representation). Return on equity -17.25% and return on assets -14.38% indicate negative returns consistent with development‑stage losses.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-08-06 |
| NEXT REPORT DATE: | 2026-11-05 |
| 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 | $ 3.3 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 | $ -1.05 | |
| EPS Actual | $ -0.94 | |
| EPS Difference | $ 0.11 | |
| EPS Surprise | 10.476 % | |
| Forward EPS | $ -1.05 | |
| 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: 50.282 mean: 15.237 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: 0.187 median: 0.066 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: 0.268 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: 20.844 mean: 7.497 median: 5.877 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 median: 50.465 mean: 11.617 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: 802.301 mean: 58.294 median: 24.412 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: 0.105 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: 6.586 median: 1.405 mean: 1.299 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: 212.055 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: 3.776 median: 1.967 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: -7.668 CLDX: -27.15 mean: -70.207 low: -1789.522 |
|
| 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 % mean: -10.273 % median: -12.166 % CLDX: -87.603 % low: -242.388 % |
|
| Earnings Growth | -3.279 % | |
| Earnings Growth QoQ | -115.77 % | |
| Earnings Growth YoY | -123.28 % | |
| Earnings Growth IPRWA | high: 215.789 % CLDX: -3.279 % median: -3.659 % mean: -10.413 % 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: 31.724 % mean: -90.676 % 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: 30.354 % mean: -90.96 % 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: 0.78 % mean: -0.277 % CLDX: -3.273 % low: -49.776 % |
|
| Free Cash Growth | 3.076 % | |
| Free Cash Growth QoQ | -90.656 % | |
| Free Cash Growth YoY | -95.224 % | |
| Free Cash Growth IPRWA | high: 253.163 % CLDX: 3.076 % mean: 1.815 % median: -19.248 % 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: -6.451 % mean: -12.306 % 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: -0.073 CLDX: -0.172 mean: -0.308 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 | — | |