Start here if you're new
what it is
Celldex builds antibody drugs for cancer and immune diseases.
how it gets paid
Last year Celldex Therapeutics made $2M in revenue.
why growth slowed
Revenue fell 78.0% last year. Revenue was $1M. Flat sales and a $2.67 loss per share means the stock is still a clinical story.
what just happened
Celldex posted $1M in quarterly revenue and a -$2.67 EPS loss.
At a glance
B+ balance sheet — decent shape, but not bulletproof
45/100 earnings predictability — expect surprises
-$2.45 fy2024 eps est
$7M fy2024 rev est
n/a operating margin
xvary composite: 43/100 — below average
What they do
Celldex builds antibody drugs for cancer and immune diseases.
Celldex is small on purpose. It has 186 employees and $1M in long-term debt. That keeps cash loss contained. You are buying a few clinical bets, not a factory of side projects. When one program hits, the math moves fast.
How they make money
$2M
annual revenue · revenue declined -78.0% last year
total revenue
$2M
78.0%
The products that matter
phase 3 mast cell inhibitor
barzolvolimab
Q4 2026 readout expected
this is the thesis. the Phase 3 chronic hives readout is expected in Q4 2026, and the stock is already being valued as if that milestone matters far more than any current revenue line.
the thesis
legacy royalties and contract revenue
Current revenue base
$2.0M reported segment total
product royalties and other contributed $1.4M, while contract revenue added $0.6M. that is real revenue. it is also nowhere near enough to explain a roughly $2B market cap. welcome to development-stage biotech.
not the story
Key numbers
$2M
annual revenue
That is tiny next to a $2B market cap. You are paying for the pipeline.
n/a
op margin
Prior margin KPI failed sanity check — verify in filings. The business loses money at absurd speed. Every revenue dollar gets swallowed.
$1M
debt
Debt is tiny. The problem is not leverage. The problem is no sales.
186
employees
A small staff keeps overhead low. It also means fewer people to spread risk.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $1M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CLDX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Celldex posted $1M in quarterly revenue and a -$2.67 EPS loss.
Revenue was flat vs. prior year at $1M. EPS worsened 164%, which is what a biotech looks like before the market pays for a readout.
$1.0M
revenue
-$2.67
eps
0.0%
revenue vs. last year
the number that mattered
Revenue was $1M. Flat sales and a $2.67 loss per share means the stock is still a clinical story, not a sales story.
source: company earnings report, 2026
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What could go wrong
the #1 risk is barzolvolimab Phase 3 failure or delay in chronic hives. With about $2M in reported revenue, roughly $7M of expected annual revenue, and a roughly $2B valuation, there is not much operating business underneath the science if the timeline slips or the data disappoints.
med
Phase 3 readout breaks the thesis
The investment case leans hard on one lead asset. If barzolvolimab disappoints or slips past the current Q4 2026 expectation, the market has to reprice CLDX against tiny revenue instead of future hope.
Impact: this is the difference between a pipeline company with a visible path and a cash-burning biotech that needs a new story.
med
Cash burn invites dilution before the verdict
Operating cash flow was -$211M over the last 12 months. That number matters more than the $1M debt load because equity raises, not interest expense, are what usually hit shareholders in this setup.
Impact: if capital is needed before the catalyst de-risks the story, your ownership stake can shrink while the core thesis is still unproven.
med
Good data still has to become a real product
Chronic spontaneous urticaria already has established treatment options. Even a successful trial still has to translate into a profile strong enough to matter commercially.
Impact: winning the study is not the same as winning the market. Good clinical news can still lead to mediocre economics.
The key insight: a roughly $2B valuation rests on one late-stage readout expected in Q4 2026 while the business is burning $211M in operating cash flow over the last 12 months.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
Q4 2026 Phase 3 timing
Top-line data for barzolvolimab in chronic hives is the calendar event that matters most. Everything else is secondary until that arrives.
cash
Operating cash flow
The last-12-month figure is -$211M. If that pace stays heavy, financing risk stays in the story whether the company has debt or not.
volatility
Price stability at 10 / 100
This score tells you the stock does not trade like a steady operator. It trades like a biotech waiting on data.
valuation gap
Revenue versus market cap
About $7M of expected revenue against a roughly $2B market cap is the whole setup. If your confidence in the drug slips, that gap starts looking less visionary and more fragile.
Analyst rankings
earnings predictability
45 / 100
Quarterly results are hard to model because there is barely any operating business underneath them. in human-speak, analysts are estimating burn rate and timeline more than customer demand.
beta
1.3
Beta measures how much a stock moves versus the market. At 1.3, CLDX has historically moved more than the index, which fits a catalyst-driven biotech rather than a predictable operator.
source: institutional data
Institutional activity
institutional ownership data for CLDX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$27
current price
n/a
target midpoint · n/a from current
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