Celldex Therapeutics, Inc.
CLDX · In Vitro & In Vivo Diagnostic Substances · 78.5M shares · +660%/yr ↑ dilution · EDGAR filings ↗
Reference price $29.09 · est. market cap ~$2.3B — last insider sale, 2025-12-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D48Clinical-stage biotech with deep losses and heavy burn, but very well-funded.
Strengths
- Very strong liquidity — current ratio 10.5 (100th)
Risks
- Deep losses, heavy burn — operating margin -18600%, FCF -$214M
- Pre-revenue/clinical-stage — history of losses & need for additional capital per risk factors
- Revenue collapse (collaboration end) — -78%
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -16748.0%)
- Cash burnNegative free cash flow (-213.7M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Chronic dilutionShare count +660%/yr over 4y (dilution, book value/share -100%)
- Strong balance sheetStrong balance sheet — $519M cash & investments, ~10 quarters of runway
- Pending merger● Risks related to the Merger Agreement and related Settlement Agreement with Kolltan
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Revenue declineRevenue -87.6% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
87.1%
Operating margin
-18599.8%
Net margin
-16748.0%
Return on equity
-49.1%
Return on assets
-44.4%
Revenue growth (QoQ)
-87.6%
Current ratio
10.5×
Free cash flow
-$214M
EBITDA
-$284M
Tangible book value
$500M
Cash & investments
$519M
Cash runway
10q
Stock comp / revenue
2344.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-01-02 | Martin Samuel Bates | Option exercise | 4.8K | $10.38 |
| 2025-12-15 | PEPIN RONALD | Option exercise | 8.3K | $9.02 |
| 2025-12-15 | PEPIN RONALD | Option exercise | 11K | $2.78 |
| 2025-12-04 | Jimenez Freddy A. | Sell | 4.2K | $29.09 |
| 2025-11-13 | Wright Richard M. | Option exercise | 6.9K | $9.02 |
| 2025-11-13 | Wright Richard M. | Option exercise | 27K | $10.38 |
| 2025-11-13 | Wright Richard M. | Option exercise | 16K | $22.48 |
| 2025-11-13 | Wright Richard M. | Sell | 49K | $24.00 |
| 2025-08-13 | Jimenez Freddy A. | Sell | 341 | $23.95 |
| 2025-08-13 | Jimenez Freddy A. | Sell | 430 | $25.41 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT02543645 ↗ | A Study of Varlilumab and Atezolizumab in Patients With Advanced Cancer Carcinoma, Renal Cell, Kidney Diseases | PHASE1 | Terminated | 2017-04-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-02 | Material agreementOtherExhibits | filing ↗ |
| 2026-02-25 | ResultsExhibits | filing ↗ |
| 2025-11-10 | ResultsExhibits | filing ↗ |
| 2025-08-19 | OtherExhibits | filing ↗ |
| 2025-08-07 | ResultsExhibits | filing ↗ |
| 2025-06-06 | Exec/director changeShareholder voteExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-25 | 0001104659-26-078023 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001104659-26-057113 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001171843-26-003153 ↗ |
| 8-K | 2026-04-02 | 2026-04-01 | 0001104659-26-038882 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001104659-26-019652 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001171843-26-001098 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001104659-25-109137 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001171843-25-007179 ↗ |
| 8-K | 2025-08-19 | 2025-08-19 | 0001104659-25-080248 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001410578-25-001610 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0001171843-25-005181 ↗ |
| 8-K | 2025-06-06 | 2025-06-05 | 0001104659-25-057066 ↗ |