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Diagnostics & research · Healthcare · Fiscal year ends Dec 31
Celldex Therapeutics reported revenue of $2M in the fiscal year ended Dec 2025, down 78.0% from the year before. Operating income was −$287M, an operating margin of −18599.8%, and net income was −$259M. Operating cash flow of −$211M less capital expenditure of $3M left free cash flow of −$214M.
Ranks among the 31 diagnostics & research companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4.7 | 2.4 | 6.9 | 7.0 | 1.5 |
| Cost of revenue | 0.1 | 0.1 | 0.3 | 0.2 | 0.2 |
| Gross profit | 4.6 | 2.3 | 6.6 | 6.8 | 1.3 |
| Research & development | 53.3 | 82.3 | 118 | 164 | 245 |
| Operating income | −71.2 | −115 | −155 | −195 | −287 |
| Pre-tax income | −70.7 | −112 | −141 | −158 | −259 |
| Income tax | −0.2 | – | 0.0 | 0.0 | 0.0 |
| Net income | −70.5 | −112 | −141 | −158 | −259 |
| Diluted EPS | −1.64 | −2.40 | −2.92 | −2.45 | −3.90 |
| Diluted shares | 0.0 | 0.0 | 48.4 | 64.4 | 66.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 39.1 | 29.4 | 34.8 | 28.4 | 28.9 |
| Receivables | 0.2 | 0.3 | 2.6 | 0.7 | 2.0 |
| Current assets | 411 | 318 | 432 | 747 | 535 |
| Net PP&E | 3.6 | 3.7 | 4.1 | 4.3 | 5.3 |
| Total assets | 445 | 353 | 466 | 792 | 583 |
| Payables | 1.2 | 3.3 | 3.5 | 3.3 | 1.2 |
| Deferred revenue | 0.4 | 0.1 | 3.1 | 0.0 | 1.8 |
| Current liabilities | 16.5 | 18.6 | 31.1 | 39.5 | 51.0 |
| Total liabilities | 25.2 | 26.5 | 36.5 | 45.3 | 55.8 |
| Shareholders' equity | 419 | 326 | 429 | 747 | 527 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −60.9 | −104 | −107 | −158 | −211 |
| Capital expenditure | 1.2 | 1.8 | 1.8 | 1.9 | 2.7 |
| Free cash flow | −62.2 | −106 | −109 | −160 | −214 |
| Depreciation & amortisation | 3.1 | 2.9 | 3.0 | 3.2 | 3.4 |
| Stock-based compensation | 9.0 | 15.6 | 23.9 | 34.2 | 36.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −49.3% | 192.0% | 2.0% | −78.0% |
| Gross margin | 97.8% | 95.8% | 95.6% | 97.2% | 87.1% |
| Operating margin | −1531.8% | −4889.0% | −2245.3% | −2778.9% | −18599.8% |
| Net margin | −1516.0% | −4765.6% | −2054.8% | −2248.8% | −16748.0% |
| Return on equityBlank when equity is negative | −16.8% | −34.4% | −33.0% | −21.1% | −49.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −16.6% | −34.5% | −35.6% | −25.9% | −54.0% |
| Free cash flow margin | −1336.4% | −4478.6% | −1585.2% | −2274.9% | −13829.1% |
| Cash conversion (CFO ÷ net income) | 0.86x | 0.92x | 0.76x | 1.00x | 0.82x |
| Receivable days | 13 | 54 | 139 | 36 | 476 |
| Payable days | 4482 | 12191 | 4251 | 5959 | 2154 |
| Current ratio | 24.9x | 17.1x | 13.9x | 18.9x | 10.5x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.