CLDX Celldex Therapeutics, Inc.

Overview and Growth

Celldex Therapeutics, Inc. generated $1.54M of revenue in fiscal 2025, with net loss of $258.76M and an operating cash outflow of $210.94M. Revenue of $1.54M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line contracted 78.0% from $7.02M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. On a per-share basis, diluted EPS was -$3.90, which connects the reported earnings outcome with the company’s diluted share count. The diluted weighted-average share count was 66.42M, linking total earnings with the per-share result received by shareholders. Compared with 64.39M diluted shares in fiscal 2024, the current 66.42M base was 3.1% higher. At period end, total assets were $582.98M, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.0x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $1.34M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 87.1%, so that share of each revenue unit remained after the cost of revenue reported for the period. The company recorded an operating loss of $287.37M after the reported operating expense base. The bottom-line result was a net loss of $258.76M after operating, financing, tax, and other recognized items. EBITDA was negative $283.99M, showing a deficit before interest, taxes, depreciation, and amortization. Before income taxes, the company recorded a loss of $258.76M, bridging the operating result to the final net loss. The company recognized $0.00 of income tax for the period, completing the transition from pretax income to net income. The net loss equaled 49.1% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 44.4%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit increased from $157.86M in fiscal 2024 to $258.76M.

Liquidity and Capital Structure

Total assets were $582.98M, supported by $55.82M of liabilities and $527.16M of shareholder equity. At period end, current assets of $534.66M compared with current liabilities of $50.99M, defining the company’s short-term resource position. Current assets covered current liabilities by 10.49x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $28.87M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 56.6%, excluding receivables and other current assets. The equity-to-assets relationship was 90.4%, placing book capital against the total resource base. The liabilities-to-assets relationship was 9.6%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 5.0%, comparing reported cash and equivalents with the full positive asset balance. Compared with $792.34M in fiscal 2024, the current asset base moved 26.4% and finished lower. Against $747.00M of equity in fiscal 2024, the current book-equity balance moved 29.4% and ended lower. Cash and equivalents were 1.8% higher than fiscal 2024 cash of $28.36M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities used $210.94M of cash, resulting in an operating cash outflow for the year. The company spent $2.71M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Negative free cash flow was $213.66M, leaving a cash deficit after capital spending and reducing financial flexibility. The free-cash-flow deficit equaled 36.6% of total assets, placing the cash shortfall against the company’s resource base. Compared with a $157.78M operating cash outflow in fiscal 2024, the current outflow increased to $210.94M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.