Free cash flow remains consistently negative, with a $67.2 million outflow in 2026Q1, highlighting a deepening liquidity crisis that is only partially masked by non-cash stock-based compensation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -222.16M | -210.94M | -157.78M | -107.29M | -103.73M | -60.91M | -40.4M | -46.41M | -75.23M | -99.93M | -113.04M | -98.89M | -101.54M | -67.67M | -49.78M | -35.66M | -30.37M | -29.87M | 18.28M | -19.3M | 27M | -6.02M | -10.35M | -11.74M | -16.66M | -20.83M | -4.43M | -8.54M | -8.9M | -7.7M | -9.7M |
| Operating CF Margin % | - | -14063% | -2247.55% | -1558.78% | -4401.02% | -1309.59% | -544.68% | -1299.05% | -788.79% | -784.2% | -1665.72% | -1804.51% | -2831.48% | -1646.05% | -444.4% | -384.87% | -64.91% | -196.77% | 245.2% | -378.27% | 547.55% | -194.82% | -150.87% | -253.39% | -248.47% | -622.42% | -580.7% | -575.61% | -404.55% | -641.67% | -881.82% |
| Operating CF Growth % | -155.44% | -33.7% | -47.06% | -3.43% | -70.31% | -50.75% | 12.95% | 38.31% | 24.71% | 11.59% | -14.31% | 2.61% | -50.05% | -35.93% | -39.61% | -17.4% | -1.68% | -263.39% | 194.7% | -171.49% | 548.76% | 41.86% | 11.85% | 29.53% | 20% | -369.9% | 48.1% | 4.06% | -15.58% | 20.62% | -22.78% |
| Net Income | -283.69M | -258.76M | -157.86M | -141.43M | -112.33M | -70.51M | -59.78M | -50.88M | -151.18M | -93.03M | -128.53M | -127.2M | -118.08M | -81.55M | -59.12M | -44.8M | -2.53M | -36.52M | -47.5M | -21.64M | -20.37M | -18.1M | -13.2M | -12.67M | -13.83M | -22.75M | -21.98M | -11.31M | -51.8M | -13.1M | -10.8M |
| Depreciation & Amortization | 5.81M | -2.48M | 3.18M | 3.01M | 1.4M | 3.07M | 3.93M | 4.86M | 3.8M | 5.31M | 4.09M | 4.01M | 3.4M | 2.94M | 3.14M | 4.16M | 5.86M | 3.53M | 2.54M | 2.69M | 2.1M | 2.13M | 1.72M | 1.53M | 1.62M | 2.26M | 1.31M | 1.99M | 1M | 400K | 500K |
| Stock-Based Compensation | 35.42M | 36.22M | 34.24M | 23.89M | 0 | 8.95M | 3.92M | 4.55M | 8.08M | 12.31M | 15.32M | 12.77M | 6.85M | 4.55M | 2.3M | 2.34M | 2.8M | 3.06M | 4.82B | 359.54M | 1.63B | 538M | 328M | 115M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -227K | -1.17M | 671K | -765K | -24.28M | 1.01M | 350K | 90K | -1.39M | -740K | -36K | -56K | -532K | -4.82B | -359.06M | -1.63B | -538M | -328M | -115M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -6.65M | 12K | -15.73M | -6.22M | 11.09M | -1.14M | 13M | -1.29M | 80.2M | 11.96M | 1.64M | 288K | 72K | 97K | 226K | 307K | 728K | -348K | 19.9M | 517.64K | 1.63M | -1.15K | 800 | 1.18M | 0 | 89.7K | 9.08M | 105.9K | 44.7M | 5.2M | 1.4M |
| Working Capital Changes | 26.9M | 14.06M | -21.6M | 13.46M | -3.9M | -1.05M | -299K | -4.32M | -15.37M | -12.21M | -6.56M | 10.89M | 6.13M | 7.68M | 4.42M | 2.37M | -37.17M | 946K | 43.34M | -1.35M | 43.67M | 9.95M | 1.14M | -1.77M | -4.45M | -419.5K | 7.15M | 675.5K | -2.8M | -200K | -800K |
| Change in Receivables | 834K | -1.31M | 1.93M | -2.28M | -175K | 1.57M | -787K | -777K | -777K | -96K | -814K | -543K | 62K | -445K | 126K | 154K | 1.28M | 1.28M | -1.66B | 286.77M | 97.44M | 1.81B | -757.5M | -1.24B | -113.7M | -113.7M | -8.1K | 395.6K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.89M | 1.78M | -3.57M | -687K | 0 | 0 | 611K | 2.31M | 241K | -339K | 743K | 443.87M | 532.6M | -1.81B | -193.28M | -2.57B | 2.25B | 71.5K | -12.3K | 2.4K | 0 | 0 | 0 | 0 |
| Change in Payables | 19.46M | 11.03M | 11.63M | 9.38M | 3.12M | 3.65M | 1.64M | -13.11M | -13.11M | -8.74M | -4.97M | 4.88M | 1.45M | 7.24M | 2.08M | 2.08M | -2.46M | -2.46M | 1.22B | -819.15M | 1.75B | -1.62B | 3.32B | -1.01B | 278.2M | 278.2M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 238.24M | 209.07M | -290.13M | -105.78M | 89.94M | -216.16M | -98.22M | 17.08M | 29.82M | 46.47M | 68.91M | -50.19M | -41.01M | -77.42M | -16.98M | -2.15M | -16.16M | 45.09M | 10.16M | -5.71M | -9.31M | -2.17M | -1.66M | -2.21M | -840.6K | -775.4K | -966.2K | 3.27M | 7.6M | 1.5M | -200K |
| Capital Expenditures | -3.8M | -2.71M | -1.92M | -1.82M | -1.83M | -1.25M | -1.55M | -731K | -813K | -1.79M | -2.75M | -4.88M | -1.93M | -4.22M | -303K | -509K | -2.1M | -528K | -1.3M | -4.98M | -9.32M | 0 | 6K | -210.1K | -567.7K | -605.2K | -177.2K | -688.5K | -300K | -100K | -600K |
| CapEx % of Revenue | 463.41% | 180.93% | 27.34% | 26.41% | 77.56% | 26.85% | 20.92% | 20.46% | 8.52% | 14.03% | 40.54% | 88.98% | 53.79% | 102.63% | 2.7% | 5.49% | 4.49% | 3.48% | 17.5% | 97.51% | 189.1% | - | 0.09% | 4.54% | 8.47% | 18.09% | 23.22% | 46.41% | 13.64% | 8.33% | 54.55% |
| Acquisitions | 0 | 0 | 0 | 0 | 69K | 27K | 55K | 20K | 342K | 1.79M | 4.59M | 0 | 0 | 21K | 218K | 68K | 77K | 52.5M | 11M | 0 | 14.85K | -2.18M | -3.65M | 0 | 0 | 0 | -724K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -288K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 458.76K | 0 | 0 | 2.15K | -11.2K | -2M | -272.9K | -170.2K | -65K | -946.2K | 3.4M | 1.6M | 400K |
| Cash from Financing | 2.51M | 2.39M | 441.45M | 218.46M | 4.08M | 272.37M | 171.23M | 16.26M | 29.44M | 51.29M | 14.48M | 193.15M | 1.17M | 289.6M | 79.76M | 28.43M | 10.82M | -2.46M | 10.93M | -239.76K | -198.42K | -131.66K | 25.5M | 9.13M | -95.2K | 14.09M | 41.96M | 9.95M | 3.7M | 0 | 10.2M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.03M | -3.97M | -7.5M | 10M | -176K | 58K | -244.3K | -217.46K | -171.73K | 2.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 2.51M | 2.39M | 432.3M | 216.22M | 4.08M | 269.89M | 170.79M | 16.25M | 29.02M | 51.02M | 13.95M | 188.84M | 0 | 295.7M | 83.78M | 36.02M | 1.01M | 668K | 10.87M | 4.54K | 19.03K | 40.07K | 23.36M | 9.13M | -95.2K | 14.09M | 41.96M | 9.95M | 3.7M | 0 | 10.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -91.27K | -136.4K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 9.15M | 2.24M | 0 | 2.48M | 434K | 9K | 419K | 265K | 536K | 4.31M | 1.17M | 4.93M | -55K | -86K | -197K | -2.96M | 112 | 0 | 0 | 0 | 0 | -5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 18.59M | 515K | -6.46M | 5.38M | -9.71M | -4.69M | 32.6M | -13.08M | -15.98M | -2.17M | -29.65M | 44.09M | -141.38M | 144.5M | 13M | -9.39M | -35.72M | 12.74M | 39.35M | -25.25M | 17.49M | -8.32M | 13.49M | -4.82M | -17.6M | -7.51M | 36.56M | 4.68M | 2.5M | -6.2M | 300K |
| Free Cash Flow | -225.96M | -213.66M | -159.7M | -109.11M | -105.56M | -62.16M | -41.96M | -47.15M | -76.05M | -101.72M | -115.79M | -103.76M | -103.47M | -71.89M | -50.09M | -36.17M | -32.47M | -30.4M | 16.98M | -24.28M | 17.68M | -6.02M | -10.34M | -11.95M | -17.23M | -21.43M | -4.61M | -9.23M | -9.2M | -7.8M | -10.3M |
| FCF Margin % | -27556.22% | -14243.93% | -2274.89% | -1585.2% | -4478.57% | -1336.44% | -565.6% | -1319.51% | -797.32% | -798.23% | -1706.26% | -1893.49% | -2885.28% | -1748.67% | -447.11% | -390.36% | -69.39% | -200.24% | 227.7% | -475.78% | 358.45% | -194.82% | -150.79% | -257.93% | -256.94% | -640.51% | -603.92% | -622.02% | -418.18% | -650% | -936.36% |
| FCF Growth % | -31.23% | -33.79% | -46.36% | -3.36% | -69.83% | -48.15% | 11.01% | 38% | 25.24% | 12.15% | -11.59% | -0.29% | -43.93% | -43.53% | -38.48% | -11.38% | -6.83% | -279.06% | 169.92% | -237.36% | 393.78% | 41.82% | 13.45% | 30.64% | 19.61% | -364.96% | 50.05% | -0.3% | -17.95% | 24.27% | -21.18% |
| FCF per Share | -3.39 | -3.21 | -2.48 | -2.25 | -2.25 | -1.45 | -1.42 | -3.25 | -7.28 | -11.87 | -17.11 | -16.04 | -17.36 | -13.52 | -13.02 | -13.73 | -15.28 | -23.00 | 17.91 | -44.65 | 42.87 | -14.61 | -25.51 | -34.41 | -51.29 | -66.53 | -15.82 | -37.68 | -49.91 | -53.03 | -85.46 |
| FCF Conversion (FCF/Net Income) | 0.80x | 0.82x | 1.00x | 0.76x | 0.92x | 0.86x | 0.68x | 0.91x | 0.50x | 1.07x | 0.88x | 0.78x | 0.86x | 0.83x | 0.84x | 0.80x | 11.99x | 0.82x | -0.38x | 0.89x | -1.33x | 0.33x | 0.78x | 0.93x | 1.20x | 0.92x | 0.20x | 0.76x | 0.17x | 0.59x | 0.90x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Funding Gap
As reported in recent financial statements, CLDX exhibits a persistent gap between net losses and operating cash flow, with the OCF/NI ratio fluctuating significantly, reaching 0.83 in 2026Q1, which suggests that non-cash stock-based compensation is a primary factor mitigating the reported accounting losses.
The reliance on stock-based compensation to bridge the gap between net income and operating cash flow indicates that the company is effectively financing its operations through equity dilution rather than operational efficiency. Investors should monitor this conversion quality, as the inability to generate positive operating cash flow suggests that the business model remains entirely dependent on external capital markets.
According to quarterly filings, the company's free cash flow has remained consistently negative, with a 2026Q1 outflow of $67.2 million, highlighting a deepening cash burn trajectory that appears to correlate directly with the acceleration of late-stage clinical trial expenditures for its lead immunology pipeline assets.
The persistent negative free cash flow margin underscores the capital-intensive nature of the current development cycle. This trajectory suggests that without a significant milestone payment or strategic partnership, the company will continue to deplete its cash reserves at an unsustainable rate relative to its current liquidity position.
Based on the provided cash flow data, working capital changes have been highly erratic, swinging from a $9.8 million inflow in 2025Q3 to a $8.5 million outflow in 2025Q1, which appears to reflect the timing of milestone-related payments and the irregular nature of clinical trial vendor obligations.
This volatility in working capital suggests that the company lacks a stable operational rhythm, which is typical for a pre-commercial biotech firm. Analysts should interpret these fluctuations as a byproduct of project-based accounting rather than an indication of underlying improvements in operational efficiency or supply chain management.
Data from recent SEC filings indicates that stock-based compensation remains a substantial non-cash expense, consistently adding back millions to the operating cash flow calculation, which effectively masks the true magnitude of the cash required to sustain the company's ongoing research and development activities.
By adjusting for these non-cash items, it becomes clear that the actual cash burn is more severe than the headline operating cash flow figures might suggest. This warrants further investigation into the sustainability of the current compensation structure, as it represents a significant hidden cost to shareholders through ongoing dilution.
Quick answers to the most common questions about buying CLDX stock.
Celldex Therapeutics, Inc. (CLDX) generated $-210.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Celldex Therapeutics, Inc. (CLDX) reported negative free cash flow of $213.7M in 2025, indicating capital requirements exceeded cash from operations.
Celldex Therapeutics, Inc. (CLDX) spent $2.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.