Revenue collapsed to $22K in 2026Q2, down 97% year-over-year, while operating losses widened to -$80.6M as R&D expenses reached $67.5M, driving a net margin of -3341%.
Celldex Therapeutics, Inc. (CLDX) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 112K | 1.5M | 7.02M | 6.88M | 2.36M | 4.65M | 7.42M | 3.57M | 9.54M | 12.74M | 6.79M | 5.48M | 3.59M | 4.11M | 11.2M | 9.27M | 46.79M | 15.18M | 7.46M | 5.1M | 4.93M | 3.09M | 6.86M | 4.63M | 6.7M | 3.35M | 763.2K | 1.48M | 2.2M | 1.2M | 1.1M |
| Revenue Growth % | -95.69% | -78.63% | 1.99% | 192.02% | -49.32% | -37.3% | 107.61% | -62.54% | -25.15% | 87.78% | 23.83% | 52.82% | -12.77% | -63.3% | 20.91% | -80.2% | 208.25% | 103.61% | 46.1% | 3.48% | 59.67% | -54.97% | 48.04% | -30.9% | 100.39% | 338.4% | -48.55% | -32.57% | 83.33% | 9.09% | -72.5% |
| Cost of Goods Sold | 83.11M | 0 | 163.55M | 118.01M | 82.26M | 53.31M | 42.53M | 42.67M | 66.45M | 96.17M | 102.03M | 4.01M | 3.4M | 2.33M | 10.78M | 9.12M | 12.08M | 8.4M | 0 | 0 | 0 | 0 | 0 | 0 | 41K | 36.8K | -689.3K | -712.8K | -400K | -300K | -100K |
| COGS % of Revenue | - | - | 2329.77% | 1714.53% | 3489.94% | 1146.23% | 573.39% | 1194.29% | 696.68% | 754.7% | 1503.48% | 73.19% | 94.84% | 56.77% | 96.19% | 98.42% | 25.81% | 55.32% | - | - | - | - | - | - | 0.61% | 1.1% | -90.32% | -48.05% | -18.18% | -25% | -9.09% |
| Gross Profit | -82.99M | 1.5M | -156.53M | -111.13M | -79.9M | -48.66M | -35.12M | -39.1M | -56.91M | -83.43M | -95.24M | 1.47M | 185K | 1.78M | 427K | 146K | 34.72M | 6.78M | 7.46M | 5.1M | 4.93M | 3.09M | 6.86M | 4.63M | 6.66M | 3.31M | 1.45M | 2.2M | 2.6M | 1.5M | 1.2M |
| Gross Margin % | -74100.89% | 100% | -2229.77% | -1614.53% | -3389.94% | -1046.23% | -473.39% | -1094.29% | -596.68% | -654.7% | -1403.48% | 26.81% | 5.16% | 43.23% | 3.81% | 1.58% | 74.19% | 44.68% | 100% | 100% | 100% | 100% | 100% | 100% | 99.39% | 98.9% | 190.32% | 148.05% | 118.18% | 125% | 109.09% |
| Gross Profit Growth % | - | 100.96% | -40.86% | -39.08% | -64.2% | -38.57% | 10.19% | 31.3% | 31.78% | 12.4% | -6583.32% | 694.05% | -89.59% | 316.16% | 192.47% | -99.58% | 411.81% | -9.02% | 46.1% | 3.48% | 59.67% | -54.97% | 48.04% | -30.48% | 101.38% | 127.82% | -33.87% | -15.53% | 73.33% | 25% | -57.14% |
| Operating Expenses | 333.75M | 288.9M | 38.55M | 43.41M | 35.33M | 22.58M | 28.24M | 15.93M | 99.53M | 38.1M | 37.68M | 34.85M | 122.61M | 83.22M | 58.5M | 43.59M | 41.17M | 43.63M | 41.46M | 27.96M | 27.3M | 21.95M | 20.44M | 16.37M | 21.1M | 27.87M | 16.89M | 14.14M | 10.5M | 9.2M | 13M |
| OpEx % of Revenue | - | 19260% | 549.12% | 630.74% | 1499.07% | 485.55% | 380.67% | 445.9% | 1043.46% | 298.98% | 555.2% | 635.95% | 3419.27% | 2024.3% | 522.26% | 470.53% | 87.99% | 287.44% | 556.04% | 547.88% | 553.6% | 710.85% | 298.03% | 353.28% | 314.64% | 832.97% | 2213.48% | 953.19% | 477.27% | 766.67% | 1181.82% |
| Selling, General & Admin | 51.3M | 43.8M | 38.55M | 30.91M | 27.2M | 20.49M | 14.46M | 15.43M | 19.27M | 25M | 35.98M | 33.84M | 20.62M | 14.8M | 10.02M | 9.24M | 10.43M | 17.12M | 14.75M | 8.5M | 8.24M | 6.89M | 5.57M | 5.35M | 5.59M | 4.91M | 4.81M | 4.28M | 3.8M | 3.5M | 6.5M |
| SG&A % of Revenue | - | 2920% | 549.12% | 449.14% | 1153.8% | 440.51% | 194.88% | 431.74% | 202.02% | 196.21% | 530.19% | 617.46% | 575.07% | 360.13% | 89.41% | 99.76% | 22.29% | 112.77% | 197.81% | 166.61% | 167.04% | 223.26% | 81.24% | 115.49% | 83.4% | 146.87% | 630.02% | 288.52% | 172.73% | 291.67% | 590.91% |
| Research & Development | 283.32M | 245.1M | 163.55M | 118.01M | 82.26M | 56.81M | 40.53M | 42.67M | 66.45M | 96.17M | 102.73M | 100.17M | 104.38M | 67.4M | 47.4M | 32.44M | 27.65M | 26.17M | 26.35M | 18.5M | 18.07M | 14.06M | 13.87M | 10.02M | 14.71M | 21.58M | 10.77M | 7.87M | 5.7M | 5.3M | 6M |
| R&D % of Revenue | - | 16340% | 2329.77% | 1714.53% | 3489.94% | 1221.48% | 546.43% | 1194.29% | 696.68% | 754.7% | 1513.79% | 1827.94% | 2910.79% | 1639.53% | 423.12% | 350.12% | 59.09% | 172.39% | 353.39% | 362.45% | 366.38% | 455.37% | 202.28% | 216.31% | 219.37% | 644.98% | 1411.71% | 530.62% | 259.09% | 441.67% | 545.45% |
| Other Operating Expenses | -861K | 0 | -163.55M | -105.51M | -74.12M | -54.72M | -26.75M | -42.17M | 13.81M | -83.08M | -101.03M | -99.16M | -2.39M | 1.01M | 1.09M | 1.91M | 3.09M | 345K | 361.01K | 960.21K | 995.11K | 995.11K | 995.1K | 995.1K | 795.1K | 1.38M | 1.31M | 1.99M | 1M | 400K | 500K |
| Operating Income | -334.5M | -287.4M | -195.08M | -154.54M | -115.23M | -71.24M | -63.35M | -55.03M | -156.44M | -121.53M | -132.92M | -129.54M | -122.43M | -81.44M | -58.08M | -43.4M | -6.46M | -32.85M | -34M | -22.85M | -22.37M | -18.87M | -13.58M | -11.73M | -14.43M | -24.56M | -15.44M | -11.94M | -7.95M | -7.7M | -11.8M |
| Operating Margin % | -298657.14% | -19160% | -2778.89% | -2245.27% | -4889.01% | -1531.78% | -854.06% | -1540.19% | -1640.13% | -953.68% | -1958.68% | -2363.89% | -3414.11% | -1981.08% | -518.45% | -468.42% | -13.79% | -216.43% | -456.04% | -447.88% | -453.6% | -610.85% | -198.03% | -253.28% | -215.25% | -734.07% | -2023.17% | -805.14% | -361.35% | -641.67% | -1072.73% |
| Operating Income Growth % | - | -47.33% | -26.23% | -34.11% | -61.75% | -12.45% | -15.12% | 64.82% | -28.73% | 8.57% | -2.61% | -5.81% | -50.33% | -40.23% | -33.82% | -572.33% | 80.35% | 3.37% | -48.76% | -2.18% | -18.56% | -38.89% | -15.75% | 18.69% | 41.24% | -59.07% | -29.27% | -50.25% | -3.24% | 34.75% | 0% |
| EBITDA | -330.76M | -284.02M | -191.9M | -151.53M | -112.34M | -68.17M | -59.42M | -50.17M | -152.63M | -116.22M | -128.82M | -125.53M | -119.03M | -78.5M | -54.94M | -39.24M | -594K | -29.32M | -31.46M | -20.17M | -20.27M | -17.27M | -11.87M | -10.21M | -12.81M | -22.3M | -14.13M | -9.96M | -6.95M | -7.3M | -11.3M |
| EBITDA Margin % | -295323.21% | -18934.67% | -2733.63% | -2201.57% | -4766.14% | -1465.81% | -801.09% | -1404.23% | -1600.28% | -912.01% | -1898.38% | -2290.69% | -3319.27% | -1909.44% | -490.45% | -423.51% | -1.27% | -193.16% | -422.01% | -395.22% | -411.1% | -559.31% | -173.01% | -220.32% | -191.05% | -666.61% | -1851.42% | -671.1% | -315.89% | -608.33% | -1027.27% |
| EBITDA Growth % | -30.81% | -48% | -26.64% | -34.89% | -64.78% | -14.72% | -18.44% | 67.13% | -31.34% | 9.79% | -2.62% | -5.46% | -51.64% | -42.88% | -40.02% | -6505.72% | 97.97% | 6.8% | -56.01% | 0.51% | -17.36% | -45.57% | -16.25% | 20.32% | 42.57% | -57.85% | -41.93% | -43.26% | 4.8% | 35.4% | -1.8% |
| D&A (Non-Cash Add-back) | 3.73M | 3.38M | 3.18M | 3.01M | 2.9M | 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 | 1.59M | 1.72M | 1.53M | 1.62M | 2.26M | 1.31M | 1.99M | 1M | 400K | 500K |
| EBIT | -309.11M | -258.8M | -157.86M | -142.04M | -107.1M | -69.15M | -49.57M | -54.52M | -76.4M | -109.33M | -128.53M | -129.54M | -118.08M | -80.62M | -57.55M | -43M | -1.2M | -36.6M | -47.34M | -21.76M | -20.25M | -18.1M | -13.58M | -11.73M | -14.43M | -24.56M | -15.44M | -11.94M | -7.95M | -7.71M | -11.8M |
| Net Interest Income | 18.71M | 28.61M | 37.22M | 13.11M | 2.91M | 505K | 2.41M | 4.15M | 4.49M | 4.21M | 4.39M | 2.34M | 4.34M | -927K | -1.15M | -1.8M | -1.34M | -452K | -156K | 1.1M | 2.11M | 768.45K | 378.6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 18.71M | 28.61M | 37.22M | 13.11M | 2.91M | 505K | 2.41M | 4.15M | 4.49M | 4.21M | 4.39M | 2.34M | 4.35M | 0 | 430K | 0 | 0 | 0 | 0 | 1.1M | 2.11M | 768.45K | 378.6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 927K | 1.58M | 1.8M | 1.34M | 452K | 156K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 25.39M | 28.6M | 37.22M | 13.11M | 2.91M | 505K | 2.41M | 4.15M | 4.49M | 4.21M | 4.39M | 2.34M | 4.35M | -108K | -1.05M | -1.4M | 3.92M | -4.2M | -13.5M | 1.1M | 2.11M | 768.45K | 378.6K | 239.8K | 602.7K | 1.81M | -6.53M | 635.2K | 49.6K | -5.5M | 1M |
| Pretax Income | -309.11M | -258.8M | -157.86M | -141.43M | -112.33M | -70.74M | -60.95M | -50.88M | -151.95M | -117.31M | -128.53M | -127.2M | -118.08M | -81.55M | -59.12M | -44.8M | -2.53M | -37.05M | -47.5M | -21.76M | -20.25M | -18.1M | -13.2M | -11.49M | -13.83M | -22.75M | -21.98M | -11.31M | -7.9M | -13.2M | -10.8M |
| Pretax Margin % | -275986.61% | -17253.33% | -2248.76% | -2054.76% | -4765.59% | -1520.92% | -821.61% | -1423.96% | -1593.09% | -920.61% | -1894.05% | -2321.11% | -3292.81% | -1983.7% | -527.79% | -483.53% | -5.41% | -244.1% | -637.12% | -426.4% | -410.74% | -585.96% | -192.51% | -248.1% | -206.26% | -680.03% | -2879.32% | -762.33% | -359.09% | -1100% | -981.82% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -227K | -1.17M | 0 | -765K | -24.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -529K | 0 | -120K | 120K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0.32% | 1.91% | 0% | 0.5% | 20.7% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1.43% | 0% | 0.55% | -0.59% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -309.11M | -258.8M | -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 |
| Net Margin % | -275986.61% | -17253.33% | -2248.76% | -2054.76% | -4765.59% | -1516.04% | -805.88% | -1423.96% | -1585.07% | -730.06% | -1894.05% | -2321.11% | -3292.81% | -1983.7% | -527.79% | -483.53% | -5.41% | -240.61% | -637.12% | -424.05% | -413.17% | -585.96% | -192.51% | -273.47% | -206.26% | -680.03% | -2879.32% | -762.33% | -2354.55% | -1091.67% | -981.82% |
| Net Income Growth % | -37.67% | -63.94% | -11.62% | -25.91% | -59.3% | -17.95% | -17.5% | 66.35% | -62.51% | 27.62% | -1.05% | -7.72% | -44.79% | -37.93% | -31.97% | -1668.61% | 93.06% | 23.11% | -119.52% | -6.21% | -12.58% | -37.06% | -4.22% | 8.39% | 39.22% | -3.54% | -94.31% | 78.17% | -295.42% | -21.3% | -30.12% |
| Net Income (Continuing) | -309.11M | -258.8M | -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 | -11.49M | -13.83M | -22.75M | -21.98M | -11.31M | -51.8M | -13.1M | -10.8M |
| Discontinued Operations | 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 |
| Minority Interest | 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 |
| EPS (Diluted) | -3.94 | -3.90 | -2.45 | -2.92 | -2.40 | -1.64 | -2.02 | -3.51 | -14.48 | -10.86 | -18.99 | -19.66 | -19.81 | -15.33 | -15.37 | -17.01 | -1.19 | -27.64 | -50.12 | -39.80 | -49.41 | -43.93 | -32.57 | -36.48 | -41.17 | -70.63 | -75.43 | -46.18 | -281.04 | -89.06 | -89.61 |
| EPS Growth % | -27.51% | -59.18% | 16.1% | -21.67% | -46.34% | 18.81% | 42.45% | 75.76% | -33.33% | 42.81% | 3.41% | 0.76% | -29.22% | 0.26% | 9.64% | -1329.41% | 95.69% | 44.85% | -25.93% | 19.45% | -12.47% | -34.88% | 10.72% | 11.39% | 41.71% | 6.36% | -63.34% | 83.57% | -215.56% | 0.61% | -4.86% |
| EPS (Basic) | - | -3.90 | -2.45 | -2.92 | -2.40 | -1.64 | -2.02 | -3.51 | -14.48 | -10.86 | -18.99 | -19.66 | -19.81 | -15.33 | -15.37 | -17.01 | -1.19 | -27.64 | -50.12 | -39.80 | -49.41 | -43.93 | -32.57 | -36.48 | -41.17 | -70.63 | -75.43 | -46.18 | -281.04 | -89.06 | -89.61 |
| Diluted Shares Outstanding | 78.53M | 66.5M | 64.39M | 48.45M | 46.89M | 42.87M | 29.64M | 14.51M | 10.44M | 8.57M | 6.77M | 6.47M | 5.96M | 5.32M | 3.85M | 2.63M | 2.12M | 1.32M | 947.8K | 543.74K | 412.31K | 411.91K | 405.36K | 347.29K | 335.9K | 322.12K | 291.32K | 244.87K | 184.32K | 147.1K | 120.52K |
| Basic Shares Outstanding | 78.53M | 66.5M | 64.39M | 48.45M | 46.89M | 42.87M | 29.64M | 14.51M | 10.44M | 8.57M | 6.77M | 6.47M | 5.96M | 5.32M | 3.85M | 2.63M | 2.12M | 1.32M | 947.8K | 543.74K | 412.31K | 411.91K | 405.36K | 347.29K | 335.9K | 322.12K | 291.32K | 244.87K | 184.32K | 147.1K | 120.52K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CLDX stock.
For fiscal year 2025, Celldex Therapeutics, Inc. (CLDX) reported total revenue of $1.5M. This represents a 36.4% increase compared to $1.1M in 1996.
Celldex Therapeutics, Inc. (CLDX) reported a net loss of $258.8M for the fiscal year ending 2025.
Celldex Therapeutics, Inc. (CLDX) reported an operating income of $-287.4M, resulting in an operating profit margin of -19160.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Celldex Therapeutics, Inc. (CLDX) generated $1.5M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash runway insufficient
Metrics are mathematically derived from official filings.
Revenue Wind-Down Accelerates
TTM revenue collapsed to $1.5M, down 78.6% year-over-year, as collaboration and grant income evaporated, leaving CLDX with no recurring product sales and a trajectory that appears entirely dependent on future partnerships.
Quarterly revenue has fallen from $3.2M in 2024Q3 to just $22K in 2026Q2, with the most recent quarter showing a 97% year-over-year decline. This suggests that legacy agreements have been fully recognized and no new material revenue streams have replaced them. The absence of product revenue implies that growth will remain negative until barzolvolimab reaches commercialization, which is likely several years away.
Gross Margin Distorted by Milestone Mix
Gross margin swung from 100% in 2026Q2 to -55.9% in 2026Q1, reflecting the erratic recognition of collaboration revenue and the allocation of R&D costs to COGS, as reported in financial statements.
The 100% gross margin in quarters with minimal revenue indicates that those inflows are milestone or licensing fees with no associated cost of goods sold. However, in quarters like 2026Q1, COGS exceeded revenue, likely due to the reclassification of certain R&D expenses. This volatility underscores that gross margin is not a meaningful indicator of underlying profitability for a pre-commercial biotech.
Operating Losses Scale with R&D
Operating losses widened from $40.6M in 2024Q1 to $80.6M in 2026Q2, as R&D spending nearly doubled, while SG&A remained relatively stable, indicating that the company is leveraging its infrastructure to fund late-stage trials.
R&D expenses have grown from $30.9M to $67.5M over the period, reflecting the advancement of barzolvolimab into Phase 3 trials. SG&A has only increased modestly from $9.1M to $13.1M, suggesting that the company is not yet building a commercial infrastructure. This implies that operating leverage is negative, as losses are expanding faster than any revenue growth, but the fixed cost base may support future scalability if the drug is approved.
Net Losses Driven by Non-Cash Charges
Net losses of $73.5M in 2026Q2 include $8.4M in stock-based compensation, which, according to reported figures, represents a significant non-cash component that inflates the reported loss but does not directly impact cash burn.
Stock-based compensation has remained consistently around $8-9M per quarter, accounting for roughly 10% of operating expenses. This suggests that a portion of the reported losses is non-cash, but the majority is still cash R&D spending. Investors should focus on cash burn rather than net income, as the latter includes these non-cash charges and may overstate the true cash consumption.
R&D Dominates Cost Structure
R&D expenses accounted for over 80% of total operating costs in 2026Q2, with $67.5M spent on clinical development, while SG&A remained at $13.1M, reflecting a cost structure heavily weighted toward advancing the pipeline.
The company's cost structure is typical of a late-stage biotech, with R&D consuming the vast majority of resources. The increase in R&D from $30.9M in 2024Q1 to $67.5M in 2026Q2 aligns with the Phase 3 trial initiation for barzolvolimab. SG&A has grown modestly, indicating that the company is not yet investing heavily in commercial capabilities, which may be prudent given the uncertainty of approval.
Phase 3 Transition Drives Burn
The most significant inflection occurred in 2025Q3 when R&D expenses jumped to $62.9M, coinciding with the Phase 3 trial initiation, which has since sustained quarterly operating losses above $70M, as per financial disclosures.
Prior to 2025Q3, quarterly R&D spending was in the $30-50M range, but it has now stabilized around $70M, reflecting the full-scale execution of Phase 3 trials. This inflection has permanently raised the company's quarterly cash burn, making the $28.8M cash position appear inadequate for more than a few months of operations. The lasting impact is a heightened need for external financing, which could lead to significant dilution.
Cash Runway Raises Doubts
With only $28.8M in cash and quarterly operating losses exceeding $80M, CLDX appears to have less than one quarter of funding, suggesting an imminent need for dilutive financing or a partnership, as reported in recent filings.
The cash position is critically low relative to the current burn rate, which is a major red flag for investors. Even if the company can secure additional funding, the terms may be unfavorable, leading to substantial dilution. Furthermore, the lack of revenue and the high risk of clinical failure mean that the company's survival is entirely dependent on external capital markets, which may be less accessible in a rising rate environment.