Operating margins remain deeply negative, reaching a trough of -5629% in 2026Q1 as R&D spending continues to scale without a sustainable commercial revenue base.
| 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 | 820K | 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 % | -89.15% | -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 | 854K | 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 | -34K | 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 % | -4.15% | 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 | 309.06M | 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 | 44.43M | 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 | 265.49M | 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 | -854K | 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 | -309.1M | -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 % | -37694.63% | -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 | -305.73M | -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 % | -37284.02% | -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 % | -42.9% | -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) | 3.37M | 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 | -303.27M | -258.8M | -195.08M | -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 | 25.42M | 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 | 25.42M | 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 | 25.41M | 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 | -283.69M | -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 % | -34596.22% | -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 | -283.69M | -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 % | -34596.22% | -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 % | -58.62% | -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) | -283.69M | -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) | -4.26 | -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 % | -58.15% | -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 | 66.57M | 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 | 66.57M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Trial Funding Gap
As indicated by the company's financial disclosures, revenue remains entirely non-commercial and sporadic, with quarterly figures fluctuating from $15,000 to $3.2 million, underscoring a reliance on unpredictable milestone payments rather than a sustainable, recurring product-based revenue stream that would typically support long-term valuation models.
The absence of commercial product sales suggests that the top-line trajectory is tied exclusively to the timing of collaboration agreements. Investors should monitor the lack of consistent revenue growth as a primary indicator that the business model remains in a purely speculative, pre-commercial phase.
According to recent income statements, R&D expenditures have surged to $75.4 million in 2025Q4, reflecting the heavy financial burden of advancing barzolvolimab into late-stage clinical trials, which significantly outpaces the company's ability to generate internal cash flows from its current, limited licensing activities.
The cost structure is heavily skewed toward fixed clinical development expenses, which appear to be scaling in direct correlation with trial enrollment. This aggressive spending profile suggests that management is prioritizing asset advancement over near-term expense discipline, necessitating constant access to external capital markets.
Based on reported figures, the company's operating margin reached a trough of -5629% in 2026Q1, demonstrating that operating expenses are scaling significantly faster than gross profit, a trend that highlights the extreme difficulty of achieving operational efficiency while the firm remains in a capital-intensive development cycle.
The lack of operating leverage is a structural reality for a firm that has yet to commercialize its primary asset. The widening gap between R&D investment and revenue generation suggests that the company will continue to face significant margin pressure until a successful regulatory approval allows for a shift toward commercial-scale operations.
Financial statements reveal a cash position of $28.8 million, which appears insufficient to cover the current quarterly burn rate of over $80 million, suggesting that the company faces a high probability of dilutive equity financing or the urgent need for a strategic partnership to maintain operations.
Short-sellers may focus on this liquidity mismatch as a primary risk factor, as the current cash runway appears inadequate for the full execution of Phase 3 trials. This vulnerability warrants further investigation into the company's ability to secure non-dilutive funding in a potentially restrictive capital environment.
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.