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olivLaw · US equity research

Celldex Therapeutics, Inc. CLDX

In Vitro & In Vivo Diagnostic Substances · SIC 2835 · Vertical: In Vitro & In Vivo Diagnostic Substances (SIC 2835)

29.93USD+0.74% · 1 dayClose 04 Nov 2026

Celldex Therapeutics is a biopharmaceutical company developing monoclonal and bispecific antibodies for mast cell driven diseases such as chronic spontaneous urticaria. For a company still in development, the Phase 3 barzolvolimab program, with topline data expected in the fall, is the main factor that could change its risk profile, while the net loss in the second quarter of 2026 was 73.5 million USD.

At the close of 04 Nov 2026, Celldex Therapeutics, Inc. (CLDX) stock was 29.93 USD (+0.74% on the day), with market capitalisation 2.4 bn USD, beta 1.18, 52-week range 22.58–44.87 USD. Latest reported quarter (Q2 2026): revenue of 22.0 k USD (−97.0% YoY), net income of -73.5 m USD, diluted EPS -0.94 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
2.4 bn USD
shares as of 29 Jul 2026
P/E (TTM)
unavailable
Diluted EPS TTM -3.44 · TTM to 30 Jun 2026
E/P (TTM)
-11.49%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.18
Volatility (1y) 51%
52-week range
22.5844.87

Price history

Loading chart…

Technical reading

RSI (14)
45.9
neutral
Bollinger (20, 2)
27.88 – 30.79
in the upper half of the band · %B 0.70 · band width 9.9%
SMA 50 / 200
33.39 / 32.71
mixed trend
MACD (12, 26, 9)
-0.87 / -1.23
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−8.2%−1.1%−7.1 pp—
3 months−27.1%−0.5%−26.7 pp—
6 months−13.0%+4.4%−17.4 pp—
Year to date+10.2%+12.3%−2.1 pp—
1 year+25.5%+13.5%+11.9 pp−26.8%
3 years+15.2%+76.4%−61.2 pp−63.5%
5 years−34.8%+63.7%−98.4 pp—
Max drawdown (1y)
−38.6%
12 Aug 2026 → 16 Oct 2026
Max drawdown (5y)
−70.8%
01 Mar 2024 → 08 Apr 2025
Compound annual growth (5y)
−8.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
22.0 k USD
−97.0% YoY
Net income
-73.5 m USD
unavailable YoY
Diluted EPS
-0.94
unavailable YoY
net / operating
-334,104.5% / -366,468.2%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue3.2 m1.2 m695.0 k730.0 k0 ≈121.0 k15.0 k22.0 k
Research & development45.3 m46.9 m52.6 m54.2 m62.9 m75.3 m73.0 m67.5 m
Operating income-52.1 m-56.0 m-62.7 m-63.9 m-73.6 m-87.2 m-84.4 m-80.6 m
Depreciation & amortisation786.0 k ≈819.0 k867.0 k873.0 k ≈824.0 k ≈816.0 k854.0 k902.0 k ≈
Net income-42.1 m-47.1 m-53.8 m-56.6 m-67.0 m-81.3 m-78.7 m-73.5 m
Diluted EPS-0.64-0.18 ≈-0.81-0.85-1.01-0.31 ≈-1.18-0.94
Operating cash flow-55.3 m ≈-32.5 m-54.4 m-44.0 m ≈-48.6 m ≈-63.9 m-65.6 m-57.4 m ≈
Capex545.0 k ≈756.0 k265.0 k728.0 k ≈440.0 k ≈1.3 m1.6 m3.2 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue9.5 m3.6 m7.4 m4.7 m2.4 m6.9 m7.0 m1.5 m
Revenue YoY−25.2%−62.5%+107.6%−37.3%−49.3%+192.0%+2.0%−78.0%
Net incomeunavailableunavailableunavailableunavailableunavailable-141.4 m-157.9 m-258.8 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailable-3.51-2.02-1.64-2.40-2.92-2.45-3.90
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %unavailableunavailableunavailableunavailableunavailable-2,054.8%-2,248.8%-16,748.0%
Free cash flow-76.0 m-47.1 m-42.0 m-62.2 m-105.6 m-109.1 m-159.7 m-213.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
28.9 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
527.2 m USD
Total assets
583.0 m USD
Debt / equity
unavailable
Current ratio
10.49x
ROE
-40.6%
ROA
-37.6%
FCF margin
-13,829.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
6.9 m
2024
7.0 m
2025
1.5 m

SEC (XBRL)· 25 Feb 2026verified

Cost of revenue
2023
300.0 k
2024
200.0 k
2025
200.0 k

SEC (XBRL)· 25 Feb 2026verified

Gross profit
2023
6.6 m ≈
2024
6.8 m ≈
2025
1.3 m ≈

SEC (XBRL)· 25 Feb 2026derived

Research & development
2023
118.0 m
2024
163.6 m
2025
245.1 m

SEC (XBRL)· 25 Feb 2026verified

Operating income
2023
-154.5 m
2024
-195.1 m
2025
-287.4 m

SEC (XBRL)· 25 Feb 2026verified

Depreciation & amortisation
2023
3.0 m
2024
3.2 m
2025
3.4 m

SEC (XBRL)· 25 Feb 2026verified

EBITDA
2023
-151.5 m ≈
2024
-191.9 m ≈
2025
-284.0 m ≈

SEC (XBRL)· 25 Feb 2026derived

Pre-tax income
2023
-141.4 m
2024
-157.9 m
2025
-258.8 m

SEC (XBRL)· 25 Feb 2026verified

Income tax
2023
0
2024
0
2025
0

SEC (XBRL)· 25 Feb 2026verified

Net income
2023
-141.4 m
2024
-157.9 m
2025
-258.8 m

SEC (XBRL)· 25 Feb 2026verified

Diluted EPS
2023
-2.92
2024
-2.45
2025
-3.90

SEC (XBRL)· 25 Feb 2026verified

Weighted average diluted shares
2023
48.4 m
2024
64.4 m
2025
66.4 m

SEC (XBRL)· 25 Feb 2026verified

Balance sheet · USD

Cash
2023
34.8 m
2024
28.4 m
2025
28.9 m

SEC (XBRL)· 25 Feb 2026verified

Current assets
2023
431.7 m
2024
747.2 m
2025
534.7 m

SEC (XBRL)· 25 Feb 2026verified

Property, plant & equipment, net
2023
4.1 m
2024
4.3 m
2025
5.3 m

SEC (XBRL)· 25 Feb 2026verified

Intangibles (excl. goodwill)
2023
27.2 m
2024
27.2 m
2025
27.2 m

SEC (XBRL)· 25 Feb 2026verified

Total assets
2023
465.6 m
2024
792.3 m
2025
583.0 m

SEC (XBRL)· 25 Feb 2026verified

Accounts payable
2023
3.5 m
2024
3.3 m
2025
1.2 m

SEC (XBRL)· 25 Feb 2026verified

Current liabilities
2023
31.1 m
2024
39.5 m
2025
51.0 m

SEC (XBRL)· 25 Feb 2026verified

Total liabilities
2023
36.5 m
2024
45.3 m
2025
55.8 m

SEC (XBRL)· 25 Feb 2026verified

Equity
2023
429.2 m †
2024
747.0 m †
2025
527.2 m †

SEC (XBRL)· 25 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
-107.3 m
2024
-157.8 m
2025
-210.9 m

SEC (XBRL)· 25 Feb 2026verified

Capex
2023
1.8 m
2024
1.9 m
2025
2.7 m

SEC (XBRL)· 25 Feb 2026verified

Free cash flow
2023
-109.1 m ≈
2024
-159.7 m ≈
2025
-213.7 m ≈

SEC (XBRL)· 25 Feb 2026derived

Investing cash flow
2023
-105.8 m
2024
-290.1 m
2025
209.1 m

SEC (XBRL)· 25 Feb 2026verified

Financing cash flow
2023
218.5 m
2024
441.4 m
2025
2.4 m

SEC (XBRL)· 25 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-78.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
-13.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-26.9%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
-26.6%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-204,070.9%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-206,220.3%
computed by olivLawTTM to 30 Jun 2026
Net margin
-190,220.9%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-153,231.0%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-43.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-40.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-45.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
11.8x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.8x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-235.6 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
6.5 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-242.1 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
15,283 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
2.4 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-11.5%
computed by olivLawTTM to 30 Jun 2026
P/B
3.3x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
14,875.9x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-10.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

29.93 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 2.4 bn USD

Key indicators

Market capitalisation
2.4 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
3.3x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-43.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-190,220.9%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-78.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

26/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 29 Jul 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 1587derived 116

Score by group

27% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: In Vitro & In Vivo Diagnostic Substances (SIC 2835)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-190,220.9%0 (vs peers)23%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-13.1%0 (on a fixed band)31%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet11.8x100 (on a fixed band)15%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-10.3%0 (on a fixed band)31%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Celldex Therapeutics, Inc. (CLDX). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 1.5 m USD in 2025; YoY growth -78.0%; net margin -190,220.9%; ROE -43.9%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 11.8x

What contradicts it

  • Net margin: -190,220.9%
  • Revenue CAGR 3Y: -13.1%
  • FCF yield: -10.3%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

In Vitro & In Vivo Diagnostic Substances (SIC 2835) · same industry (4-digit SIC) · compared with 17 companies

Multiples and returns vs the median

P/E
—
vertical median 36.1x
EV/EBITDA
—
vertical median 15.4x
P/S
14,875.9x
vertical median 6.6x
above median (+223,658.5%)
P/B
3.3x
vertical median 2.0x
above median (+61.2%)
ROE
-43.9%
vertical median -28.4%
below median
Net margin
-190,220.9%
vertical median -38.4%
below median
EBIT margin
-206,220.3%
vertical median -34.4%
below median
Revenue YoY
-78.0%
vertical median 2.4%
below median (−3,318.5%)
Net debt/EBITDA
—
vertical median 0.1x
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
IDXXIdexx Laboratories Inc55.0 bn47.168.9%25.4%+10.4%−7% / +50%
LNTHLantheus Holdings, Inc.6.6 bn24.522.2%17.7%+0.5%+72% / +41%
NEOGNeogen Corporation2.7 bn—-2.7%-6.3%−2.7%+108% / −27%
TRIBTrinity Biotech PLC2.4 bn——-51.6%+8.3%−80% / −91%
CLDXCelldex Therapeutics, Inc.2.4 bn—-43.9%-190,220.9%−78.0%+25% / +15%
NTLAIntellia Therapeutics, Inc.1.7 bn—-6,424.8%-672.2%+16.9%+37% / −58%
QDELQuidelortho Corp984.6 m—-19.3%-14.2%−1.9%−48% / −79%
ACHVAchieve Life Sciences, Inc.718.3 m—-845.0%—unavailable+43% / +21%
MYGNMyriad Genetics, Inc.575.8 m—-32.5%-14.0%−1.6%−21% / −68%
TKNOAlpha Teknova, Inc.395.7 m—-24.2%-38.4%+7.4%+57% / +261%
ICCCImmuCell Corporation94.2 m138.22.6%2.6%+4.3%+114% / +128%
IMDXInsight Molecular Diagnostics Inc.86.7 m——-2,955.6%+115.6%−57% / −30%
BMRABiomerica, Inc.8.0 m—-113.8%-115.5%−16.2%−27% / −77%
CDIOCardio Diagnostics Holdings, Inc.4.9 m—-75.4%-44,771.8%−57.5%−43% / −97%
QCLSQ/C Technologies, Inc.3.2 m—-155.0%—−5.3%−89% / −100%
VNRXVolitionRx Limited2.8 m——-1,043.1%+40.0%−97% / −99%
VRAXVirax Biolabs Group Ltd695.1 k—-109.6%-95,739.2%−96.0%−88% / −98%
NNNNAnbio Biotechnology—25.027.0%74.1%+5.6%−84% / unavailable

1- and 3-year price returns: for CLDX from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Celldex Therapeutics is a biopharmaceutical company developing monoclonal and bispecific antibodies for mast cell driven diseases such as chronic spontaneous urticaria. For a company still in development, the Phase 3 barzolvolimab program, with topline data expected in the fall, is the main factor that could change its risk profile, while the net loss in the second quarter of 2026 was 73.5 million USD 3.

    SWOT

    Strengths

    • Well documented antibody platform and extensive clinical data in urticaria.
    • Strengthened financial position after the latest public offering.
    • Large Phase 3 program with enrollment completed ahead of guidance.

    Weaknesses

    • No product revenue yet and losses continue.
    • Heavy dependence on one main product.
    • The prurigo nodularis failure limits expansion of indications.

    Opportunities

    • If Phase 3 data are favorable, a regulatory filing could follow.
    • The bispecific platform could support new inflammatory indications.
    • Long-term benefit could support positioning as a disease modifying therapy.

    Threats

    • Failure of Phase 3 studies could reduce the value of the whole portfolio.
    • Competition from approved therapies could limit adoption.
    • Shareholder dilution could increase if financing becomes necessary in the short term.

    Risks

    • Financing dependencehigh

      The company could need additional capital if programs expand, and terms could be unfavorable.

    • Clinical failurehigh

      Phase 3 results could be negative, and the prurigo nodularis study shows this risk is real.

    • Regulatory reviewmedium

      Approval by regulators is a lengthy and uncertain process that could delay revenues.

    • Kolltan milestone paymentmedium

      The milestone payment linked to approval could be made in shares, causing substantial dilution.

    • Competition and reimbursementmedium

      Acceptance by physicians and payers could be limited even if the drug is approved.

    Investment thesis

    What would need to be true (bull case)

    • If Phase 3 data confirm efficacy, the company could become a leader in disease modification for chronic spontaneous urticaria.
    • Its cash position could allow funding of studies through 2028, reducing immediate capital risk.
    • The bispecific platform could generate a second pipeline of candidates if Phase 1 data hold up.

    What would break the thesis

    • The discontinued prurigo nodularis study suggests the mast cell hypothesis may not apply to every targeted disease.
    • Continued losses could require new share issuance, diluting shareholders.
    • With no product revenue, the company depends entirely on study results and future approvals.

    What to watch

    • Topline data from Phase 3 chronic spontaneous urticaria studiesQ3-Q4 2026
    • Data from the Phase 2 atopic dermatitis studylate 2026
    • BLA submission for barzolvolimab2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Celldex Therapeutics, Inc. describes itself as a biopharmaceutical company dedicated to exploring mast cell biology and developing therapeutic antibodies that engage the human immune system or affect critical pathways in severe inflammatory, allergic and autoimmune diseases 1. The company has had no commercial revenues from drug sales and reported an accumulated deficit of 1.8 billion USD as of December 31, 2025 1. Its declared strategy is to become a fully integrated commercial-stage company, either retaining full economic rights or pursuing advantageous partnerships 1. The operating loss was 287.4 million USD in 2025 1, and cash, cash equivalents and marketable securities were 717.6 million USD at June 30, 2026 23.

    The lead program is barzolvolimab, a monoclonal antibody that binds the KIT receptor and inhibits its activity, studied in chronic spontaneous urticaria, cold urticaria, symptomatic dermographism and atopic dermatitis 13. Enrollment is complete in the Phase 3 chronic spontaneous urticaria studies, with 1,939 patients enrolled, and topline data are expected in September or October 2026, with a possible BLA filing in 2027 23. The prurigo nodularis program was discontinued after it did not meet its primary and key secondary endpoints at Week 12 2.

    Segments

    Barzolvolimab (anti-KIT)

    The largest research segment is the barzolvolimab program, which absorbed most research and development spending in 2025, while the company still has no product revenue 1.

    Market context

    Chronic spontaneous urticaria is one of the most frequent dermatologic diseases, and about 50% of patients achieve symptom control with antihistamines, while omalizumab helps roughly half of the remaining antihistamine refractory patients 1. The market remains open if barzolvolimab confirms benefit in Phase 3 studies, but revenues depend on regulatory approval and reimbursement 1.

    The company stated in 2026 that its cash is sufficient to fund planned operations through 2028, which could reduce near-term financing pressure if Phase 3 data are favorable 3.

    Trends

    • Disease modification ambitionstailwind

      Long-term results show angioedema improvement persisting off treatment, which could shift treatment goals from symptom control to disease modification 3.

    • Setbacks in related indicationsheadwind

      The prurigo nodularis failure suggests mast cells may not be the key driver in every targeted disease 2.

    • Equity financingmixed

      The company recently raised funds through a public offering, but dilution for shareholders could still occur if capital needs grow 13.

    • Rising trial costsheadwind

      Research and development expenses have risen with larger trials, which could widen losses before approval 23.

    Competitive position

    Competition includes existing urticaria therapies such as omalizumab and other biologics in development for mast cell driven diseases 1. The documents do not detail commercial competitors, so this assessment remains limited.

    The company's stated advantage is its distinct KIT inhibition mechanism and long-term data, which will need to be compared with approved treatments after Phase 3 studies conclude 23.

    • Omalizumab (existing therapy)

      IgE inhibitor mentioned in the documents as treatment for antihistamine refractory patients.

    • H1 antihistamines

      First line treatment that controls symptoms in about half of patients.

    • Other urticaria antibodies in development

      The documents do not name these, but indicate an unmet need.

    • Biologics for Th2 inflammation

      Category targeted by the bispecific candidate, without specific products identified in the documents.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Celldex Therapeutics, Inc. · 25 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Celldex Therapeutics, Inc. · 06 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Celldex Therapeutics, Inc. · 06 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.