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Celldex Therapeutics, Inc., which we refer to as Celldex, we, us, our or the Company, is a biopharmaceutical company dedicated to exploring the science of mast cell biology and developing therapeutic antibodies which have the ability to engage the human immune system and/or directly affect critical pathways to improve the lives of patients with severe inflammatory, allergic, autoimmune and othe…
The business is unprofitable at the operating level (-18599.81% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 78.0% YoY. Margins deteriorated 15820.9pp alongside, both lines moving the wrong way.
ROIC dropped from -26.06% to -35.46%, capital efficiency is deteriorating. Negative free cash flow of -$214M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$2M
▼ -78.0% YoY
Net Income (TTM)
-$284M
▼ -63.9% YoY
Op. Margin
-18599.81%
▼ -15820.9pp YoY
ROIC
-43.46%
▼ -9.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$226M
▼ -33.8% YoY
Op. Cash Flow (TTM)
-$222M
▼ -33.7% YoY
Net Debt
-$450M
Net Cash Position
Cash & Equiv.
$451M
5Y CAGR: -26.9%
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