Celldex Therapeutics, Inc.

CLDXdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Celldex Therapeutics, Inc. earns about -26% on invested capital, but has diluted owners by 154838% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$4.65M¹	$2.36M²	$6.88M³	$7.02M³	$1.55M³
Net income	—	—	−$141.4M⁴	−$157.9M⁴	−$258.8M⁴
Operating cash flow	−$60.9M⁵	−$103.7M⁶	−$107.3M⁷	−$157.8M⁷	−$210.9M⁷
Capital expenditure	$1.25M⁸	$1.83M⁹	$1.82M¹⁰	$1.92M¹⁰	$2.71M¹⁰
Free cash flow (derived)	−$62.2M⁵	−$105.6M⁶	−$109.1M⁷	−$159.7M⁷	−$213.7M⁷
Total debt	—	—	—	—	—
Cash & equivalents	$39.1M¹¹	$29.4M¹²	$34.8M¹³	$28.4M¹⁴	$28.9M¹⁴
Diluted shares	42,870	46,888	48.4M	64.4M	66.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$79.37

your share of equity

Profit it earned you last year

−$38.96

Free cash flow it threw off

−$32.17

Debt you’d be carrying

—

10 shares is a claim on $79.37 of net worth that earned you −$38.96 and generated −$32.17 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-26% avg · 5y

FY21 -15%FY22 -30%FY23 -28%FY24 -17%FY25 -41%

It earned an average -26% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+154838% shares · 5y

Share count is up 154838% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001410578-24-000076 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2022-12-31 · accession 0001410578-25-000216 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001104659-26-019652 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001104659-26-019652 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001410578-24-000076 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001410578-25-000216 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001104659-26-019652 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001410578-24-000076 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001410578-25-000216 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001104659-26-019652 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-12-31 · accession 0001104659-23-026701 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001410578-24-000076 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001410578-25-000216 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001104659-26-019652 (CashAndCashEquivalentsAtCarryingValue)