Celldex Therapeutics, Inc.
CLDX Healthcare Biotechnology
Celldex Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 million, down 78.0% from fiscal 2024. In the quarter to June 2026, revenue fell 96.8%, EPS fell 10.6% and free cash flow fell 35.5%, each against the same quarter a year earlier.
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Celldex Therapeutics, Inc. (CLDX) Altman Z-score
Celldex Therapeutics, Inc.'s Altman Z-score for fiscal 2025 is 14.41, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 14.41 | (4.65) |
| FY2024 | 19.06 | (8.32) |
| FY2023 | 27.37 | (14.85) |
| FY2022 | 42.22 | 5.80 |
| FY2021 | 36.42 | 30.94 |
| FY2020 | 5.48 | 17.25 |
| FY2019 | −11.78 | (1.14) |
| FY2018 | −10.64 | (9.02) |
| FY2017 | −1.63 | (0.20) |
| FY2016 | −1.42 | (17.90) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.83 | — | 1.00 | |
| Retained earnings / total assets | (3.11) | — | −4.36 | |
| EBIT / total assets | (0.49) | — | −1.63 | |
| Market value of equity / total liabilities | 32.32 | — | 19.39 | |
| Sales / total assets | 0.00 | — | 0.00 | |
| Altman Z-score | Safe zone | 14.41 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.90 | ||
Z and Z″ put Celldex Therapeutics, Inc. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ADMA ADMA Biologics Inc compare | 20.0× |
| CLDX Celldex Therapeutics, Inc. | 14.4× |
| AUPH Aurinia Pharmaceuticals Inc compare | 7.9× |
| VRDN Viridian Therapeutics, Inc. compare | 6.7× |
| HRMY Harmony Biosciences Holdings, Inc. compare | 5.2× |
| RXRX Recursion Pharmaceuticals, Inc. compare | 0.4× |
| FTRE Fortrea Holdings Inc. compare | −0.3× |
| SLS SELLAS Life Sciences Group, Inc. compare | −16.8× |
| IRON Disc Medicine, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets