CLDXCelldex Therapeutics, Inc.

In Vitro & In Vivo Diagnostic Substances

Revenue: $2M; 78% YoY
Operating margin: -18599.8%; 569% YoY
EBITDA: −$284M; 48% YoY
Market cap: $2.4B
Employees: 10,000; $155 revenue each
Net debt / EBITDA: —
AI in 10-K: 1.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
23× of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$155 · 5th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5M	$2M	$7M	$7M	$2M	78%
Operating income	−$71M	−$115M	−$155M	−$195M	−$287M	47%
Net income	−$71M	−$112M	−$141M	−$158M	−$259M	64%
Operating cash flow	−$61M	−$104M	−$107M	−$158M	−$211M	34%
Capex	$1M	$2M	$2M	$2M	$3M	41%
Stock-based comp	$9M	$16M	$24M	$34M	$36M	5.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 2
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	$5M	155	201
FY2024	$9M	$76K	144	156
FY2023	$8M	$4M	226	144
FY2022	$5M	$10M	254	139
FY2021	$6M	$14M	221	124