Celldex Therapeutics Inc. (CLDX) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, CLDX scores 28 out of 100, a letter grade of E, labeled "Roarable Strong Sell — Forensic Risk / Avoid." The five pillars are:

• Fundamental Cash Engine (9 / 20): Per the Roarable RQD rating, this pillar reflects ROIC of -35% and FCF yield of -9.1%. Both figures indicate the business is consuming rather than generating cash relative to its capital base and market value.
• Whale 13F Flow (5 / 20): Per the Roarable RQD rating, institutional accumulation and options positioning score low. The underlying 13F detail is not itemized in the source data.
• Insider Conviction (3 / 20): Per the Roarable RQD rating, SEC Form 4 and Congressional PTR cluster flow scores low. No individual transactions are itemized in the source data.
• Macro Regime Fit (3 / 20): Per the Roarable RQD rating, beta of 1.0 and sector sensitivity score low.
• Forensic Balance Sheet (8 / 20): Per the Roarable RQD rating, Altman Z 20.25, Piotroski F 3/9, and Debt/Equity 0.5 are cited. The high Altman Z is offset by a weak Piotroski score.

For a prospective investor, the upside case rests on the 87.1% gross margin and the 52-week range of $22.1 to $45.14, which places the current price of $29.89 in the lower-middle portion of that band. The valuation tradeoff is that P/E, EPS, and EV/EBITDA are not available in source data, so earnings-based valuation cannot be assessed. The reported operating margin of -60% and net margin of -60% mean any investment thesis depends on future operating improvement rather than current profitability. The combined RQD pillar scores, all below 50% of their maximums, point to weak alignment across fundamentals, flows, and insider behavior at this time.

Celldex Therapeutics Inc. is a NASDAQ-listed issuer in the Health Care sector, within the Biotechnology: In Vitro & In Vivo Diagnostic Substances industry, per the profile. The source data does not describe its specific products, customers, or revenue model. Reported revenue was $1.5M in FY 2025, $7.0M in FY 2024, and $6.9M in FY 2023, per the SEC financials. Not available in source data for further detail on how the company monetizes its offerings.

Per the SEC financials, the company reported operating losses in each period shown, with FY 2025 operating income of $-287.4M against revenue of $1.5M. Per the market data, gross margin is 87.1%, while operating and net margins are each -60%, and ROIC is -35%. Per the Roarable RQD rating, the Altman Z-Score is 20.25 and the Piotroski F-Score is 3 of 9, with Debt/Equity of 0.5. The balance sheet posture reflects a high Altman Z alongside weak Piotroski quality signals and reported cash of $28.9M at FY 2025 year-end.

Per the recent news and catalysts section, six items are listed, all tied to CLDX:

• A Yahoo Finance report titled "Celldex Therapeutics (CLDX) Stock Looks Rich After Shareholder Investigation," flagged YELLOW, labeled MARKET WIRE. This is a risk-watch item referencing a shareholder investigation.
• A Seeking Alpha report on the company's "troubled history," flagged YELLOW, labeled MARKET WIRE.
• A TradingView estimates report, flagged YELLOW, labeled MARKET WIRE.
• A Simply Wall St report on the bull case following the shareholder investigation, flagged GREEN, labeled CATALYST. This is the only item marked as a catalyst in the source data.
• A Yahoo Finance UK seasonal returns chart, flagged YELLOW, labeled MARKET WIRE.
• A TradingView weekly recap noting that physicians favor barzolvolimab and citing a $64–$88 analyst range, flagged YELLOW, labeled MARKET WIRE.

Per the butterfly supply-chain graph, supply chain is listed as NONE, with no butterfly links and no proprietary signals. The news flow is predominantly YELLOW, and the principal named risk item is a shareholder investigation. The reference to a $64–$88 analyst range in the weekly recap is not corroborated by the analyst data section, which is NONE.

• What specific products and revenue sources generate the $1.5M of FY 2025 revenue, and how does that relate to the operating losses?
• What is the nature and status of the shareholder investigation referenced in the news flow?
• What are the EPS, P/E, and EV/EBITDA figures, which are not available in source data, and how would they reshape the valuation picture?
• What cash runway is implied by the $28.9M in FY 2025 cash against the $-213.7M free cash flow reported that year?
• Who holds the company's equity and how have institutional and insider positions changed, given that holders data is not available?