Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation

Stock-Based Compensation

(10)  Stock-Based Compensation

A summary of stock option activity for the three months ended March 31, 2026 is as follows:

		Weighted		Weighted
		Average		Average
		Exercise		Remaining
		Price		Contractual
	Shares	Per Share		Term (In Years)
Options outstanding at December 31, 2025	9,134,278	$	26.49	7.1
Granted	78,100	$	27.98	—
Exercised	(7,442)	$	14.65	—
Canceled	(133,333)	$	33.17	—
Options outstanding at March 31, 2026	9,071,603	$	26.41	6.9
Options vested and expected to vest at March 31, 2026	8,974,496	$	26.41	6.9
Options exercisable at March 31, 2026	5,488,328	$	26.49	5.8
Shares available for grant under the Celldex Therapeutics, Inc. 2021 Omnibus Equity Incentive Plan (as amended, effective as of June 5, 2025) at March 31, 2026	2,680,069

The weighted average grant-date fair value of stock options granted during the three months ended March 31, 2026 was $19.04.

The aggregate intrinsic value of stock options vested and expected to vest at March 31, 2026 was $66.6 million. The aggregate intrinsic value of stock options exercisable at March 31, 2026 was $41.5 million. As of March 31, 2026, total compensation cost related to non-vested employee, consultant and non-employee director stock options not yet recognized was approximately $57.3 million, net of estimated forfeitures, which is expected to be recognized as expense over a weighted average period of 2.5 years.

Stock-based compensation expense for the three months ended March 31, 2026 and 2025 was recorded as follows:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Research and development	$	4,647	$	4,585
General and administrative		3,876		4,731
Total stock-based compensation expense	$	8,523	$	9,316

The fair values of employee, consultant and non-employee director stock options granted during the three months ended March 31, 2026 and 2025 were valued using the Black-Scholes option pricing model with the following assumptions:

	Three Months Ended March 31,
	2026	2025
Expected stock price volatility	74 – 76%	76 – 81%
Expected option term	6.0 Years	6.0 Years
Risk-free interest rate	3.8 – 4.2%	4.2 – 4.7%
Expected dividend yield	None	None