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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:

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Weighted

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Weighted

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Average

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Average

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Exercise

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Remaining

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Price

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Contractual

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Shares

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Per Share

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Term (In Years)

Options outstanding at December 31, 2025

 

9,134,278

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$

26.49

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7.1

Granted

 

78,100

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$

27.98

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—

Exercised

 

(7,442)

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$

14.65

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—

Canceled

 

(133,333)

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$

33.17

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—

Options outstanding at March 31, 2026

 

9,071,603

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$

26.41

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6.9

Options vested and expected to vest at March 31, 2026

 

8,974,496

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$

26.41

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6.9

Options exercisable at March 31, 2026

 

5,488,328

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$

26.49

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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

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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:

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Three Months Ended March 31, 

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2026

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2025

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(In thousands)

Research and development

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$

4,647

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$

4,585

General and administrative

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3,876

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4,731

Total stock-based compensation expense

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$

8,523

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$

9,316

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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:

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Three Months Ended March 31, 

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2026

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2025

Expected stock price volatility

 

74 – 76%

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76 – 81%

Expected option term

 

6.0 Years

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6.0 Years

Risk-free interest rate

 

3.8 – 4.2%

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4.2 – 4.7%

Expected dividend yield

 

None

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None

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