Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Stock-Based Compensation

Stock-Based Compensation

(10)  Stock-Based Compensation

A summary of stock option activity for the three months ended March 31, 2025 is as follows:

		Weighted		Weighted
		Average		Average
		Exercise		Remaining
		Price		Contractual
	Shares	Per Share		Term (In Years)
Options outstanding at December 31, 2024	7,540,109	$	31.47	7.5
Granted	40,400	$	22.04
Exercised	(380)	$	8.38
Canceled	(81,381)	$	39.24
Options outstanding at March 31, 2025	7,498,748	$	31.34	7.2
Options vested and expected to vest at March 31, 2025	7,400,964	$	31.29	7.2
Options exercisable at March 31, 2025	4,233,279	$	29.14	6.1
Shares available for grant under the Celldex Therapeutics, Inc. 2021 Omnibus Equity Incentive Plan (as amended, effective as of June 13, 2024) at March 31, 2025	2,413,314

The weighted average grant-date fair value of stock options granted during the three months ended March 31, 2025 was $15.66.

The aggregate intrinsic value of stock options vested and expected to vest at March 31, 2025 was $11.7 million. The aggregate intrinsic value of stock options exercisable at March 31, 2025 was $11.7 million. As of March 31, 2025, total compensation cost related to non-vested employee, consultant and non-employee director stock options not yet recognized was approximately $67.1 million, net of estimated forfeitures, which is expected to be recognized as expense over a weighted average period of 2.4 years.

Stock-based compensation expense for the three months ended March 31, 2025 and 2024 was recorded as follows:

	Three Months Ended March 31,
	2025		2024
	(In thousands)
Research and development	$	4,585	$	3,693
General and administrative		4,731		3,509
Total stock-based compensation expense	$	9,316	$	7,202

The fair values of employee, consultant and non-employee director stock options granted during the three months ended March 31, 2025 and 2024 were valued using the Black-Scholes option pricing model with the following assumptions:

	Three Months Ended March 31,
	2025	2024
Expected stock price volatility	76 – 81%	92%
Expected option term	6.0 Years	6.0 Years
Risk-free interest rate	4.2 – 4.7%	4.0 - 4.3%
Expected dividend yield	None	None