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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Stock-Based Compensation |
Stock-Based Compensation | (8) Stock-Based Compensation ​ A summary of stock option activity for the six months ended June 30, 2024 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Weighted
​ | ​ | ​ | ​ | Average | ​ | Average
​ | ​ | ​ | ​ | Exercise | ​ | Remaining
​ | ​ | ​ | ​ | Price | ​ | Contractual
​ |  | Shares |  | Per Share |  | Term (In Years)
Options outstanding at December 31, 2023 |  | 6,378,924 | ​ | $ | 29.69 | ​ | 7.5
Granted |  | 1,818,160 | ​ | $ | 36.50 | ​ | ​
Exercised |  | (592,738) | ​ | $ | 12.50 | ​ | ​
Canceled |  | (71,123) | ​ | $ | 165.60 | ​ | ​
Options outstanding at June 30, 2024 |  | 7,533,223 | ​ | $ | 31.41 | ​ | 7.8
Options vested and expected to vest at June 30, 2024 |  | 7,364,743 | ​ | $ | 31.33 | ​ | 7.8
Options exercisable at June 30, 2024 |  | 3,552,278 | ​ | $ | 29.05 | ​ | 6.5
Shares available for grant under the Celldex Therapeutics, Inc. 2021 Omnibus Equity Incentive Plan (as amended, effective as of June 13, 2024) |  | 2,466,466 | ​ | ​ | ​ | ​ | ​
​ The weighted average grant-date fair value of stock options granted during the three and six months ended June 30, 2024 was $26.41 and $26.42, respectively. ​ The aggregate intrinsic value of stock options vested and expected to vest at June 30, 2024 was $82.5 million. The aggregate intrinsic value of stock options exercisable at June 30, 2024 was $61.2 million. As of June 30, 2024, total compensation cost related to non-vested employee, consultant and non-employee director stock options not yet recognized was approximately $93.1 million, net of estimated forfeitures, which is expected to be recognized as expense over a weighted average period of 2.9 years. ​ Stock-based compensation expense for the three and six months ended June 30, 2024 and 2023 was recorded as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | (In thousands) | ​ | (In thousands)
Research and development | ​ | $ | 3,884 | ​ | $ | 2,489 | ​ | $ | 7,577 | ​ | $ | 4,650
General and administrative | ​ |  | 3,756 | ​ |  | 2,728 | ​ |  | 7,265 | ​ |  | 4,907
Total stock-based compensation expense | ​ | $ | 7,640 | ​ | $ | 5,217 | ​ | $ | 14,842 | ​ | $ | 9,557
​ The fair values of employee, consultant and non-employee director stock options granted during the three and six months ended June 30, 2024 and 2023 were valued using the Black-Scholes option pricing model with the following assumptions: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Expected stock price volatility |  | 82 – 93% | ​ | 92% | ​ | 82 – 93% | ​ | 92%
Expected option term |  | 6.0 Years | ​ | 6.0 Years | ​ | 6.0 Years | ​ | 6.0 Years
Risk-free interest rate |  | 4.2 – 4.5% | ​ | 3.5 – 3.9% | ​ | 4.0 – 4.5% | ​ | 3.5 – 4.0%
Expected dividend yield |  | None | ​ | None | ​ | None | ​ | None
​

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