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Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Stock-Based Compensation

Stock-Based Compensation

(8)  Stock-Based Compensation

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A summary of stock option activity for the six months ended June 30, 2024 is as follows:

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​	​	​	​	​	​	​	​
​	​	​	​	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.

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Stock-based compensation expense for the three and six months ended June 30, 2024 and 2023 was recorded as follows:

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Three Months Ended June 30,

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Six Months Ended June 30,

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2024

2023

2024

2023

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​

(In thousands)

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(In thousands)

Research and development

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$

3,884

​

$

2,489

​

$

7,577

​

$

4,650

General and administrative

​

3,756

​

2,728

​

7,265

​

4,907

Total stock-based compensation expense

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$

7,640

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$

5,217

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$

14,842

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$

9,557

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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:

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​	​	​	​	​	​	​	​	​
​	​	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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X

- Definition

The entire disclosure for share-based payment arrangement.

+ References

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