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Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Stock-Based Compensation

Stock-Based Compensation

(9)  Stock-Based Compensation

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A summary of stock option activity for the nine months ended September 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		1,907,820	​	$	36.42	​	​
Exercised		(649,672)	​	$	12.99	​	​
Canceled		(109,968)	​	$	120.83	​	​
Options outstanding at September 30, 2024		7,527,104	​	$	31.51	​	7.7
Options vested and expected to vest at September 30, 2024		7,381,038	​	$	31.44	​	7.7
Options exercisable at September 30, 2024		3,746,377	​	$	29.19	​	6.4
Shares available for grant under the Celldex Therapeutics, Inc. 2021 Omnibus Equity Incentive Plan (as amended, effective as of June 13, 2024) at September 30, 2024		2,415,651	​	​	​	​	​

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The weighted average grant-date fair value of stock options granted during the three and nine months ended September 30, 2024 was $25.09 and $26.36, respectively.

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The aggregate intrinsic value of stock options vested and expected to vest at September 30, 2024 was $54.4 million. The aggregate intrinsic value of stock options exercisable at September 30, 2024 was $46.2 million. As of September 30, 2024, total compensation cost related to non-vested employee, consultant and non-employee director stock options not yet recognized was approximately $85.4 million, net of estimated forfeitures, which is expected to be recognized as expense over a weighted average period of 2.7 years.

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

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Three Months Ended September 30,

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Nine Months Ended September 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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$

4,880

​

$

3,618

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$

12,457

​

$

8,269

General and administrative

​

4,740

​

3,503

​

12,005

​

8,409

Total stock-based compensation expense

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$

9,620

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$

7,121

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$

24,462

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$

16,678

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The fair values of employee, consultant and non-employee director stock options granted during the three and nine months ended September 30, 2024 and 2023 were valued using the Black-Scholes option pricing model with the following assumptions:

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​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,			​	Nine Months Ended September 30,
		2024		2023		2024		2023
Expected stock price volatility		82%	​	92%	​	82 – 93%	​	92%
Expected option term		6.0 Years	​	6.0 Years	​	6.0 Years	​	6.0 Years
Risk-free interest rate		3.5 – 4.3%	​	4.1%	​	3.5 – 4.5%	​	3.5 – 4.1%
Expected dividend yield		None	​	None	​	None	​	None

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

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