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Stock-Based Compensation | 3 Months Ended
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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
​

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