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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Stock-Based Compensation |
Stock-Based Compensation | (10) Stock-Based Compensation A summary of stock option activity for the six months ended June 30, 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 |  | 1,963,850 | ​ | $ | 19.57 | ​ | ​
Exercised |  | (10,430) | ​ | $ | 6.96 | ​ | ​
Canceled |  | (203,201) | ​ | $ | 142.75 | ​ | ​
Options outstanding at June 30, 2025 |  | 9,290,328 | ​ | $ | 26.55 | ​ | 7.5
Options vested and expected to vest at June 30, 2025 |  | 9,114,514 | ​ | $ | 26.55 | ​ | 7.5
Options exercisable at June 30, 2025 |  | 4,925,518 | ​ | $ | 25.49 | ​ | 6.2
Shares available for grant under the Celldex Therapeutics, Inc. 2021 Omnibus Equity Incentive Plan (as amended, effective as of June 5, 2025) at June 30, 2025 |  | 2,611,684 | ​ | ​ | ​ | ​ | ​
​ The weighted average grant-date fair value of stock options granted during the three and six months ended June 30, 2025 was $13.42 and $13.46, respectively. The aggregate intrinsic value of stock options vested and expected to vest at June 30, 2025 was $15.9 million. The aggregate intrinsic value of stock options exercisable at June 30, 2025 was $14.3 million. As of June 30, 2025, total compensation cost related to non-vested employee, consultant and non-employee director stock options not yet recognized was approximately $81.9 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, 2025 and 2024 was recorded as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (In thousands) | ​ | (In thousands)
Research and development | ​ | $ | 4,882 | ​ | $ | 3,884 | ​ | $ | 9,467 | ​ | $ | 7,577
General and administrative | ​ |  | 4,309 | ​ |  | 3,756 | ​ |  | 9,040 | ​ |  | 7,265
Total stock-based compensation expense | ​ | $ | 9,191 | ​ | $ | 7,640 | ​ | $ | 18,507 | ​ | $ | 14,842
​ The fair values of employee, consultant and non-employee director stock options granted during the three and six months ended June 30, 2025 and 2024 were valued using the Black-Scholes option pricing model with the following assumptions: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Expected stock price volatility |  | 76% | ​ | 82 – 93% | ​ | 76 – 81% | ​ | 82 – 93%
Expected option term |  | 6.0 Years | ​ | 6.0 Years | ​ | 6.0 Years | ​ | 6.0 Years
Risk-free interest rate |  | 4.1 – 4.3% | ​ | 4.2 – 4.5% | ​ | 4.1 – 4.7% | ​ | 4.0 – 4.5%
Expected dividend yield |  | None | ​ | None | ​ | None | ​ | None
​

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