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Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Stock-Based Compensation

Stock-Based Compensation

(10)  Stock-Based Compensation

A summary of stock option activity for the nine months ended September 30, 2025 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, 2024		7,540,109	​	$	31.47	​	7.5
Granted		1,978,750	​	$	19.59	​	​
Exercised		(50,732)	​	$	12.49	​	​
Canceled		(289,955)	​	$	111.23	​	​
Options outstanding at September 30, 2025		9,178,172	​	$	26.50	​	7.3
Options vested and expected to vest at September 30, 2025		9,029,315	​	$	26.50	​	7.3
Options exercisable at September 30, 2025		5,130,433	​	$	25.85	​	6.1
Shares available for grant under the Celldex Therapeutics, Inc. 2021 Omnibus Equity Incentive Plan (as amended, effective as of June 5, 2025) at September 30, 2025		2,683,538	​	​	​	​	​

​

The weighted average grant-date fair value of stock options granted during the three and nine months ended September 30, 2025 was $15.43 and $13.48, respectively.

The aggregate intrinsic value of stock options vested and expected to vest at September 30, 2025 was $37.1 million. The aggregate intrinsic value of stock options exercisable at September 30, 2025 was $24.4 million. As of September 30, 2025, total compensation cost related to non-vested employee, consultant and non-employee director stock options not yet recognized was approximately $72.8 million, net of estimated forfeitures, which is expected to be recognized as expense over a weighted average period of 2.7 years.

Stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 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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2025

2024

2025

2024

​

​

(In thousands)

​

(In thousands)

Research and development

​

$

4,743

​

$

4,880

​

$

14,210

​

$

12,457

General and administrative

​

4,058

​

4,740

​

13,098

​

12,005

Total stock-based compensation expense

​

$

8,801

​

$

9,620

​

$

27,308

​

$

24,462

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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, 2025 and 2024 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,
		2025		2024		2025		2024
Expected stock price volatility		76%	​	82%	​	76 – 81%	​	82 – 93%
Expected option term		6.0 Years	​	6.0 Years	​	6.0 Years	​	6.0 Years
Risk-free interest rate		4.0 – 4.2%	​	3.5 – 4.3%	​	4.0 – 4.7%	​	3.5 – 4.5%
Expected dividend yield		None	​	None	​	None	​	None

​

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Section 50
-Paragraph 2
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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