Bicycle Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Bicycle Therapeutics (NASDAQ: BCYC) announced that its Compensation Committee granted inducement awards to twelve new employees on November 1, 2024. The awards consist of non-qualified share options to purchase 56,700 ordinary shares under the company's 2024 Inducement Plan. The options have an exercise price of $23.44 per share, based on the closing price on October 31, 2024. The options will vest over four years, with 25% vesting after one year and the remainder vesting monthly over 36 months, subject to continued employment.

Positive

• Addition of twelve new employees indicating company growth
• Implementation of employee retention strategy through stock options

Negative

• Potential shareholder dilution from 56,700 new share options

CAMBRIDGE, England & BOSTON--(BUSINESS WIRE)-- Bicycle Therapeutics plc (NASDAQ: BCYC), today announced that on November 1, 2024, the Compensation Committee of the company’s Board of Directors granted to twelve new employees inducement awards consisting of non-qualified share options to purchase an aggregate of 56,700 ordinary shares. These awards were made under Bicycle Therapeutics’ 2024 Inducement Plan and approved by the Compensation Committee as an inducement material to the employees entering into employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4).

Each option has an exercise price equal to $23.44 per share, Bicycle Therapeutics’ closing trading price on October 31, 2024, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the employees’ continued service relationship with the company through the applicable vesting dates. The awards are subject to the terms and conditions of Bicycle Therapeutics’ 2024 Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.

About Bicycle Therapeutics

Bicycle Therapeutics is a clinical-stage pharmaceutical company developing a novel class of medicines, referred to as Bicycle^® molecules, for diseases that are underserved by existing therapeutics. Bicycle molecules are fully synthetic short peptides constrained with small molecule scaffolds to form two loops that stabilize their structural geometry. This constraint facilitates target binding with high affinity and selectivity, making Bicycle molecules attractive candidates for drug development. The company is evaluating zelenectide pevedotin (formerly BT8009), a Bicycle^® Toxin Conjugate (BTC^®) targeting Nectin-4, a well-validated tumor antigen; BT5528, a BTC molecule targeting EphA2, a historically undruggable target; and BT7480, a Bicycle Tumor-Targeted Immune Cell Agonist^® (Bicycle TICA^®) targeting Nectin-4 and agonizing CD137, in company-sponsored clinical trials. Additionally, the company is developing Bicycle^® Radio Conjugates (BRC^®) for radiopharmaceutical use and, through various partnerships, is exploring the use of Bicycle^® technology to develop therapies for diseases beyond oncology.

Bicycle Therapeutics is headquartered in Cambridge, UK, with many key functions and members of its leadership team located in Cambridge, Mass. For more information, visit bicycletherapeutics.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241101813346/en/

Investors:

Stephanie Yao

SVP, Investor Relations and Corporate Communications

stephanie.yao@bicycletx.com

857-523-8544

Matthew DeYoung

Argot Partners

ir@bicycletx.com

212-600-1902

Media:

Jim O’Connell

Weber Shandwick

media@bicycletx.com

312-988-2343

Source: Bicycle Therapeutics plc

FAQ

How many shares were granted in Bicycle Therapeutics (BCYC) November 2024 inducement awards?

Bicycle Therapeutics granted options to purchase 56,700 ordinary shares to twelve new employees.

What is the exercise price for BCYC's November 2024 inducement stock options?

The exercise price for the stock options is $23.44 per share, based on Bicycle Therapeutics' closing price on October 31, 2024.

What is the vesting schedule for BCYC's November 2024 inducement grants?

The options vest over four years, with 25% vesting after one year and the remaining vesting monthly over 36 months, subject to continued employment.