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

Rhea-AI Summary

Bicycle Therapeutics plc (NASDAQ: BCYC) has announced the granting of inducement awards to seven new employees on September 3, 2024. These awards consist of non-qualified share options to purchase a total of 29,500 ordinary shares. The options were granted under Bicycle Therapeutics' 2024 Inducement Plan and approved by the Compensation Committee in accordance with Nasdaq Listing Rule 5635(c)(4).

Key details of the options include:

• Exercise price: $21.50 per share (based on the closing trading price on August 30, 2024)
• Vesting period: 4 years (25% after one year, remaining balance monthly over 36 months)
• Subject to continued employment with the company

These awards are designed to serve as an inducement for new employees joining Bicycle Therapeutics.

Positive

• Attraction of new talent with stock options as incentives
• Alignment of employee interests with company performance through equity-based compensation

Negative

• Potential dilution of existing shareholders' equity due to new share options

CAMBRIDGE, England & BOSTON--(BUSINESS WIRE)-- Bicycle Therapeutics plc (NASDAQ: BCYC), today announced that on September 3, 2024, the Compensation Committee of the company’s Board of Directors granted to seven new employees inducement awards consisting of non-qualified share options to purchase an aggregate of 29,500 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 per share equal to $21.50 per share, Bicycle Therapeutics’ closing trading price on August 30, 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/20240903534389/en/

Investors and Media:

Stephanie Yao

SVP, Investor Relations and Corporate Communications

ir@bicycletx.com

857-523-8544

Source: Bicycle Therapeutics plc

FAQ

How many new employees received inducement awards from Bicycle Therapeutics on September 3, 2024?

Seven new employees received inducement awards from Bicycle Therapeutics on September 3, 2024.

What is the exercise price of the share options granted by Bicycle Therapeutics (BCYC) in the inducement awards?

The exercise price of the share options is $21.50 per share, which was Bicycle Therapeutics' closing trading price on August 30, 2024.

What is the vesting schedule for the inducement awards granted by Bicycle Therapeutics (BCYC)?

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

How many ordinary shares can be purchased with the non-qualified share options granted by Bicycle Therapeutics (BCYC)?

The non-qualified share options grant the right to purchase an aggregate of 29,500 ordinary shares of Bicycle Therapeutics.