CymaBay Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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CymaBay Therapeutics grants inducement awards to two employees

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• CymaBay Therapeutics has granted inducement awards to two employees who have recently joined the company. The awards consist of non-qualified stock options to purchase a total of 52,000 shares of CymaBay common stock. The exercise price of the options is $13.48 per share, which is equal to the closing price of the stock on the grant date. The options will vest and become exercisable over time, with 25% of the shares vesting on the first anniversary of the grant date and the remaining 75% vesting in equal monthly installments over the following 36 months, contingent upon the employees' continued employment with CymaBay.

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NEWARK, Calif., Oct. 16, 2023 (GLOBE NEWSWIRE) -- CymaBay Therapeutics, Inc. (NASDAQ: CBAY), a clinical-stage biopharmaceutical company focused on developing therapies for liver and other chronic diseases with high unmet need, today announced the grant of inducement awards to two employees on October 13, 2023 (the “Grant Date”) in connection with the employees’ commencement of employment at CymaBay. The Compensation Committee of the Board of Directors of CymBay approved the grant of non-qualified stock options to purchase an aggregate of 52,000 shares of CymaBay common stock as inducements material to the employees entering into employment with CymaBay in accordance with Nasdaq Listing Rule 5635(c)(4), and are subject to the terms and conditions of the applicable award agreement covering such grants.

These stock option grants have an exercise prices of $13.48 per share, which was equal to the closing price of CymaBay’s common stock on the Grant Date. The stock options will vest and become exercisable as to 25% of the underlying shares on the first anniversary of the Grant Date, and will vest and become exercisable as to the remaining 75% of the underlying shares in 36 equal monthly installments from the first anniversary of the Grant Date, subject to the applicable employee’s continued employment with CymaBay on such vesting dates.

About CymaBay
CymaBay Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on improving the lives of people with liver and other chronic diseases that have high unmet medical need through a pipeline of innovative therapies. Our deep understanding of the underlying mechanisms of liver inflammation and fibrosis, and the unique targets that play a role in their progression, have helped us receive breakthrough therapy designation (U.S. Food and Drug Administration), PRIority MEdicines status (European Medicines Agency) and orphan drug status (U.S. and Europe) for seladelpar, a first-in-class investigational treatment for people with primary biliary cholangitis (PBC). Our evidence-based decision-making and commitment to the highest quality standards reflect our relentless dedication to the people, families and communities we serve. To learn more, visit www.cymabay.com and follow us on X (formerly Twitter) and Linkedin.

Public Relations Contact:                                    

Theresa Dolge
Evoke Kyne
(609) 915-2156
Theresa.Dolge@evokegroup.com

Investor Relations Contact:

Hans Vitzthum
LifeSci Advisors, LLC
(617) 430-7578
Hans@LifeSciAdvisors.com

FAQ

What is the news about?

The news is about CymaBay Therapeutics granting inducement awards to two employees.

What are the inducement awards?

The inducement awards consist of non-qualified stock options to purchase a total of 52,000 shares of CymaBay common stock.

What is the exercise price of the options?

The exercise price of the options is $13.48 per share.

How will the options vest?

The options will vest as to 25% of the shares on the first anniversary of the grant date, and the remaining 75% will vest in equal monthly installments over the following 36 months.

What is the condition for vesting?

The options will vest contingent upon the employees' continued employment with CymaBay.