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

Rhea-AI Summary

CymaBay Therapeutics, Inc. (NASDAQ: CBAY) announced the grant of inducement awards to five employees on November 15, 2023. The Compensation Committee approved the grant of non-qualified stock options to purchase 182,000 shares of CymaBay common stock. The options have an exercise price of $18.00 per share and will vest over time based on the employees' continued employment.

NEWARK, Calif., Nov. 17, 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 five employees on November 15, 2023 (the “Grant Date”) in connection with the employees’ commencement of employment at CymaBay. The Compensation Committee of the Board of Directors of CymaBay approved the grant of non-qualified stock options to purchase an aggregate of 182,000 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 price of $18.00 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:

PJ Kelleher
LifeSci Advisors, LLC
(617) 430-7579
pkelleher@LifeSciAdvisors.com

FAQ

What did CymaBay Therapeutics announce?

CymaBay announced the grant of inducement awards to five employees on November 15, 2023.

How many shares of CymaBay common stock were involved in the grant?

The grant involved 182,000 shares of CymaBay common stock.

What is the exercise price of the stock options?

The exercise price of the stock options is $18.00 per share.

How will the stock options vest?

The stock options will vest as to 25% of the underlying shares on the first anniversary of the Grant Date, and the remaining 75% will vest in 36 equal monthly installments from the first anniversary.