Cidara Therapeutics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Cidara Therapeutics announced the granting of a non-qualified stock option award and restricted stock units (RSUs) to new employee Corrina Pavetto. The award consists of 10,275 shares of common stock under the 2020 Inducement Incentive Plan. The stock option's exercise price is set at $11.94, equal to the closing price on the grant date, June 28, 2024. The options vest over four years, with 25% of shares vesting after one year, followed by equal monthly installments. RSUs also vest annually over four years. The grant complies with Nasdaq Listing Rule 5635(c)(4) and aims to incentivize new employees.

Positive

• Award of 10,275 shares to a new employee, Corrina Pavetto, under the 2020 Inducement Incentive Plan.
• Stock options have an exercise price of $11.94, equal to the closing price on the grant date.
• Vesting schedule provides long-term employee retention incentives.

Negative

• Potential shareholder dilution due to the issuance of new shares.

SAN DIEGO, July 03, 2024 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company using its proprietary Cloudbreak^® platform to develop drug-Fc conjugate (DFC) immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases, today announced that the Compensation Committee of its Board of Directors granted Corrina Pavetto, a new employee, a non-qualified stock option award and restricted stock units (RSUs) for an aggregate of 10,275 shares of its common stock, pursuant to the Cidara Therapeutics, Inc. 2020 Inducement Incentive Plan, with a grant date of June 28, 2024. The stock option has an exercise price of $11.94 per share, which is equal to the closing price of Cidara’s common stock on the grant date. The shares subject to the option will vest over four years, with 25% of the shares vesting on the one-year anniversary of the vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter. All RSUs vest in four equal annual installments, with 1/4 vesting on each of the first, second, third and fourth anniversaries of the Quarterly Vesting Date that occurs during the calendar quarter that includes the Date of Grant. Quarterly Vesting Date means March 10, June 10, September 10 or December 10. The awards are subject to the award holder’s continuous service through each vesting date and to the terms and conditions of Cidara’s 2020 Inducement Incentive Plan and its standard forms of grant agreements thereunder.

The foregoing equity award was granted as an inducement material to the employee entering into employment with Cidara, in accordance with Nasdaq Listing Rule 5635(c)(4). The Cidara Therapeutics, Inc. 2020 Inducement Incentive Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Cidara, or following a bona fide period of non-employment, as an inducement material to such individual’s entering into employment with Cidara, pursuant to Nasdaq Listing Rule 5635(c)(4).

About Cidara Therapeutics

Cidara Therapeutics is using its proprietary Cloudbreak^® platform to develop novel drug-Fc conjugates (DFCs). These targeted immunotherapies offer the unique opportunity to create “single molecule cocktails” comprised of targeted small molecules and peptides coupled to a human antibody fragment (Fc). DFCs are designed to save lives and improve the standard of care for patients facing serious diseases by inhibiting specific disease targets while simultaneously engaging the immune system. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com.

INVESTOR CONTACT:
Brian Ritchie
LifeSci Advisors
(212) 915-2578
britchie@lifesciadvisors.com

MEDIA CONTACT:
Michael Fitzhugh
LifeSci Communications
mfitzhugh@lifescicomms.com

FAQ

What did Cidara Therapeutics announce on July 3, 2024?

Cidara Therapeutics announced the granting of a non-qualified stock option award and RSUs to new employee Corrina Pavetto.

What is the exercise price of the stock options granted by Cidara Therapeutics?

The exercise price of the stock options is $11.94 per share.

How many shares were granted to Corrina Pavetto by Cidara Therapeutics?

Corrina Pavetto was granted 10,275 shares of common stock.

What is the vesting schedule for the stock options granted by Cidara Therapeutics?

The stock options vest over four years, with 25% vesting after one year and the remaining shares vesting in 36 equal monthly installments.

Under which plan were the stock options and RSUs granted by Cidara Therapeutics?

The stock options and RSUs were granted under the 2020 Inducement Incentive Plan.