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

Rhea-AI Summary

Cidara Therapeutics (Nasdaq: CDTX) announced the grant of 172,000 stock options and restricted stock units to eight new employees under its 2020 Inducement Incentive Plan. The options have an exercise price of $2.02 per share, equivalent to the stock's closing price on June 30, 2021. Vesting occurs over four years, with 25% vesting after one year and the remainder in equal monthly installments. These awards are a strategic inducement to attract new talent in line with Nasdaq rules.

Positive

• Granting of 172,000 shares as a strategic move to attract new talent.
• Stock options priced at $2.02, matching the market price, indicating confidence.

Negative

• None.

SAN DIEGO, July 07, 2021 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company developing long-acting therapeutics designed to transform the standard of care for patients facing serious fungal or viral infections, today announced that the Compensation Committee of its Board of Directors granted non-qualified stock option awards and restricted stock units for an aggregate of 172,000 shares of its common stock to eight new employees, pursuant to the Cidara Therapeutics, Inc. 2020 Inducement Incentive Plan, with a grant date of June 30, 2021. Each of the stock options has an exercise price of $2.02 per share, which is equal to the closing price of Cidara’s common stock on the grant date. The shares subject to the options will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable 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, subject to the participant’s Continuous Service through each such vesting date. Quarterly Vesting Date means March 10, June 10, September 10 or December 10.The awards are subject to the award holders’ continuous service through each vesting date and to the terms and conditions of the company’s 2020 Inducement Incentive Plan and its standard forms of grant agreements thereunder.

The foregoing equity awards were granted as inducements material to the employees 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 is developing long-acting therapeutics designed to transform the standard of care for patients facing serious fungal or viral infections. The Company’s portfolio is comprised of its lead antifungal candidate, rezafungin, in addition to antiviral conjugates (AVCs) for the prevention and treatment of influenza and other viral diseases from Cidara’s proprietary Cloudbreak® antiviral platform. 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:
Karen O’Shea, Ph.D.
LifeSci Communications
(929) 469-3860
koshea@lifescicomms.com

FAQ

What is the stock option grant by Cidara Therapeutics on July 7, 2021?

Cidara Therapeutics granted 172,000 stock options and restricted stock units to eight new employees.

What is the exercise price for the stock options granted by CDTX?

The exercise price for the stock options is $2.02 per share.

How will the stock options vest for new employees at Cidara Therapeutics?

The stock options will vest over four years, with 25% vesting on the one-year anniversary, followed by 36 monthly installments.

What is the purpose of the Cidara 2020 Inducement Incentive Plan?

The plan is designed to grant equity awards to attract new talent to the company.