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

Rhea-AI Summary

Cidara Therapeutics, Inc. (CDTX) announced the grant of stock options and restricted stock units totaling 17,000 shares to three new employees under its 2020 Inducement Incentive Plan. The options have an exercise price of $1.27 per share, equal to the stock's closing price on the grant date (December 31, 2021). The awards are intended as inducements for the new hires, in compliance with Nasdaq Listing Rule 5635(c)(4). Cidara focuses on long-acting therapeutics, including its lead Phase 3 antifungal candidate, rezafungin.

Positive

• Grant of 17,000 stock options and RSUs to new employees may enhance talent acquisition.
• Stock options granted at a price equal to market value, potentially aligning employee interests with shareholder value.

Negative

• None.

SAN DIEGO, Jan. 06, 2022 (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 diseases, 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 17,000 shares of its common stock to three new employees, pursuant to the Cidara Therapeutics, Inc. 2020 Inducement Incentive Plan, with a grant date of December 31, 2021. Each of the stock options has an exercise price of $1.27 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 improve the standard of care for patients facing serious diseases. The Company’s portfolio is comprised of new approaches aimed at transforming existing treatment and prevention paradigms, first with its lead Phase 3 antifungal candidate, rezafungin, in addition to drug-Fc conjugates (DFCs) targeting viral and oncology diseases from Cidara’s proprietary Cloudbreak® 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 did Cidara Therapeutics announce on January 6, 2022?

Cidara Therapeutics announced the granting of stock options and restricted stock units totaling 17,000 shares to three new employees.

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

The exercise price for the stock options is $1.27 per share.

Why were the stock options awarded to new employees?

The stock options were awarded as inducements for the new hires, in accordance with Nasdaq Listing Rule 5635(c)(4).

What does the Cidara Therapeutics 2020 Inducement Incentive Plan entail?

The plan is for granting equity awards to new employees as inducements for joining the company.

What is the focus of Cidara Therapeutics?

Cidara Therapeutics is focused on developing long-acting therapeutics for serious diseases, including its lead candidate rezafungin.