Curis Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

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Curis, Inc. announced the approval of an inducement stock option grant to a new employee, consisting of 8,550 shares of common stock, with a grant date of April 1, 2024. The option has a 10-year term, vests over four years, and was granted outside of the company's stock incentive plan. This move aims to attract and retain talent crucial for the company's growth.

LEXINGTON, Mass., April 5, 2024 /PRNewswire/ -- Curis, Inc. (NASDAQ: CRIS), a biotechnology company focused on the development of innovative therapeutics for the treatment of cancer, today announced that on April 1, 2024, the independent Compensation Committee of the Board of Directors of Curis approved the grant of inducement stock options to purchase a total of 8,550 shares of Curis common stock to a new employee, with a grant date of April 1, 2024 (the "Q2 2024 Inducement Grant").

The Q2 2024 Inducement Grant has an exercise price per share equal to the closing price of the Company's common stock on April 1, 2024. The stock option has a 10 year term and vests over four years, with 25% of the original number of shares underlying the award vesting on the first anniversary of the employee's date of hire and an additional 6.25% of the original number of shares underlying the award vesting on each successive three-month period thereafter, subject to the employee's continued service with the Company through the respective vesting dates. The stock option was granted as an inducement equity award outside of the Company's Fourth Amended and Restated 2010 Stock Incentive Plan and was made as an inducement material to the employee's acceptance of employment with the Company.

About Curis, Inc.

Curis is a biotechnology company focused on the development of emavusertib, an orally available, small molecule IRAK4 inhibitor. Emavusertib is currently undergoing testing in the Phase 1/2 TakeAim Lymphoma study in patients with relapsed/refractory primary central nervous system lymphoma (PCNSL) in combination with the BTK inhibitor ibrutinib, as a monotherapy in the Phase 1/2 TakeAim Leukemia study in patients with relapsed/refractory acute myeloid leukemia (AML) and relapsed/refractory high risk myelodysplastic syndrome (hrMDS), both of which have received Orphan Drug Designation from the U.S. Food and Drug Administration. Emavusertib is also being evaluated as a frontline combination therapy with azacitidine and venetoclax in patents with AML. Curis, through its 2015 collaboration with Aurigene, has the exclusive license to emavusertib (CA-4948). Curis licensed its rights to Erivedge® to Genentech, a member of the Roche Group, under which they are commercializing Erivedge® for the treatment of advanced basal cell carcinoma. For more information, visit Curis's website at www.curis.com.

 

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SOURCE Curis, Inc.

FAQ

What did Curis, Inc. announce on April 1, 2024?

Curis, Inc. announced the approval of an inducement stock option grant to a new employee, consisting of 8,550 shares of common stock.

How many shares were included in the Q2 2024 Inducement Grant?

The Q2 2024 Inducement Grant included a total of 8,550 shares of Curis common stock.

What is the exercise price per share for the stock options?

The exercise price per share for the stock options is equal to the closing price of the Company's common stock on April 1, 2024.

How long is the term of the stock option?

The stock option has a 10-year term.

How does the stock option vest?

The stock option vests over four years, with 25% of the original shares vesting on the first anniversary of the employee's date of hire and an additional 6.25% vesting on each successive three-month period thereafter.