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

Rhea-AI Summary

Curis, Inc. (NASDAQ: CRIS) announced on October 1, 2021, that its Compensation Committee approved inducement stock options for five new employees, totaling 106,350 shares. Each option has a 10-year term and an exercise price set at the closing stock price on the grant date. Vested options will occur over four years, beginning with 25% vesting after the first year of employment. These grants are part of Curis's strategy to attract talent as it continues to develop innovative cancer therapies, including various ongoing clinical trials for its product candidates.

Positive

• Inducement grants may attract skilled talent to Curis.
• Stock options align employee interests with shareholder value.

Negative

• Inducement grants could lead to shareholder dilution if exercised.
• No immediate financial metrics or clinical trial outcomes provided.

LEXINGTON, Mass., Oct. 6, 2021 /PRNewswire/ -- Curis, Inc. (NASDAQ: CRIS), a biotechnology company focused on the development of innovative therapeutics for the treatment of cancer, today announced that on October 1, 2021, the independent Compensation Committee of the Board of Directors of Curis approved the grant of inducement stock options to purchase a total of 106,350 shares of Curis common stock to five new employees, with a grant date of October 1, 2021 (the "Q4 2021 Inducement Grants").

Each of the Q4 2021 Inducement Grants has an exercise price per share equal to the closing price of the Company's common stock on October 1, 2021. Each 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.  Each 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 innovative therapeutics for the treatment of cancer. In 2015, Curis entered into a collaboration with Aurigene in the areas of immuno-oncology and precision oncology. As part of this collaboration, Curis has exclusive licenses to oral small molecule antagonists of immune checkpoints including the VISTA/PDL1 antagonist CA-170, and the TIM3/PDL1 antagonist CA-327, as well as the IRAK4 kinase inhibitor, CA-4948. CA-4948 is currently undergoing testing in a Phase 1/2 trial in patients with non-Hodgkin lymphoma both as a monotherapy and in combination with BTK inhibitor ibrutinib. Curis is also evaluating CA-4948 in a Phase 1/2 trial in patients with acute myeloid leukemia and myelodysplastic syndromes, for which it has received Orphan Drug Designation from the U.S. Food and Drug Administration. In addition, Curis is engaged in a collaboration with ImmuNext for development of CI-8993, a monoclonal anti-VISTA antibody, which is currently undergoing testing in a Phase 1 trial in patients with solid tumors. Curis is also party to a collaboration with Genentech, a member of the Roche Group, under which Genentech and Roche are commercializing Erivedge^® for the treatment of advanced basal cell carcinoma. For more information, visit Curis' website at www.curis.com.

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SOURCE Curis, Inc.

FAQ

What did Curis announce on October 1, 2021?

Curis announced the approval of inducement stock options for five new employees, totaling 106,350 shares.

How long is the term for the stock options granted by Curis?

The stock options have a term of 10 years.

What is the exercise price of the stock options approved by Curis?

The exercise price per share is equal to the closing price of Curis's common stock on October 1, 2021.

How does the vesting schedule for Curis's stock options work?

The options vest over four years, with 25% vesting on the first anniversary of the hire date, and 6.25% vesting quarterly thereafter.

What is the significance of the inducement grants for Curis's future?

The inducement grants are intended to attract talent, which is crucial for advancing Curis's cancer therapeutics initiatives.