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

Rhea-AI Summary

On January 4, 2021, Curis (NASDAQ: CRIS) announced the grant of inducement stock options totaling 185,000 shares to three new employees. These options have an exercise price based on the company's closing stock price on the same day and a vesting period over four years. Each option vests 25% after the first year, followed by 6.25% every three months. This grant was made to incentivize new hires as part of the company's strategy to enhance its talent pool in the competitive biotechnology sector.

Positive

• Grant of 185,000 inducement stock options enhances employee retention and attraction.
• Options have a 10-year term, aligning employee interests with long-term company performance.

Negative

• None.

LEXINGTON, Mass., Jan. 8, 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 January 4, 2021, the independent Compensation Committee of the Board of Directors of Curis approved the grant of inducement stock options to purchase a total of 185,000 shares of Curis common stock to three new employees, with a grant date of January 4, 2021 (the "Q1 2021 Inducement Grants").

Each of the Q1 2021 Inducement Grants has an exercise price per share equal to the closing price of the Company's common stock on January 4, 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 Third 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 trial in patients with non-Hodgkin's lymphoma and in a Phase 1 trial in patients with acute myeloid leukemia and myelodysplastic syndromes. 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 1a/1b 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 are the details of Curis's stock options grant on January 4, 2021?

Curis granted inducement stock options for 185,000 shares to three new employees, with a vesting period over four years.

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

The exercise price per share is equal to the closing price of Curis's common stock on January 4, 2021.

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

25% of the shares vest on the first anniversary of hire, followed by 6.25% every three months thereafter.

What is the purpose of the inducement stock options granted by Curis?

The stock options are intended to incentivize new hires and align their interests with the company's long-term success.