Crinetics Pharmaceuticals Announces October 2024 Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Crinetics Pharmaceuticals (Nasdaq: CRNX) has announced the granting of non-qualified stock options to 27 new non-executive employees on October 10, 2024. The Compensation Committee of Crinetics' Board of Directors approved these awards under the company's 2021 Employment Inducement Incentive Award Plan. The grants, totaling 258,800 shares of common stock, are in line with Nasdaq Listing Rule 5635(c)(4) and serve as inducements for new employees joining Crinetics.

Key details of the stock options include:

• Exercise price: $51.78 per share, matching the closing price of Crinetics' common stock on The Nasdaq Global Select Market on October 10, 2024
• Vesting schedule: 25% after one year, with the remainder vesting in 36 equal monthly installments
• Vesting is subject to continued employment with Crinetics

Positive

• Crinetics is expanding its workforce with 27 new non-executive employees
• The company is offering competitive stock options as part of its employee compensation package
• The stock options have an exercise price of $51.78, indicating a potentially strong stock performance

Negative

• None.

SAN DIEGO, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX) today announced that on October 10, 2024, the Compensation Committee of Crinetics’ Board of Directors granted non-qualified stock option awards to purchase an aggregate of 258,800 shares of its common stock to twenty-seven new non-executive employees under the Crinetics Pharmaceuticals, Inc. 2021 Employment Inducement Incentive Award Plan (the “2021 Inducement Plan”). The stock options were granted as inducements material to the employees entering into employment with Crinetics in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2021 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Crinetics, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Crinetics, pursuant to Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $51.78 per share, which is equal to the closing price of Crinetics’ common stock on The Nasdaq Global Select Market on October 10, 2024. The shares subject to the stock 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, subject to each employee’s continued employment with Crinetics on such vesting dates. The options are subject to the terms and conditions of the 2021 Inducement Plan and the terms and conditions of a stock option agreement covering the grant.

About Crinetics Pharmaceuticals
Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors. Crinetics’ lead development candidate, paltusotine, is an investigational, first-in-class, oral, once-daily somatostatin receptor type 2 (SST2) agonist in Phase 3 clinical development for acromegaly and in Phase 2 clinical development for carcinoid syndrome associated with neuroendocrine tumors. Crinetics is also developing atumelnant (CRN04894), an investigational, first-in-class, oral ACTH antagonist, that is currently completing Phase 2 clinical studies for the treatment of congenital adrenal hyperplasia and Cushing’s disease. All of the company’s drug candidates are orally delivered, small molecule new chemical entities resulting from in-house drug discovery efforts, including additional discovery programs addressing a variety of endocrine conditions such as hyperparathyroidism, polycystic kidney disease, Graves’ disease (including thyroid eye disease), diabetes, obesity and GPCR-targeted oncology indications. 

Investors:
Gayathri Diwakar
Head of Investor Relations
gdiwakar@crinetics.com
(858) 345-6340

Media:
Natalie Badillo
Head of Corporate Communications
nbadillo@crinetics.com
(858) 450-6464

FAQ

How many shares of CRNX stock were granted in the October 2024 inducement grants?

Crinetics Pharmaceuticals granted stock options to purchase an aggregate of 258,800 shares of its common stock to 27 new non-executive employees on October 10, 2024.

What is the exercise price for the CRNX stock options granted in October 2024?

The exercise price for the stock options granted on October 10, 2024, is $51.78 per share, which is equal to the closing price of Crinetics' common stock on The Nasdaq Global Select Market on that date.

What is the vesting schedule for the CRNX stock options granted in October 2024?

The stock options will vest over four years, with 25% vesting on the one-year anniversary of the vesting commencement date and the remaining 75% vesting in 36 successive equal monthly installments thereafter, subject to continued employment.

Under which plan were the CRNX stock options granted in October 2024?

The stock options were granted under the Crinetics Pharmaceuticals, Inc. 2021 Employment Inducement Incentive Award Plan (the '2021 Inducement Plan').