CytomX Therapeutics Announces New Employment Inducement Grants

Rhea-AI Summary

CytomX Therapeutics, a leader in masked, conditionally activated biologics, granted stock options to two new employees on May 15, 2024. The options total 130,000 shares of the company’s common stock, priced at $1.96 per share, which was the closing price on the grant date. These options were granted under the company's 2019 Employment Inducement Incentive Plan, approved by the board in August 2020. The plan aims to attract new employees under Rule 5635(c)(4) of The Nasdaq Global Market.

Positive

• Granted stock options to new employees indicates strategic hiring.
• Exercise price of $1.96 per share matches the market closing price, reflecting fair valuation.
• Utilization of the 2019 Employment Inducement Incentive Plan shows strategic use of equity-based incentives.

Negative

• Issuance of 130,000 shares can lead to potential shareholder dilution.
• No information provided on the potential financial impact of these new hires.

SOUTH SAN FRANCISCO, Calif., May 16, 2024 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq: CTMX), a leader in the field of masked, conditionally activated biologics, today announced that on May 15, 2024, the Company granted two new employees options to purchase a total of 130,000 shares of the Company’s common stock at an exercise price per share equal to $1.96, which was the closing price on May 15, 2024, the date of the grants.

The stock options were granted pursuant to the Company’s 2019 Employment Inducement Incentive Plan, which was approved by the Company’s board of directors in August 2020 under Rule 5635(c)(4) of The Nasdaq Global Market for equity grants to induce new employees to enter into employment with the Company.

About CytomX Therapeutics

CytomX is a clinical-stage, oncology-focused biopharmaceutical company focused on developing novel conditionally activated, masked biologics designed to be localized to the tumor microenvironment. By pioneering a novel pipeline of localized biologics, powered by its PROBODY^® therapeutic platform, CytomX’s vision is to create safer, more effective therapies for the treatment of cancer. CytomX’s robust and differentiated pipeline comprises therapeutic candidates across multiple treatment modalities including antibody-drug conjugates (“ADCs”), T-cell engagers, and immune modulators such as cytokines. CytomX’s clinical-stage pipeline includes CX-904, CX-2051 and CX-801. CX-904 is a masked, conditionally activated T-cell-engaging bispecific antibody targeting the epidermal growth factor receptor (EGFR) on tumor cells and the CD3 receptor on T cells. CX-904 is partnered with Amgen in a global co-development alliance. CX-2051 is a masked, conditionally activated ADC directed toward epithelial cell adhesion molecule, EpCAM, with potential applicability across multiple EpCAM-expressing epithelial cancers. CX-2051 was discovered in collaboration with Immunogen, now part of AbbVie. CX-801 is a masked interferon alpha-2b PROBODY^® cytokine with broad potential applicability in traditionally immuno-oncology sensitive as well as insensitive (cold) tumors. CytomX has established strategic collaborations with multiple leaders in oncology, including Amgen, Astellas, Bristol Myers Squibb, Regeneron and Moderna. For more information about CytomX and how it is working to make conditionally activated treatments the new standard-of-care in the fight against cancer, visit www.cytomx.com and follow us on LinkedIn and X (formerly Twitter).

Probody is a U.S. registered trademark of CytomX Therapeutics, Inc.

CytomX Contact:
Chris Ogden
SVP, Finance and Accounting
cogden@cytomx.com
(317) 767-4764

Investor and Media Contact:
Stern Investor Relations
Stephanie Ascher
stephanie.ascher@sternir.com
212-362-1200

Media Contact:
Redhouse Communications
Teri Dahlman
teri@redhousecomms.com

FAQ

What recent stock options did CytomX Therapeutics grant?

On May 15, 2024, CytomX Therapeutics granted options to purchase a total of 130,000 shares of common stock to two new employees.

What was the exercise price of the new stock options granted by CytomX?

The exercise price for the new stock options granted on May 15, 2024, was $1.96 per share.

Under which plan were the recent CytomX stock options granted?

The stock options were granted under CytomX's 2019 Employment Inducement Incentive Plan.

What is the purpose of CytomX's 2019 Employment Inducement Incentive Plan?

The plan aims to attract new employees by offering equity grants as an incentive.

When was CytomX's 2019 Employment Inducement Incentive Plan approved?

The plan was approved by the board of directors in August 2020.

What rule governs the equity grants under CytomX's Employment Inducement Incentive Plan?

The equity grants are governed by Rule 5635(c)(4) of The Nasdaq Global Market.