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

Rhea-AI Summary

EyePoint Pharmaceuticals (NASDAQ: EYPT) has granted non-statutory stock options to six new employees as inducement awards. The grants, approved by the Compensation Committee on December 13, 2024, include options to purchase up to 54,600 shares of common stock at an exercise price of $7.46 per share. These options have a ten-year term and follow a four-year vesting schedule, with 25% vesting after the first year and the remainder vesting in equal monthly installments over the following three years. The awards were made outside the Company's 2023 Long-Term Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4).

Positive

• Stock options granted to attract new talent, indicating company growth and hiring initiatives

Negative

• Potential dilution of existing shareholders' value through new stock option issuance

WATERTOWN, Mass., Dec. 16, 2024 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a company committed to developing and commercializing therapeutics to help improve the lives of patients with serious retinal diseases, today announced that the Company granted non-statutory stock options to new employees as inducement awards outside the Company’s 2023 Long-Term Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4).

The Company granted stock options to purchase up to an aggregate of 54,600 shares of EyePoint Pharmaceuticals common stock to six new employees. The stock options were granted on December 13, 2024. The grants were approved by the Compensation Committee and made as an inducement material to each employee entering into employment with EyePoint Pharmaceuticals in accordance with NASDAQ Listing Rule 5635(c)(4). The option awards have an exercise price of $7.46 per share, the closing price of EyePoint Pharmaceuticals’ common stock on December 13, 2024. The options have a ten-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee’s date of grant and the remainder vesting in equal monthly installments over the following three years. Vesting of the options is subject to the employee’s continued service with EyePoint Pharmaceuticals through the applicable vesting dates.

About EyePoint Pharmaceuticals

EyePoint Pharmaceuticals (Nasdaq: EYPT) is a clinical-stage biopharmaceutical company committed to developing and commercializing innovative therapeutics to help improve the lives of patients with serious retinal diseases. The Company's pipeline leverages its proprietary bioerodible Durasert E™ technology for sustained intraocular drug delivery. The Company’s lead product candidate, DURAVYU™ (f/k/a EYP-1901), is an investigational sustained delivery treatment for VEGF-mediated retinal diseases combining vorolanib, a selective and patent-protected tyrosine kinase inhibitor with bioerodible Durasert E™. DURAVYU is presently in Phase 3 global, pivotal clinical trials as a sustained delivery treatment for wet AMD, the leading cause of vision loss among people 50 years of age and older in the United States, and in a Phase 2 clinical trial in DME. EyePoint expects full topline data from the Phase 2 clinical trial in DME in Q1 2025 and topline data from both Phase 3 pivotal trials in wet AMD in 2026.

Pipeline programs include EYP-2301, a TIE-2 agonist, razuprotafib, formulated in Durasert E™ to potentially improve outcomes in serious retinal diseases. The proven Durasert® drug delivery technology has been safely administered to thousands of patient eyes across four U.S. FDA approved products. EyePoint Pharmaceuticals is headquartered in Watertown, Massachusetts.

Vorolanib is licensed to EyePoint exclusively by Equinox Sciences, a Betta Pharmaceuticals affiliate, for the localized treatment of all ophthalmic diseases outside of China, Macao, Hong Kong and Taiwan.

^{DURAVYU™ has been conditionally accepted by the FDA as the proprietary name for EYP-1901. DURAVYU is an investigational product; it has not been approved by the FDA. FDA approval and the timeline for potential approval is uncertain.}

For EyePoint Pharmaceuticals:

Investors:
Christina Tartaglia
Precision AQ (formerly Stern IR)
Direct: 212-698-8700
christina.tartaglia@precisionaq.com

Media Contact:
Amy Phillips
Green Room Communications
Direct: 412-327-9499
aphillips@greenroompr.com

FAQ

How many shares of EYPT stock options were granted to new employees in December 2024?

EyePoint Pharmaceuticals granted stock options to purchase up to 54,600 shares to six new employees.

What is the exercise price for EYPT's December 2024 employee stock options?

The stock options have an exercise price of $7.46 per share, which was the closing price of EyePoint Pharmaceuticals' common stock on December 13, 2024.

What is the vesting schedule for EYPT's December 2024 employee stock options?

The options vest over four years, with 25% vesting after the first year and the remainder vesting in equal monthly installments over the following three years.

How long is the term of EYPT's December 2024 employee stock options?

The stock options have a ten-year term.