IDEAYA Biosciences Announces Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

IDEAYA Biosciences, Inc. (NASDAQ: IDYA) has announced that on September 26, 2024, its Compensation Committee granted non-qualified stock options to a newly hired employee. The options allow for the purchase of 140,000 shares of the company's common stock under the 2023 Employment Inducement Incentive Award Plan. This grant is in accordance with Nasdaq Listing Rule 5635(c)(4) and serves as an inducement for employment.

The stock options have an exercise price of $30.50 per share, matching the closing price of IDEAYA's common stock on the grant date. They have a 10-year term and will vest over four years, with 25% vesting after one year and the remaining 75% vesting monthly over the following three years, subject to continued employment.

Positive

• Attraction of new talent through stock option grants
• Alignment of employee interests with company performance through equity-based compensation

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Sept. 27, 2024 /PRNewswire/ -- IDEAYA Biosciences, Inc. (NASDAQ: IDYA), a precision medicine oncology company committed to the discovery and development of targeted therapeutics, today announced that, on September 26, 2024, the Compensation Committee of IDEAYA's Board of Directors granted non-qualified stock options to purchase an aggregate of 140,000 shares of the Company's common stock to a newly hired employee. The stock options were granted under the IDEAYA Biosciences, Inc. 2023 Employment Inducement Incentive Award Plan (2023 Inducement Plan) as an inducement material to such individual entering into employment with IDEAYA in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2023 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of IDEAYA, or following a bona fide period of non-employment, as an inducement material to such individuals' entering into employment with IDEAYA, pursuant to Nasdaq Listing Rule 5635(c)(4).

The stock options have an exercise price of $30.50 per share, which is equal to the closing price of IDEAYA's common stock on The Nasdaq Global Select Market on the date of grant. The stock options have a 10-year term and will vest over four years, with 25% of the options vesting on the first anniversary of the vesting commencement date and the remaining 75% of the options vesting in equal monthly installments over the three years thereafter. Vesting of the stock options is subject to such employee's continued service to IDEAYA on each vesting date.

About IDEAYA Biosciences
IDEAYA is a precision medicine oncology company committed to the discovery and development of targeted therapeutics for patient populations selected using molecular diagnostics. IDEAYA's approach integrates capabilities in identifying and validating translational biomarkers with drug discovery to select patient populations most likely to benefit from its targeted therapies. IDEAYA is applying its early research and drug discovery capabilities to synthetic lethality – which represents an emerging class of precision medicine targets. 

Investor and Media Contact
IDEAYA Biosciences
Andres Ruiz Briseno
Senior Vice President, Head of Finance and Investor Relations
investor@ideayabio.com

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SOURCE IDEAYA Biosciences, Inc.

FAQ

How many shares of IDEAYA Biosciences (IDYA) stock options were granted on September 26, 2024?

IDEAYA Biosciences granted non-qualified stock options to purchase 140,000 shares of the company's common stock on September 26, 2024.

What is the exercise price of the IDYA stock options granted on September 26, 2024?

The exercise price of the stock options granted is $30.50 per share, which is equal to the closing price of IDEAYA's common stock on The Nasdaq Global Select Market on the date of grant.

What is the vesting schedule for the IDYA stock options granted on September 26, 2024?

The stock options will vest over four years, with 25% vesting on the first anniversary of the vesting commencement date and the remaining 75% vesting in equal monthly installments over the following three years.

Under which plan were the IDYA stock options granted on September 26, 2024?

The stock options were granted under the IDEAYA Biosciences, Inc. 2023 Employment Inducement Incentive Award Plan (2023 Inducement Plan).