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

Rhea-AI Summary

On March 30, 2023, IDEAYA Biosciences (NASDAQ: IDYA) granted stock options for 79,700 shares to two newly hired employees under the 2023 Employment Inducement Incentive Award Plan. This action complies with Nasdaq Listing Rule 5635(c)(4), which allows the use of this plan for non-former employees. The stock options have an exercise price of $13.49 per share, equal to the closing price on the grant date, and feature a 10-year term with four-year vesting. This development reinforces IDEAYA's commitment to its workforce as it advances its targeted therapeutics in precision medicine oncology.

Positive

• Granting stock options to new hires may enhance talent acquisition and retention.
• The exercise price of $13.49 aligns with the market value, providing fair opportunities for new employees.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., March 31, 2023 /PRNewswire/ -- IDEAYA Biosciences, Inc. (NASDAQ: IDYA), a precision medicine oncology company committed to the discovery and development of targeted therapeutics, today announced that, on March 30, 2023, the Compensation Committee of IDEAYA's Board of Directors granted non-qualified stock options to purchase an aggregate of 79,700 shares of the Company's common stock to two newly hired employees. 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 individuals' 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 $13.49 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 employees' 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
Paul Stone
Chief Financial Officer
investor@ideayabio.com

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SOURCE IDEAYA Biosciences, Inc.

FAQ

What stock options were granted by IDEAYA Biosciences on March 30, 2023?

IDEAYA Biosciences granted stock options for 79,700 shares to two new employees under the 2023 Employment Inducement Incentive Award Plan.

What is the exercise price of the stock options granted by IDEAYA?

The stock options have an exercise price of $13.49 per share, which was the closing price on the date of the grant.

What is the vesting schedule for IDEAYA's stock options?

The options vest over four years, with 25% vesting on the first anniversary and the remaining 75% vesting in equal monthly installments over the next three years.

How does IDEAYA's stock option grant comply with Nasdaq rules?

The grant complies with Nasdaq Listing Rule 5635(c)(4), allowing inducement grants for individuals not previously employed by the company.