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

Rhea-AI Summary

On May 31, 2024, IDEAYA Biosciences, a precision medicine oncology company, announced the granting of non-qualified stock options to purchase 49,000 shares of its common stock to two new employees. The grants were made under the 2023 Employment Inducement Incentive Award Plan as per Nasdaq Listing Rule 5635(c)(4). The stock options, priced at $35.79 per share, match the closing price on the grant date. They have a 10-year term and vest over four years, with 25% vesting after one year and the remainder vesting monthly over the next three years.

Positive

• Granted stock options to two new employees, totaling 49,000 shares.
• Stock options have a 10-year term.
• The exercise price of $35.79 per share matches the closing price of the grant date.
• Vesting schedule includes 25% after one year and the remaining 75% in equal monthly installments over three years.

Negative

• Vesting of options is contingent on continued service to IDEAYA, potentially increasing employee turnover risk.

SOUTH SAN FRANCISCO, May 31, 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 May 30, 2024, the Compensation Committee of IDEAYA's Board of Directors granted non-qualified stock options to purchase an aggregate of 49,000 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 $35.79 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

What did IDEAYA Biosciences announce on May 31, 2024?

IDEAYA Biosciences announced the granting of non-qualified stock options to purchase 49,000 shares to two new employees.

Under which plan were the stock options granted?

The stock options were granted under the 2023 Employment Inducement Incentive Award Plan.

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

The exercise price of the stock options is $35.79 per share.

What is the vesting schedule for the granted stock options?

The vesting schedule includes 25% after one year and the remaining 75% in equal monthly installments over the next three years.

What is the term length of the stock options granted by IDEAYA?

The stock options have a 10-year term.