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

Rhea-AI Summary

IDEAYA Biosciences, a precision medicine oncology company, announced on June 28, 2024, the grant of non-qualified stock options to two newly hired employees. The options, totaling 92,000 shares, were granted under the 2023 Employment Inducement Incentive Award Plan as per Nasdaq Listing Rule 5635(c)(4).

The exercise price is set at $34.37 per share, matching the closing price of IDEAYA's stock on the grant date, June 27, 2024. The options have a 10-year term and will vest over four years, with 25% vesting on the first anniversary of the commencement date and the rest vesting monthly over the subsequent three years. Vesting is contingent on ongoing employment with IDEAYA.

Positive

• IDEAYA Biosciences has granted stock options to attract new talent, indicating growth and expansion.
• Stock options have a 10-year term, potentially benefiting employee retention.

Negative

• The exercise price of $34.37 may be considered high if the stock price declines, potentially reducing the perceived value of the options.

SOUTH SAN FRANCISCO, Calif. , June 28, 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 June 27, 2024, the Compensation Committee of IDEAYA's Board of Directors granted non-qualified stock options to purchase an aggregate of 92,000 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 $34.37 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.

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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. 

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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 June 28, 2024?

IDEAYA Biosciences announced the grant of non-qualified stock options to two newly hired employees under the 2023 Employment Inducement Incentive Award Plan.

How many shares were granted by IDEAYA Biosciences in the inducement grants?

IDEAYA Biosciences granted stock options to purchase an aggregate of 92,000 shares.

What is the exercise price for the IDEAYA Biosciences stock options granted?

The exercise price for the stock options is $34.37 per share.

Over what period will the IDEAYA Biosciences stock options vest?

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

What is the term duration for the IDEAYA Biosciences stock options granted on June 27, 2024?

The stock options have a 10-year term.