Kura Oncology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Kura Oncology, a clinical-stage biopharmaceutical company, announced the issuance of inducement grants under Nasdaq Listing Rule 5635(c)(4) on July 1, 2024. The Compensation Committee granted nonstatutory stock options to purchase 128,700 shares of common stock to eight new employees under the 2023 Inducement Option Plan. These options have an exercise price of $21.20 per share, matching the closing sales price on the grant date. The options will vest over four years, with 25% vesting after one year and the remainder monthly over the following 36 months, subject to continuous service.

Positive

• None.

Negative

• Potential dilution of existing shares due to issuance of 128,700 new stock options.

SAN DIEGO, July 05, 2024 (GLOBE NEWSWIRE) -- Kura Oncology, Inc. (the “Company”) (Nasdaq: KURA), a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer, today announced that on July 1, 2024, the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) granted inducement awards consisting of nonstatutory stock options to purchase 128,700 shares of common stock to eight (8) new employees under the Company’s 2023 Inducement Option Plan. The Compensation Committee approved the stock options as an inducement material to such employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).

Each stock option has an exercise price per share equal to $21.20 per share, the Company’s closing sales price on July 1, 2024, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employees’ continued service relationship with the Company through the applicable vesting dates. The stock options are subject to the terms and conditions of the Company’s 2023 Inducement Option Plan and the terms and conditions of an applicable stock option agreement covering the grant.

About Kura Oncology

Kura Oncology is a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer. The Company’s pipeline consists of small molecule drug candidates that target cancer signaling pathways. Ziftomenib, a once-daily, oral drug candidate targeting the menin-KMT2A protein-protein interaction, has received Breakthrough Therapy Designation for the treatment of R/R NPM1-mutant acute myeloid leukemia (AML). Kura has completed enrollment in a Phase 2 registration-directed trial of ziftomenib in R/R NPM1-mutant AML (KOMET-001). The Company is also conducting a series of clinical trials to evaluate ziftomenib in combination with current standards of care in newly diagnosed and R/R NPM1-mutant and KMT2A-rearranged AML. Tipifarnib, a potent and selective farnesyl transferase inhibitor (FTI), is currently in a Phase 1/2 trial in combination with alpelisib for patients with PIK3CA-dependent head and neck squamous cell carcinoma (KURRENT-HN). Kura is also evaluating KO-2806, a next-generation FTI, in a Phase 1 dose-escalation trial as a monotherapy and in combination with targeted therapies (FIT-001). For additional information, please visit Kura’s website at www.kuraoncology.com and follow us on X and LinkedIn.

Contacts

Investors:
Pete De Spain
Executive Vice President, Investor Relations &
Corporate Communications
(858) 500-8833
pete@kuraoncology.com

Media:
Alexandra Weingarten
Associate Director, Corporate Communications &
Investor Relations
(858) 500-8822
alexandra@kuraoncology.com

FAQ

What is the exercise price for the new stock options granted by Kura Oncology (KURA)?

The exercise price for the new stock options granted by Kura Oncology is $21.20 per share, based on the closing sales price on July 1, 2024.

How many new employees received stock options under Kura Oncology's 2023 Inducement Option Plan?

Eight new employees received stock options under Kura Oncology's 2023 Inducement Option Plan.

What is the vesting schedule for the stock options granted by Kura Oncology (KURA)?

The stock options will vest over four years, with 25% vesting on the one-year anniversary and the remainder vesting monthly over the next 36 months, subject to continued employment.

Under which Nasdaq Listing Rule did Kura Oncology grant the inducement awards?

Kura Oncology granted the inducement awards under Nasdaq Listing Rule 5635(c)(4).

How many shares are covered by the stock options granted to new employees at Kura Oncology (KURA)?

The stock options granted cover a total of 128,700 shares of common stock.