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Kezar Announces Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
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Rhea-AI Summary
Kezar Life Sciences, Inc. (NASDAQ: KZR) announced the grant of nonqualified stock options for 85,000 shares to three employees, with an exercise price of $8.80 per share, matching the closing price on October 3, 2022. These options are part of an inducement award related to employment and will vest over four years. Kezar focuses on breakthrough treatments for immune-mediated and oncologic disorders, with products like Zetomipzomib and KZR-261 in clinical trials.
Positive
Grant of stock options as an inducement to attract talent.
Stock options vesting period aligns employee incentives with company performance.
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None.
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--
Kezar Life Sciences, Inc., (Nasdaq: KZR), a clinical-stage biotechnology company discovering and developing breakthrough treatments for immune-mediated and oncologic disorders, today announced that the Compensation Committee of the company’s Board of Directors granted three employees nonqualified stock options to purchase 85,000 shares of its common stock with an exercise price of $8.80 per share, which is equal to the closing price of Kezar’s common stock on October 3, 2022, the grant date of the awards. The stock options were granted as an inducement award material to the individuals entering employment with Kezar, in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options will vest over a four-year period, with 25% of each option vesting on the first anniversary of the employee’s start date, and 1/48th of the total shares vesting monthly thereafter, subject to continued employment on each vesting date. The options are subject to the terms and conditions of Kezar’s 2022 Inducement Plan and the stock option agreement covering the grants.
About Kezar Life Sciences
Kezar Life Sciences is a clinical-stage biopharmaceutical company discovering and developing breakthrough treatments for immune-mediated and oncologic disorders. The company is pioneering first-in-class, small-molecule therapies that harness master regulators of cellular function to inhibit multiple drivers of disease via single, powerful targets. Zetomipzomib, its lead development asset, is a selective immunoproteasome inhibitor being evaluated in a Phase 2 clinical trial in lupus nephritis and autoimmune hepatitis. This product candidate has the potential to address multiple chronic immune-mediated diseases. KZR-261 is the first anti-cancer clinical candidate from the company’s platform targeting the Sec61 translocon and the protein secretion pathway. An open-label dose-escalation Phase 1 clinical trial of KZR-261 to assess safety, tolerability and preliminary tumor activity in solid tumors is underway. For more information, visit www.kezarlifesciences.com.
