Kezar Announces Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Kezar Life Sciences, Inc. granted an employee a nonqualified stock option to purchase 12,000 shares at $0.93 per share, vesting over four years. The option was given as an inducement award for joining the company, following Nasdaq rules.

SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Kezar Life Sciences, Inc. (Nasdaq: KZR), a clinical-stage biotechnology company developing breakthrough treatments for immune-mediated and oncologic disorders, today announced that the Compensation Committee of the company’s Board of Directors granted one employee a nonqualified stock option to purchase 12,000 shares of its common stock with an exercise price of $0.93 per share, which is equal to the closing price of Kezar’s common stock on April 1, 2024, the grant date of the award. The stock option was granted as an inducement award material to the individual entering into employment with Kezar, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option will vest over a four-year period, with 25% of the 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 option is subject to the terms and conditions of Kezar’s 2022 Inducement Plan and the stock option agreement covering the grant.

About Kezar Life Sciences

Kezar Life Sciences is a clinical-stage biopharmaceutical company developing novel treatments for immune-mediated and oncologic disorders. Zetomipzomib, a selective immunoproteasome inhibitor, is currently being evaluated in a Phase 2b clinical trial for lupus nephritis and a Phase 2a clinical trial for autoimmune hepatitis. This product candidate also has the potential to address multiple chronic immune-mediated diseases. Kezar’s oncology product candidate, KZR-261, targeting the Sec61 translocon and protein secretion pathway, is being evaluated in an open-label dose-escalation Phase 1 clinical trial to assess safety, tolerability and preliminary tumor activity in solid tumors. For more information, visit www.kezarlifesciences.com, and follow us on LinkedIn, Facebook, Twitter and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240408466993/en/

Investor and Media Contact:

Gitanjali Jain

Vice President, Investor Relations and External Affairs

Kezar Life Sciences, Inc.

gjain@kezarbio.com

Source: Kezar Life Sciences, Inc.

FAQ

What type of stock option was granted by Kezar Life Sciences, Inc.?

Kezar Life Sciences, Inc. granted a nonqualified stock option to purchase 12,000 shares.

How many shares can the employee purchase with the stock option?

The employee can purchase 12,000 shares with the stock option.

What is the exercise price per share for the stock option?

The exercise price per share for the stock option is $0.93.

How long is the vesting period for the stock option?

The stock option will vest over a four-year period.

According to which Nasdaq Listing Rule was the stock option granted?

The stock option was granted in accordance with Nasdaq Listing Rule 5635(c)(4).