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Kezar Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Kezar Life Sciences (NASDAQ: KZR) announced the grant of nonqualified stock options totaling 65,500 shares to four employees, exercising at $7.07 per share, equal to the stock's closing price on December 5, 2022. These options are part of an inducement award in accordance with Nasdaq Listing Rule 5635(c)(4) and will vest over four years. Kezar is focused on developing treatments for immune-mediated and oncologic disorders, with its lead candidate, Zetomipzomib, completing a Phase 2 trial for lupus nephritis and ongoing trials for KZR-261 targeting solid tumors.
Positive
Grant of stock options may enhance employee retention and motivation.
Zetomipzomib's successful Phase 2 trial in lupus nephritis indicates potential for market approval.
Ongoing Phase 1 trial for KZR-261 may lead to novel cancer treatment outcomes.
Negative
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 four employees nonqualified stock options to purchase 65,500 shares of its common stock with an exercise price of $7.07 per share, which is equal to the closing price of Kezar’s common stock on December 5, 2022, the grant date of the awards. The stock options were granted as an inducement award material to the individuals entering into 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 novel 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 has completed a Phase 2 clinical trial in lupus nephritis. This product candidate also 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.
What stock options did Kezar Life Sciences grant on December 5, 2022?
Kezar Life Sciences granted nonqualified stock options for 65,500 shares at an exercise price of $7.07.
What is the purpose of the stock options granted by KZR?
The stock options were granted as inducement awards to incentivize employees joining Kezar Life Sciences.
How will the stock options vest for KZR employees?
The options will vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly.
What are the clinical trials currently underway for KZR?
Kezar Life Sciences is conducting Phase 1 trials for KZR-261 targeting solid tumors and has completed Phase 2 trials for Zetomipzomib in lupus nephritis.
