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Kezar Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Kezar Life Sciences announced the grant of nonqualified stock options to three employees, covering a total of 24,500 shares at an exercise price of $9.29 per share, aligned with the stock's closing price on July 1, 2022. These options are part of the company’s 2022 Inducement Plan and will vest over four years, with 25% vesting after the first year. Kezar focuses on breakthrough treatments for immune-mediated and oncologic disorders, including a Phase 2 trial for Zetomipzomib in lupus nephritis and a Phase 1 trial for KZR-261 targeting solid tumors.
Positive
Granting of stock options may enhance employee retention and motivation.
Phase 2 trial for Zetomipzomib highlights ongoing development in lupus nephritis, potentially addressing a significant market need.
KZR-261 demonstrates expansion into cancer therapies, diversifying the company's pipeline.
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 three employees nonqualified stock options to purchase an aggregate of 24,500 shares of its common stock with an exercise price of $9.29 per share, which is equal to the closing price of Kezar’s common stock on July 1, 2022. 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 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. 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 are the details of the stock options granted by KZR on July 1, 2022?
Kezar Life Sciences granted 24,500 stock options to three employees with an exercise price of $9.29 per share, equal to the closing stock price on July 1, 2022.
What is the vesting schedule for the stock options granted by KZR?
The stock options will vest over four years, with 25% vesting on the first anniversary of the employee's start date and the remainder vesting monthly thereafter.
What is Kezar Life Sciences' focus in drug development?
Kezar Life Sciences is focused on developing breakthrough treatments for immune-mediated and oncologic disorders, including candidates like Zetomipzomib and KZR-261.
What clinical trials is KZR currently involved in?
Kezar is conducting a Phase 2 clinical trial for Zetomipzomib in lupus nephritis and a Phase 1 clinical trial for KZR-261 targeting solid tumors.
