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

Rhea-AI Summary

Kezar Life Sciences, Inc. granted two employees nonqualified stock options to purchase 164,000 shares of common stock at $0.84 per share under NASDAQ Listing Rule 5635(c)(4). The options will vest over four years, with 25% on the first anniversary and 1/48th monthly thereafter, contingent on continued employment.

SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Kezar Life Sciences, Inc. (Nasdaq: KZR), a clinical-stage biotechnology company developing novel small molecule therapeutics to treat unmet needs in immune-mediated diseases and cancer, today announced that the Compensation Committee of the company’s Board of Directors granted two employees nonqualified stock options to purchase 164,000 shares of its common stock with an exercise price of $0.84 per share, which is equal to the closing price of Kezar’s common stock on May 1, 2024, 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 developing novel small molecule therapeutics to treat unmet needs in immune-mediated diseases and cancer. 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.

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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

How many shares were granted to employees by Kezar Life Sciences, Inc.?

Kezar Life Sciences, Inc. granted 164,000 shares of common stock to two employees.

What is the exercise price of the stock options granted by Kezar Life Sciences, Inc.?

The exercise price of the stock options granted by Kezar Life Sciences, Inc. is $0.84 per share.

Under which rule were the stock options granted by Kezar Life Sciences, Inc.?

The stock options were granted under NASDAQ Listing Rule 5635(c)(4) by Kezar Life Sciences, Inc.

How will the stock options granted by Kezar Life Sciences, Inc. vest?

The stock options will vest over a four-year period, with 25% on the first anniversary of the employee's start date and 1/48th monthly thereafter, subject to continued employment.