Pyxis Oncology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

On March 31, 2023, Pyxis Oncology (Nasdaq: PYXS) announced the granting of restricted stock units totaling 54,010 shares and stock options for 67,513 shares to three new employees as part of its 2022 Inducement Plan. The vesting of these awards occurs over four years, with 25% vesting on the first anniversary, followed by monthly vesting for 36 months. The stock options feature a ten-year term with an exercise price of $4.01, reflecting the closing stock price on the grant date. This move aligns with Nasdaq Listing Rule 5635(c)(4), aimed at attracting talent to advance the company's mission against difficult-to-treat cancers.

Positive

• Attracting talent through stock option grants indicates a strategic focus on growth.
• The long vesting period aligns employee interests with company performance.

Negative

• None.

CAMBRIDGE, Mass., March 31, 2023 (GLOBE NEWSWIRE) -- Pyxis Oncology, Inc. (Nasdaq: PYXS), a clinical-stage company focused on developing next-generation therapeutics to target difficult-to-treat cancers, reported today that Pyxis Oncology’s Compensation Committee of the Board of Directors granted restricted stock units with respect to an aggregate of 54,010 shares of Pyxis Oncology’s common stock and stock options to purchase an aggregate of 67,513 shares of Pyxis Oncology’s common stock to three newly hired employees. The awards were granted under the Pyxis Oncology, Inc. 2022 Inducement Plan with a grant date of March 31, 2023, as an inducement material to the new employee entering employment with Pyxis Oncology, in accordance with Nasdaq Listing Rule 5635(c)(4).

The restricted stock units and stock options vest over four years, with 25% vesting on the first anniversary of the vesting commencement date for each employee and the remaining shares vesting monthly over the 36-month period thereafter, subject to continued employment with the Company through the applicable vesting dates. The stock options have a ten-year term and an exercise price of $4.01, the closing price of Pyxis Oncology’s common stock as reported by Nasdaq on March 31, 2023.

Pyxis Oncology is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).

About Pyxis Oncology, Inc.

Pyxis Oncology, Inc. is a clinical stage company focused on defeating difficult-to-treat cancers. The company is efficiently building next-generation therapeutics that hold the potential for mono and combination therapies. Pyxis Oncology’s therapeutic candidates are designed to directly kill tumor cells and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. Pyxis Oncology’s antibody-drug conjugates (ADCs) and immuno-oncology (IO) programs employ novel and emerging strategies to target a broad range of solid tumors resistant to current standards of care. To learn more, visit www.pyxisoncology.com or follow us on Twitter and LinkedIn.

Pyxis Oncology Contact
Jennifer Davis Ruff
VP, Investor Relations
jdavisruff@pyxisoncology.com

Media Contact
Jason Braco, Ph.D.
jbraco@lifescicomms.com

FAQ

What is the significance of the stock options granted by Pyxis Oncology on March 31, 2023?

The stock options and restricted stock units are part of a strategy to attract and retain talent, crucial for the company's growth.

How many shares of common stock were granted to new employees by Pyxis Oncology?

Pyxis Oncology granted a total of 121,523 shares, including 54,010 restricted stock units and 67,513 stock options.

What is the exercise price for the stock options granted by Pyxis Oncology?

The exercise price for the stock options is $4.01, reflecting the closing stock price on the grant date.

What is the vesting schedule for the stock options and restricted stock units at Pyxis Oncology?

The awards vest over four years, with 25% vesting on the first anniversary and the remaining shares vesting monthly over the following 36 months.

Under which plan were the stock options and units granted by Pyxis Oncology?

The stock options and restricted stock units were granted under the Pyxis Oncology, Inc. 2022 Inducement Plan.