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

Rhea-AI Summary

On December 23, 2022, Pyxis Oncology (Nasdaq: PYXS) announced that its Compensation Committee granted a total of 52,560 restricted stock units and 65,701 stock options to five new employees under the 2022 Inducement Plan. These awards are part of the company’s strategy to attract talent as it develops next-generation therapeutics for tough cancers. The stock options, with an exercise price of $1.28, vest over four years, with a quarter vesting after the first year. This move aligns with Nasdaq regulations.

Positive

• Granting of stock options and restricted stock units may attract and retain talent, which is crucial for the company's growth.
• Stock options have a competitive exercise price of $1.28, potentially benefiting new employees and enhancing motivation.

Negative

• None.

CAMBRIDGE, Mass., Dec. 23, 2022 (GLOBE NEWSWIRE) -- Pyxis Oncology, Inc. (Nasdaq: PYXS), a clinical stage company focused on developing next-generation therapeutics to target difficult-to-treat cancers, reported on December 23, 2022 that Pyxis Oncology’s Compensation Committee of the Board of Directors granted restricted stock units with respect to an aggregate of 52,560 shares of Pyxis Oncology’s common stock and stock options to purchase an aggregate of 65,701 shares of Pyxis Oncology’s common stock to five newly hired employees. The awards were granted under the Pyxis Oncology, Inc. 2022 Inducement Plan with a grant date of December 23, 2022, 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 $1.28, the closing price of Pyxis Oncology’s common stock as reported by Nasdaq on December 23, 2022.

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
Pamela Connealy
Chief Financial Officer
(617) 453-3596
ir@pyxisoncology.com

Investor Contact
Ashley Robinson
LifeSci Advisors, LLC
arr@lifesciadvisors.com

FAQ

What was announced by Pyxis Oncology on December 23, 2022?

Pyxis Oncology announced the granting of restricted stock units and stock options to five newly hired employees as part of their 2022 Inducement Plan.

How many stock options were granted to new employees by Pyxis Oncology?

An aggregate of 65,701 stock options were granted to the newly hired employees.

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

The exercise price for the stock options is set at $1.28.

What is the vesting schedule for the stock options granted by Pyxis Oncology?

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