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

Rhea-AI Summary

Pyxis Oncology, a clinical stage company, announced the grant of restricted stock units and stock options to five new employees under its 2022 Inducement Plan. The total grants include 89,530 shares of common stock and options to purchase 111,913 shares at an exercise price of $3.31 per share. These awards, aligned with Nasdaq Listing Rule 5635(c)(4), serve as an inducement for employment and will vest over four years. The initial 25% of the grants will vest on the first anniversary, with the remaining shares vesting monthly over the subsequent three years.

Positive

• Pyxis Oncology awarded restricted stock units and stock options to five new employees, promoting retention and alignment with company goals.
• The stock options have a ten-year term and an exercise price of $3.31, the closing price on June 28, 2024.

Negative

• The issuance of new stock options may lead to shareholder dilution.

BOSTON, June 28, 2024 (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 89,530 shares of Pyxis Oncology’s common stock and stock options to purchase an aggregate of 111,913 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 June 28, 2024, 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 $3.31, the closing price of Pyxis Oncology’s common stock as reported by Nasdaq on June 28, 2024.

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. PYX-201, an antibody-drug conjugate (ADC) that uniquely targets EDB+FN within the tumor stroma, and PYX-106, a fully human Siglec-15-targeting antibody designed to block suppression of T-cell proliferation and function, are being evaluated in ongoing Phase 1 clinical studies in multiple types of solid tumors. 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 ADC 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
CFO and COO
ir@pyxisoncology.com

FAQ

What is the significance of Pyxis Oncology's latest stock grants?

Pyxis Oncology granted restricted stock units and stock options to five new employees as part of its 2022 Inducement Plan, aligning with Nasdaq Listing Rule 5635(c)(4).

How many shares were involved in Pyxis Oncology's recent stock grants?

The recent stock grants involved 89,530 restricted stock units and 111,913 stock options.

What is the vesting schedule for Pyxis Oncology's new stock grants?

The restricted stock units and stock options will vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly over the next three years.

What was the exercise price for Pyxis Oncology's recent stock options?

The exercise price for the stock options was $3.31, the closing price of Pyxis Oncology's common stock on June 28, 2024.

What is the duration of the stock options granted by Pyxis Oncology?

The stock options granted have a ten-year term.