Arcus Biosciences Announces New Employment Inducement Grants

Rhea-AI Summary

Arcus Biosciences (NYSE:RCUS), a clinical-stage biopharmaceutical company, announced that its Compensation Committee has granted new employment inducement awards. These awards include options to purchase 36,100 shares of common stock at $16.09 per share, the closing price on June 10, 2024, and restricted stock units for 18,050 shares. The grants were made under the 2020 Inducement Plan, approved in January 2020, following NYSE rules.

Positive

• Granted options to purchase 36,100 shares at $16.09, signifying potential growth opportunities.
• Restricted stock units for 18,050 shares awarded, aligning employee interests with company performance.

Negative

• The issuance of new shares could potentially dilute existing shareholders' equity.
• Inducement grants might indicate a need to retain talent, suggesting potential competition or employee turnover concerns.

HAYWARD, Calif.--(BUSINESS WIRE)-- Arcus Biosciences, Inc. (NYSE:RCUS), a clinical-stage, global biopharmaceutical company focused on developing differentiated molecules and combination therapies for people with cancer, today announced that the Compensation Committee of the Company’s Board of Directors granted six new employees options to purchase a total of 36,100 shares of the Company’s common stock at an exercise price per share of $16.09, which was the closing price on June 10, 2024, and restricted stock units to acquire a total of 18,050 shares of the Company’s common stock. The equity awards were granted pursuant to the Company’s 2020 Inducement Plan, which was approved by the Company’s Board of Directors in January 2020 pursuant to the “inducement exception” under NYSE Listed Company Manual Rule 303A.08.

About Arcus Biosciences

Arcus Biosciences is a clinical-stage, global biopharmaceutical company developing differentiated molecules and combination medicines for people with cancer. In partnership with industry collaborators, patients and physicians around the world, Arcus is expediting the development of first- or best-in-class medicines against well-characterized biological targets and pathways and studying novel, biology-driven combinations that have the potential to help people with cancer live longer. Founded in 2015, the company has expedited the development of multiple investigational medicines into clinical studies, including new combination approaches that target TIGIT, PD-1, the adenosine axis (CD73 and dual A2a/A2b receptor), HIF-2a, CD39 and AXL. For more information about Arcus Biosciences’ clinical and preclinical programs, please visit www.arcusbio.com.

Inducement PR

Source: Arcus Biosciences

View source version on businesswire.com: https://www.businesswire.com/news/home/20240611841146/en/

Investor Inquiries:

Pia Eaves

VP of Investor Relations & Strategy

(617) 459-2006

peaves@arcusbio.com

Media Inquiries:

Holli Kolkey

VP of Corporate Communications

(650) 922-1269

hkolkey@arcusbio.com

Source: Arcus Biosciences

FAQ

What did Arcus Biosciences announce regarding new employee stock options?

Arcus Biosciences announced that six new employees were granted options to purchase 36,100 shares of common stock at $16.09 per share.

How many restricted stock units did Arcus Biosciences grant?

Arcus Biosciences granted restricted stock units to acquire a total of 18,050 shares of common stock.

When were the new stock options priced?

The stock options were priced at the closing price of $16.09 on June 10, 2024.

Under which plan were the new employment inducement awards granted?

The awards were granted under the 2020 Inducement Plan.

Why might Arcus Biosciences issue new stock options and restricted stock units?

They might issue these to attract and retain new talent, aligning employee interests with the company's performance.