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Summit Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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Summit Therapeutics (NASDAQ: SMMT) has announced the granting of inducement stock options to ten new employees. The awards, approved by the Company's Compensation Committee, allow the purchase of up to 176,915 shares of common stock at an exercise price of $19.29 per share, matching the closing price on March 31, 2025.

The options, granted in accordance with Nasdaq Listing Rule 5635(c)(4), feature a ten-year term and will vest in equal annual installments over four years. These awards were drawn from an equity incentive pool established on January 22, 2025, specifically designated for new employee inducements.

Summit Therapeutics (NASDAQ: SMMT) ha annunciato l'assegnazione di opzioni su azioni come incentivo a dieci nuovi dipendenti. I premi, approvati dal Comitato per la Compensazione della Società, consentono l'acquisto di fino a 176.915 azioni ordinarie a un prezzo di esercizio di $19,29 per azione, corrispondente al prezzo di chiusura del 31 marzo 2025.

Le opzioni, concesse in conformità con Nasdaq Listing Rule 5635(c)(4), hanno una durata di dieci anni e matureranno in rate annuali uguali nel corso di quattro anni. Questi premi sono stati prelevati da un pool di incentivi azionari istituito il 22 gennaio 2025, specificamente destinato agli incentivi per i nuovi dipendenti.

Summit Therapeutics (NASDAQ: SMMT) ha anunciado la concesión de opciones sobre acciones como incentivo a diez nuevos empleados. Los premios, aprobados por el Comité de Compensación de la Compañía, permiten la compra de hasta 176,915 acciones ordinarias a un precio de ejercicio de $19.29 por acción, coincidiendo con el precio de cierre del 31 de marzo de 2025.

Las opciones, otorgadas de acuerdo con la Regla de Cotización 5635(c)(4) de Nasdaq, tienen un plazo de diez años y se consolidarán en cuotas anuales iguales durante cuatro años. Estos premios se extrajeron de un fondo de incentivos de acciones establecido el 22 de enero de 2025, específicamente destinado a incentivos para nuevos empleados.

Summit Therapeutics (NASDAQ: SMMT)는 10명의 새로운 직원에게 유인 주식 옵션을 부여한다고 발표했습니다. 이 상은 회사의 보상 위원회에 의해 승인되었으며, 176,915주의 보통주를 주당 $19.29의 행사 가격으로 구매할 수 있도록 허용합니다. 이는 2025년 3월 31일의 종가와 일치합니다.

이 옵션은 Nasdaq 상장 규칙 5635(c)(4)에 따라 부여되며, 10년의 기간을 가지며 4년에 걸쳐 매년 동일한 비율로 분할됩니다. 이러한 상은 2025년 1월 22일에 설정된 새로운 직원 유인을 위한 주식 인센티브 풀에서 추출되었습니다.

Summit Therapeutics (NASDAQ: SMMT) a annoncé l'octroi d'options d'achat d'actions incitatives à dix nouveaux employés. Les récompenses, approuvées par le Comité de Rémunération de la Société, permettent l'achat de jusqu'à 176 915 actions ordinaires à un prix d'exercice de 19,29 $ par action, correspondant au prix de clôture du 31 mars 2025.

Les options, accordées conformément à la Règle de Cotation 5635(c)(4) du Nasdaq, ont une durée de dix ans et seront acquises en parts égales sur quatre ans. Ces récompenses ont été tirées d'un fonds d'incitation en actions établi le 22 janvier 2025, spécifiquement destiné aux incitations pour les nouveaux employés.

Summit Therapeutics (NASDAQ: SMMT) hat die Gewährung von Anreiz-Aktienoptionen an zehn neue Mitarbeiter angekündigt. Die Auszeichnungen, die vom Vergütungsausschuss des Unternehmens genehmigt wurden, ermöglichen den Kauf von bis zu 176.915 Aktien zu einem Ausübungspreis von 19,29 $ pro Aktie, was dem Schlusskurs vom 31. März 2025 entspricht.

Die Optionen, die gemäß der Nasdaq-Listing-Regel 5635(c)(4) gewährt werden, haben eine Laufzeit von zehn Jahren und werden über vier Jahre in gleichen jährlichen Raten fällig. Diese Auszeichnungen stammen aus einem am 22. Januar 2025 eingerichteten Aktienanreizpool, der speziell für Anreize für neue Mitarbeiter vorgesehen ist.

Positive
  • Stock options granted as employee retention tool
  • Four-year vesting schedule promotes long-term employee commitment
Negative
  • Potential future dilution for existing shareholders from 176,915 new stock options

MIAMI--(BUSINESS WIRE)-- Summit Therapeutics Inc. (NASDAQ: SMMT) ("Summit," "we," or the "Company") today announced the grant of inducement awards of options to purchase a collective total of up to 176,915 shares of common stock. Awards were made to ten (10) new employees of the Company. The awards were granted as an inducement material to the new employees becoming employees of the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and have been approved by the Company’s Compensation Committee. The inducement awards were granted on March 31, 2025. The options have a ten (10) year term and an exercise price of $19.29 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on March 31, 2025. The options were granted from a pool of equity incentives reserved by the Compensation Committee on January 22, 2025 for issuance as inducements to new employees in accordance with Nasdaq Listing Rule 5635(c)(4).

The options awarded to the recipients are subject to vesting in equal annual installments over a four-year period. The options awarded are subject to the terms of a stock option agreement to be executed by the recipient of the grant.

About Summit Therapeutics

Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.

Summit was founded in 2003 and our shares are listed on the Nasdaq Global Market (symbol "SMMT"). We are headquartered in Miami, Florida, and we have additional offices in Menlo Park, California, and Oxford, UK.

For more information, please visit https://www.smmttx.com and follow us on X @SMMT_TX.

Summit Forward-looking Statements

Any statements in this press release about the Company’s future expectations, plans and prospects, including but not limited to, statements about the clinical and preclinical development of the Company’s product candidates, entry into and actions related to the Company’s partnership with Akeso Inc., the intended use of the net proceeds from the private placements, the Company's anticipated spending and cash runway, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, potential acquisitions, statements about the previously disclosed At-The-Market equity offering program (“ATM Program”), the expected proceeds and uses thereof, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to sell shares of our common stock under the ATM Program, the conditions affecting the capital markets, general economic, industry, or political conditions, the results of our evaluation of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, global public health crises, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" section of filings that the Company makes with the Securities and Exchange Commission. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ivonescimab. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.

Summit Therapeutics and the Summit Therapeutics logo are trademarks of Summit Therapeutics Inc. Copyright 2025, Summit Therapeutics Inc. All Rights Reserved.

Contact Summit Therapeutics:

Dave Gancarz

Chief Business & Strategy Officer

Nathan LiaBraaten

Senior Director, Investor Relations

investors@smmttx.com

media@smmttx.com

Source: Summit Therapeutics Inc.

FAQ

What is the exercise price for Summit Therapeutics (SMMT) inducement stock options granted on March 31, 2025?

The exercise price is $19.29 per share, matching SMMT's closing price on March 31, 2025.

How many shares are covered by SMMT's latest inducement stock options grant?

The inducement awards cover options to purchase up to 176,915 shares of common stock.

What is the vesting schedule for Summit Therapeutics' March 2025 inducement options?

The options vest in equal annual installments over a four-year period.

How long is the term of SMMT's newly granted inducement stock options?

The options have a ten-year term.
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Biotechnology
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