Syndax Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Syndax Pharmaceuticals (Nasdaq: SNDX), a clinical-stage biopharmaceutical company, announced the grant of inducement awards to eight new employees. These awards, totaling options to purchase up to 124,000 shares of common stock, were granted under the Company's 2023 Inducement Plan on July 1, 2024. According to the vesting schedule, 25% of the shares will vest after one year, with the remaining shares vesting monthly over the next 36 months, contingent on continued employment with Syndax.

Positive

• Granted inducement awards to attract and retain talent.
• Stock options cover up to 124,000 shares, indicating a significant investment in new employees.

Negative

• Potential dilution of existing shareholders' equity with the issuance of 124,000 new shares.

WALTHAM, Mass., July 5, 2024 /PRNewswire/ -- Syndax Pharmaceuticals (Nasdaq: SNDX), a clinical-stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today announced that on July 1, 2024 the Company granted inducement awards to purchase up to 124,000 shares of common stock to eight new employees under the Company's 2023 Inducement Plan. The stock options will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the vesting commencement date and 1/48th of the underlying shares vesting monthly thereafter over 36 months, subject to the employee's continued service relationship with Syndax through the applicable vesting dates.

About Syndax

Syndax is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. Highlights of the Company's pipeline include revumenib, a highly selective menin inhibitor, and axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor. For more information, please visit www.syndax.com or follow the Company on X (formerly Twitter) and LinkedIn.

Syndax Contact

Sharon Klahre 
Syndax Pharmaceuticals, Inc. 
sklahre@syndax.com
Tel 781.684.9827

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SOURCE Syndax Pharmaceuticals, Inc.

FAQ

What did Syndax Pharmaceuticals announce on July 5, 2024?

Syndax Pharmaceuticals announced the grant of inducement awards to eight new employees, allowing them to purchase up to 124,000 shares of common stock.

What is the vesting schedule for Syndax Pharmaceuticals' inducement awards?

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

How many shares can new employees purchase under Syndax Pharmaceuticals' 2023 Inducement Plan?

New employees can purchase up to 124,000 shares of common stock under Syndax Pharmaceuticals' 2023 Inducement Plan.

What is the stock symbol for Syndax Pharmaceuticals?

The stock symbol for Syndax Pharmaceuticals is SNDX.