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 on June 3, 2024, that it granted inducement awards to purchase up to 499,200 shares of common stock to fifty-three new employees. These awards were given under the Company's 2023 Inducement Plan on June 1, 2024. The stock options will vest over four years, with 25% vesting on the one-year anniversary of the vesting commencement date and the remaining shares vesting monthly thereafter over 36 months. The vesting is contingent upon the employee's continued service with Syndax.

Positive

• Syndax Pharmaceuticals has attracted 53 new employees, indicating growth and expansion.
• The company granted inducement awards, potentially boosting employee morale and retention.
• The stock options vesting over four years aligns employee incentives with long-term company performance.

Negative

• The inducement awards could lead to potential shareholder dilution with the issuance of up to 499,200 new shares.
• The long vesting period may result in delayed benefits for employees, possibly affecting short-term employee satisfaction.

WALTHAM, Mass., June 3, 2024 /PRNewswire/ -- Syndax Pharmaceuticals (Nasdaq: SNDX), a clinical-stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today announced that on June 1, 2024 the Company granted inducement awards to purchase up to 499,200 shares of common stock to fifty-three 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 June 3, 2024?

Syndax Pharmaceuticals announced inducement grants to purchase up to 499,200 shares of common stock to fifty-three new employees under the Company's 2023 Inducement Plan.

When were the inducement awards by Syndax Pharmaceuticals granted?

The inducement awards were granted on June 1, 2024.

How many shares are covered under Syndax's inducement grants?

The inducement grants cover up to 499,200 shares of common stock.

What is the vesting schedule for Syndax's stock options?

The stock options will vest over four years, with 25% vesting on the one-year anniversary of the vesting commencement date and the remaining shares vesting monthly over the following 36 months.

Under which plan were the Syndax inducement grants given?

The inducement grants were given under the Company's 2023 Inducement Plan.

What is the condition for the vesting of Syndax's stock options?

The vesting of stock options is contingent upon the employee's continued service relationship with Syndax through the applicable vesting dates.