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

Rhea-AI Summary

Syndax Pharmaceuticals (Nasdaq: SNDX), a commercial stage biopharmaceutical company focused on developing innovative cancer therapies, has announced the granting of inducement awards under its 2023 Inducement Plan. On October 1, 2024, the company granted stock options to five new employees, allowing them to purchase up to 62,700 shares of common stock.

The stock options have a four-year vesting schedule. Specifically, 25% of the underlying shares will vest on the one-year anniversary of the vesting commencement date. Following that, 1/48th of the underlying shares will vest monthly over the next 36 months. These vesting terms are subject to the employee's continued service relationship with Syndax throughout the applicable vesting dates.

Positive

• Granted stock options to attract and retain new talent
• Implemented a long-term vesting schedule to encourage employee retention

Negative

• Potential dilution of existing shareholders' stock value

News Market Reaction

-2.98%

1 alert

-2.98% News Effect

On the day this news was published, SNDX declined 2.98%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

WALTHAM, Mass., Oct. 4, 2024 /PRNewswire/ -- Syndax Pharmaceuticals (Nasdaq: SNDX), a commercial stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today announced that on October 1, 2024 the Company granted inducement awards to purchase up to 62,700 shares of common stock to five 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 Pharmaceuticals is a commercial stage biopharmaceutical company developing an innovative pipeline of cancer therapies. Highlights of the Company's pipeline include revumenib, a highly selective menin inhibitor, and Niktimvo™ (axatilimab-csfr), a monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor. Syndax is working to unlock the full potential of its pipeline and is conducting several clinical trials across the continuum of treatment for both revumenib and Niktimvo. 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 

 

View original content:https://www.prnewswire.com/news-releases/syndax-pharmaceuticals-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-302266863.html

SOURCE Syndax Pharmaceuticals, Inc.

FAQ

How many new employees received stock options from Syndax Pharmaceuticals (SNDX) on October 1, 2024?

Syndax Pharmaceuticals (SNDX) granted stock options to five new employees on October 1, 2024.

What is the vesting schedule for the stock options granted by Syndax Pharmaceuticals (SNDX)?

The stock options have a four-year vesting schedule, with 25% vesting after one year and the remaining 75% vesting monthly over the next 36 months.

How many shares of common stock can be purchased through the inducement awards granted by Syndax Pharmaceuticals (SNDX)?

The inducement awards granted by Syndax Pharmaceuticals (SNDX) allow for the purchase of up to 62,700 shares of common stock.

Under which plan did Syndax Pharmaceuticals (SNDX) grant the inducement awards?

Syndax Pharmaceuticals (SNDX) granted the inducement awards under its 2023 Inducement Plan.