Spyre Therapeutics Announces Grants of Inducement Awards

Rhea-AI Summary

Spyre Therapeutics, Inc. announces the approval of stock options for non-executive employees under the 2018 Equity Inducement Plan. The options were granted with a 10-year term and an exercise price of $29.90 per share, vesting over time based on the employee's tenure with the company.

WALTHAM, Mass., March 1, 2024 /PRNewswire/ -- Spyre Therapeutics, Inc. (NASDAQ: SYRE) (the "Company" or "Spyre"), a development-stage biotechnology company advancing best-in-class antibody engineering, rational therapeutic combinations, and precision medicine approaches for the treatment of Inflammatory Bowel Disease ("IBD"), today announced that Spyre's independent Compensation Committee of the Board of Directors approved the grants of stock options to purchase an aggregate of 166,200 shares of common stock of Spyre to four non-executive employees as equity inducement awards under the Spyre Therapeutics, Inc. 2018 Equity Inducement Plan, as amended (the "2018 Plan"). The stock options were approved on March 1, 2024 and were material to each employee's acceptance of employment with Spyre, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options were granted with a 10-year term and an exercise price equal to $29.90, the closing price per share of Spyre's common stock as reported by Nasdaq on March 1, 2024. The options granted to each employee shall vest and become exercisable as to one-fourth (1/4th) of the shares subject to the respective options on the first anniversary of the employee's start date, and one-forty-eighth (1/48th) of the shares subject to the respective options shall vest and become exercisable monthly thereafter, in each case, subject to continuous service with Spyre through the applicable vesting dates. The stock options are subject to the terms of the 2018 Plan.

About Spyre Therapeutics

Spyre Therapeutics is a biotechnology company that aims to create next-generation inflammatory bowel disease (IBD) products by combining best-in-class antibody engineering, rational therapeutic combinations, and precision medicine approaches. Spyre's pipeline includes extended half-life antibodies targeting α4β7, TL1A, and IL-23. For more information, visit Spyre's website at www.spyre.com.

Follow Spyre Therapeutics on social media: @spyretx and LinkedIn

 

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SOURCE Spyre Therapeutics, Inc.

FAQ

What did Spyre Therapeutics announce regarding stock options?

Spyre Therapeutics announced the approval of stock options for non-executive employees under the 2018 Equity Inducement Plan.

How many shares of common stock were approved for purchase through stock options?

An aggregate of 166,200 shares of common stock of Spyre were approved for purchase through stock options.

What is the exercise price for the stock options?

The exercise price for the stock options is $29.90 per share.

How long is the term for the stock options?

The stock options have a 10-year term.

How do the stock options vest for employees?

The stock options vest as to one-fourth of the shares on the first anniversary of the employee's start date, with additional vesting monthly thereafter.