Spyre Therapeutics Announces Grants of Inducement Awards

Rhea-AI Summary

Spyre Therapeutics, Inc. (NASDAQ: SYRE), a clinical-stage biotechnology company focused on Inflammatory Bowel Disease (IBD) treatment, has announced the approval of inducement awards by its independent Compensation Committee. The awards include:

1. Stock options to purchase 400,000 shares of common stock granted to Dr. Sheldon Sloan, the new Chief Medical Officer.

2. Stock options to purchase an aggregate of 129,000 shares of common stock granted to four non-executive employees.

These equity inducement awards were approved on October 1, 2024, under the Spyre Therapeutics, Inc. 2018 Equity Inducement Plan. The stock options have a 10-year term and an exercise price of $27.46, matching the closing price of Spyre's common stock on October 1, 2024. The vesting schedule includes 25% after one year and 1/48th monthly thereafter, subject to continuous service with Spyre.

Positive

• Appointment of Dr. Sheldon Sloan as Chief Medical Officer
• Granting of stock options to attract and retain key talent

Negative

• None.

WALTHAM, Mass., Oct. 4, 2024 /PRNewswire/ -- Spyre Therapeutics, Inc. (NASDAQ: SYRE) (the "Company" or "Spyre"), a clinical-stage biotechnology company utilizing best-in-class antibody engineering, rational therapeutic combinations, and precision medicine approaches to target improved efficacy and convenience in the treatment of Inflammatory Bowel Disease ("IBD"), today announced that Spyre's independent Compensation Committee of the Board of Directors approved the grants of (i) stock options to purchase 400,000 shares of common stock of Spyre to Dr. Sheldon Sloan in connection with his appointment as Chief Medical Officer and (ii) stock options to purchase an aggregate of 129,000 shares of common stock of Spyre to four non-executive employees, in each case, as equity inducement awards under the Spyre Therapeutics, Inc. 2018 Equity Inducement Plan, as amended (the "2018 Plan"). The stock options were approved on October 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 $27.46, the closing price per share of Spyre's common stock as reported by Nasdaq on October 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 clinical-stage 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

For Investors:
Eric McIntyre
VP of Finance and Investor Relations
Spyre Therapeutics
Eric.mcintyre@spyre.com

For Media:
Peg Rusconi
Peg.rusconi@vergescientific.com

 

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SOURCE Spyre Therapeutics, Inc.

FAQ

What inducement awards did Spyre Therapeutics (SYRE) announce on October 4, 2024?

Spyre Therapeutics announced the approval of stock options to purchase 400,000 shares for Dr. Sheldon Sloan, the new Chief Medical Officer, and an aggregate of 129,000 shares for four non-executive employees.

What is the exercise price of the stock options granted by Spyre Therapeutics (SYRE) on October 1, 2024?

The stock options were granted with an exercise price of $27.46, which was the closing price of Spyre's common stock on October 1, 2024.

What is the vesting schedule for the stock options granted by Spyre Therapeutics (SYRE)?

The stock options vest 25% after one year and 1/48th monthly thereafter, subject to continuous service with Spyre through the applicable vesting dates.