Spyre Therapeutics Announces Grants of Inducement Awards

Rhea-AI Summary

Spyre Therapeutics, Inc. announced the approval of grants of stock options to 4 non-executive employees as equity inducement awards. These options were granted under the 2018 Equity Inducement Plan with a 10-year term and an exercise price of $33.87 per share. The options will vest over time, subject to continuous service with Spyre.

WALTHAM, Mass., May 3, 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 126,000 shares of common stock of Spyre to 4 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 May 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 $33.87, the closing price per share of Spyre's common stock as reported by Nasdaq on May 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

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/spyre-therapeutics-announces-grants-of-inducement-awards-302134476.html

SOURCE Spyre Therapeutics, Inc.

FAQ

When were the stock options granted by Spyre Therapeutics?

The stock options were approved on May 1, 2024.

How many shares of common stock were included in the grants?

An aggregate of 126,000 shares of common stock were included in the grants.

What is the exercise price of the stock options?

The exercise price of the stock options is $33.87 per share.

How will the stock options vest?

The stock options will vest over time, with one-fourth of the shares subject to the options vesting on the first anniversary of the employee's start date, and one-forty-eighth of the shares vesting monthly thereafter.