Spyre Therapeutics Announces Grants of Inducement Awards

Rhea-AI Summary

Spyre Therapeutics, Inc. (SYRE) announced the approval of stock options for non-executive employees as equity inducement awards under the 2018 Equity Inducement Plan. The options were granted with a 10-year term and an exercise price of $15.81, vesting over time based on the employees' start date and continuous service with Spyre.

WALTHAM, Mass., Dec. 22, 2023 /PRNewswire/ -- Spyre Therapeutics, Inc. ("Spyre") (NASDAQ: SYRE), a biotechnology company advancing a pipeline of antibody therapeutics with the potential to transform 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 411,000 shares of common stock of Spyre to three 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 December 18, 2023 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 $15.81, the closing price per share of Spyre's common stock as reported by Nasdaq on December 18, 2023. 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 the next-generation of inflammatory bowel disease (IBD) products by combining best-in-class antibody engineering, rational therapeutic combinations, and precision medicine approaches for patient selection. 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, Inc. (SYRE) announce?

Spyre announced the approval of stock options for non-executive employees as equity inducement awards under the 2018 Equity Inducement Plan.

What is the exercise price of the stock options granted by Spyre?

The exercise price of the stock options is $15.81.

How long is the term of the stock options granted by Spyre?

The stock options were granted with a 10-year term.

How do the stock options vest for the employees?

The stock options vest as to one-fourth of the shares on the first anniversary of the employee's start date, and one-forty-eighth of the shares monthly thereafter, subject to continuous service with Spyre.