Spyre Therapeutics Announces Grants of Inducement Awards

Rhea-AI Summary

Spyre Therapeutics (NASDAQ: SYRE), a clinical-stage biotech company focused on antibody engineering for IBD and immune-mediated diseases treatment, has announced new inducement awards. The company's independent Compensation Committee approved stock options to purchase 132,200 shares for five non-executive employees under their 2018 Equity Inducement Plan.

The options were granted on March 3, 2025, with a 10-year term and an exercise price of $19.49 per share, matching Spyre's closing price on that date. The vesting schedule includes 25% after one year of employment, followed by monthly vesting of 1/48th of shares, contingent on continued service with Spyre.

Positive

• Stock options align employee interests with shareholders
• Structured vesting schedule promotes employee retention

Negative

• Potential future dilution of existing shareholders
• Additional stock-based compensation expense

WALTHAM, Mass., March 7, 2025 /PRNewswire/ -- Spyre Therapeutics, Inc. (NASDAQ: SYRE) (the "Company" or "Spyre"), a clinical-stage biotechnology company utilizing best-in-class antibody engineering, dose optimization and rational therapeutic combinations to target improved efficacy and convenience in the treatment of IBD and other immune-mediated diseases, today announced that Spyre's independent Compensation Committee of the Board of Directors approved the grant of stock options to purchase 132,200 shares of common stock of Spyre to five 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 3, 2025 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 $19.49, the closing price per share of Spyre's common stock as reported by Nasdaq on March 3, 2025. 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) and other immune-mediated disease products by combining best-in-class antibody engineering, dose optimization, and rational therapeutic combinations. Spyre's pipeline includes investigational extended half-life antibodies targeting α4β7, TL1A, and IL-23. For more information, visit Spyre's website at www.spyre.com.

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SOURCE Spyre Therapeutics, Inc.

FAQ

How many shares are included in Spyre Therapeutics' (SYRE) March 2025 stock option grants?

Spyre Therapeutics granted stock options to purchase 132,200 shares of common stock.

What is the exercise price for SYRE's March 2025 inducement stock options?

The exercise price is $19.49 per share, matching Spyre's closing price on March 3, 2025.

What is the vesting schedule for Spyre Therapeutics' (SYRE) March 2025 inducement awards?

25% vests after one year, followed by 1/48th monthly vesting, subject to continued employment.

How long is the term for SYRE's March 2025 stock option grants?

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