Spyre Therapeutics Announces Grants of Inducement Awards

Rhea-AI Summary

Spyre Therapeutics (NASDAQ: SYRE), a clinical-stage biotech company focused on Inflammatory Bowel Disease (IBD) treatment, announced the approval of inducement stock options for two non-executive employees. The Compensation Committee granted options to purchase 90,000 shares of common stock under the 2018 Equity Inducement Plan. The options have a 10-year term with an exercise price of $33.98, matching Spyre's closing share price on November 1, 2024. The options vest 25% after one year and the remaining monthly over four years, contingent on continued employment.

WALTHAM, Mass., Nov. 1, 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 grant of stock options to purchase an aggregate of 90,000 shares of common stock of Spyre to two 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 November 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 $33.98 the closing price per share of Spyre's common stock as reported by Nasdaq on November 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

 

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SOURCE Spyre Therapeutics, Inc.

FAQ

What is the exercise price of Spyre Therapeutics' (SYRE) inducement stock options granted on November 1, 2024?

The exercise price of the inducement stock options is $33.98, which was equal to Spyre Therapeutics' closing share price on November 1, 2024.

How many shares of Spyre Therapeutics (SYRE) common stock were granted in the November 2024 inducement awards?

Spyre Therapeutics granted stock options to purchase an aggregate of 90,000 shares of common stock to two non-executive employees.

What is the vesting schedule for Spyre Therapeutics' (SYRE) November 2024 inducement stock options?

The options vest 25% after one year of employment, with the remaining shares vesting monthly over the following three years (1/48th per month).