Spyre Therapeutics Announces Grants of Inducement Awards

Rhea-AI Summary

Spyre Therapeutics (NASDAQ: SYRE), a biotech firm focused on antibody engineering and precision medicine for Inflammatory Bowel Disease (IBD), announced the approval of stock options for 83,000 shares to three non-executive employees. These inducement awards were granted by Spyre's independent Compensation Committee under the 2018 Equity Inducement Plan. The options, approved on June 3, 2024, have a 10-year term with an exercise price of $36.79. They will vest and become exercisable gradually over four years, contingent on the employees' continuous service. This aligns with Nasdaq Listing Rule 5635(c)(4).

Positive

• Stock options granted to employees may boost morale and retention.
• Exercise price set at $36.79, aligning with the closing price on June 3, 2024.
• Gradual vesting over four years ensures long-term employee commitment.

Negative

• Granting stock options can dilute existing shareholders' equity.
• Focus on inducement awards suggests potential challenges in talent acquisition.
• No immediate financial gain or revenue increase from the announcement.

WALTHAM, Mass., June 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 83,000 shares of common stock of Spyre to 3 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 June 3, 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 $36.79, the closing price per share of Spyre's common stock as reported by Nasdaq on June 3, 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

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SOURCE Spyre Therapeutics, Inc.

FAQ

What did Spyre Therapeutics announce on June 3, 2024?

Spyre Therapeutics announced the approval of stock options for 83,000 shares to three non-executive employees.

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

The exercise price for the stock options is $36.79 per share.

How will the stock options granted by Spyre Therapeutics vest?

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

What is the term of the stock options granted by Spyre Therapeutics?

The stock options have a 10-year term.

Why did Spyre Therapeutics grant these stock options?

The stock options were granted as inducement awards to attract and retain key talent, in line with Nasdaq Listing Rule 5635(c)(4).