Viracta Therapeutics Announces New Employment Inducement Grant

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Viracta Therapeutics (Nasdaq: VIRX) announced the approval of non-qualified stock options for a new non-executive employee to purchase 200,000 shares at an exercise price of $3.04 per share, equal to the March 17, 2022 closing price. The options will vest over four years, with 25% vesting after one year and the remainder in monthly increments, contingent on continuous employment. This grant is part of Viracta's 2021 Inducement Equity Incentive Plan, designed to attract new talent consistent with Nasdaq Listing Rule 5635(c)(4).

SAN DIEGO, March 18, 2022 /PRNewswire/ -- Viracta Therapeutics, Inc. (Nasdaq: VIRX), a precision oncology company targeting virus-associated malignancies, today announced that the Compensation Committee of Viracta's Board of Directors approved the grant of non-qualified stock options to a new non-executive employee to purchase an aggregate of 200,000 shares of common stock. The options vest over four years, with 25% vesting on the one-year anniversary of the employment commencement date and the remaining 75% vesting in equal monthly increments over the succeeding 36 months, subject to the individual's continuous employment through each vesting date. The options each have an exercise price of $3.04 per share, which is equal to the closing price of Viracta's common stock on March 17, 2022. 

The inducement awards were made outside of Viracta's current equity plan, under Viracta's 2021 Inducement Equity Incentive Plan and related stock option agreement but will have terms and conditions generally consistent with those of Viracta's 2021 Equity Incentive Plan. The Inducement Plan is used exclusively to grant equity awards to individuals who were not previously an employee or non-employee director of Viracta as an inducement material to such individual's entering into employment with Viracta in accordance with Nasdaq Listing Rule 5635(c)(4). 

About Viracta Therapeutics, Inc. 

Viracta is a precision oncology company targeting virus-associated malignancies. Viracta's lead product candidate is an all-oral combination therapy of its proprietary investigational drug, nanatinostat, and the antiviral agent valganciclovir (collectively referred to as Nana-val). Nana-val is currently being evaluated in multiple ongoing clinical trials, including a pivotal, global, multicenter, open-label Phase 2 basket trial for the treatment of multiple subtypes of relapsed/refractory Epstein-Barr virus-positive (EBV⁺) lymphoma (NAVAL-1), as well as a multinational, open-label Phase 1b/2 trial for the treatment of EBV⁺ recurrent or metastatic nasopharyngeal carcinoma and other EBV⁺ solid tumors. Viracta is also pursuing the application of its inducible synthetic lethality approach in other virus-related cancers. 

For additional information please visit www.viracta.com. 

Investor Relations Contact: 

Ashleigh Barreto 
Head of Investor Relations & Corporate Communication 
Viracta Therapeutics, Inc. 
abarreto@viracta.com  

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SOURCE Viracta Therapeutics, Inc.

FAQ

What stock options were approved by Viracta Therapeutics on March 18, 2022?

Viracta Therapeutics approved non-qualified stock options for a new non-executive employee to purchase 200,000 shares at an exercise price of $3.04 per share.

What is the vesting schedule for the stock options granted by Viracta?

The options vest over four years, with 25% vesting on the one-year anniversary of employment and the remaining 75% vesting in equal monthly increments over the next 36 months.

Under which plan were the stock options granted by Viracta?

The options were granted under Viracta's 2021 Inducement Equity Incentive Plan.

What is the closing price of Viracta's stock related to the new stock options?

The exercise price of the stock options is $3.04, which was the closing price of Viracta's stock on March 17, 2022.