Cidara Therapeutics Reports Inducement Grant Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Cidara Therapeutics (CDTX) has granted equity awards to new employee Timothy Alefantis under its 2020 Inducement Incentive Plan. The compensation package includes:

• Non-qualified stock options and RSUs totaling 27,000 shares
• Stock option exercise price set at $21.54 per share (closing price on March 31, 2025)
• Options vest over 4 years: 25% after first year, remaining in 36 monthly installments
• RSUs vest in 4 equal annual installments on quarterly vesting dates (March 10, June 10, September 10, or December 10)

These awards were granted as employment inducements in accordance with Nasdaq Listing Rule 5635(c)(4), specifically designed for new employees who were not previously with Cidara.

SAN DIEGO, April 01, 2025 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company using its proprietary Cloudbreak^® platform to develop drug-Fc conjugate (DFC) immunotherapies, today announced that the Compensation and Human Capital Committee of its Board of Directors (Compensation Committee) granted Timothy Alefantis, a new employee, a non-qualified stock option award and restricted stock units (RSUs) for an aggregate of 27,000 shares of its common stock, pursuant to the Cidara Therapeutics, Inc. 2020 Inducement Incentive Plan, as amended (the Inducement Plan), with a grant date of March 31, 2025. The stock option has an exercise price of $21.54 per share, which is equal to the closing price of Cidara’s common stock on the grant date. The shares subject to the option will vest over four years, with 25% of the shares vesting on the one-year anniversary of the vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter. All RSUs vest in four equal annual installments, with 1/4 vesting on each of the first, second, third and fourth anniversaries of the Quarterly Vesting Date (as defined below) that occurs during the calendar quarter that includes the date of grant. “Quarterly Vesting Date” means March 10, June 10, September 10 or December 10. The awards are subject to the award holder’s continuous service through each vesting date and to the terms and conditions of the Inducement Plan and the standard forms of grant agreements thereunder.

The foregoing equity award was granted as an inducement material to the employee entering into employment with Cidara, in accordance with Nasdaq Listing Rule 5635(c)(4). The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Cidara, or following a bona fide period of non-employment, as an inducement material to such individual’s entering into employment with Cidara, pursuant to Nasdaq Listing Rule 5635(c)(4).

About Cidara Therapeutics

Cidara Therapeutics is using its proprietary Cloudbreak^® platform to develop novel drug-Fc conjugates (DFCs) comprising targeted small molecules or peptides coupled to a proprietary human antibody fragment (Fc). Cidara’s lead DFC candidate, CD388, is a long-acting antiviral designed to achieve universal prevention of seasonal and pandemic influenza with a single dose by directly inhibiting viral proliferation. In June 2023, CD388 was granted Fast Track Designation by the U.S. Food and Drug Administration (FDA), and the Company announced completion of Phase 2b enrollment in December 2024. Additional DFCs have been developed for oncology and in July 2024 Cidara received IND clearance for CBO421 which is intended to target CD73 in solid tumors. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com. 

INVESTOR CONTACT:
Brian Ritchie
LifeSci Advisors
(212) 915-2578
britchie@lifesciadvisors.com

MEDIA CONTACT:
Michael Fitzhugh
LifeSci Communications
mfitzhugh@lifescicomms.com

FAQ

What equity compensation did Cidara Therapeutics (CDTX) grant to its new employee in March 2025?

CDTX granted Timothy Alefantis 27,000 shares worth of stock options and RSUs, with options priced at $21.54 per share.

What is the vesting schedule for CDTX's March 2025 stock option grants?

The stock options vest over 4 years, with 25% vesting after year one and the remainder vesting monthly over 36 months.

How do the RSUs vest in Cidara's March 2025 inducement grant?

The RSUs vest in four equal annual installments on quarterly vesting dates (March 10, June 10, September 10, or December 10).

What was the exercise price for CDTX's March 2025 inducement stock options?

The stock options were granted with an exercise price of $21.54 per share, equal to CDTX's closing price on March 31, 2025.