Curis Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Curis, Inc. (NASDAQ: CRIS) announced the approval of a grant of inducement stock options to a new employee, totaling 5,800 shares of Curis common stock, with a grant date of January 2, 2024. The stock option has a 10-year term and vests over four years, with 25% of the original number of shares vesting on the first anniversary of the employee's date of hire and an additional 6.25% vesting on each successive three-month period thereafter, subject to the employee's continued service with the Company. The stock option was granted as an inducement equity award outside of the Company's Fourth Amended and Restated 2010 Stock Incentive Plan and was made as an inducement material to the employee's acceptance of employment with the Company.

LEXINGTON, Mass., Jan. 5, 2024 /PRNewswire/ -- Curis, Inc. (NASDAQ: CRIS), a biotechnology company focused on the development of innovative therapeutics for the treatment of cancer, today announced that on January 2, 2024, the independent Compensation Committee of the Board of Directors of Curis approved the grant of inducement stock options to purchase a total of 5,800 shares of Curis common stock to a new employee, with a grant date of January 2, 2024 (the "Q1 2024 Inducement Grant").

The Q1 2024 Inducement Grant has an exercise price per share equal to the closing price of the Company's common stock on January 2, 2024. The stock option has a 10 year term and vests over four years, with 25% of the original number of shares underlying the award vesting on the first anniversary of the employee's date of hire and an additional 6.25% of the original number of shares underlying the award vesting on each successive three-month period thereafter, subject to the employee's continued service with the Company through the respective vesting dates. The stock option was granted as an inducement equity award outside of the Company's Fourth Amended and Restated 2010 Stock Incentive Plan and was made as an inducement material to the employee's acceptance of employment with the Company.

About Curis, Inc.

Curis is a biotechnology company focused on the development of emavusertib, an orally available, small molecule IRAK4 inhibitor. Emavusertib is currently undergoing testing in the Phase 1/2 TakeAim Lymphoma study in patients with hematologic malignancies, such as non-Hodgkin's lymphoma and other B cell malignancies in combination with the BTK inhibitor ibrutinib, and as a monotherapy in the Phase 1/2 TakeAim Leukemia study in patients with acute myeloid leukemia and myelodysplastic syndrome, for which it has received Orphan Drug Designation from the U.S. Food and Drug Administration. Curis, through its 2015 collaboration with Aurigene, has the exclusive license to emavusertib (CA-4948). Curis licensed its rights to Erivedge® to Genentech, a member of the Roche Group, under which they are commercializing Erivedge® for the treatment of advanced basal cell carcinoma. For more information, visit Curis's website at www.curis.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/curis-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-302026972.html

SOURCE Curis, Inc.

What did Curis, Inc. (NASDAQ: CRIS) announce recently?

Curis, Inc. announced the approval of a grant of inducement stock options to a new employee, totaling 5,800 shares of Curis common stock, with a grant date of January 2, 2024.

How many shares of Curis common stock were included in the grant?

A total of 5,800 shares of Curis common stock were included in the grant.

What is the vesting period for the stock options?

The stock option has a 10-year term and vests over four years, with 25% of the original number of shares vesting on the first anniversary of the employee's date of hire and an additional 6.25% vesting on each successive three-month period thereafter, subject to the employee's continued service with the Company.

Why were the stock options granted?

The stock option was granted as an inducement equity award outside of the Company's Fourth Amended and Restated 2010 Stock Incentive Plan and was made as an inducement material to the employee's acceptance of employment with the Company.