Crinetics Pharmaceuticals Announces May 2025 Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Crinetics Pharmaceuticals (NASDAQ: CRNX) has granted equity awards to 35 new non-executive employees under its 2021 Employment Inducement Incentive Award Plan. The awards include 152,475 non-qualified stock options with an exercise price of $30.68 per share and 101,800 restricted stock units (RSUs). The stock options will vest over four years, with 25% vesting after one year and the remainder vesting monthly over 36 months. The RSUs will vest in equal annual installments over four years. These grants were made as employment inducements in accordance with Nasdaq Listing Rule 5635(c)(4).

SAN DIEGO, May 12, 2025 (GLOBE NEWSWIRE) -- Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX) today announced that on May 10, 2025, the Compensation Committee of the Board of Directors granted non-qualified stock option awards to purchase an aggregate of 152,475 shares of its common stock and granted an aggregate of 101,800 restricted stock unit (“RSU”) awards to 35 new non-executive employees, in each case, under the Crinetics Pharmaceuticals, Inc. 2021 Employment Inducement Incentive Award Plan (the “2021 Inducement Plan”). The stock options and RSUs were granted as inducements material to the employees entering into employment with Crinetics in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2021 Inducement Plan is used exclusively for granting equity awards to individuals who were not previously employees of Crinetics, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Crinetics, pursuant to Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $30.68 per share, which is equal to the closing price of Crinetics’ common stock on the Nasdaq Global Select Market on May 9, 2025. The shares subject to the stock options will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to each employee’s continued employment with Crinetics on such vesting dates. The RSUs will vest over four years in equal annual installments beginning on the one-year anniversary of the applicable vesting commencement date, also subject to each employee’s continued employment with Crinetics on such vesting dates. The stock option and RSU awards are subject to the terms and conditions of the 2021 Inducement Plan and the terms and conditions of an applicable stock option award agreement or RSU award agreement covering the respective grant.

About Crinetics Pharmaceuticals
Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors. Crinetics’ lead development candidate, paltusotine, is the first investigational once-daily, oral, selective somatostatin receptor type 2 (SST2) nonpeptide agonist that is in clinical development for acromegaly and carcinoid syndrome associated with neuroendocrine tumors. Crinetics is also developing atumelnant, an investigational, first-in-class, oral ACTH antagonist, that is currently in development for the treatment of congenital adrenal hyperplasia and Cushing’s disease. All of the company’s drug candidates are orally delivered, small molecule, new chemical entities resulting from in-house drug discovery efforts, including additional discovery programs addressing a variety of endocrine conditions such as hyperparathyroidism, polycystic kidney disease, Graves’ disease (including thyroid eye disease), diabetes, obesity and GPCR-targeted oncology indications. 

Investors:
Gayathri Diwakar
Head of Investor Relations
gdiwakar@crinetics.com
(858) 345-6340

Media:
Natalie Badillo
Head of Corporate Communications
nbadillo@crinetics.com
(858) 450-6464

FAQ

What equity awards did Crinetics Pharmaceuticals (CRNX) grant to new employees in May 2025?

Crinetics granted 152,475 non-qualified stock options at $30.68 per share and 101,800 RSUs to 35 new non-executive employees.

What is the vesting schedule for CRNX's May 2025 stock option grants?

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

How do the RSUs vest in Crinetics' May 2025 inducement grants?

The RSUs vest over four years in equal annual installments, starting from the one-year anniversary of the vesting commencement date.

What is the purpose of Crinetics' 2021 Inducement Plan?

The plan is exclusively used for granting equity awards to new employees as an inducement for joining Crinetics, in accordance with Nasdaq Rule 5635(c)(4).