Cue Biopharma Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Cue Biopharma (Nasdaq: CUE) has granted an inducement option award to its newly appointed interim chief development officer, Daniel Baker, M.D. The award consists of options to purchase 200,000 shares of company common stock at $1.06 per share, based on the closing price on November 25, 2024. The options will vest over two years in four equal installments, starting six months from the grant date, contingent on continued employment.

BOSTON, Mass., Nov. 29, 2024 (GLOBE NEWSWIRE) -- Cue Biopharma, Inc. (Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of therapeutic biologics to selectively engage and modulate disease-specific T cells for the treatment of cancer and autoimmune disease, today announced the grant of an inducement option award to its newly appointed interim chief development officer, Daniel Baker, M.D. The grant was approved by a majority of the independent directors of the Company as inducement material to Dr. Baker entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) (“the Inducement Award”).

The Inducement Award granted to Dr. Baker was an option to purchase 200,000 shares of common stock of the Company at an exercise price of $1.06 per share, representing the closing price of a share of the Company’s common stock on the Nasdaq Capital Market on November 25, 2024 (the Grant Date).

The Inducement Award will vest over two years, in four equal installments beginning six months from the Grant Date, subject to continued employment with the Company through each applicable vesting date.

About Cue Biopharma
Cue Biopharma, a clinical-stage biopharmaceutical company, is developing a novel class of injectable biologics to selectively engage and modulate disease-specific T cells directly within the patient’s body. The company’s proprietary platform, Immuno-STAT™ (Selective Targeting and Alteration of T cells), and biologics are designed to harness the curative potential of the body’s intrinsic immune system through the selective modulation of disease-specific T cells without the adverse effects of broad systemic immune modulation.

Headquartered in Boston, Massachusetts, we are led by an experienced management team and independent Board of Directors with deep expertise in immunology and immuno-oncology as well as the design and clinical development of protein biologics.

For more information please visit www.cuebiopharma.com and follow us on X and LinkedIn.

Investor Contact
Marie Campinell 
Senior Director, Corporate Communications
Cue Biopharma, Inc.
mcampinell@cuebio.com

Media Contact
Jonathan Pappas
LifeSci Communications
jpappas@lifescicomms.com

FAQ

What inducement grant did Cue Biopharma (CUE) offer to Dr. Daniel Baker in November 2024?

Cue Biopharma granted Dr. Baker options to purchase 200,000 shares of common stock at $1.06 per share, vesting over two years in four equal installments.

What is the vesting schedule for Cue Biopharma's (CUE) inducement grant announced on November 29, 2024?

The inducement grant will vest over two years in four equal installments, with the first vesting period beginning six months from the November 25, 2024 grant date.

What was the exercise price of Cue Biopharma's (CUE) inducement grant issued in November 2024?

The exercise price was $1.06 per share, which was the closing price of Cue Biopharma's common stock on the Nasdaq Capital Market on November 25, 2024.