IDEAYA Biosciences Announces Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

IDEAYA Biosciences, Inc. grants 70,000 non-qualified stock options to new employees under the 2023 Inducement Plan. The options have an exercise price of $43.88 per share, a 10-year term, and will vest over four years. This move aims to incentivize and retain talent within the company.

SOUTH SAN FRANCISCO, Calif., April 5, 2024 /PRNewswire/ -- IDEAYA Biosciences, Inc. (NASDAQ: IDYA), a precision medicine oncology company committed to the discovery and development of targeted therapeutics, today announced that, on March 28, 2024, the Compensation Committee of IDEAYA's Board of Directors granted non-qualified stock options to purchase an aggregate of 70,000 shares of the Company's common stock to two newly hired employees. The stock options were granted under the IDEAYA Biosciences, Inc. 2023 Employment Inducement Incentive Award Plan (2023 Inducement Plan) as an inducement material to such individuals' entering into employment with IDEAYA in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2023 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of IDEAYA, or following a bona fide period of non-employment, as an inducement material to such individuals' entering into employment with IDEAYA, pursuant to Nasdaq Listing Rule 5635(c)(4).

The stock options have an exercise price of $43.88 per share, which is equal to the closing price of IDEAYA's common stock on The Nasdaq Global Select Market on the date of grant. The stock options have a 10-year term and will vest over four years, with 25% of the options vesting on the first anniversary of the vesting commencement date and the remaining 75% of the options vesting in equal monthly installments over the three years thereafter. Vesting of the stock options is subject to such employee's continued service to IDEAYA on each vesting date.

About IDEAYA Biosciences
IDEAYA is a precision medicine oncology company committed to the discovery and development of targeted therapeutics for patient populations selected using molecular diagnostics. IDEAYA's approach integrates capabilities in identifying and validating translational biomarkers with drug discovery to select patient populations most likely to benefit from its targeted therapies. IDEAYA is applying its early research and drug discovery capabilities to synthetic lethality – which represents an emerging class of precision medicine targets. 

Investor and Media Contact
IDEAYA Biosciences
Andres Ruiz Briseno
Senior Vice President, Head of Finance and Investor Relations
investor@ideayabio.com

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SOURCE IDEAYA Biosciences, Inc.

FAQ

How many shares of IDEAYA Biosciences, Inc. common stock were granted as stock options to new employees?

IDEAYA Biosciences, Inc. granted 70,000 shares of common stock as stock options to new employees.

What is the exercise price per share for the stock options granted to new employees?

The exercise price per share for the stock options granted to new employees is $43.88.

How long is the term for the stock options granted to new employees?

The stock options granted to new employees have a 10-year term.

How will the stock options granted to new employees vest?

The stock options granted to new employees will vest over four years, with 25% vesting on the first anniversary and the remaining 75% vesting in equal monthly installments over the following three years.

What is the purpose of granting stock options to new employees under the 2023 Inducement Plan?

The purpose of granting stock options to new employees under the 2023 Inducement Plan is to incentivize and retain talent within IDEAYA Biosciences, Inc.