Nurix Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Nurix Therapeutics (NRIX) has granted inducement awards to nine new employees as of February 11, 2025. The awards, approved under Nasdaq Listing Rule 5635(c)(4), include stock options to purchase 208,350 shares and restricted stock unit awards (RSUs) for 272,850 shares of common stock.

The stock options, priced at $17.12 per share, will vest over four years with 25% vesting after one year and the remainder vesting monthly. They have a ten-year term. The RSUs will also vest over four years, with 25% vesting after one year and the remainder vesting quarterly. Vesting start dates are January 30, 2025, for employees hired before January 31, 2025, and April 30, 2025, for those hired after.

Positive

• Employee retention strategy through equity compensation
• Expansion of workforce with nine new hires indicating company growth

Negative

• Potential dilution of existing shareholders through new equity grants of 481,200 total shares

SAN FRANCISCO, Feb. 14, 2025 (GLOBE NEWSWIRE) -- Nurix Therapeutics, Inc. (Nasdaq: NRIX), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted protein degradation medicines, the next frontier in innovative drug design aimed at improving treatment options for patients with cancer and inflammatory diseases, today announced that on February 11, 2025, the company granted inducement awards to nine new employees. The grants were made pursuant to Nurix’s 2024 Equity Inducement Plan as an inducement material to the employees’ acceptance of employment with Nurix and were approved by the Compensation Committee of Nurix’s Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4).

The company granted stock options to purchase an aggregate of 208,350 shares of Nurix common stock and restricted stock unit awards (RSUs) representing an aggregate of 272,850 shares of Nurix common stock.

One fourth of the total number of shares underlying the stock options will vest on the one-year anniversary of the employee’s date of hire and one forty-eighth of the total number of shares underlying the stock options will vest each month thereafter until the stock option is fully vested on the fourth anniversary of the employee’s date of hire, subject to the employee’s continued service with Nurix on each such vesting date. The stock options have a term of ten years and an exercise price of $17.12 per share, which is equal to the closing price of Nurix’s common stock on the grant date as reported by the Nasdaq Global Market.

One fourth of the total number of shares subject to the RSUs will vest on the one-year anniversary of the vesting start date, which is January 30, 2025, for employees who began service to the company prior to January 31, 2025, and April 30, 2025, for employees who began service to the company on or after January 31, 2025. Thereafter, one sixteenth of the total number of shares subject to the RSUs shall vest quarterly, until the RSU award is fully vested on the fourth anniversary of the vesting start date, subject to the employee’s continued service with Nurix on each such vesting date.

About Nurix Therapeutics, Inc.

Nurix Therapeutics is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of targeted protein degradation medicines, the next frontier in innovative drug design aimed at improving treatment options for patients with cancer and inflammatory diseases. Nurix’s wholly owned, clinical stage pipeline includes degraders of Bruton’s tyrosine kinase (BTK), a B-cell signaling protein, and inhibitors of Casitas B-lineage lymphoma proto-oncogene B (CBL-B), an E3 ligase that regulates activation of multiple immune cell types including T cells and NK cells. Nurix also is advancing multiple potentially first-in-class or best-in-class degraders and degrader antibody conjugates (DACs) in its preclinical pipeline. Nurix’s partnered drug discovery pipeline consists of preclinical stage degraders of IRAK4 and STAT6, as well as multiple additional programs under collaboration agreements with Gilead Sciences, Inc., Sanofi S.A. and Pfizer Inc., within which Nurix retains certain options for co-development, co-commercialization and profit sharing in the United States for multiple drug candidates. Powered by a fully AI-integrated discovery engine capable of tackling any protein class, and coupled with unparalleled ligase expertise, Nurix’s dedicated team has built a formidable advantage in translating the science of targeted protein degradation into clinical advancements. Nurix aims to establish degrader-based treatments at the forefront of patient care, writing medicine’s next chapter with a new script to outmatch disease. Nurix is headquartered in San Francisco, California. For additional information visit http://www.nurixtx.com.

Contacts:

Investors
Jason Kantor, Ph.D.
Nurix Therapeutics, Inc.
ir@nurixtx.com

Elizabeth Wolffe, Ph.D.
Wheelhouse Life Science Advisors
lwolffe@wheelhouselsa.com

Media
Aljanae Reynolds
Wheelhouse Life Science Advisors
areynolds@wheelhouselsa.com

FAQ

How many shares were granted in Nurix Therapeutics (NRIX) February 2025 inducement awards?

Nurix granted a total of 481,200 shares, consisting of stock options for 208,350 shares and RSUs for 272,850 shares.

What is the exercise price for NRIX's February 2025 inducement stock options?

The stock options have an exercise price of $17.12 per share, equal to NRIX's closing price on the grant date.

What is the vesting schedule for NRIX's February 2025 inducement RSUs?

The RSUs vest over four years, with 25% vesting after one year and the remainder vesting quarterly thereafter.

How long is the term of NRIX's February 2025 inducement stock options?

The stock options have a term of ten years from the grant date.

When do the vesting periods begin for NRIX's February 2025 inducement grants?

Vesting starts January 30, 2025, for employees hired before January 31, 2025, and April 30, 2025, for those hired after.