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

Rhea-AI Summary

Syndax Pharmaceuticals (Nasdaq: SNDX), a commercial stage biopharmaceutical company focused on developing innovative cancer therapies, has announced the granting of an inducement award under its 2023 Inducement Plan. On September 1, 2024, the company granted stock options to purchase up to 60,000 shares of common stock to a new employee. The stock options have a four-year vesting schedule, with 25% of the shares vesting after one year and the remaining shares vesting monthly over the subsequent 36 months. This vesting is contingent on the employee's continued service with Syndax.

Positive

• Syndax is attracting new talent with stock-based compensation
• The company has a structured employee retention plan through long-term vesting schedules

Negative

• None.

News Market Reaction – SNDX

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-1.57% News Effect

On the day this news was published, SNDX declined 1.57%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

WALTHAM, Mass., Sept. 6, 2024 /PRNewswire/ -- Syndax Pharmaceuticals (Nasdaq: SNDX), a commercial stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today announced that on September 1, 2024 the Company granted an inducement award to purchase up to 60,000 shares of common stock to one new employee under the Company's 2023 Inducement Plan. The stock options will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the vesting commencement date and 1/48th of the underlying shares vesting monthly thereafter over 36 months, subject to the employee's continued service relationship with Syndax through the applicable vesting dates.

About Syndax

Syndax Pharmaceuticals is a commercial stage biopharmaceutical company developing an innovative pipeline of cancer therapies. Highlights of the Company's pipeline include revumenib, a highly selective menin inhibitor, and Niktimvo™ (axatilimab-csfr), a monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor. Syndax is working to unlock the full potential of its pipeline and is conducting several clinical trials across the continuum of treatment for both revumenib and Niktimvo. For more information, please visit www.syndax.com/ or follow the Company on X (formerly Twitter) and LinkedIn.

Syndax Contact

Sharon Klahre 
Syndax Pharmaceuticals, Inc. 
sklahre@syndax.com 
Tel 781.684.9827 

View original content:https://www.prnewswire.com/news-releases/syndax-pharmaceuticals-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-302240820.html

SOURCE Syndax Pharmaceuticals, Inc.

FAQ

What inducement grant did Syndax Pharmaceuticals (SNDX) announce on September 6, 2024?

Syndax Pharmaceuticals announced an inducement grant of stock options to purchase up to 60,000 shares of common stock to a new employee under its 2023 Inducement Plan.

What is the vesting schedule for the stock options granted by Syndax Pharmaceuticals (SNDX)?

The stock options vest over four years, with 25% vesting after one year and the remaining 75% vesting monthly over the next 36 months, subject to continued employment with Syndax.

When did Syndax Pharmaceuticals (SNDX) grant the inducement award mentioned in the press release?

Syndax Pharmaceuticals granted the inducement award on September 1, 2024.

What is the purpose of Syndax Pharmaceuticals' (SNDX) 2023 Inducement Plan?

The 2023 Inducement Plan is used by Syndax Pharmaceuticals to grant stock options as an incentive to attract and retain new employees.