Spyre Therapeutics Announces Grants of Inducement Awards

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Spyre Therapeutics (NASDAQ: SYRE), a clinical-stage biotech company focused on IBD treatments, has announced the approval of inducement stock options for three non-executive employees. The Compensation Committee granted options to purchase 45,000 shares of common stock at an exercise price of $27.65 per share. The options have a 10-year term and will vest over four years, with 25% vesting after the first year and the remaining vesting monthly over the following three years. These grants were made under the company's 2018 Equity Inducement Plan and align with Nasdaq Listing Rule 5635(c)(4).

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On the day this news was published, SYRE declined 1.37%, reflecting a mild negative market reaction.

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WALTHAM, Mass., Dec. 2, 2024 /PRNewswire/ -- Spyre Therapeutics, Inc. (NASDAQ: SYRE) (the "Company" or "Spyre"), a clinical-stage biotechnology company utilizing best-in-class antibody engineering, rational therapeutic combinations, and precision medicine approaches to target improved efficacy and convenience in the treatment of Inflammatory Bowel Disease ("IBD"), today announced that Spyre's independent Compensation Committee of the Board of Directors approved the grant of stock options to purchase an aggregate of 45,000 shares of common stock of Spyre to three non-executive employees as equity inducement awards under the Spyre Therapeutics, Inc. 2018 Equity Inducement Plan, as amended (the "2018 Plan"). The stock options were approved on December 2, 2024 and were material to each employee's acceptance of employment with Spyre, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options were granted with a 10-year term and an exercise price equal to $27.65 the closing price per share of Spyre's common stock as reported by Nasdaq on December 2, 2024. The options granted to each employee shall vest and become exercisable as to one-fourth (1/4th) of the shares subject to the respective options on the first anniversary of the employee's start date, and one-forty-eighth (1/48th) of the shares subject to the respective options shall vest and become exercisable monthly thereafter, in each case, subject to continuous service with Spyre through the applicable vesting dates. The stock options are subject to the terms of the 2018 Plan.

About Spyre Therapeutics

Spyre Therapeutics is a clinical-stage biotechnology company that aims to create next-generation inflammatory bowel disease (IBD) products by combining best-in-class antibody engineering, rational therapeutic combinations, and precision medicine approaches. Spyre's pipeline includes investigational extended half-life antibodies targeting α4β7, TL1A, and IL-23. For more information, visit Spyre's website at www.spyre.com.

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SOURCE Spyre Therapeutics, Inc.

FAQ

How many shares were included in Spyre Therapeutics (SYRE) December 2024 inducement stock options grant?

Spyre Therapeutics granted stock options to purchase an aggregate of 45,000 shares of common stock to three non-executive employees.

What is the exercise price for Spyre Therapeutics (SYRE) December 2024 inducement stock options?

The stock options were granted with an exercise price of $27.65, equal to the closing price of Spyre's common stock on December 2, 2024.

What is the vesting schedule for Spyre Therapeutics (SYRE) December 2024 inducement stock options?

The options vest 25% after one year, with the remaining 75% vesting monthly over the following three years (1/48th per month), subject to continuous service.