Spyre Therapeutics Announces Grants of Inducement Awards

Rhea-AI Summary

Spyre Therapeutics (NASDAQ: SYRE) has announced the approval of inducement stock options for three non-executive employees by its independent Compensation Committee. The grants include options to purchase 35,000 shares of common stock under the company's 2018 Equity Inducement Plan.

The stock options were approved on February 3, 2025, with a 10-year term and an exercise price of $22.65, matching Spyre's closing share price on that date. The vesting schedule includes 25% of shares vesting on the first employment anniversary, followed by monthly vesting of 1/48th of shares thereafter, contingent on continuous service with the company.

Positive

• Stock options granted at current market price ($22.65), indicating fair compensation alignment
• Four-year vesting schedule promotes employee retention

Negative

• Potential future dilution of existing shareholders through 35,000 new stock options

News Market Reaction

+0.44%

1 alert

+0.44% News Effect

On the day this news was published, SYRE gained 0.44%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

WALTHAM, Mass., Feb. 7, 2025 /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 IBD and other immune-mediated diseases, today announced that Spyre's independent Compensation Committee of the Board of Directors approved the grant of stock options to purchase 35,000 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 February 3, 2025 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 $22.65, the closing price per share of Spyre's common stock as reported by Nasdaq on February 3, 2025. 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) and other immune-mediated disease 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 are included in Spyre Therapeutics' (SYRE) February 2025 inducement stock options grant?

Spyre Therapeutics granted stock options to purchase 35,000 shares of common stock to three non-executive employees.

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

The exercise price is $22.65, which was Spyre's closing share price on February 3, 2025.

What is the vesting schedule for Spyre Therapeutics' February 2025 stock options grant?

The options vest 25% after one year of employment, followed by monthly vesting of 1/48th of the shares thereafter, subject to continuous service.

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

The stock options were granted with a 10-year term.