Spyre Therapeutics Announces Grants of Inducement Awards

Rhea-AI Summary

Spyre Therapeutics (NASDAQ: SYRE), a clinical-stage biotech company focused on antibody engineering for IBD and immune-mediated diseases treatment, has granted inducement stock options to three non-executive employees. The grants, approved on June 2, 2025, include options to purchase 50,200 shares of common stock at an exercise price of $15.40 per share, matching Spyre's closing price on the approval date. These 10-year term options will vest 25% after one year of employment, followed by monthly vesting of 1/48th of shares, contingent on continued employment. The awards were granted under Spyre's 2018 Equity Inducement Plan and comply with Nasdaq Listing Rule 5635(c)(4).

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WALTHAM, Mass., June 6, 2025 /PRNewswire/ -- Spyre Therapeutics, Inc. (NASDAQ: SYRE) (the "Company" or "Spyre"), a clinical-stage biotechnology company utilizing best-in-class antibody engineering, dose optimization and rational therapeutic combinations 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 50,200 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 June 2, 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 $15.40, the closing price per share of Spyre's common stock as reported by Nasdaq on June 2, 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, dose optimization, and rational therapeutic combinations. 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

What type of stock options did Spyre Therapeutics (SYRE) grant to its employees?

Spyre granted inducement stock options to purchase 50,200 shares of common stock at an exercise price of $15.40 per share to three non-executive employees.

What is the vesting schedule for SYRE's employee stock options granted in June 2025?

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

What is the exercise price and term of Spyre Therapeutics' June 2025 inducement stock options?

The stock options have a 10-year term with an exercise price of $15.40, which was Spyre's closing price on June 2, 2025.

Under which plan were Spyre Therapeutics' inducement awards granted?

The awards were granted under the Spyre Therapeutics, Inc. 2018 Equity Inducement Plan, in accordance with Nasdaq Listing Rule 5635(c)(4).