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 announced equity inducement awards. The company's Compensation Committee approved stock options to purchase 64,400 shares of common stock for seven non-executive employees under the 2018 Equity Inducement Plan.

The stock options come with a 10-year term and an exercise price of $14.66 per share, matching Spyre's closing price on May 1, 2025. The vesting schedule includes 25% after one year and the remaining vesting monthly over the following three years, subject to continued employment.

WALTHAM, Mass., May 2, 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 64,400 shares of common stock of Spyre to seven 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 May 1, 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 $14.66, the closing price per share of Spyre's common stock as reported by Nasdaq on May 1, 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 is the exercise price of SYRE's stock options granted on May 1, 2025?

The stock options were granted with an exercise price of $14.66, equal to Spyre Therapeutics' closing price on May 1, 2025.

How many shares of SYRE stock options were granted in the May 2025 inducement awards?

Spyre Therapeutics granted stock options to purchase 64,400 shares of common stock to seven non-executive employees.

What is the vesting schedule for Spyre Therapeutics' May 2025 inducement stock options?

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

How long is the term for SYRE's May 2025 inducement stock options?

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