Spyre Therapeutics Announces Grants of Inducement Awards

Rhea-AI Summary

Spyre Therapeutics (NASDAQ: SYRE), a clinical-stage biotech company focused on IBD treatments, has announced the approval of inducement stock options by its independent Compensation Committee. The grant includes options to purchase 21,000 shares of common stock awarded to one non-executive employee under the company's 2018 Equity Inducement Plan.

The stock options come with a 10-year term and an exercise price of $24.35, matching Spyre's closing share price on January 2, 2025. The vesting schedule includes 25% after the first year of employment, followed by monthly vesting of 1/48th of the shares, contingent on continuous service with the company.

Positive

• Stock options grant indicates employee recruitment and retention efforts
• Exercise price of $24.35 aligns with market price, ensuring fair valuation

Negative

• Potential future dilution of existing shareholders from stock options

WALTHAM, Mass., Jan. 3, 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 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 21,000 shares of common stock of Spyre to one non-executive employee as an equity inducement award under the Spyre Therapeutics, Inc. 2018 Equity Inducement Plan, as amended (the "2018 Plan"). The stock options were approved on January 2, 2025 and were material to the 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 $24.35, the closing price per share of Spyre's common stock as reported by Nasdaq on January 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) 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) January 2025 inducement grant?

Spyre Therapeutics granted stock options to purchase 21,000 shares of common stock to one non-executive employee.

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

The exercise price for the stock options is $24.35, which was Spyre's closing share price on January 2, 2025.

What is the vesting schedule for SYRE's January 2025 inducement stock options?

The options vest 25% after the first year, followed by 1/48th monthly thereafter, subject to continuous service with Spyre.

What is the term length of SYRE's January 2025 inducement stock options?

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