SAN DIEGO - Crinetics Pharmaceuticals, Inc. (NASDAQ: NASDAQ:CRNX), a clinical-stage pharmaceutical company, has granted non-qualified stock option awards for an aggregate of 73,000 shares to nine new non-executive employees. This grant, part of the company's 2021 Employment Inducement Incentive Award Plan, was announced today and is intended as an incentive for the employees' commencement of their employment with the company.
The stock options have an exercise price of $39.46 per share, matching the closing price of Crinetics' common stock on the Nasdaq Global Select Market on the day before the grant, February 9, 2024. The shares under these options are set to vest over a four-year period, with a quarter of the shares vesting on the one-year anniversary of each employee's respective vesting commencement date. The remaining shares will vest in 36 equal monthly installments, provided the employees remain with the company through each vesting date.
The inducement grant complies with Nasdaq Listing Rule 5635(c)(4), which allows for such equity awards as a material inducement for new employees to join a company. The terms of the stock option agreement are in line with the 2021 Inducement Plan's conditions.
Crinetics Pharmaceuticals specializes in developing novel therapeutics for endocrine diseases and endocrine-related tumors. Their portfolio includes Paltusotine, an oral somatostatin receptor type 2 agonist currently in Phase 3 clinical development for acromegaly and Phase 2 for carcinoid syndrome associated with neuroendocrine tumors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.