StockNews.AI
CRNX
StockNews.AI
162 days

Crinetics Pharmaceuticals Announces March 2025 Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

1. Crinetics granted stock options and RSUs to new employees. 2. Options granted include 95,675 shares to 15 non-executives, 80,000 to an executive. 3. RSUs include 40,775 units to non-executives, 52,000 to an executive. 4. The stock options have an exercise price of $33.75 per share. 5. These awards are part of the 2021 Inducement Plan for new hires.

5m saved
Insight
Article

FAQ

Why Bullish?

Granting stock options and RSUs incentivizes new hires, signaling growth potential. Previous instances in companies like BioMarin after similar grants often saw price increases.

How important is it?

The inducement plan reflects CRNX's commitment to hiring skilled talent, which may foster innovation and strategic growth.

Why Long Term?

The long-term effect is tied to employee retention and potential product success, crucial for CRNX's future. Successful retention and product development can lead to greater market confidence and stock appreciation.

Related Companies

BMRNMRNAREGN
March 10, 2025 16:36 ET  | Source: Crinetics Pharmaceuticals, Inc. SAN DIEGO, March 10, 2025 (GLOBE NEWSWIRE) -- Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX) today announced that on March 10, 2025, the Compensation Committee of the Board of Directors granted non-qualified stock option awards to purchase an aggregate of 95,675 shares of its common stock to fifteen new non-executive employees and 80,000 to one new executive employee; and granted an aggregate of 40,775 restricted stock unit (“RSU”) awards to sixteen new non-executive employees and 52,000 to one new executive employee; in each case, under the Crinetics Pharmaceuticals, Inc. 2021 Employment Inducement Incentive Award Plan (the “2021 Inducement Plan”). The stock options and RSUs were granted as inducements material to the employees entering into employment with Crinetics in accordance with Nasdaq Listing Rule 5635(c)(4). The 2021 Inducement Plan is used exclusively for granting equity awards to individuals who were not previously employees of Crinetics, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Crinetics, pursuant to Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $33.75 per share, which is equal to the closing price of Crinetics’ common stock on the Nasdaq Global Select Market on March 10, 2025. The shares subject to the stock options will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to each employee’s continued employment with Crinetics on such vesting dates. The RSUs will vest over four years in equal annual installments beginning on the one-year anniversary of the applicable vesting commencement date, also subject to each employee’s continued employment with Crinetics on such vesting dates. The stock option and RSU awards are subject to the terms and conditions of the 2021 Inducement Plan and the terms and conditions of an applicable stock option award agreement or RSU award agreement covering the respective grant. About Crinetics Pharmaceuticals Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors. Crinetics’ lead development candidate, paltusotine, is the first investigational once-daily, oral, selective somatostatin receptor type 2 (SST2) nonpeptide agonist that is in clinical development for acromegaly and carcinoid syndrome associated with neuroendocrine tumors. Crinetics is also developing atumelnant, an investigational, first-in-class, oral ACTH antagonist, that is currently in development for the treatment of congenital adrenal hyperplasia and Cushing’s disease. All of the company’s drug candidates are orally delivered, small molecule, new chemical entities resulting from in-house drug discovery efforts, including additional discovery programs addressing a variety of endocrine conditions such as hyperparathyroidism, polycystic kidney disease, Graves’ disease (including thyroid eye disease), diabetes, obesity and GPCR-targeted oncology indications.  Investors: Gayathri DiwakarHead of Investor Relationsgdiwakar@crinetics.com(858) 345-6340 Media: Natalie BadilloHead of Corporate Communications nbadillo@crinetics.com (858) 450-6464

Related News