WALTHAM, Mass., Nov. 22, 2023 /PRNewswire/ -- Aeglea BioTherapeutics, Inc. ("Aeglea") (NASDAQ: AGLE), a biotechnology company advancing a pipeline of antibody therapeutics with the potential to transform the treatment of inflammatory bowel disease ("IBD"), today announced that Aeglea's independent Compensation Committee of the Board of Directors approved the grants of stock options to purchase an aggregate of 351,750 shares of common stock and a grant of 18,912 restricted stock units to four non-executive employees as equity inducement awards under the Aeglea BioTherapeutics, Inc. 2018 Equity Inducement Plan, as amended (the "2018 Plan"). The inducement awards were approved on November 20, 2023 and were material to each employee's acceptance of employment with Aeglea, 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 $10.48, the closing price per share of Aeglea's common stock as reported by Nasdaq on November 20, 2023. The options granted to each employee will 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 Aeglea through the applicable vesting dates. The restricted stock units will vest as to one fourth (1/4th) of the restricted stock units on each anniversary of the employee's start date, subject to continuous service with Aeglea through the applicable vesting dates. The stock options and restricted stock units are subject to the terms of the 2018 Plan.
About Aeglea BioTherapeutics
In June 2023, Aeglea completed its asset acquisition of Spyre Therapeutics, Inc. and shifted its disease focus to IBD. Aeglea is advancing a pipeline of antibody therapeutics with the potential to transform the treatment of IBD. Aeglea's approach combines novel antibody engineering, rational therapeutic combinations, and precision immunology with the goal of maximizing efficacy, safety, and convenience of treatments for IBD. The company is developing antibodies targeting α4β7, TL1A, and IL-23.
SOURCE Aeglea BioTherapeutics, Inc.