Crinetics Pharmaceuticals Unveils New Stock Option Grants

Crinetics Pharmaceuticals Announces Employee Stock Option Awards

Crinetics Pharmaceuticals, Inc. (NASDAQ: CRNX), based in San Diego, has confirmed the granting of non-qualified stock option awards to boost its workforce. This strategic move was approved by the Compensation Committee of Crinetics’ Board of Directors, who awarded options to purchase a total of 99,500 shares of common stock to eleven new employees. This initiative was rolled out in accordance with the Crinetics Pharmaceuticals, Inc. 2021 Employment Inducement Incentive Award Plan, aligning with Nasdaq Listing Rule 5635(c)(4).

Purpose and Impact of the 2021 Inducement Plan

The 2021 Inducement Plan is specifically designed to offer equity awards to individuals who have not previously worked for Crinetics or those who are returning after a legitimate hiatus from employment. This targeted approach aims to attract talent crucial for advancing the company's innovative pipeline, particularly in the arena of endocrine diseases. Each awarded option comes with an exercise price of $60.69 per share, reflecting the closing stock price registered by Crinetics on The Nasdaq Global Select Market.

Vesting Schedule for Stock Options

The stock options granted carry a vesting schedule that spreads out over four years. A quarter of the shares will be accessible to the employees after their first anniversary, with the remainder vesting in twelve equal parts each month thereafter. This gradual vesting method ensures that employees are rewarded as they continue their journey with Crinetics, promoting retention and motivation.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals stands at the forefront of developing new treatments aimed at endocrine diseases and related tumors. The company's flagship candidate, paltusotine, is a pioneering, oral SST2 agonist currently in Phase 3 trials for acromegaly and undergoing Phase 2 trials for carcinoid syndrome linked to neuroendocrine tumors. In addition, Crinetics is in the process of developing atumelnant, a first-in-class oral ACTH antagonist, which is reaching the end of its Phase 2 trials for conditions like congenital adrenal hyperplasia and Cushing’s disease.

Innovative Drug Candidate Portfolio

All the medications in Crinetics’ development pipeline are unique, orally administered small molecule entities originating from their extensive, internal research efforts. They are committed to tackling a diverse array of endocrine conditions, including hyperparathyroidism and polycystic kidney disease, while also exploring treatment options for significant health issues like diabetes, obesity, Graves’ disease, and various oncology indications.

Investor Relations Contact

For those interested in learning more about Crinetics Pharmaceuticals or their stock option plan, the company's head of Investor Relations, Gayathri Diwakar, is the point of contact. She can be reached at (858) 345-6340 or via email at gdiwakar@crinetics.com. Questions about company developments can lead to crucial investment insights.

Media Inquiries

Media representatives can turn to Natalie Badillo, the Head of Corporate Communications, for inquiries about Crinetics Pharmaceuticals. She is available at (858) 450-6464 or via email at nbadillo@crinetics.com.

Frequently Asked Questions

What are the recent stock option grants by Crinetics Pharmaceuticals?

Crinetics Pharmaceuticals awarded stock options for 99,500 shares to eleven new non-executive employees as part of their employment incentive plan.

What is the exercise price for the stock options granted?

The exercise price for the stock options is set at $60.69, which aligns with the closing price of the company’s common stock.

How does the vesting schedule work for these options?

The options will vest over four years, with 25% vesting after one year and the remainder in equal monthly installments.

What is Crinetics Pharmaceuticals focused on developing?

The company develops innovative therapies for endocrine diseases, with key candidates like paltusotine and atumelnant targeting serious health conditions.

How can investors get in touch with Crinetics Pharmaceuticals?

Investors can contact Gayathri Diwakar at (858) 345-6340 or through her email for inquiries related to the company's developments.

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