Skye Bioscience Grants Stocks Options Under Incentive Plan
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Skye Bioscience Announces Inducement Grant Under Nasdaq Listing Rule
SAN DIEGO — Skye Bioscience, Inc. (Nasdaq: SKYE) a clinical-stage biopharmaceutical company focused on unlocking new therapeutic pathways for metabolic health, has announced that the Board of Directors granted a non-qualified stock option award to purchase 40,000 shares of its common stock to a new non-executive employee under the Company’s 2024 Inducement Equity Incentive Plan. This grant was made as an inducement material to the employee entering into employment with Skye in accordance with Nasdaq Listing Rule 5635(c)(4).
Overview of the 2024 Inducement Plan
The 2024 Inducement Plan is utilized exclusively for granting equity awards to individuals who were previously not employees of Skye or who have undergone a bona fide period of non-employment. Such grants serve as a material inducement for these individuals to commence employment with Skye, consistent with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $5.28 per share, reflective of the closing price of Skye’s common stock on The Nasdaq Global Select Market. The shares associated with these stock options will vest over a four-year period. Specifically, 25% of the shares will vest on the one-year anniversary of the applicable vesting commencement date, with the remaining shares vesting monthly in equal installments over the subsequent 36 months, conditioned upon the employee's continued employment with Skye during those vesting dates. The stock options are subject to the guidelines set forth in the 2024 Inducement Plan and a stock option agreement covering the grant.
About Skye Bioscience
Skye Bioscience is dedicated to discovering and developing innovative therapeutic pathways aimed at improving metabolic health through next-generation molecules that modulate G-protein coupled receptors. The company's strategic focus harnesses biologic targets that have shown significant human proof of mechanism for the creation of first-in-class therapeutics, with distinct clinical and commercial advantages. Recently, Skye initiated a Phase 2 clinical trial in the treatment of obesity. This trial evaluates nimacimab, a negative allosteric modulator antibody that inhibits CB1 peripherally. The study compares the results of nimacimab administered as a monotherapy with its administration alongside a GLP-1R agonist.
Contact Information
If you have inquiries regarding investor relations, please contact:
Investor Relations
Email: ir@skyebioscience.com
Phone: (858) 410-0266
Media Inquiries
Contact: LifeSci Communications, Michael Fitzhugh
Email: mfitzhugh@lifescicomms.com
Phone: (628) 234-3889
Frequently Asked Questions
What is the significance of the stock option grant by Skye?
The stock option grant serves as an incentive for attracting new talent to Skye, aligning employee and shareholder interests.
How does the 2024 Inducement Plan benefit Skye Bioscience?
The plan allows Skye to offer competitive compensation packages to new employees, enhancing their recruitment strategy.
What is nimacimab and how is it being used in trials?
Nimacimab is a negative allosteric modulator antibody targeting CB1, currently being evaluated in a Phase 2 clinical trial for obesity.
What are the terms of the stock options granted?
The stock options have an exercise price of $5.28 per share, with a four-year vesting schedule contingent on continued employment.
How can interested parties connect with Skye Bioscience?
Interested parties can connect with Skye through their official website and social media channels for updates and inquiries.
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