Tempest Therapeutics Announces New Stock Option Grants
Tempest Therapeutics Announces New Stock Option Grants
Tempest Therapeutics, Inc. (Nasdaq: TPST), a pioneering biotechnology company in California, is making strides in the fight against cancer through innovative therapeutics. Recently, the company has taken a significant step by issuing nonqualified stock options to two employees under its 2023 Inducement Plan. This development showcases Tempest's commitment to attracting and retaining talent in a competitive industry.
Details of the Stock Option Grants
The Compensation Committee of Tempest Therapeutics has approved the grant of a total of 79,500 stock options. These stock options are structured to vest over a four-year period, with the first 25% becoming available on the employee's one-year anniversary with the company, and the remainder vesting monthly thereafter. This approach not only encourages long-term commitment but also aligns employee interests with the company’s overall success.
Vesting Schedule Explained
The vesting period is designed to promote employee retention and loyalty. Each month after the first anniversary, 1/48th of the stock options will become exercisable, provided that the employee remains with Tempest. This strategy is effective in ensuring that employees are motivated to contribute to the company's progress and growth.
About Tempest Therapeutics
Founded to excel in the field of biotechnology, Tempest Therapeutics focuses on developing cutting-edge therapeutics aimed at treating a variety of cancer types. Its portfolio is diverse, incorporating small molecule product candidates that leverage tumor-targeting and immune-mediated mechanisms. The company is currently engaged in advanced clinical trials, including a vital global study aimed at first-line cancer patients.
Innovative Research and Development
Tempest is not only advancing its programs through essential early-phase research but is also making substantial progress with later-stage investigation, reflecting its dedication to bringing effective treatments to market. This dual approach enhances its potential to revolutionize cancer treatment options.
Contact Information for Investor Relations
For inquiries, investors and media representatives can reach out to the following contacts:
Sylvia Wheeler
Wheelhouse Life Science Advisors
swheeler@wheelhouselsa.com
Aljanae Reynolds
Wheelhouse Life Science Advisors
areynolds@wheelhouselsa.com
Frequently Asked Questions
What is the purpose of the stock options granted by Tempest Therapeutics?
The stock options aim to attract and retain talented employees while aligning their interests with the company’s success.
How many shares were granted to employees under the stock options?
A total of 79,500 shares have been granted to two employees under the 2023 Inducement Plan.
What is the vesting schedule for the stock options?
The stock options vest 25% on the first anniversary of employment and then 1/48th monthly thereafter.
What type of therapeutics does Tempest Therapeutics develop?
Tempest develops targeted and immune-mediated therapeutics aimed at combating a variety of cancers.
Who can I contact for more information about Tempest's investor relations?
Interested parties can contact Sylvia Wheeler or Aljanae Reynolds through their provided email addresses.
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