Chinook Therapeutics, Inc. (Nasdaq: KDNY) recently announced the approval of new employment inducement grants of stock options and restricted stock units to eleven new employees. The grants, which are dated April 28, 2023, total 88,000 stock options and 44,600 restricted stock units, and were approved by the Compensation Committee of the Company’s Board of Directors. This marks the first grants issued under the Company’s 2022 Equity Inducement Plan.
Chinook’s Inducement Grants come with an exercise price of $20.01 per share, the closing price of the company’s common stock on April 28, 2023. These stock options vest over four years, with 25% vesting on the employee’s start date and 1/36th of the shares vesting monthly thereafter, provided they remain employed on each such date. These stock options have a 10-year term and are subject to the terms and conditions of the stock option agreement. The restricted stock units will vest annually over three years starting from the grant date.
Chinook Therapeutics, Inc. granted stock options and restricted stock units to new employees as a reward for joining the company, in accordance with Nasdaq listing Rule 5635(c)(4). This incentive was designed to provide a meaningful inducement to these valued individuals.
About Chinook Therapeutics, Inc.
Chinook Therapeutics, Inc. is a pioneering biopharmaceutical company dedicated to developing precision medicines for the treatment of kidney diseases. Its lead program, atrasentan, is a phase 3 endothelin receptor antagonist that is being studied for the treatment of IgA nephropathy and proteinuric glomerular diseases.
Moreover, BION-1301, an anti-APRIL monoclonal antibody, and CHK-336, an oral small molecule LDHA inhibitor for the treatment of hyperoxalurias, are both in clinical trials.
In addition, Chinook is leveraging cutting-edge technology to explore the potential of single cell RNA sequencing and comprehensive CKD patient cohorts panomically phenotyped to uncover novel therapeutic candidates with targeted mechanisms of action against key kidney disease pathways. Together, these efforts represent a bold and innovative approach to tackling kidney diseases.