Zentalis Pharmaceuticals Announces Inducement Grants Under Nasdaq Rule 5635(c)(4) - July 01, 2024

Zentalis Pharmaceuticals, Inc., a biopharmaceutical company in the clinical stage, announced an important decision by its Compensation Committee on July 1, 2024. This announcement involves the granting of non-qualified stock options to five newly hired employees, allowing them to purchase a total of 40,875 shares of the company's common stock. These stock options were granted under the Zentalis Pharmaceuticals, Inc. 2022 Employment Inducement Incentive Award Plan (2022 Inducement Plan), which aligns with Nasdaq Listing Rule 5635(c)(4).

The 2022 Inducement Plan is intended solely for issuing equity awards to new employees or those rejoining after a significant break. This is designed as an incentive for these individuals to accept employment at Zentalis. The stock options have an exercise price of $4.19 per share, equivalent to the closing price of Zentalis' common stock on the Nasdaq Global Market on the grant date. With a 10-year term, these options will vest over four years. Specifically, 25% will vest on the first anniversary of the vesting commencement date, and the remaining 75% will vest in equal monthly installments over the subsequent three years. This vesting is contingent upon the employees' continued service to Zentalis on the respective vesting dates.

Zentalis Pharmaceuticals focuses on discovering and developing small molecule therapeutics targeting key biological pathways in cancer treatment. Their leading product candidate, azenosertib (ZN-c3), is positioned as a potentially first-in-class and best-in-class WEE1 inhibitor. This candidate is being tested for effectiveness against advanced solid tumors and hematologic malignancies, both as a standalone treatment and in combination with other therapies.

Azenosertib has shown promising results in clinical trials, demonstrating tolerability and anti-tumor activity across different cancer types and in combination with various chemotherapy regimens. The company is also employing targeted strategies for tumors with high genomic instability, such as Cyclin E1 positive tumors, homologous recombination deficient tumors, and those with oncogenic driver mutations. Additionally, Zentalis leverages its expertise in cancer biology and medicinal chemistry to advance its research on protein degraders, further broadening its therapeutic scope.

Zentalis operates out of San Diego and continues to advance its mission of developing innovative cancer treatments. The company’s efforts in drug discovery and development highlight its commitment to addressing unmet needs in cancer therapy through cutting-edge science and clinical research.

In conclusion, the recent stock option grants by Zentalis Pharmaceuticals underscore its strategy to attract and retain top talent, which is critical for advancing its promising pipeline of cancer therapeutics. With its lead candidate, azenosertib, showing potential across various tumor types and combination therapies, Zentalis is well-positioned to make significant strides in the fight against cancer.