Achieve Life Sciences grants stock options and RSUs to new hires

Achieve Life Sciences, Inc. has announced the granting of inducement awards to new hires, including both stock options and restricted stock units (RSUs), as part of its ongoing efforts to attract key talent to its ranks. The company’s board of directors approved the issuance of 315,000 stock options and 283,000 RSUs to seven new employees under the 2024 Equity Inducement Plan.

Under the terms of the stock option grants, each recipient will have the opportunity to purchase shares of Achieve’s common stock at a price equal to the closing price on the grant date. The options vest in four stages: 25% of the shares will vest one year after the start of employment, with the remaining 75% vesting over 36 equal monthly installments, contingent upon continued employment.

The RSUs are designed to provide employees with shares of common stock upon vesting, subject to their ongoing service. These awards will vest in four equal annual installments, starting from the one-year mark post-employment commencement.

Achieve Life Sciences focuses on the global development and commercialization of cytisinicline, a plant-based alkaloid used to treat nicotine addiction. With approximately 25 million adults in the United States who smoke combustible cigarettes, the potential market for cytisinicline is significant. The company’s NDA for cytisinicline in smoking cessation is supported by two successful Phase 3 studies and an open-label long-term safety study. Additionally, Achieve has completed a Phase 2 study for nicotine e-cigarette cessation and received Breakthrough Therapy designation for the vaping cessation indication.

The company’s strategic hiring reflects its commitment to expanding its research and development capabilities. Nicole Jones, Vice President of Strategic Communications and Stakeholder Relations at Achieve, commented on the significance of these awards: "These inducement awards are a key component of our talent acquisition strategy. They reflect our belief in the importance of attracting and retaining top talent to advance our mission of developing effective treatments for nicotine addiction."

Forward-looking statements in the press release include Achieve’s expectations regarding the timing and success of clinical development and regulatory approval, as well as the company’s future plans and prospects. The company cautions that actual results may differ materially from those described due to various risks and uncertainties.