Infinity Pharmaceuticals, Inc. (Nasdaq: INFI) (“Infinity” or the “Company”), a clinical-stage biotechnology company developing eganelisib (IPI-549), a potentially first-in-class, oral, immuno-oncology macrophage reprogramming therapeutic, today announced the grant of an inducement stock option award and an inducement restricted stock unit award to Stephane Peluso, Ph.D., the Company’s recently hired Chief Scientific Officer, in accordance with Dr. Peluso’s employment offer letter. These grants were approved by the Company’s Compensation Committee of the Board of Director’s and were made as a material inducement to Dr. Peluso’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his employment compensation.

The inducement stock option award consists of an option to purchase a total of 250,000 shares of the Company’s common stock with an exercise price of $2.93, equal to the closing price of the Company’s common stock on August 2, 2021, the date of grant. The stock option has a 10-year term and vests over four years with 12/48 of the original number of shares vesting on the first anniversary of the date of grant and 1/48 of the original number of shares vesting monthly thereafter, subject to Dr. Peluso’s continued service with the Company through the respective vesting dates. The inducement stock option award is subject to the terms and conditions of the inducement stock option award agreement covering the grant of the inducement stock options.

The inducement restricted stock unit award consists of a restricted stock unit award with respect to 50,000 shares of the Company’s common stock which vest in full on the first anniversary of the date of grant. The inducement restricted stock unit award is subject to the terms and conditions of the inducement restricted stock unit award agreement covering the grant of the inducement restricted stock units.

About Infinity and Eganelisib

Infinity is a clinical-stage biotechnology company developing eganelisib (IPI-549), a potentially first-in-class, oral, immuno-oncology macrophage reprogramming therapeutic which addresses a fundamental biologic mechanism of immune suppression in cancer in multiple clinical studies. MARIO-275 is a randomized, controlled combination study of eganelisib combined with Opdivo^® in I/O naïve urothelial cancer. MARIO-3 is the first eganelisib combination study in front-line advanced cancer patients and is evaluating eganelisib in combination with Tecentriq^® and Abraxane^® in front-line TNBC and in combination with Tecentriq and Avastin^® in front-line renal cell carcinoma. In collaboration with Arcus Biosciences, Infinity is evaluating a checkpoint inhibitor-free, novel combination regimen of eganelisib plus etrumadenant (AB928, a dual adenosine receptor antagonist) plus Doxil^® in advanced TNBC patients. In 2019, Infinity completed enrollment in MARIO-1, a Phase 1/1b study evaluating eganelisib as a monotherapy and in combination with Opdivo (nivolumab) in patients with advanced solid tumors including patients refractory to checkpoint inhibitor therapy. With these studies, Infinity is evaluating eganelisib in the anti-PD-1 refractory, I/O-naïve, and front-line settings. For more information on Infinity, please refer to Infinity's website at www.infi.com.

Opdivo^® is a registered trademark of Bristol Myers Squibb.

Tecentriq^® is a registered trademark of Genentech, Inc.

Abraxane^® is a registered trademark of Abraxis BioScience, LLC., a wholly owned subsidiary of Bristol Myers Squibb Company.

Avastin^® is a registered trademark of Genentech, Inc.

Doxil^® is a registered trademark of Baxter Healthcare Corporation.

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