Infinity Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Infinity Pharmaceuticals, Inc. (NASDAQ: INFI), a clinical-stage biotechnology company developing eganelisib, a potentially first-in-class, oral, immuno-oncology macrophage reprogramming therapeutic, granted non-statutory stock options to two new employees on April 6, 2022. The grants were previously approved by the Inducement Grant Subcommittee of the Compensation Committee of its Board of Directors and were made as inducement awards outside the Company’s 2019 Equity Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).

The Company granted, in the aggregate, options to purchase 60,000 shares of Infinity's common stock with an exercise price of $1.09, equal to the closing price of Infinity’s common stock on April 6, 2022, the date of grant. The stock options have a 10-year term and vest over four years with 12/48 of the original number of shares vesting on the first anniversary of each respective employee’s new hire date and 1/48 of the original number of shares vesting monthly thereafter for the following three years, subject to the respective employee’s continued service with the Company through the applicable vesting dates. The stock options are subject to the terms and conditions of the inducement stock option award agreement covering the grant of such stock options.

About Infinity and Eganelisib

Infinity Pharmaceuticals, Inc. (“Infinity” or the “Company”), is a clinical-stage biotechnology company developing eganelisib (IPI-549), a first-in-class, oral, immuno-oncology macrophage reprogramming therapeutic which is designed to address a fundamental biologic mechanism of immune suppression in cancer in multiple clinical studies. MARIO-4 is a frontline mTNBC randomized, double-blind, pivotal trial the Company expects to initiate by the end of 2022. MARIO-3 is the first eganelisib combination study in frontline advanced cancer patients and is evaluating eganelisib in combination with Tecentriq^® and Abraxane^® in frontline TNBC and in combination with Tecentriq and Avastin® in frontline RCC. MARIO-275 is a randomized, controlled combination study of eganelisib combined with Opdivo^® in I/O naïve urothelial cancer. MARIO-P is a platform study to evaluate eganelisib to support the initiation of future registration focused studies across various solid tumor indications, which the Company expects to initiate on a rolling basis in 3Q 2022. For more information on Infinity, please refer to Infinity's website at www.infi.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those regarding the timing of the initiation of the MARIO-4 pivotal trial and the MARIO-P platform study Statements including words such as "anticipate," "believe," “continue, “could," "estimate," "expect," "intend," “may," "might," "plan," "potential," "predict," "project," "should," "target," "will," "would" and other words and terms of similar meaning or statements in the future tense are forward-looking statements. These forward-looking statements reflect the Company’s plans, intentions, expectations, strategies and prospects, and are based on the information currently available to the Company and on assumptions made by the Company. These forward-looking statements are subject to a number of important risks and uncertainties that may cause actual events or results to differ materially from the Company's current expectations. These and other risks which may impact the Company’s expectations are described in greater detail under the caption "Risk Factors" included in Infinity's annual report, filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2022, as well as future filings and reports of the Company, available through the Company’s website at www.infi.com. Any forward-looking statements contained in this press release speak only as of the date hereof, and Infinity does not undertake and expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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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