Annexon Reports Inducement Grant to New Employee Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Annexon, Inc. (Nasdaq: ANNX), a biopharmaceutical company focused on novel therapies for neuroinflammatory diseases, has granted an inducement award to a new non-executive employee. The equity award, approved on July 11, 2024, under the 2022 Employment Inducement Award Plan, includes an option to purchase 6,200 shares of Annexon common stock. The option has a ten-year term with an exercise price of $6.17 per share, equal to the closing price on July 15, 2024. It vests over 4 years, with 25% vesting on the first anniversary and 1/48th monthly thereafter, subject to continued service.

Positive

• Annexon is attracting new talent, potentially strengthening its workforce

Negative

• The stock option grant may lead to slight shareholder dilution

BRISBANE, Calif., July 16, 2024 (GLOBE NEWSWIRE) -- Annexon, Inc. (Nasdaq: ANNX), a biopharmaceutical company advancing novel therapies for neuroinflammatory diseases of the body, brain, and eye, today announced that it has granted inducement to a new non-executive employee under the terms of the 2022 Employment Inducement Award Plan. The equity award was approved on July 11, 2024, in accordance with Nasdaq Listing Rule 5635(c)(4).

The new non-executive employee received an option to purchase 6,200 shares of Annexon common stock. The option carries a ten-year term and an exercise price per share equal to $6.17, which was the closing price of Annexon’s common stock on July 15, 2024, the date of grant, and vests over 4 years, with 25% of the shares underlying the options vesting on the first anniversary of the grant date and an additional 1/48th of the shares vesting monthly thereafter, subject to continued service through the applicable vesting dates.

About Annexon

Annexon Biosciences (Nasdaq: ANNX) is a biopharmaceutical company advancing a late-stage clinical platform of novel therapies for people living with devastating classical complement-mediated neuroinflammatory diseases of the body, brain, and eye. Annexon’s novel scientific approach targets upstream C1q to block the classical complement inflammatory cascade before it starts, and its therapeutic candidates are designed to provide meaningful benefits across multiple autoimmune, neurodegenerative and ophthalmic diseases. With proof-of concept data in Guillain-Barré syndrome, Huntington’s disease and geographic atrophy, Annexon is rigorously advancing its mid-to late-stage clinical trials to bring their potential treatments to patients as quickly as possible. To learn more visit annexonbio.com.

Investor Contact:

Joyce Allaire
LifeSci Advisors
jallaire@lifesciadvisors.com

FAQ

What inducement grant did Annexon (ANNX) announce on July 16, 2024?

Annexon announced an inducement grant to a new non-executive employee, consisting of an option to purchase 6,200 shares of Annexon common stock with an exercise price of $6.17 per share.

What is the vesting schedule for the stock option granted by Annexon (ANNX)?

The stock option vests over 4 years, with 25% of the shares vesting on the first anniversary of the grant date and an additional 1/48th of the shares vesting monthly thereafter, subject to continued service.

What was the exercise price of the stock option granted by Annexon (ANNX) on July 15, 2024?

The exercise price of the stock option was $6.17 per share, which was the closing price of Annexon's common stock on July 15, 2024.

Under which plan did Annexon (ANNX) grant the inducement award?

Annexon granted the inducement award under the terms of the 2022 Employment Inducement Award Plan.