Arcutis Biotherapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) has approved the grant of 7,500 restricted stock units and options for 16,500 shares to three new employees as part of their 2022 Inducement Plan. These grants were made to incentivize new hires and are in accordance with Nasdaq Listing Rule 5635(c)(4). The restricted stock units and stock options will vest over four years, contingent on continued employment. The options have an exercise price of $21.73, reflecting the market price on the grant date of July 1, 2022. This initiative is aimed at fostering talent to support Arcutis’ commitment to innovation in immuno-dermatology.

Positive

• Granting stock options and restricted stock units may enhance employee retention and motivation.
• The company continues to actively recruit, potentially bolstering its talent pool.

Negative

• None.

WESTLAKE VILLAGE, Calif., July 05, 2022 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a late-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today reported the grant of an aggregate of 7,500 restricted stock units of Arcutis’ common stock as well as options to purchase an aggregate of 16,500 shares of Arcutis’ common stock to three newly hired employees. These awards were approved by the Compensation Committee of Arcutis’ Board of Directors and granted under the Arcutis Biotherapeutics, Inc. 2022 Inducement Plan, with a grant date of July 1, 2022, as an inducement material to the new employees entering into employment with Arcutis, in accordance with Nasdaq Listing Rule 5635(c)(4).

The restricted stock units vest over four years, with twenty-five percent vesting on each annual anniversary of the vesting commencement date, subject to the employee being continuously employed by Arcutis as of such vesting dates. The stock options vest over four years, with 25 percent vesting on the one-year anniversary of the vesting commencement date for such employee and the remainder vesting in thirty-six equal monthly installments over the following three years, subject to the employee being continuously employed by Arcutis as of such vesting dates. The stock options have a ten-year term and an exercise price of $21.73 per share, equal to the per share closing price of Arcutis’ common stock as reported by Nasdaq on July 1, 2022.

Arcutis is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).

About Arcutis
Arcutis Biotherapeutics, Inc. is a medical dermatology company that champions meaningful innovation to address the urgent needs of patients living with immune-mediated dermatological diseases and conditions. With a commitment to solving the most persistent patient challenges in dermatology, Arcutis harnesses our unique dermatology development platform coupled with our dermatology expertise to build differentiated therapies against biologically validated targets. Arcutis’ dermatology development platform includes a robust pipeline with multiple clinical programs for a range of inflammatory dermatological conditions, with one NDA submission now under review with the FDA, a Phase 3 study completed in seborrheic dermatitis, and two additional Phase 3 clinical data readouts anticipated by end of year. The company’s lead program, topical roflumilast, has the potential to advance the standard of care for plaque psoriasis, atopic dermatitis, scalp psoriasis, and seborrheic dermatitis. For more information, visit www.arcutis.com or follow Arcutis on LinkedIn and Twitter.

Forward-Looking Statements
This press release contains “forward-looking” statements, including, among others, statements regarding its potential to address urgent needs and expectations with regard to the timing of data and regulatory events. These statements involve substantial known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements and you should not place undue reliance on our forward-looking statements. Risks and uncertainties that may cause our actual results to differ include risks inherent in the clinical development process and regulatory approval process, the timing of regulatory filings, the timing and expenses of commercialization efforts, and our ability to defend our intellectual property. For a further description of the risks and uncertainties applicable to our business, see the “Risk Factors” section of our Form 10-K filed with U.S. Securities and Exchange Commission (SEC) on February 22, 2022, as amended on March 3, 2022, as well as any subsequent filings with the SEC. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available.

Contacts:
Media
Amanda Sheldon, Head of Corporate Communications
asheldon@arcutis.com

Investors
Eric McIntyre, Head of Investor Relations
emcintyre@arcutis.com

FAQ

What is the recent stock grant by Arcutis Biotherapeutics?

Arcutis Biotherapeutics has granted 7,500 restricted stock units and options for 16,500 shares to three new employees as part of its 2022 Inducement Plan.

When was the stock grant effective for Arcutis Biotherapeutics?

The stock grant was effective on July 1, 2022.

What is the exercise price for Arcutis stock options?

The exercise price for the stock options is $21.73 per share.

How long will the stock options for Arcutis employees vest?

The stock options will vest over four years, with 25% vesting after one year and the rest vesting in equal monthly installments over the next three years.

How does the stock grant affect Arcutis employees?

The stock grant aims to incentivize and retain new employees, aligning their interests with company performance.