Precision BioSciences Announces Grant of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Precision BioSciences (Nasdaq: DTIL), an advanced gene editing company, has announced the grant of inducement awards to two new employees under its 2021 Employment Inducement Incentive Award Plan. The awards, approved by the Compensation Committee on September 18, 2024, include:

1. Stock options to purchase 66,523 shares of common stock with a per-share exercise price of $9.60, vesting 25% after one year and the remaining 75% in quarterly installments over three years.

2. 1,841 restricted stock units (RSUs) vesting in equal annual installments over three years.

These awards were granted under Nasdaq Listing Rule 5635(c)(4) as inducements for the employees to join Precision BioSciences. The company utilizes its proprietary ARCUS® platform to develop in vivo gene editing therapies for sophisticated gene edits, including gene elimination, insertion, and excision.

Positive

• Precision BioSciences is attracting new talent with stock options and RSUs
• The company is developing advanced gene editing therapies using its proprietary ARCUS® platform

Negative

• None.

DURHAM, N.C.--(BUSINESS WIRE)-- Precision BioSciences, Inc. (Nasdaq: DTIL), an advanced gene editing company utilizing its novel proprietary ARCUS^® platform to develop in vivo gene editing therapies for sophisticated gene edits, including gene elimination, gene insertion, and gene excision, today announced that, on September 18, 2024, the Compensation Committee of Precision’s Board of Directors approved the grant of inducement awards to new employees under the Precision BioSciences, Inc. 2021 Employment Inducement Incentive Award Plan (“Inducement Award Plan”). The inducement awards consist of options to purchase (“stock options”) 66,523 shares of Precision’s common stock, par value $0.000005 (the “Common Stock”), and 1,841 restricted stock units (“RSUs”), granted to two employees in connection with their commencement of employment. Each award was granted under Nasdaq Listing Rule 5635(c)(4) as an inducement for the employee to commence service with Precision.

The stock options have a per share exercise price equal to the fair market value of Precision’s Common Stock on September 18, 2024, which was equal to $9.60. The stock options have a 10-year term and vest (subject to the employee’s continued service to Precision through the applicable vesting dates) as to 25% of the award on the first anniversary of the date of the commencement of such individual’s employment and, as to the remaining 75%, in substantially equal quarterly installments over the three years thereafter. Each employee’s RSUs vest (subject to continued service to Precision through the applicable vesting dates) in substantially equal annual installments on each of the first three anniversaries of the date of the commencement of such individual’s employment.

About Precision BioSciences, Inc.

Precision BioSciences, Inc. is an advanced gene editing company dedicated to improving life (DTIL) with its novel and proprietary ARCUS® genome editing platform that differs from other technologies in the way it cuts, its smaller size, and its simpler structure. Key capabilities and differentiating characteristics may enable ARCUS nucleases to drive more intended, defined therapeutic outcomes. Using ARCUS, the Company’s pipeline is comprised of in vivo gene editing candidates designed to deliver lasting cures for the broadest range of genetic and infectious diseases where no adequate treatments exist. For more information about Precision BioSciences, please visit www.precisionbiosciences.com.

The ARCUS® platform is being used to develop in vivo gene editing therapies for sophisticated gene edits, including gene insertion (inserting DNA into a gene to cause expression/add function), elimination (removing a genome, e.g., viral DNA or mutant mitochondrial DNA), and excision (removing a large portion of a defective gene by delivering two ARCUS nucleases in a single AAV).

View source version on businesswire.com: https://www.businesswire.com/news/home/20240920781144/en/

Investor and Media Contact:

Naresh Tanna

Vice President, Investor Relations

Naresh.Tanna@precisionbiosciences.com

Source: Precision BioSciences, Inc.

FAQ

What inducement awards did Precision BioSciences (DTIL) grant to new employees on September 18, 2024?

Precision BioSciences granted stock options to purchase 66,523 shares of common stock and 1,841 restricted stock units (RSUs) to two new employees as inducement awards.

What is the vesting schedule for the stock options granted by Precision BioSciences (DTIL)?

The stock options vest 25% after one year and the remaining 75% in quarterly installments over the following three years, subject to continued employment.

What was the exercise price for the stock options granted by Precision BioSciences (DTIL) on September 18, 2024?

The stock options have a per share exercise price of $9.60, which was equal to the fair market value of Precision's common stock on September 18, 2024.

How do the RSUs granted by Precision BioSciences (DTIL) vest?

The RSUs vest in substantially equal annual installments on each of the first three anniversaries of the employee's start date, subject to continued employment.