Fulcrum Therapeutics® Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Fulcrum Therapeutics (NASDAQ: FULC) announced the grant of nonstatutory stock options to four new employees, totaling 76,000 shares under its 2022 Inducement Stock Incentive Plan. The options, issued as of May 2, 2022, have an exercise price of $9.80 per share, aligning with the closing share price on that date. Each option has a ten-year term with vesting over four years. This initiative aims to motivate new hires and align their interests with the company's goals in treating genetically defined rare diseases, including facioscapulohumeral muscular dystrophy and sickle cell disease.

Positive

• Granting stock options may attract talent and align employee interests with company performance.
• The exercise price aligns with the recent market price, potentially providing employees with an incentive to boost the stock's performance.

Negative

• None.

CAMBRIDGE, Mass., May 06, 2022 (GLOBE NEWSWIRE) -- Fulcrum Therapeutics, Inc. (Nasdaq: FULC), a clinical-stage biopharmaceutical company focused on improving the lives of patients with genetically defined rare diseases, today announced that the Company granted nonstatutory stock options to new employees as inducement awards outside of the Company’s 2019 Stock Incentive Plan. Fulcrum granted stock options to purchase an aggregate of 76,000 shares of the Company’s common stock to four new employees. The awards were granted as of May 2, 2022 pursuant to the Company’s 2022 Inducement Stock Incentive Plan, each as an inducement material to the new employees entering into employment with the Fulcrum Therapeutics in accordance with Nasdaq Listing Rule 5635(c)(4).

Each of the options has an exercise price of $9.80 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on May 2, 2022. Each option has a ten-year term and will vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee’s start date and an additional 6.25% of the shares vesting in equal quarterly installments over the twelve successive quarters following the first anniversary, subject to such employee’s continued service with the Company through the applicable vesting dates.

About Fulcrum Therapeutics
Fulcrum Therapeutics is a clinical-stage biopharmaceutical company focused on improving the lives of patients with genetically defined rare diseases in areas of high unmet medical need. Fulcrum’s two lead programs in clinical development are losmapimod, a small molecule for the treatment of facioscapulohumeral muscular dystrophy (FSHD) and FTX-6058, a small molecule designed to increase expression of fetal hemoglobin for the treatment of sickle cell disease and other hemoglobinopathies, including beta-thalassemia. The company’s proprietary product engine, FulcrumSeek™, identifies drug targets that can modulate gene expression to treat the known root cause of gene mis-expression.  

Contact:

Investors:

Naomi Aoki
Senior Vice President, Corporate Communications
and Investor Relations
naoki@fulcrumtx.com

FAQ

What company announced stock options for new employees?

Fulcrum Therapeutics (NASDAQ: FULC) announced the stock options.

How many stock options were granted by Fulcrum Therapeutics?

Fulcrum Therapeutics granted a total of 76,000 stock options.

What is the exercise price of the stock options granted by Fulcrum Therapeutics?

The exercise price for the stock options is $9.80 per share.

When were the stock options granted by Fulcrum Therapeutics?

The stock options were granted on May 2, 2022.

What is the vesting period for the stock options granted by Fulcrum Therapeutics?

The stock options will vest over four years.