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

Rhea-AI Summary

Fulcrum Therapeutics (NASDAQ: FULC) announced the granting of 59,500 non-statutory stock options to three new employees on September 6, 2022. These options serve as inducement awards outside the 2019 Stock Incentive Plan. The exercise price is set at $7.47 per share, corresponding to the closing price on the grant date. Each option has a ten-year term with a four-year vesting period, allowing 25% to vest after the first year and the remainder in quarterly installments. Fulcrum focuses on developing treatments for genetically defined rare diseases.

Positive

• Granting of 59,500 stock options can attract and retain talent.
• The exercise price of $7.47 matches the market price, minimizing immediate dilution.

Negative

• None.

CAMBRIDGE, Mass., Sept. 09, 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 non-statutory 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 59,500 shares of the Company’s common stock to three new employees. The awards were granted as of September 6, 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 $7.47 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on September 6, 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:

Dee Smith
Executive Director, Corporate Communications
Fulcrum Therapeutics, Inc.
(202) 746-1324

FAQ

What is the purpose of the stock options granted by Fulcrum Therapeutics?

The stock options are granted as inducement awards to attract new employees.

What is the exercise price of the stock options issued by Fulcrum?

The exercise price is $7.47 per share.

How many stock options did Fulcrum Therapeutics grant?

Fulcrum granted a total of 59,500 stock options.

What is the vesting schedule for the stock options at Fulcrum?

The options vest over four years, with 25% vesting on the first anniversary and 6.25% quarterly thereafter.

When were the stock options granted by Fulcrum Therapeutics?

The stock options were granted on September 6, 2022.