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

Rhea-AI Summary

Fulcrum Therapeutics (Nasdaq: FULC) announced on June 10, 2022, the grant of nonstatutory stock options to eight new employees, totaling 112,800 shares. These options, with an exercise price of $7.53 per share, are designed as inducement awards under the 2022 Inducement Stock Incentive Plan.

Vesting occurs over four years, with 25% vesting after one year and the remainder in quarterly installments. Fulcrum focuses on developing therapies for genetically defined rare diseases, including treatments for facioscapulohumeral muscular dystrophy and sickle cell disease.

Positive

• Successful recruitment of eight new employees.
• Stock options granted as inducements may enhance employee retention.
• Targeted focus on therapies for rare diseases with high unmet medical needs.

Negative

• None.

CAMBRIDGE, Mass., June 10, 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 112,800 shares of the Company’s common stock to eight new employees. The awards were granted as of June 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 $7.53 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on June 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
(202) 746-1324

FAQ

What stock options were granted by Fulcrum Therapeutics on June 10, 2022?

Fulcrum Therapeutics granted 112,800 stock options to eight new employees, with an exercise price of $7.53 per share.

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

The stock options vest over four years, with 25% vesting on the first anniversary and the remainder in quarterly installments.

How does Fulcrum Therapeutics support rare disease treatment?

Fulcrum focuses on therapies for genetically defined rare diseases, including treatments for facioscapulohumeral muscular dystrophy and sickle cell disease.

What is the purpose of the inducement stock options granted at Fulcrum Therapeutics?

The inducement stock options aim to attract and retain new employees by providing them an incentive linked to company performance.