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

Rhea-AI Summary

Fulcrum Therapeutics (Nasdaq: FULC) announced the granting of stock options to six new employees as part of its 2022 Inducement Stock Incentive Plan. A total of 148,320 stock options, exercisable at $24.00 per share, have been awarded. The options vest over four years, with 25% vesting on the first anniversary of employment and the remainder vesting quarterly thereafter. Fulcrum, focused on genetically defined rare diseases, is developing therapies such as losmapimod for facioscapulohumeral muscular dystrophy and FTX-6058 for sickle cell disease.

Positive

• Granting of stock options to six new employees, indicating company growth and recruitment efforts.
• Stock options awarded under the 2022 Inducement Stock Incentive Plan align employee interests with shareholder value.

Negative

• None.

CAMBRIDGE, Mass., April 08, 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 148,320 shares of the Company’s common stock to six new employees. The awards were granted as of April 4, 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 $24.00 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on April 4, 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 are the details of Fulcrum Therapeutics' stock option grants?

Fulcrum awarded 148,320 stock options to six new employees, each with an exercise price of $24.00, vesting over four years.

When were the stock options granted by Fulcrum Therapeutics?

The stock options were granted on April 4, 2022.

What is the purpose of Fulcrum Therapeutics' stock option grants?

The stock options are part of an inducement for new employees to join the company, aiming to align their interests with those of shareholders.

What does the stock option vesting schedule look like for Fulcrum Therapeutics?

25% of the options vest on the first anniversary, with the remainder vesting quarterly over the following 12 quarters.