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 for 6,180 shares to a new employee as inducement awards under its 2022 Inducement Stock Incentive Plan. The options, issued on October 3, 2022, have an exercise price of $8.16 per share, equal to the closing stock price on that date. These options will vest over four years, with a quarter vesting after the first year and the remainder in quarterly installments. Fulcrum focuses on developing treatments for genetically defined rare diseases with significant unmet medical needs.

Positive

• Stock options granted as inducement to attract talent, aligning employee interests with shareholder value.
• Each option has a long vesting period (four years), which promotes employee retention.

Negative

• None.

CAMBRIDGE, Mass., Oct. 07, 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 a new employee as inducement awards outside of the Company’s 2019 Stock Incentive Plan. Fulcrum granted stock options to purchase an aggregate of 6,180 shares of the Company’s common stock to one new employee. The award was granted as of October 3, 2022, pursuant to the Company’s 2022 Inducement Stock Incentive Plan, as an inducement material to new employees entering into employment with Fulcrum Therapeutics in accordance with Nasdaq Listing Rule 5635(c)(4).

Each of the options has an exercise price of $8.16 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on October 3, 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 was announced by Fulcrum Therapeutics on October 3, 2022?

Fulcrum Therapeutics announced that it granted stock options to a new employee as inducement awards.

How many stock options were granted by Fulcrum Therapeutics?

Fulcrum Therapeutics granted a total of 6,180 stock options.

What is the exercise price for the stock options granted by Fulcrum?

The exercise price for the stock options is $8.16 per share.

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

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