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 two new employees as part of its 2022 Inducement Stock Incentive Plan. A total of 113,200 shares were granted at an exercise price of $12.41 each, reflecting the closing price on February 6, 2022. The options have a ten-year term and will vest over four years, beginning with 25% vesting after the first year and 6.25% quarterly thereafter. Fulcrum Therapeutics is focused on developing treatments for genetically defined rare diseases, with lead programs targeting facioscapulohumeral muscular dystrophy and sickle cell disease.

Positive

• Granting of stock options may attract and retain talent, aligning employee interests with shareholder value.
• The stock options are structured to vest over four years, promoting long-term commitment from employees.

Negative

• None.

CAMBRIDGE, Mass., Feb. 10, 2023 (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.

Fulcrum granted stock options to purchase shares of the Company’s common stock, pursuant to the Company’s 2022 Inducement Stock Incentive Plan, each as an inducement material to the new employees entering into employment with Fulcrum Therapeutics in accordance with Nasdaq Listing Rule 5635(c)(4).

An award of an aggregate 113,200 shares was made to two employees at an exercise price of $12.41 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on the grants’ effective date, February 06, 2022. Each option has a ten-year term and vests 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 are the details of the stock options granted by Fulcrum Therapeutics?

Fulcrum Therapeutics granted 113,200 stock options at an exercise price of $12.41 each, vesting over four years.

How do the stock options benefit Fulcrum Therapeutics and its new employees?

The stock options incentivize new employees to align their interests with the company's performance, fostering long-term commitment.

What is the purpose of the 2022 Inducement Stock Incentive Plan?

The plan is designed to attract new talent by providing stock options as a form of compensation.

What is the significance of the stock options' exercise price?

The exercise price of $12.41 reflects the closing stock price on the effective date, incentivizing employees to contribute to company growth.

What are Fulcrum Therapeutics' main areas of focus?

Fulcrum focuses on developing treatments for genetically defined rare diseases, specifically targeting FSHD and sickle cell disease.