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

Rhea-AI Summary

Fulcrum Therapeutics (Nasdaq: FULC) announced the grant of non-statutory stock options to new employees under its 2022 Inducement Stock Incentive Plan. A total of 29,200 options were awarded to two employees at an exercise price of $10.20 per share, reflecting the closing price on January 9, 2023. The options vest over four years, with 25% vesting after one year and the remaining 75% in quarterly installments over the next three years, contingent on continued employment. Fulcrum focuses on treating genetically defined rare diseases, with clinical programs targeting facioscapulohumeral muscular dystrophy and sickle cell disease.

Positive

• Granting stock options may incentivize new talent to join the company.
• The exercise price of $10.20 aligns with the company's recent stock closing price, indicating a fair market value.

Negative

• None.

CAMBRIDGE, Mass., Jan. 13, 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 the Fulcrum Therapeutics in accordance with Nasdaq Listing Rule 5635(c)(4).

An award of an aggregate 29,200 shares was made to two employees at an exercise price of $10.20 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on the grants’ effective date, January 09, 2023. 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 stock options did Fulcrum Therapeutics grant?

Fulcrum Therapeutics granted non-statutory stock options to purchase 29,200 shares at an exercise price of $10.20 each.

When were the stock options granted by Fulcrum Therapeutics?

The stock options were granted on January 9, 2023.

What is the vesting schedule for the stock options?

The options vest over four years, with 25% vesting after one year and the remaining 75% in quarterly installments.

What is the focus of Fulcrum Therapeutics?

Fulcrum Therapeutics is focused on developing treatments for genetically defined rare diseases, including facioscapulohumeral muscular dystrophy and sickle cell disease.

What is the Nasdaq ticker symbol for Fulcrum Therapeutics?

The Nasdaq ticker symbol for Fulcrum Therapeutics is FULC.