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

Rhea-AI Summary

Fulcrum Therapeutics, Inc. (Nasdaq: FULC) announced the grant of non-statutory stock options to two new employees, totaling 86,740 shares at an exercise price of $5.97. This grant, made under the Company’s 2022 Inducement Stock Incentive Plan, complies with Nasdaq Listing Rule 5635(c)(4). The options will vest over four years, with 25% vesting on the first anniversary and the remainder vesting quarterly thereafter, subject to continued employee service. Fulcrum is focused on rare genetic diseases, with key programs including losmapimod for facioscapulohumeral muscular dystrophy and FTX-6058 for sickle cell disease, the latter currently under FDA clinical hold.

Positive

• Grant of 86,740 stock options to new employees, promoting retention and motivation.
• Stock options priced at $5.97, aligning with market value on the grant date.
• Focus on rare diseases represents a significant market opportunity.

Negative

• FTX-6058 is under a clinical hold by the FDA, delaying potential progress in sickle cell treatment.

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

An award of an aggregate 86,740 shares was made to two employees at an exercise price of $5.97 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on the grants’ effective date, March 06, 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 which is currently being evaluated for the treatment of facioscapulohumeral muscular dystrophy (FSHD) in the Phase 3 REACH clinical trial, and FTX-6058, a small molecule designed to increase expression of fetal hemoglobin for the treatment of sickle cell disease and other hemoglobinopathies, which is currently under a clinical hold issued by the U.S. Food and Drug Administration (FDA). 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.

FAQ

What is the recent stock option grant by Fulcrum Therapeutics (FULC)?

Fulcrum Therapeutics granted 86,740 stock options to two new employees at an exercise price of $5.97.

How does the stock option vesting schedule work for Fulcrum Therapeutics employees?

The options vest over four years, with 25% vesting on the first anniversary and the remaining 75% in quarterly installments over the next three years.

What is the significance of the stock options granted by Fulcrum Therapeutics?

The stock options are intended to incentivize and retain new employees, ensuring alignment with company performance.

What are the key clinical programs of Fulcrum Therapeutics?

Fulcrum's main programs include losmapimod for facioscapulohumeral muscular dystrophy and FTX-6058 for sickle cell disease.

Why is the development of FTX-6058 important for Fulcrum Therapeutics?

FTX-6058 targets sickle cell disease, a significant unmet medical need, but it is currently under an FDA clinical hold.