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

Rhea-AI Summary

Fulcrum Therapeutics (Nasdaq: FULC) announced the granting of 400,000 stock options to four new employees as part of its 2022 Inducement Stock Incentive Plan. The options include 250,000 shares at an exercise price of $6.55 and 150,000 shares at $6.56, aligned with the closing prices of the Company’s stock on respective grant dates. Each option has a ten-year term and vests over four years, promoting employee retention and performance. Fulcrum focuses on treating genetically defined rare diseases, with lead programs targeting muscular dystrophy and sickle cell disease.

Positive

• Issuance of 400,000 stock options may enhance employee retention and motivation.
• The exercise prices are close to the current market prices, potentially minimizing immediate share dilution.

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• None.

CAMBRIDGE, Mass., Dec. 05, 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 new employees.

Fulcrum granted stock options to purchase an aggregate of 400,000 shares of the Company’s common stock to four new employees, 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 250,000 shares was made to one employee at an exercise price of $6.55 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on the grant’s effective date, November 29, 2022.

An award of an aggregate 150,000 shares was made to three employees at an exercise price of $6.56 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on the grants’ effective date, December 5, 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 stock options were granted by Fulcrum Therapeutics on December 5, 2022?

Fulcrum Therapeutics granted 400,000 stock options to four new employees, including 250,000 shares at an exercise price of $6.55 and 150,000 shares at $6.56.

What is the vesting schedule for the stock options granted by Fulcrum Therapeutics?

The stock options vest over four years, with 25% vesting on the first anniversary of employment and the remaining shares vesting in quarterly installments over the following twelve quarters.

How does Fulcrum Therapeutics support its new employees according to the press release?

Fulcrum provides stock options as an inducement for new employees in accordance with Nasdaq Listing Rule 5635.

What are the lead programs of Fulcrum Therapeutics?

Fulcrum's lead programs are losmapimod for facioscapulohumeral muscular dystrophy and FTX-6058 for sickle cell disease and other hemoglobinopathies.