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

Rhea-AI Summary

Immunome (Nasdaq: IMNM), a biotechnology company focused on developing targeted cancer therapies, announced the granting of inducement awards to 25 new employees on October 3, 2024. The Compensation Committee approved nonstatutory stock options to purchase 851,400 shares of common stock under the Company's 2024 Inducement Plan, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options have an exercise price of $13.43 per share, equal to the Company's closing sales price on October 3, 2024. However, options to purchase 250,000 shares will have an exercise price equal to the closing sales price on the date the grantee's employment begins. The options will vest over four years, with 25% vesting on the one-year anniversary and the remainder vesting monthly over 36 months, subject to continued employment.

Positive

• Granted stock options to 25 new employees, potentially attracting and retaining talent
• Implemented a vesting schedule that encourages long-term employee retention

Negative

• Potential dilution of existing shareholders due to the issuance of 851,400 new stock options

BOTHELL, Wash.--(BUSINESS WIRE)-- Immunome, Inc. (the “Company”) (Nasdaq: IMNM), a biotechnology company focused on developing first-in-class and best-in-class targeted cancer therapies, announced today that on October 3, 2024, the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) granted inducement awards consisting of nonstatutory stock options to purchase 851,400 shares of common stock to 25 new employees under the Company’s 2024 Inducement Plan. The Compensation Committee approved the stock options as an inducement material to such employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).

Each stock option has an exercise price per share equal to $13.43 per share, the Company’s closing sales price on October 3, 2024, except for certain options to purchase 250,000 shares that have an exercise price equal to the Company’s closing sales price on the date the grantee’s employment commences and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employees’ continued service relationship with the Company through the applicable vesting dates. The stock options are subject to the terms and conditions of the Company’s 2024 Inducement Plan and the terms and conditions of an applicable stock option agreement covering the grant.

About Immunome

Immunome is a clinical-stage targeted oncology company committed to developing first-in-class and best-in-class targeted therapies designed to improve outcomes for cancer patients. We are advancing an innovative portfolio of therapeutics, drawing on leadership that previously played key roles in the design, development and commercialization of cutting-edge targeted cancer therapies, including antibody-drug conjugates (ADCs). In addition to a portfolio of discovery-stage ADCs, our pipeline includes AL102, a gamma secretase inhibitor currently in a Phase 3 trial for treatment of desmoid tumors, as well as IM-1021, a ROR1 ADC, and IM-3050, a FAP-targeted radioligand, both of which are the subject of INDs expected to be submitted in the first quarter of 2025. For more information, visit www.immunome.com.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this press release that are not purely historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include Immunome’s expectations regarding progress of its pipeline and timeline for regulatory filings; and other statements regarding forecasts for the future. These forward-looking statements are based on Immunome’s current expectations and involve assumptions that may never materialize or may prove to be incorrect; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including, but not limited to, the risks and uncertainties described in Immunome’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 12, 2024, and in Immunome’s other filings with the SEC. Except as required by law, Immunome assumes no obligation and does not intend to update any forward-looking statements included in this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241008829262/en/

Investor Contact

Max Rosett

Chief Financial Officer

investors@immunome.com

Source: Immunome, Inc.

FAQ

How many shares of common stock were granted as stock options by Immunome (IMNM) on October 3, 2024?

Immunome granted nonstatutory stock options to purchase 851,400 shares of common stock to 25 new employees on October 3, 2024.

What is the exercise price for the stock options granted by Immunome (IMNM) on October 3, 2024?

The exercise price for most of the stock options is $13.43 per share, equal to Immunome's closing sales price on October 3, 2024. However, options for 250,000 shares will have an exercise price equal to the closing sales price on the date the grantee's employment begins.

What is the vesting schedule for the stock options granted by Immunome (IMNM)?

The stock options will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the vesting commencement date and the balance vesting monthly thereafter over 36 months, subject to continued employment.