INOVIO Reports Inducement Grants Under Inducement Plan

Rhea-AI Summary

INOVIO (NASDAQ:INO), a biotechnology company developing DNA medicines for HPV-related diseases, cancer, and infectious diseases, announced an equity grant under its 2022 Inducement Plan. The grant, approved by INOVIO's Compensation Committee, involves options to purchase 1,666 shares at $10.13 per share, the closing price on May 31, 2024. The options vest over three years, contingent on continued employment.

Positive

• Equity grant showcases INOVIO's commitment to attracting and retaining talent, potentially enhancing company innovation.
• Options priced at $10.13, aligning with market value, indicate confidence in stock stability.
• Gradual vesting over three years stabilizes employee retention and aligns interests with long-term company performance.

Negative

• Only one employee benefited from the grant, limiting broader employee morale impact.
• Stock price stability may be questioned due to dependence on INOVIO's future performance.
• Employee termination before full vesting could lead to unexercised options, reducing intended benefits.

PLYMOUTH MEETING, Pa., May 31, 2024 /PRNewswire/ -- INOVIO (NASDAQ:INO), a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases, today announced that it has made an equity grant to a newly hired employee under its 2022 Inducement Plan (the "Inducement Plan").

The Compensation Committee of INOVIO's Board of Directors has approved the award of options to purchase an aggregate of 1,666 shares of common stock, with a grant date of May 31, 2024 (the "Grant Date"), to a newly hired employee in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option has an exercise price of $10.13, the closing price of INOVIO's common stock on the Grant Date. The stock options will vest and become exercisable with respect to one-fourth of the shares underlying the stock options on the Grant Date, and an additional one-fourth of the shares underlying the stock options on the first, second, and third anniversaries of the Grant Date. The vesting of the stock options will be subject to the employee's continued employment with INOVIO on the applicable vesting dates. Each of these awards is subject to the terms and conditions of a stock option agreement, as applicable, under the Inducement Plan.

About INOVIO
INOVIO is a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases. INOVIO's technology optimizes the design and delivery of innovative DNA medicines that teach the body to manufacture its own disease-fighting tools. For more information, visit www.inovio.com.

Contacts
Media: Jennie Willson, (267) 429-8567, jennie.willson@inovio.com
Investors: Thomas Hong, (267) 440-4298, thomas.hong@inovio.com

View original content:https://www.prnewswire.com/news-releases/inovio-reports-inducement-grants-under-inducement-plan-302160978.html

SOURCE INOVIO Pharmaceuticals, Inc.

FAQ

What did INOVIO announce on May 31, 2024?

INOVIO announced an equity grant under its 2022 Inducement Plan to a newly hired employee.

How many shares were included in INOVIO's recent stock option grant?

The stock option grant included 1,666 shares.

What was the exercise price for INOVIO's recent stock options?

The exercise price was $10.13 per share, the closing price on the grant date.

When will the stock options granted by INOVIO vest?

The options will vest one-fourth on the grant date and one-fourth on each of the first, second, and third anniversaries of the grant date.

What is the condition for the stock options to vest?

The stock options will vest subject to the employee's continued employment with INOVIO on the applicable vesting dates.