INOVIO Reports Inducement Grants Under Inducement Plan

Rhea-AI Summary

INOVIO (NASDAQ:INO), a biotechnology company focused on DNA medicines for HPV-related diseases, cancer, and infectious diseases, has announced equity grants under its 2022 Inducement Plan. The Compensation Committee approved awards to two newly hired employees, including:

1. Restricted stock units (RSUs) covering 1,526 shares of common stock
2. Options to purchase 1,600 shares of common stock

The grants, dated September 30, 2024, include RSUs vesting over three years and stock options with an exercise price of $5.78. The stock options will vest in four installments, with one-fourth vesting immediately and the remainder annually over three years. Both RSUs and options are subject to continued employment and specific agreement terms under the Inducement Plan.

Positive

• Attracting new talent with equity incentives
• Aligning employee interests with company performance through stock-based compensation

Negative

• Potential dilution of existing shareholders' equity

PLYMOUTH MEETING, Pa., Oct. 2, 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 equity grants to certain employees under its 2022 Inducement Plan (the "Inducement Plan").

The Compensation Committee of INOVIO's Board of Directors has approved the awards of restricted stock units ("RSU"s) covering an aggregate of 1,526 shares of common stock and options to purchase an aggregate of 1,600 shares of common stock, each with a grant date of September 30, 2024 (the "Grant Date"), to two newly hired employees in accordance with Nasdaq Listing Rule 5635(c)(4).

The RSUs will vest over a three-year period, with one-third of the shares vesting on each of the first, second and third anniversaries of the Grant Date. The stock options have an exercise price of $5.78, 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 RSUs and stock options will be subject to the employees' 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 or RSU award 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

 

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SOURCE INOVIO Pharmaceuticals, Inc.

FAQ

What equity grants did INOVIO (INO) announce on October 2, 2024?

INOVIO announced grants of restricted stock units (RSUs) covering 1,526 shares and options to purchase 1,600 shares of common stock to two newly hired employees under its 2022 Inducement Plan.

What is the vesting schedule for the RSUs granted by INOVIO (INO)?

The RSUs will vest over a three-year period, with one-third of the shares vesting on each of the first, second, and third anniversaries of the grant date (September 30, 2024).

What is the exercise price of the stock options granted by INOVIO (INO) on September 30, 2024?

The stock options have an exercise price of $5.78, which was the closing price of INOVIO's common stock on the grant date.

How will the stock options granted by INOVIO (INO) vest?

The stock options will vest in four installments: one-fourth on the grant date, and an additional one-fourth on each of the first, second, and third anniversaries of the grant date.