INOVIO Reports Inducement Grants Under Inducement Plan

Rhea-AI Summary

INOVIO (NASDAQ: INO) announced the equity grant of stock options to a new employee under its 2022 Inducement Plan on February 2, 2023. The Board's Compensation Committee approved the award of options to purchase 15,625 shares at an exercise price of $1.79, reflecting the stock's closing price on the Grant Date. The options will vest over four years, contingent upon continued employment. INOVIO focuses on DNA medicines to treat HPV-associated diseases, cancer, and infectious diseases through its proprietary device, CELLECTRA®.

Positive

• Equity grant to a new employee may enhance talent acquisition.
• Stock options priced at $1.79 align with current market value.

Negative

• Limited immediate financial impact; stock options may dilute existing shares.

PLYMOUTH MEETING, Pa., Feb. 3, 2023 /PRNewswire/ -- INOVIO (NASDAQ:INO), a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-associated 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").

On February 2^nd, 2023 (the "Grant Date"), the Compensation Committee of INOVIO's Board of Directors approved the award of options to purchase an aggregate of 15,625 shares of common stock to a newly hired employee in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option has an exercise price of ­­­$1.79, the closing price of INOVIO's common stock on the Grant Date. The stock option will vest and become exercisable with respect to one-fourth of the shares underlying the stock option vested on the Grant Date, and an additional one-fourth of the shares underlying the stock option on the first, second, and third anniversaries of the Grant Date. The vesting of stock options will be subject to the employee's continued employment with INOVIO on the applicable vesting dates. The award is subject to the terms and conditions of a stock option agreement 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-associated diseases, cancer, and infectious diseases. INOVIO's DNA medicines in development are delivered using its investigational proprietary smart device, CELLECTRA^®, to produce immune responses against targeted pathogens and cancers. 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-301738086.html

SOURCE INOVIO Pharmaceuticals, Inc.

FAQ

What was the stock option granted by INOVIO on February 2, 2023?

INOVIO granted stock options for 15,625 shares at an exercise price of $1.79.

How will the stock options granted to the new employee vest?

The options will vest over four years, with one-fourth vesting on each anniversary of the Grant Date.

What is the purpose of INOVIO's 2022 Inducement Plan?

The Inducement Plan aims to enhance talent acquisition by offering stock options to new employees.

What does INOVIO specialize in?

INOVIO is focused on developing DNA medicines to combat HPV-related diseases, cancer, and infectious diseases.