aTyr Pharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

aTyr Pharma, Inc. (Nasdaq: LIFE) announced the grant of nonstatutory stock options covering 20,600 shares at an exercise price of $3.70, matching the stock’s closing price on August 8, 2022. These options were issued to four new employees as part of the aTyr Pharma, Inc. 2022 Inducement Plan, compliant with Nasdaq Listing Rule 5635(c)(4). Options vest over four years, with 25% vesting after the first year and the remainder vesting monthly. aTyr focuses on developing therapies from its tRNA synthetase platform, particularly efzofitimod for fibrotic lung disease.

Positive

• Granting of stock options could enhance employee retention and motivation.
• Focus on efzofitimod may position aTyr favorably in fibrotic lung disease treatment.

Negative

• None.

SAN DIEGO, Aug. 12, 2022 (GLOBE NEWSWIRE) -- aTyr Pharma, Inc. (Nasdaq: LIFE), a biotherapeutics company engaged in the discovery and development of innovative medicines based on its proprietary tRNA synthetase biology platform, today announced that the Compensation Committee of aTyr’s Board of Directors has granted four employees nonstatutory stock options to purchase an aggregate of 20,600 shares of its common stock, each with an exercise price of $3.70 per share, which is equal to the closing price of aTyr’s common stock on the Nasdaq Capital Market on August 8, 2022, the effective date of the grants. These stock awards were granted as an inducement material to the new employees entering into employment with aTyr in accordance with Nasdaq Listing Rule 5635(c)(4) and were made pursuant to the aTyr Pharma, Inc. 2022 Inducement Plan.

Each option vests over a period of four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the remaining 75% vesting in equal monthly installments over three years, subject to the applicable employee’s continued employment with aTyr through each vesting date. The options are subject to the terms and conditions of the aTyr Pharma, Inc. 2022 Inducement Plan and the terms and conditions of an award agreement covering the grant.

About aTyr

aTyr is a biotherapeutics company engaged in the discovery and development of first-in-class medicines from its proprietary tRNA synthetase biology platform. aTyr’s research and development efforts are concentrated on a newly discovered area of biology, the extracellular functionality and signaling pathways of tRNA synthetases. aTyr has built a global intellectual property estate directed to a potential pipeline of protein compositions derived from 20 tRNA synthetase genes and their extracellular targets. aTyr’s primary focus is efzofitimod, a clinical-stage product candidate which binds to the neuropilin-2 receptor and is designed to downregulate immune engagement in fibrotic lung disease. For more information, please visit http://www.atyrpharma.com.

Contact:
Ashlee Dunston
Director, Investor Relations and Corporate Communications
adunston@atyrpharma.com 

FAQ

What stock options were granted by aTyr Pharma on August 12, 2022?

On August 12, 2022, aTyr Pharma granted nonstatutory stock options for 20,600 shares at an exercise price of $3.70 per share.

What is the vesting schedule for the stock options granted by aTyr Pharma?

The stock options vest over four years, with 25% vesting after one year and the remaining 75% vesting in equal monthly installments over the following three years.

How does the stock option grant affect employees at aTyr Pharma?

The stock option grant serves as an inducement for new employees, potentially enhancing retention and aligning their interests with shareholders.

What is the main focus of aTyr Pharma's research and development?

aTyr Pharma's primary focus is on developing efzofitimod, a clinical-stage candidate aimed at treating fibrotic lung disease.