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

Rhea-AI Summary

aTyr Pharma (Nasdaq: LIFE) announced the granting of stock options to four employees, totaling 13,200 shares with an exercise price of $2.38 per share. These options are part of the 2022 Inducement Plan and are designed to incentivize new hires. The options vest over four years, with 25% vesting after one year and the remaining 75% vesting monthly over the next three years. aTyr focuses on developing first-in-class medicines from its tRNA synthetase platform, with a key product candidate being efzofitimod, aimed at treating fibrotic lung disease.

Positive

• Granting of 13,200 stock options as an inducement for new employees.
• Alignment with Nasdaq Listing Rule 5635(c)(4) enhances corporate governance.

Negative

• None.

SAN DIEGO, Nov. 18, 2022 (GLOBE NEWSWIRE) -- aTyr Pharma, Inc. (Nasdaq: LIFE), a biotherapeutics company engaged in the discovery and development of first-in-class medicines from its proprietary tRNA synthetase 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 13,200 shares of its common stock, each with an exercise price of $2.38 per share, which is equal to the closing price of aTyr’s common stock on the Nasdaq Capital Market on November 16, 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 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?

aTyr Pharma granted nonstatutory stock options to purchase 13,200 shares of common stock at an exercise price of $2.38 per share.

What is the purpose of the stock options granted by aTyr?

The stock options were granted to incentivize new employees joining the company.

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

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

What is aTyr Pharma's primary focus?

aTyr Pharma is focused on developing first-in-class medicines from its proprietary tRNA synthetase platform, particularly efzofitimod for fibrotic lung disease.