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 to four employees. A total of 113,400 shares have been offered at an exercise price of $3.48 each, matching the stock's closing price on May 10, 2022. These options are part of aTyr's 2022 Inducement Plan to incentivize new hires. Each option vests over four years, with a portion vesting after one year. aTyr focuses on developing innovative therapies based on its tRNA synthetase biology platform, particularly targeting fibrotic lung diseases with its candidate efzofitimod.

Positive

• Granting stock options may enhance employee retention and motivation.
• The exercise price is aligned with current market conditions at $3.48 per share.

Negative

• None.

SAN DIEGO, May 13, 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 113,400 shares of its common stock, each with an exercise price of $3.48 per share, which is equal to the closing price of aTyr’s common stock on the Nasdaq Capital Market on May 10, 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 innovative medicines based on 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 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 May 13, 2022?

aTyr Pharma granted nonstatutory stock options for 113,400 shares at an exercise price of $3.48 each.

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

The stock options were granted as an inducement for new employees entering employment with aTyr.

How long is the vesting period for the stock options granted by aTyr?

The options vest over four years, with 25% vesting after one year and the remainder monthly thereafter.

What is aTyr Pharma's primary focus?

aTyr Pharma's primary focus is on developing efzofitimod, targeting fibrotic lung disease.

Under which plan were the stock options granted by aTyr Pharma?

The stock options were granted under the aTyr Pharma, Inc. 2022 Inducement Plan.