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

Rhea-AI Summary

aTyr Pharma, Inc. (Nasdaq: LIFE) announced on March 25, 2022, that its Compensation Committee granted stock options to ten employees, totaling 58,400 shares. The exercise price for these options is set at $5.24, aligning with the stock's closing price on March 21, 2022. These awards are designed to incentivize new employees as per Nasdaq Listing Rule 5635(c)(4). The options vest over four years, with 25% vesting after one year and the remainder monthly. aTyr is focused on developing innovative medicines targeting tRNA synthetases and is advancing its clinical-stage candidate, efzofitimod, for fibrotic lung disease.

Positive

• Granting stock options may enhance employee retention and attraction.
• Stock options are aligned with current market price at $5.24, promoting motivation.
• Focus on efzofitimod shows active engagement in clinical-stage development.

Negative

• None.

SAN DIEGO, March 25, 2022 (GLOBE NEWSWIRE) -- aTyr Pharma, Inc. (Nasdaq: LIFE), a biotherapeutics company engaged in the discovery and development of innovative medicines based on novel biological pathways, today announced that the Compensation Committee of aTyr’s Board of Directors has granted ten employees nonstatutory stock options to purchase an aggregate of 58,400 shares of its common stock, each with an exercise price of $5.24 per share, which is equal to the closing price of aTyr’s common stock on the Nasdaq Capital Market on March 21, 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).

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 novel biological pathways. 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 are the details of the stock options granted by aTyr Pharma?

aTyr Pharma granted stock options for 58,400 shares at an exercise price of $5.24, with a four-year vesting schedule.

How many employees received stock options from aTyr Pharma?

Ten employees received stock options from aTyr Pharma.

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

The stock options were granted as an inducement to attract new employees.

What is aTyr Pharma's focus in drug development?

aTyr Pharma focuses on developing innovative medicines based on tRNA synthetases, particularly efzofitimod for fibrotic lung disease.

When was the stock option grant announced by aTyr Pharma?

The stock option grant was announced on March 25, 2022.