Mural Oncology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Mural Oncology plc announced the granting of non-statutory stock options and restricted stock units to three newly hired employees as inducement material. The stock options have an exercise price of $3.78 per share, with a ten-year term and vesting over four years. The restricted stock units also vest over four years, 25% per year, subject to continued service with the Company.

WALTHAM, Mass and DUBLIN, May 03, 2024 (GLOBE NEWSWIRE) -- Mural Oncology plc (Nasdaq: MURA), a clinical-stage immuno-oncology company leveraging its core competencies in immune cell modulation and protein engineering to develop novel, investigational engineered cytokine therapies designed to address areas of unmet need for patients with a variety of cancers, today announced that on May 1, the Company granted to three newly hired employees (i) non-statutory stock options to purchase an aggregate of 20,150 ordinary shares of the Company and (ii) restricted stock units with respect to an aggregate of 10,850 ordinary shares of the Company, pursuant to the Company’s 2024 Inducement Stock Option and Incentive Plan, each as an inducement material to the new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options have an exercise price of $3.78 per share, which is equal to the closing price per share of the Company’s ordinary shares as reported by Nasdaq on May 1, 2024. The options have a ten-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the grant date and 6.25% of the shares underlying the options vesting quarterly thereafter, subject to such employee’s continued service with the Company through the applicable vesting dates. Each of the stock options is subject to the terms and conditions of a stock option award agreement covering the grant and the Company’s 2024 Inducement Stock Option and Incentive Plan. The restricted stock units vest over four years, 25% per year on the anniversary of the grant date, subject to such employee’s continued service with the Company through the applicable vesting dates. Each of the restricted stock units is subject to the terms and conditions of a restricted stock award agreement covering the grant and the Company’s 2024 Inducement Stock Option and Incentive Plan.

About Mural Oncology
Mural Oncology is leveraging its novel protein engineering platform to develop cytokine-based immunotherapies for the treatment of cancer. By combining our expertise in cytokine biology and immune cell modulation and our protein engineering platform, we are developing medicines to deliver meaningful and clinical benefits to people living with cancer. Our mission is to broaden the potential and reach of cytokine-based immunotherapies to improve the lives of patients. Our lead candidate, nemvaleukin, is currently in potentially registrational trials in mucosal melanoma and platinum-resistant ovarian cancer. Mural Oncology has its registered office in Dublin, Ireland, and its primary facilities in Waltham, Mass. For more information, visit Mural Oncology’s website at www.muraloncology.com and follow us on LinkedIn and X.

Contacts

Investors:
David Borah, CFA
david.borah@muraloncology.com
781-614-0060

Media:
Katie Sullivan
katie.sullivan@muraloncology.com
781-614-0034

FAQ

What did Mural Oncology announce regarding inducement grants?

Mural Oncology announced the granting of non-statutory stock options and restricted stock units to new employees.

How many ordinary shares were granted to the employees?

A total of 20,150 ordinary shares through stock options and 10,850 ordinary shares through restricted stock units were granted.

What is the exercise price of the stock options?

The exercise price of the stock options is $3.78 per share.

How long is the term for the stock options?

The stock options have a ten-year term.

How do the stock options and restricted stock units vest?

The stock options and restricted stock units vest over four years, with 25% per year, subject to continued service with the Company.