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

Rhea-AI Summary

Mural Oncology, a clinical-stage immuno-oncology company listed on Nasdaq under the ticker MURA, announced the granting of inducement stock options and restricted stock units to two new employees.

On June 3, 2024, the company awarded non-statutory stock options to purchase 7,995 ordinary shares and restricted stock units for 4,305 ordinary shares under the company's 2024 Inducement Stock Option and Incentive Plan. The options have an exercise price of $3.41 per share, matching the closing price on June 3, 2024, a ten-year term, and vest over four years with 25% vesting after the first year and 6.25% vesting quarterly thereafter. The restricted stock units vest at 25% annually over four years.

These grants were made as an inducement for the employees' new roles, complying with Nasdaq Listing Rule 5635(c)(4).

Positive

• Awarding stock options and restricted stock units may attract and retain talent.
• Stock options have an exercise price aligned with the market value, potentially motivating new employees.
• Vesting schedules encourage long-term employee commitment.

Negative

• Employee equity grants can lead to shareholder dilution.
• New stock options add to the company’s overhead expenses.
• Restricted stock units and options vesting over four years could create future liabilities.

WALTHAM, Mass. and DUBLIN, June 04, 2024 (GLOBE NEWSWIRE) -- Mural Oncology plc (Nasdaq: MURA), a clinical-stage immuno-oncology company developing novel, investigational engineered cytokine therapies designed to address areas of unmet need for patients with a variety of cancers, today announced that on June 3, the Company granted to two newly hired employees (i) non-statutory stock options to purchase an aggregate of 7,995 ordinary shares of the Company and (ii) restricted stock units with respect to an aggregate of 4,305 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 $3.41 per share, which is equal to the closing price per share of the Company’s ordinary shares as reported by Nasdaq on June 3, 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 on June 3, 2024?

Mural Oncology announced the granting of inducement stock options and restricted stock units to two newly hired employees.

What is the exercise price of Mural Oncology's stock options?

The exercise price is $3.41 per share, equal to the closing price on June 3, 2024.

What is the vesting period for the stock options granted by Mural Oncology?

The stock options vest over four years, with 25% vesting on the first anniversary and 6.25% vesting quarterly thereafter.

Under which plan were the stock options and restricted stock units granted by Mural Oncology?

They were granted under the company's 2024 Inducement Stock Option and Incentive Plan.

What is the vesting schedule for the restricted stock units granted by Mural Oncology?

The restricted stock units vest at 25% annually over four years.