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

Rhea-AI Summary

Olema Pharmaceuticals, a clinical-stage biopharmaceutical company focused on targeted therapies for women's cancers, has announced the granting of stock options to three new employees. Effective September 1, 2022, a total of 72,200 shares will be available for purchase at an exercise price of $3.69 per share, equivalent to the last reported sale price on that date. The stock options will vest over four years, with 25% vesting after one year and the remainder in monthly installments, contingent on continued employment. This grant complies with Nasdaq Listing Rule 5635(c)(4).

Positive

• Granting of stock options may enhance employee retention and motivation.
• The exercise price of $3.69 is aligned with the market price, making it attractive for new employees.

Negative

• No immediate financial impact on the company's revenue or market position.

SAN FRANCISCO, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Olema Pharmaceuticals, Inc. (“Olema,” “Olema Oncology” or the “Company,” Nasdaq: OLMA), a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of targeted therapies for women’s cancers, today announced that the Company granted stock options to three new employees to purchase an aggregate of 72,200 shares of the Company's common stock, effective as of September 1, 2022. These awards were approved by the Compensation Committee of Olema’s Board of Directors and granted under the Company's 2022 Inducement Plan, with a grant date of September 1, 2022, as an inducement material to the new employee entering into employment with Olema, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options vest over four years, with 25 percent vesting on the first anniversary of the vesting commencement date for such employee and the remainder vesting in 36 equal monthly installments over the following three years, subject to the employee being continuously employed by Olema as of such vesting dates. The stock options have a 10-year term and an exercise price of $3.69 per share, equal to the last reported sale price of the Company's common stock as reported by Nasdaq on September 1, 2022. The stock options are subject to the terms of the Olema Pharmaceuticals, Inc., 2022 Inducement Plan.

Olema is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).

About Olema Oncology

Olema Oncology is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies for women’s cancers. Olema’s lead product candidate, OP-1250, is an orally available small molecule with combined activity as both a complete estrogen receptor (ER) antagonist (CERAN) and a selective ER degrader (SERD). It is currently being evaluated as a single agent in an ongoing Phase 1/2 clinical trial, and in Phase 1b combination with palbociclib, in patients with recurrent, locally advanced or metastatic ER-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer. Olema is headquartered in San Francisco and has operations in Cambridge, Massachusetts.

Contact:
Shane Kovacs, COO and CFO
ir@olema.com

FAQ

What is the significance of the stock options granted by Olema Pharmaceuticals on September 1, 2022?

The stock options aim to incentivize and retain new employees, offering them the opportunity to purchase shares at a competitive price.

What is the vesting schedule for the stock options granted to Olema employees?

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

What is the exercise price for the stock options granted by Olema Pharmaceuticals?

The exercise price for the stock options is $3.69 per share, matching the last reported sale price on the grant date.

Under what plan were the stock options granted by Olema Pharmaceuticals?

The stock options were granted under Olema's 2022 Inducement Plan, approved by the Compensation Committee of the Board of Directors.

How many shares were granted in stock options to new employees at Olema?

A total of 72,200 shares of common stock were granted as stock options to three new employees.