Poseida Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

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Poseida Therapeutics, Inc. (PSTX) announces an inducement award to Dr. Syed Rizvi, the new Chief Medical Officer, consisting of stock options and restricted stock units.

SAN DIEGO, April 1, 2024 /PRNewswire/ -- Poseida Therapeutics, Inc. (Nasdaq: PSTX), a clinical-stage cell and gene therapy company advancing a new class of treatments for patients with cancer and rare diseases, today announced that the Compensation Committee of its Board of Directors granted an inducement award to Syed Rizvi, M.D., the Company's new Chief Medical Officer. This grant is made pursuant to the Company's 2022 Inducement Plan as an inducement material to Dr. Rizvi entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement award is comprised of (i) a stock option to purchase 250,000 shares of the Company's common stock with a per share exercise price equal to the fair market value of the Company's common stock on the grant date and will be subject to vesting over four years, with 12.5% of the shares vesting on the six-month anniversary of the grant date, and the remainder vesting monthly over the following forty-two (42) months, subject to the employee's continued employment and the terms and conditions of the stock option agreement; and (ii) a restricted stock unit award covering 185,000 shares of the Company's common stock and will be subject to vesting over four years, with 25% of the shares vesting on the one year anniversary of the grant date, and the remainder vesting in a series of three equal successive annual installments on the second, third, and fourth anniversaries of the grant date, subject to the employee's continued employment and the terms and conditions of the restricted stock unit award agreement.

About Poseida Therapeutics, Inc.
Poseida Therapeutics is a clinical-stage biopharmaceutical company advancing differentiated cell and gene therapies with the capacity to cure certain cancers and rare diseases. The Company's pipeline includes allogeneic CAR-T cell therapy product candidates for both solid and liquid tumors as well as in vivo gene therapy product candidates that address patient populations with high unmet medical need. The Company's approach to cell and gene therapies is based on its proprietary genetic editing platforms, including its non-viral piggyBac^® DNA Delivery System, Cas-CLOVER™ Site-Specific Gene Editing System, Booster Molecule, and nanoparticle and hybrid gene delivery technologies as well as in-house GMP cell therapy manufacturing. The Company has formed a global strategic collaboration with Roche to unlock the promise of cell therapies for patients with hematological malignancies. Learn more at www.poseida.com and connect with Poseida on X and LinkedIn.

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SOURCE Poseida Therapeutics, Inc.

FAQ

What is the ticker symbol for Poseida Therapeutics, Inc.?

The ticker symbol for Poseida Therapeutics, Inc. is PSTX.

What type of company is Poseida Therapeutics, Inc.?

Poseida Therapeutics, Inc. is a clinical-stage cell and gene therapy company focusing on treatments for cancer and rare diseases.

Who was granted an inducement award by Poseida Therapeutics, Inc.?

Dr. Syed Rizvi, the Company's new Chief Medical Officer, was granted an inducement award.

What does the inducement award to Dr. Syed Rizvi consist of?

The inducement award includes a stock option to purchase 250,000 shares of the Company's common stock and a restricted stock unit award covering 185,000 shares of the Company's common stock.

How will the stock options and restricted stock units vest?

The stock options will vest over four years, with 12.5% of the shares vesting on the six-month anniversary of the grant date, and the remainder vesting monthly over the following forty-two months. The restricted stock units will vest over four years, with 25% of the shares vesting on the one year anniversary of the grant date, and the remainder vesting in a series of three equal successive annual installments.