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

Rhea-AI Summary

On April 11, 2023, Poseida Therapeutics (NASDAQ: PSTX) announced an inducement award for Kristin Yarema, the new President of Cell Therapy. The award consists of a stock option for 498,325 shares priced at the fair market value on the grant date, vesting over four years, and a restricted stock unit for 356,836 shares, also vesting over four years. Yarema's employment is subject to the terms of these agreements. Poseida is focused on developing innovative gene and cell therapies aimed at curing cancers and rare diseases, utilizing proprietary technologies such as the piggyBac® DNA Delivery System and Cas-CLOVER™ Gene Editing. The company has strategic collaborations with Roche and Takeda to further enhance its therapeutic initiatives.

Positive

• Inducement award made to the new President of Cell Therapy, enhancing leadership.
• Stock options and restricted stock units provided can align interests with shareholders.
• Ongoing development of proprietary gene and cell therapies could pave the way for future market potential.

Negative

• None.

SAN DIEGO, April 11, 2023 /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 Kristin Yarema, the Company's new President, Cell Therapy. This grant is made pursuant to the Company's 2022 Inducement Plan as an inducement material to Ms. Yarema 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 498,325 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 Ms. Yarema's continued employment and the terms and conditions of the stock option agreement; and (ii) a restricted stock unit award covering 356,836 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 Ms. Yarema'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 and nanoparticle and hybrid gene delivery technologies. The Company has formed global strategic collaborations with Roche and Takeda to unlock the promise of cell and gene therapies for patients. Learn more at www.poseida.com and connect with Poseida on Twitter and LinkedIn.

View original content to download multimedia:https://www.prnewswire.com/news-releases/poseida-therapeutics-announces-inducement-grant-under-nasdaq-listing-rule-5635c4-301794876.html

SOURCE Poseida Therapeutics, Inc.

FAQ

What is the inducement award announced by Poseida Therapeutics on April 11, 2023?

Poseida Therapeutics announced an inducement award to Kristin Yarema, comprising a stock option for 498,325 shares and a restricted stock unit for 356,836 shares, both vesting over four years.

How will Kristin Yarema's inducement grant vest?

Kristin Yarema's inducement grant will vest over four years, with specific percentages vesting at different intervals based on her continued employment.

What is the stock symbol for Poseida Therapeutics?

The stock symbol for Poseida Therapeutics is PSTX.

What are Poseida Therapeutics' focuses in their development pipeline?

Poseida Therapeutics focuses on clinical-stage cell and gene therapies aimed at treating cancer and rare diseases.

What proprietary technologies does Poseida Therapeutics utilize?

Poseida Therapeutics utilizes proprietary technologies such as the piggyBac® DNA Delivery System and the Cas-CLOVER™ gene editing system.