Cartesian Therapeutics Announces New Employment Inducement Grants

Rhea-AI Summary

Cartesian Therapeutics, Inc. (NASDAQ: RNAC) granted inducement awards to four new employees by issuing options to purchase shares of the Company's common stock. The options have an exercise price of $22.64 and are exercisable for a total of 72,769 shares. Each option vests over time and has a ten-year term. The grants were made under the Company's 2018 Employment Inducement Incentive Award Plan and were approved by the board of directors.

GAITHERSBURG, Md.--(BUSINESS WIRE)-- Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the “Company”), a clinical-stage biotechnology company developing mRNA cell therapies for the treatment of autoimmune diseases, today announced the granting of inducement awards to four new employees. On May 1, 2024, the Company issued to each of these employees an option to purchase shares of the Company’s common stock with an exercise price of $22.64, the closing trading price of the Company’s common stock on the Nasdaq Global Market on the date of grant. The options are exercisable for an aggregate of 72,769 shares of the Company’s common stock. Each of the four options was granted pursuant to the Company’s Amended and Restated 2018 Employment Inducement Incentive Award Plan and was approved by the Company’s board of directors. The options each vest as to 25% on May 1, 2025, and then in three equal installments thereafter such that the option will be fully vested on May 1, 2028. The options each have a ten-year term. The options were granted under Rule 5635(c)(4) of the Nasdaq Listing Rules as an inducement material to the employee’s entry into employment with the Company.

About Cartesian Therapeutics

Cartesian Therapeutics is a clinical-stage company developing mRNA cell therapies for the treatment of autoimmune diseases. The Company’s lead asset, Descartes-08, is a potential first-in-class mRNA CAR-T in Phase 2b clinical development for patients with generalized myasthenia gravis. Additional Phase 2 studies are planned in systemic lupus erythematosus under an allowed IND, as well as basket trials in additional autoimmune indications. The Company’s clinical-stage pipeline also includes Descartes-15, a next-generation, autologous anti-BCMA mRNA CAR-T.

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Investor Relations:

Ron Moldaver

ron.moldaver@cartesiantx.com

Media:

David Rosen

Argot Partners

cartesian@argotpartners.com

Source: Cartesian Therapeutics, Inc.

FAQ

How many new employees received inducement awards from Cartesian Therapeutics, Inc.?

Four new employees received inducement awards.

What is the exercise price of the options granted by Cartesian Therapeutics, Inc.?

The exercise price of the options is $22.64.

How many shares of the Company's common stock can be purchased through the options?

A total of 72,769 shares of the Company's common stock can be purchased.

When will the options granted by Cartesian Therapeutics, Inc. be fully vested?

The options will be fully vested on May 1, 2028.

Under which rule were the options granted by Cartesian Therapeutics, Inc.?

The options were granted under Rule 5635(c)(4) of the Nasdaq Listing Rules.