Cartesian Therapeutics Announces New Employment Inducement Grant

Rhea-AI Summary

Cartesian Therapeutics (NASDAQ: RNAC), a clinical-stage biotech company focusing on mRNA cell therapies for autoimmune diseases, has granted an inducement award to a new employee. The award, issued on September 3, 2024, consists of an option to purchase 3,864 shares of the company's common stock at an exercise price of $13.12 per share. This price reflects the closing price of RNAC on Nasdaq on the grant date.

The option, approved by the board of directors, falls under the company's Amended and Restated 2018 Employment Inducement Incentive Award Plan. It has a four-year vesting schedule, with 25% vesting on September 3, 2025, and the remainder vesting in three equal annual installments until fully vested by September 3, 2028. The option has a ten-year term and was granted under Nasdaq Listing Rule 5635(c)(4) as an employment inducement.

Positive

• Cartesian Therapeutics is attracting new talent with stock options as incentives
• The company has a structured vesting schedule for employee stock options, potentially aiding in retention

Negative

• None.

GAITHERSBURG, Md., Sept. 06, 2024 (GLOBE NEWSWIRE) -- 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 an inducement award to a new employee. On September 3, 2024, the Company issued to this employee an option to purchase 3,864 shares of the Company’s common stock with an exercise price of $13.12, the closing trading price of the Company’s common stock on the Nasdaq Global Market on the date of grant. The option 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 option vests as to 25% on September 3, 2025, and then in three equal annual installments thereafter such that the option will be fully vested on September 3, 2028. The option has a ten-year term. The option was 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 an mRNA CAR-T in Phase 2b clinical development for patients with generalized myasthenia gravis and Phase 2 development for systemic lupus erythematosus, with a Phase 2 basket trial planned in additional autoimmune indications. The Company’s clinical-stage pipeline also includes Descartes-15, a next-generation, autologous anti-BCMA mRNA CAR-T. For more information, please visit www.cartesiantherapeutics.com or follow the Company on LinkedIn or X, formerly known as Twitter.

Contact Information:
Investor Contact:
Melissa Forst
Argot Partners
cartesian@argotpartners.com

Media Contact:
David Rosen
Argot Partners
david.rosen@argotpartners.com

FAQ

What type of inducement award did Cartesian Therapeutics (RNAC) grant to a new employee?

Cartesian Therapeutics (RNAC) granted a new employee an option to purchase 3,864 shares of the company's common stock at an exercise price of $13.12 per share.

When will the stock option granted by Cartesian Therapeutics (RNAC) fully vest?

The stock option granted by Cartesian Therapeutics (RNAC) will fully vest on September 3, 2028, following a four-year vesting schedule.

What is the exercise price of the stock option granted by Cartesian Therapeutics (RNAC) on September 3, 2024?

The exercise price of the stock option granted by Cartesian Therapeutics (RNAC) on September 3, 2024, is $13.12 per share.

Under which plan was the inducement award granted by Cartesian Therapeutics (RNAC)?

The inducement award was granted under Cartesian Therapeutics' (RNAC) Amended and Restated 2018 Employment Inducement Incentive Award Plan.