Cartesian Therapeutics Announces New Employment Inducement Grant

Rhea-AI Summary

Cartesian Therapeutics (NASDAQ: RNAC) announced the issuance of an inducement award to a new employee. On June 3, 2024, the employee received an option to purchase 11,000 shares of the company's common stock at an exercise price of $36.00 per share, the closing trading price on the Nasdaq Global Market on the grant date.

The option is part of the company's Amended and Restated 2018 Employment Inducement Incentive Award Plan, approved by the board. It vests 25% on June 3, 2025, with additional equal annual installments thereafter, fully vesting by June 3, 2028. The option has a ten-year term and was granted under Rule 5635(c)(4) of the Nasdaq Listing Rules.

Positive

• Issued stock option may attract and retain skilled employees.
• Inducement award aligns employee interests with shareholder value.
• The stock option has a ten-year term providing potential long-term benefits.

Negative

• Stock options can lead to shareholder dilution.
• Exercise price of $36.00 may be considered high if stock underperforms.

GAITHERSBURG, Md., June 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 June 3, 2024, the Company issued to this employee an option to purchase 11,000 shares of the Company’s common stock with an exercise price of $36.00, 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 June 3, 2025, and then in three equal annual installments thereafter such that the option will be fully vested on June 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 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.

Investor Contact
Ron Moldaver
Senior Director, Investor Relations & Business Development
ron.moldaver@cartesiantx.com

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

FAQ

What did Cartesian Therapeutics announce on June 6, 2024?

Cartesian Therapeutics announced the issuance of an inducement award to a new employee on June 6, 2024.

What is the exercise price of the new employee stock option granted by Cartesian Therapeutics?

The exercise price of the stock option granted is $36.00 per share.

When will the stock options granted by Cartesian Therapeutics vest?

The stock options will vest 25% on June 3, 2025, and in three equal annual installments thereafter, fully vesting by June 3, 2028.

How many shares are included in the new employee stock option from Cartesian Therapeutics?

The new employee stock option includes an option to purchase 11,000 shares.

What is the term length of the stock option granted by Cartesian Therapeutics?

The stock option has a ten-year term.