Cartesian Therapeutics Announces New Employment Inducement Grants

Rhea-AI Summary

Cartesian Therapeutics (NASDAQ: RNAC), a clinical-stage biotech company focused on mRNA cell therapies for autoimmune diseases, announced employment inducement grants.

On July 1, 2024, the company issued options to purchase 35,198 shares of common stock at $24.27 per share, the closing price on the grant date.

The options vest 25% on July 1, 2025, with the remaining shares vesting in three equal annual installments until fully vested on July 1, 2028.

These awards were issued under the 2018 Employment Inducement Incentive Award Plan and approved by the board, granted under Rule 5635(c)(4) of Nasdaq Listing Rules.

Positive

• Issued options for 35,198 shares of common stock to new employees.
• Stock options aim to attract and retain talent, potentially boosting workforce quality.
• Options will vest over a period of four years, fostering long-term employee commitment.

Negative

• Potential shareholder dilution due to issuance of new stock options.

GAITHERSBURG, Md., July 08, 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 inducement awards to new employees. On July 1, 2024, the Company issued to these employees options to purchase an aggregate of 35,198 shares of the Company’s common stock with an exercise price of $24.27, the closing trading price of the Company’s common stock on the Nasdaq Global Market on the date of grant. The options were granted pursuant to the Company’s Amended and Restated 2018 Employment Inducement Incentive Award Plan and were approved by the Company’s board of directors. Each of the options vest as to 25% on July 1, 2025, and then in three equal annual installments thereafter such that the options will be fully vested on July 1, 2028. Each of the options has 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 pioneering 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 and Phase 2 development for systematic 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.

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 July 8, 2024?

Cartesian Therapeutics announced the granting of employment inducement awards to new employees on July 8, 2024.

How many shares are involved in Cartesian Therapeutics' new employee stock options?

Cartesian Therapeutics issued options to purchase 35,198 shares of common stock.

What is the exercise price for the new employee stock options by Cartesian Therapeutics?

The exercise price for the new employee stock options is $24.27 per share.

When will the options granted by Cartesian Therapeutics fully vest?

The options will fully vest on July 1, 2028.

Under which rule were the new employee stock options by Cartesian Therapeutics granted?

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