Stoke Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Stoke Therapeutics (Nasdaq: STOK), a biotechnology company, announced the grant of stock options to purchase 10,400 shares of common stock to a new employee, effective June 17, 2024. This inducement follows Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $15.60 per share, aligning with the closing price of Stoke’s stock on the grant date. The options vest over four years, with 1/4th vesting after one year and the remaining shares vesting monthly over the next 36 months. These options have a 10-year term and are governed by the 2023 Inducement Plan and the relevant stock option agreement.

Positive

• Grant of 10,400 stock options to a new employee.
• Exercise price set at $15.60, matching closing stock price on June 17, 2024.
• Stock options vest over four years, incentivizing employee retention.
• Options have a 10-year term, offering long-term benefits.

Negative

• No immediate financial impact noted.
• Potential dilution of existing shareholders' equity.

BEDFORD, Mass.--(BUSINESS WIRE)-- Stoke Therapeutics, Inc. (Nasdaq: STOK), a biotechnology company dedicated to addressing the underlying cause of severe diseases by upregulating protein expression with RNA-based medicines, today announced that, effective on June 17, 2024, the company granted stock options to purchase an aggregate of 10,400 shares of common stock to one new employee, as a material inducement to their employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options that were granted have an exercise price of $15.60 per share, which is equal to the closing price of Stoke’s common stock on June 17, 2024. Each option will vest over a 4-year period, with 1/4^th of the shares underlying the employee’s option vesting on the one-year anniversary of the applicable vesting commencement date and the remaining shares thereafter vesting monthly at a rate of 1/48^th of the shares underlying each employee’s option over the following 36 months, subject to the employee’s continued employment with Stoke on such vesting dates. The options have a term of 10 years and are subject to the terms and conditions of the 2023 Inducement Plan and the stock option agreement covering the grant.

About Stoke Therapeutics

Stoke Therapeutics (Nasdaq: STOK), is a biotechnology company dedicated to addressing the underlying cause of severe diseases by upregulating protein expression with RNA-based medicines. Using Stoke’s proprietary TANGO (Targeted Augmentation of Nuclear Gene Output) approach, Stoke is developing antisense oligonucleotides (ASOs) to selectively restore protein levels. Stoke’s first compound, zorevunersen (STK-001), is in clinical testing for the treatment of Dravet syndrome, a severe and progressive genetic epilepsy. Dravet syndrome is one of many diseases caused by a haploinsufficiency, in which a loss of ~50% of normal protein levels leads to disease. Stoke is pursuing the development of STK-002 for the treatment of autosomal dominant optic atrophy (ADOA), the most common inherited optic nerve disorder. Stoke’s initial focus is haploinsufficiencies and diseases of the central nervous system and the eye, although proof of concept has been demonstrated in other organs, tissues, and systems, supporting its belief in the broad potential for its proprietary approach. Stoke is headquartered in Bedford, Massachusetts with offices in Cambridge, Massachusetts. For more information, visit https://www.stoketherapeutics.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240618336579/en/

Stoke Media & Investor Contacts:

Dawn Kalmar

Chief Communications Officer

dkalmar@stoketherapeutics.com

781-303-8302



Eric Rojas

Vice President, Investor Relations

IR@stoketherapeutics.com

617-312-2754

Source: Stoke Therapeutics, Inc.

FAQ

What was announced by Stoke Therapeutics on June 17, 2024?

Stoke Therapeutics announced the grant of stock options to purchase 10,400 shares of common stock to a new employee as a material inducement to their employment.

What is the exercise price of the Stoke Therapeutics stock options granted on June 17, 2024?

The exercise price of the stock options granted is $15.60 per share.

How do the Stoke Therapeutics stock options vest?

The options vest over four years, with 1/4th vesting after one year and the remaining shares vesting monthly over the next 36 months.

What is the term of the stock options granted by Stoke Therapeutics?

The stock options have a term of 10 years.

Under what plan are the Stoke Therapeutics stock options granted?

The stock options are granted under the 2023 Inducement Plan.