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

Rhea-AI Summary

Stoke Therapeutics (Nasdaq: STOK), a biotechnology company focused on RNA medicine, has announced the granting of stock options to three new employees as an inducement for their employment. The grants, effective July 15, 2024, include options to purchase a total of 122,900 shares of common stock at an exercise price of $14.58 per share, equal to the closing price on the grant date.

These options will vest over four years, with 25% vesting after one year and the remainder vesting monthly over the following 36 months. The options have a 10-year term and are subject to the company's 2023 Inducement Plan and individual stock option agreements.

Positive

• Stoke Therapeutics is attracting new talent with stock options
• The company is using equity-based compensation to align employee interests with shareholders

Negative

• Potential dilution of existing shareholders' equity due to new stock options

BEDFORD, Mass.--(BUSINESS WIRE)-- Stoke Therapeutics, Inc. (Nasdaq: STOK), a biotechnology company dedicated to restoring protein expression by harnessing the body’s potential with RNA medicine, today announced that, effective on July 15, 2024, the company granted stock options to purchase an aggregate of 122,900 shares of common stock to three new employees, 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 $14.58 per share, which is equal to the closing price of Stoke’s common stock on July 15, 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 restoring protein expression by harnessing the body’s potential with RNA medicine. 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/20240716093267/en/

Stoke Media & Investor Contacts:

Dawn Kalmar

Chief Communications Officer

dkalmar@stoketherapeutics.com

781-303-8302

Doug Snow

Director, Communications & Investor Relations

IR@stoketherapeutics.com

508-642-6485

Source: Stoke Therapeutics, Inc.

FAQ

How many stock options did Stoke Therapeutics (STOK) grant on July 15, 2024?

Stoke Therapeutics (STOK) granted stock options to purchase an aggregate of 122,900 shares of common stock on July 15, 2024.

What is the exercise price of the stock options granted by Stoke Therapeutics (STOK) on July 15, 2024?

The exercise price of the stock options granted by Stoke Therapeutics (STOK) on July 15, 2024, is $14.58 per share, equal to the closing price of Stoke's common stock on that date.

What is the vesting schedule for the stock options granted by Stoke Therapeutics (STOK) on July 15, 2024?

The stock options vest over a 4-year period, with 25% vesting after one year and the remaining shares vesting monthly at a rate of 1/48th over the following 36 months, subject to continued employment.

What is the term of the stock options granted by Stoke Therapeutics (STOK) on July 15, 2024?

The stock options granted by Stoke Therapeutics (STOK) on July 15, 2024, have a term of 10 years.