Terns Pharmaceuticals Reports Inducement Grant to New Employee Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Terns Pharmaceuticals, Inc. granted an equity inducement award to a new employee under the Inducement Plan, with options to purchase 45,000 shares of Terns common stock at an exercise price of $7.31 per share.

FOSTER CITY, Calif., March 07, 2024 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity, today announced that it has granted as of March 1, 2024 an equity inducement award to a new employee under the terms of the 2022 Employment Inducement Award Plan, as amended (the “Inducement Plan”). The equity award was approved by the Compensation Committee of the Company’s Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4) and was made as a material inducement to the employee’s acceptance of employment with Terns.

The Company granted options to purchase 45,000 shares of Terns common stock to the new employee. The options have a 10-year term and an exercise price per share equal to $7.31, which was the closing price of Terns’ common stock on March 1, 2024, the date of grant. The options vest over four years, subject to the employee’s continued service through the applicable vesting dates.

About Terns Pharmaceuticals
Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity. Terns’ pipeline includes three clinical-stage development programs including an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, a THR-β agonist and preclinical GIPR modulator programs. For more information, please visit: www.ternspharma.com.

Contacts for Terns

Investors
Justin Ng
investors@ternspharma.com

Media
Jenna Urban
Berry & Company Public Relations
media@ternspharma.com

FAQ

What type of company is Terns Pharmaceuticals, Inc.?

Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company.

What is the ticker symbol for Terns Pharmaceuticals, Inc.?

The ticker symbol for Terns Pharmaceuticals, Inc. is TERN.

How many shares of Terns common stock were granted to the new employee?

The new employee was granted options to purchase 45,000 shares of Terns common stock.

What is the exercise price per share for the options granted?

The exercise price per share for the options granted is $7.31.

How long is the term of the options granted?

The options have a 10-year term.