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

Rhea-AI Summary

Terns Pharmaceuticals (Nasdaq: TERN), a clinical-stage biopharmaceutical company, has announced an equity inducement award for a new employee under its 2022 Employment Inducement Award Plan. The award, approved by the Compensation Committee in compliance with Nasdaq Listing Rule 5635(c)(4), consists of options to purchase 20,000 shares of Terns common stock.

Key details of the stock options include:

• 10-year term
• Exercise price of $8.10 per share (closing price on October 1, 2024)
• Vesting over four years, subject to continued employment

This grant is part of Terns' strategy to attract and retain talent as it develops small-molecule product candidates for serious diseases, including oncology and obesity.

Positive

• Terns is actively recruiting new talent, indicating potential growth and expansion
• The company has a mechanism in place (Inducement Plan) to attract skilled employees
• Stock options align employee interests with company performance and shareholder value

Negative

• None.

FOSTER CITY, Calif., Oct. 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 October 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 20,000 shares of Terns common stock to the new employee. The options have a 10-year term and an exercise price per share equal to $8.10, which was the closing price of Terns’ common stock on October 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 contains three clinical stage development programs including an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, a THR-β agonist, and a preclinical GIPR modulator discovery effort, prioritizing a GIPR antagonist nomination candidate. 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 equity inducement award did Terns Pharmaceuticals (TERN) grant to a new employee?

Terns Pharmaceuticals granted options to purchase 20,000 shares of common stock to a new employee on October 1, 2024, with a 10-year term and an exercise price of $8.10 per share.

What is the vesting period for the stock options granted by Terns Pharmaceuticals (TERN)?

The stock options granted by Terns Pharmaceuticals vest over four years, subject to the employee's continued service through the applicable vesting dates.

What areas of research does Terns Pharmaceuticals (TERN) focus on?

Terns Pharmaceuticals is developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity.

Under which plan did Terns Pharmaceuticals (TERN) grant the equity inducement award?

The equity inducement award was granted under Terns Pharmaceuticals' 2022 Employment Inducement Award Plan, as amended.