Terns Pharmaceuticals Reports Inducement Grants to New Employees Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Terns Pharmaceuticals, a clinical-stage biopharmaceutical company, announced the granting of equity inducement awards to three new non-executive employees under the 2022 Employment Inducement Award Plan. The approval took place on December 15, 2022. In total, these employees received options for 60,000 shares and 30,000 restricted stock units (RSUs), with options priced at $6.82 per share, reflecting the closing stock price on the grant date. The options and RSUs will vest over four years based on continued service.

Positive

• The company is expanding its team by granting equity awards, which may enhance the talent pool.
• The stock options are priced at $6.82, aligning employee compensation with shareholder interests.

Negative

• None.

FOSTER CITY, Calif., Dec. 20, 2022 (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, obesity and non-alcoholic steatohepatitis (NASH), today announced that it has granted equity inducement awards to three new non-executive employees under the terms of the 2022 Employment Inducement Award Plan. The equity awards were approved on December 15, 2022, in accordance with Nasdaq Listing Rule 5635(c)(4).

In the aggregate, the new non-executive employees received options to purchase 60,000 shares of Terns common stock and 30,000 restricted stock units (“RSUs”) for shares of Terns common stock. The options have an exercise price per share equal to $6.82, which was the closing price of Terns’ common stock on December 15, 2022, the date of grant. The options and RSUs vest over four years, subject to continued service through the applicable vesting dates.

About Terns

Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology, obesity and NASH. Terns’ pipeline includes four clinical stage development programs including an allosteric BCR-ABL inhibitor, a THR-β agonist, an FXR agonist, a VAP-1 inhibitor, and a preclinical small-molecule GLP-1 receptor agonist program.

Contacts for Terns

Investors
Justin Ng
investors@ternspharma.com

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

FAQ

What equity inducement awards did Terns Pharmaceuticals grant?

Terns Pharmaceuticals granted options for 60,000 shares and 30,000 restricted stock units to three new non-executive employees.

When were the equity awards approved by Terns Pharmaceuticals?

The equity awards were approved on December 15, 2022.

What is the exercise price of the options granted by Terns?

The options have an exercise price of $6.82 per share.

How long will the options and RSUs vest for Terns employees?

The options and RSUs will vest over four years, subject to continued service.

What are the main focuses of Terns Pharmaceuticals' development pipeline?

Terns develops small-molecule product candidates for oncology, obesity, and non-alcoholic steatohepatitis (NASH).