Taysha Gene Therapies Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Taysha Gene Therapies (TSHA) has announced an inducement grant under Nasdaq Listing Rule 5635(c)(4). On July 3, 2024, the Compensation Committee granted four new employees options to purchase a total of 484,000 shares of the company's common stock. The options were issued under the 2023 Inducement Plan to encourage the new hires, with an exercise price of $2.15 per share, matching the closing price on the grant date. These options have a 10-year term and follow a four-year vesting schedule—25% vest on the first anniversary of the vesting start date, with the remaining 75% vesting in equal monthly installments over the next three years, contingent on continuous service.

Positive

• Granted 484,000 stock options to new employees, indicating potential growth and investment in talent.
• Stock options have a 10-year term, providing long-term incentives for employees.

Negative

• Inducement grants may lead to shareholder dilution over time.

DALLAS, July 05, 2024 (GLOBE NEWSWIRE) -- Taysha Gene Therapies, Inc. (Nasdaq: TSHA), a clinical-stage biotechnology company focused on advancing adeno-associated virus (AAV)-based gene therapies for severe monogenic diseases of the central nervous system (CNS), today announced that, on July 3, 2024, the Compensation Committee of Taysha's Board of Directors granted four new employees, in the aggregate, options to purchase 484,000 shares of the Company's common stock in connection with their employment. The stock options were granted under the Taysha Gene Therapies, Inc. 2023 Inducement Plan as an inducement material to the individuals entering employment with Taysha in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options have an exercise price of $2.15 per share, which is equal to the closing price of Taysha's common stock on the date of grant. The stock option has a 10-year term and will vest over four years, with 25% of the option vesting on the first anniversary of the vesting commencement date and the remaining 75% of the option vesting in equal monthly installments over the 36 months thereafter. Vesting of the stock option is subject to such employee's continued service to Taysha on each vesting date.

About Taysha Gene Therapies
Taysha Gene Therapies (Nasdaq: TSHA) is a clinical-stage biotechnology company focused on advancing adeno-associated virus (AAV)-based gene therapies for severe monogenic diseases of the central nervous system. Its lead clinical program TSHA-102 is in development for Rett syndrome, a rare neurodevelopmental disorder with no approved disease-modifying therapies that address the genetic root cause of the disease. With a singular focus on developing transformative medicines, Taysha aims to address severe unmet medical needs and dramatically improve the lives of patients and their caregivers. The Company’s management team has proven experience in gene therapy development and commercialization. Taysha leverages this experience, its manufacturing process and a clinically and commercially proven AAV9 capsid in an effort to rapidly translate treatments from bench to bedside. For more information, please visit http://www.tayshagtx.com.

Company Contact:
Hayleigh Collins
Director, Head of Corporate Communications and Investor Relations
Taysha Gene Therapies, Inc.
hcollins@tayshagtx.com

Media Contact:
Carolyn Hawley
Inizio Evoke
Carolyn.hawley@inizioevoke.com

FAQ

What did Taysha Gene Therapies announce on July 3, 2024?

Taysha Gene Therapies announced the grant of stock options to four new employees, totaling 484,000 shares, under the 2023 Inducement Plan.

What is the exercise price of the stock options granted by Taysha Gene Therapies?

The exercise price of the stock options is $2.15 per share.

What is the vesting schedule for the stock options granted by Taysha Gene Therapies?

The stock options vest over four years, with 25% vesting on the first anniversary and the remaining 75% vesting in equal monthly installments over the next three years.

What is the term of the stock options granted by Taysha Gene Therapies?

The stock options have a 10-year term.

What is the purpose of the stock options granted by Taysha Gene Therapies?

The stock options were granted to induce new employees to join the company, as per Nasdaq Listing Rule 5635(c)(4).