Verve Therapeutics Announces Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Verve Therapeutics, a clinical-stage biotech firm, announced the granting of equity awards to a new employee under its 2024 Inducement Stock Incentive Plan, as per Nasdaq Listing Rule 5635(c)(4). On June 28, 2024, the new hire received a stock option to purchase 76,900 shares at an exercise price of $4.88 per share, the closing price on the grant date. The option has a 10-year term, with 25% vesting on the first anniversary and the remainder vesting monthly over three years. Additionally, 19,200 restricted stock units (RSUs) were granted, set to vest in equal annual installments over four years from July 1, 2024, contingent on continued service.

Positive

• Granting of equity awards to new employee highlights Verve Therapeutics' commitment to attracting talent.
• Stock options and RSUs could align employee interests with company performance.

Negative

• Potential dilution of existing shares due to new stock option grants.

BOSTON, July 01, 2024 (GLOBE NEWSWIRE) -- Verve Therapeutics, a clinical-stage biotechnology company pioneering a new approach to the care of cardiovascular disease with single-course gene editing medicines, today announced that on June 28, 2024, the company granted equity awards to one new employee, pursuant to the company’s 2024 Inducement Stock Incentive Plan, as an inducement material to such new employee entering into employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4).

The employee received a stock option to purchase 76,900 shares of the company’s common stock and 19,200 restricted stock units (RSUs). The option has an exercise price of $4.88 per share, which is equal to the closing price of the company’s common stock on the date of grant. Such option has a 10-year term and will vest over a period of four years, with 25% of the shares vesting on the one-year anniversary of the grant date and the remainder vesting in equal monthly installments over the following three years, subject to such employee’s continued service with the company on each such vesting date. The RSUs will vest in equal annual installments on the first four anniversaries of July 1, 2024, subject to such employee’s continued service with the company on each such vesting date.

About Verve Therapeutics 
Verve Therapeutics, Inc. (Nasdaq: VERV) is a clinical-stage genetic medicines company pioneering a new approach to the care of cardiovascular disease, potentially transforming treatment from chronic management to single-course gene editing medicines. The company’s lead programs – VERVE-101, VERVE-102, and VERVE-201 – target genes that have been extensively validated as targets for lowering low-density lipoprotein cholesterol (LDL-C), a root cause of atherosclerotic cardiovascular disease (ASCVD). VERVE-101 and VERVE-102 are designed to permanently turn off the PCSK9 gene in the liver and are being developed initially for heterozygous familial hypercholesterolemia (HeFH) and ultimately to treat patients with established ASCVD who continue to be impacted by high LDL-C levels. VERVE-201 is designed to permanently turn off the ANGPTL3 gene in the liver and is initially being developed for homozygous familial hypercholesterolemia (HoFH) and for refractory hypercholesterolemia where patients still have high LDL-C despite treatment with maximally-tolerated standard of care therapies. For more information, please visit www.VerveTx.com.

Investor Contact
Jen Robinson
Verve Therapeutics, Inc.
jrobinson@vervetx.com

Media Contact
Ashlea Kosikowski
1AB
ashlea@1abmedia.com

FAQ

What did Verve Therapeutics announce on July 1, 2024?

Verve Therapeutics announced the granting of equity awards to a new employee under its 2024 Inducement Stock Incentive Plan, following Nasdaq Listing Rule 5635(c)(4).

How many shares were included in the new employee's stock option at Verve Therapeutics?

The new employee received a stock option to purchase 76,900 shares of Verve Therapeutics' common stock.

What is the exercise price of the stock options granted by Verve Therapeutics on June 28, 2024?

The exercise price of the stock options is $4.88 per share.

When will the newly granted RSUs at Verve Therapeutics vest?

The RSUs will vest in equal annual installments on the first four anniversaries of July 1, 2024, subject to continued service with the company.

What is the vesting schedule for the stock options granted by Verve Therapeutics?

The stock options will vest over four years: 25% on the first anniversary of the grant date and the remainder in equal monthly installments over the next three years, contingent on continued service.