Adverum Biotechnologies Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Adverum Biotechnologies (NASDAQ: ADVM) has granted inducement awards to two new employees under its 2017 Inducement Plan, as approved by the company's Compensation Committee. The awards include non-qualified stock options to purchase 9,740 shares at $2.22 per share and 4,870 restricted stock units (RSUs). The stock options vest over four years with 25% vesting after one year and the remainder monthly over three years, while RSUs vest over three years with one-third vesting annually. These grants were made in accordance with Nasdaq Listing Rule 5635(c)(4) as employment inducements and are subject to continuous employment requirements.

REDWOOD CITY, Calif., June 05, 2025 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM) today announced that the Compensation Committee of Adverum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 9,740 shares of common stock and restricted stock units (RSUs) for 4,870 shares of common stock to two new employees under Adverum’s 2017 Inducement Plan. These awards were approved as an inducement material to the new employees entering into employment with Adverum in accordance with Nasdaq Listing Rule 5635(c)(4).

Each stock option has an exercise price of $2.22 per share, equal to the per share closing price of Adverum’s common stock as reported by Nasdaq on the grant date. The stock options vest over four years, with 25% vesting on the first anniversary of the applicable vesting commencement date and the remainder vesting in 36 equal monthly installments over the following three years, subject to the employee being continuously employed by Adverum through the applicable vesting dates. The restricted stock units vest over three years, with one third (1/3^rd) vesting on each anniversary of the applicable vesting commencement date, subject to the employee being continuously employed by Adverum through the applicable vesting dates. The awards are subject to the terms and conditions of Adverum’s 2017 Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.

About Adverum Biotechnologies

Adverum Biotechnologies (NASDAQ: ADVM) is a clinical-stage company that aims to establish gene therapy to preserve sight for life in highly prevalent ocular diseases with the aspirations of developing functional cures to restore vision and prevent blindness. Leveraging the capabilities of its proprietary intravitreal (IVT) platform, Adverum is developing durable, single-administration therapies, designed to be delivered in physicians’ offices, to eliminate the need for frequent ocular injections to treat these diseases. Adverum is evaluating its novel gene therapy candidate, ixoberogene soroparvovec (Ixo-vec, formerly referred to as ADVM-022), as a one-time, IVT injection for patients with neovascular or wet age-related macular degeneration. Additionally, by overcoming the challenges associated with current treatment paradigms for debilitating ocular diseases, Adverum aspires to transform the standard of care, preserve vision, and create a profound societal impact around the globe. For more information, please visit www.adverum.com.

Corporate and Investor Inquiries:

Adverum Investor Relations

Email: ir@adverum.com

Media:
Jason Awe, Ph.D.
Executive Director, Corporate Communications
Email: jawe@adverum.com

FAQ

What inducement grants did Adverum Biotechnologies (ADVM) announce on June 5, 2025?

Adverum announced stock options for 9,740 shares at $2.22 per share and 4,870 RSUs granted to two new employees under its 2017 Inducement Plan.

What is the vesting schedule for ADVM's inducement stock options granted in June 2025?

The stock options vest over 4 years, with 25% vesting after the first year and the remaining 75% vesting monthly over the following three years.

How do the RSUs vest in Adverum's June 2025 inducement grants?

The RSUs vest over three years, with one-third vesting on each anniversary of the vesting commencement date.

What is the exercise price for ADVM's inducement stock options granted in June 2025?

The stock options have an exercise price of $2.22 per share, equal to Adverum's closing stock price on the grant date.