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

Rhea-AI Summary

Adverum Biotechnologies (ADVM) has granted inducement awards to 5 new employees under its 2017 Inducement Plan. The awards include:

• Non-qualified stock options to purchase 44,380 shares at $4.20 per share
• Restricted stock units (RSUs) for 22,790 shares

The stock options will vest over 4 years, with 25% vesting after the first year and the remaining vesting monthly over 36 months. The RSUs will vest over 3 years, with one-third vesting annually. Both awards are contingent on continued employment with Adverum. These grants were approved by the Compensation Committee as inducement material for new employment in accordance with Nasdaq Listing Rule 5635(c)(4).

REDWOOD CITY, Calif., Feb. 28, 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 44,380 shares of common stock and restricted stock units (RSUs) for 22,790 shares of common stock to 5 new employees under Adverum’s 2017 Inducement Plan. The Compensation Committee of Adverum’s Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).

Each stock option has an exercise price per share equal to $4.20 per share, Adverum’s closing trading price on the grant date, and will vest over four years, with 25% of the shares vesting on the first anniversary of the applicable vesting commencement date and 1/48^th of the balance of the shares vesting monthly thereafter over 36 months, subject to the new employee’s continued service relationship with Adverum through the applicable vesting dates. Each of the RSUs will vest over three years, with one third (1/3^rd) of the shares vesting on each anniversary of the applicable vesting commencement date, subject to the new employee’s continued service relationship with 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.

Inquiries:

Adverum Investor Relations

Email: ir@adverum.com

FAQ

What inducement awards did Adverum Biotechnologies (ADVM) grant to new employees in February 2025?

ADVM granted stock options for 44,380 shares at $4.20/share and 22,790 RSUs to 5 new employees.

What is the vesting schedule for ADVM's February 2025 stock option grants?

The stock options vest over 4 years - 25% after year one, then 1/48th monthly over 36 months.

How will the RSUs vest in Adverum's February 2025 inducement grants?

The RSUs vest over 3 years, with one-third vesting each year on the grant anniversary.

What was the exercise price for ADVM's February 2025 inducement stock options?

The stock options have an exercise price of $4.20 per share, matching ADVM's closing price on the grant date.