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

Adverum Biotechnologies (NASDAQ: ADVM) has announced an inducement grant for a new employee under its 2017 Inducement Plan.

Rhea-AI Summary

Adverum Biotechnologies (NASDAQ: ADVM) has announced an inducement grant for a new employee under its 2017 Inducement Plan. The Compensation Committee approved non-qualified stock options to purchase 30,000 shares of common stock at an exercise price of $3.83 per share, matching Adverum's closing price on the grant date.

The stock options will vest over a four-year period, with 25% vesting after the first year and the remaining shares vesting monthly at 1/48th over the subsequent 36 months, contingent on the employee's continued service with Adverum. The grant was approved in accordance with Nasdaq Listing Rule 5635(c)(4).

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REDWOOD CITY, Calif., April 04, 2025 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM) today announced that the Compensation Committee of Adverum’s Board of Directors granted an inducement award consisting of non-qualified stock options to purchase 30,000 shares of common stock to a new employee under Adverum’s 2017 Inducement Plan. The Compensation Committee of Adverum’s Board of Directors approved the award as an inducement material to the new employee's employment in accordance with Nasdaq Listing Rule 5635(c)(4).

Each stock option has an exercise price per share equal to $3.83 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 shares vesting monthly thereafter over 36 months, subject to the new employee’s continued service relationship with Adverum through the applicable vesting dates. The award is 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the terms of Adverum's (ADVM) latest stock option grant?

The grant includes options to purchase 30,000 shares at $3.83 per share, vesting over 4 years with 25% in year 1 and 1/48th monthly thereafter.

How does the vesting schedule work for ADVM's new inducement grant?

25% of shares vest after the first year, followed by monthly vesting of 1/48th of shares over the next 36 months, requiring continued employment.

What was the exercise price for Adverum's (ADVM) April 2025 inducement grant?

The exercise price was set at $3.83 per share, equal to Adverum's closing trading price on the grant date.

Under which plan was ADVM's new employee stock option grant issued?

The grant was issued under Adverum's 2017 Inducement Plan, in accordance with Nasdaq Listing Rule 5635(c)(4).