Annexon Reports Inducement Grants to New Employees Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Annexon, Inc. (Nasdaq: ANNX), a biopharmaceutical company focused on developing therapies for neuroinflammatory diseases, has announced the granting of inducement awards to seven new non-executive employees. These equity awards were approved on October 10, 2024, in compliance with Nasdaq Listing Rule 5635(c)(4).

The awards consist of options to purchase a total of 643,500 shares of Annexon common stock. The options have a ten-year term and an exercise price of $7.45 per share, which was the closing price of Annexon's stock on October 15, 2024. The options will vest over 4 years, with 25% vesting on the first anniversary of the grant date and an additional 1/48th vesting monthly thereafter, subject to continued employment.

Positive

• Annexon granted stock options to attract and retain new non-executive employees
• The company issued a significant number of stock options (643,500 shares) as part of its employee incentive program

Negative

• The issuance of new stock options may lead to potential dilution for existing shareholders

BRISBANE, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Annexon, Inc. (Nasdaq: ANNX), a biopharmaceutical company focused on upstream C1q to advance therapies for neuroinflammatory diseases of the body, brain and eye, today announced that it has granted inducement to seven new non-executive employees under the terms of the 2022 Employment Inducement Award Plan. The equity awards were approved on October 10, 2024, in accordance with Nasdaq Listing Rule 5635(c)(4).

In the aggregate, the new non-executive employees received options to purchase 643,500 shares of Annexon common stock. The options carry a ten-year term and an exercise price per share equal to $7.45, which was the closing price of Annexon’s common stock on October 15, 2024, the date grant of, and vest over 4 years, with 25% of the shares underlying the options vesting on the first anniversary of the grant date and an additional 1/48th of the shares vesting monthly thereafter, subject to continued service through the applicable vesting dates.

About Annexon

Annexon Biosciences (Nasdaq: ANNX) is harnessing neuroinflammation to advance potentially first-in-kind treatments for millions of people living with serious neuroinflammatory diseases of the body, brain and eye. Our novel scientific approach focuses on C1q, the initiating molecule in the part of the immune system that protects against infection. By targeting C1q, our immunotherapies are designed to stop neuroinflammatory diseases where they start. Our pipeline spans three diverse therapeutic areas – neurodegenerative, ophthalmic and autoimmune diseases – and includes investigational drug candidates designed to address the unmet needs of over 8 million people worldwide. Annexon’s mission is to deliver potentially game-changing therapies to patients so that they can live their best lives. When they thrive, we thrive. To learn more visit annexonbio.com.

Investor Contact:

Joyce Allaire
LifeSci Advisors
jallaire@lifesciadvisors.com

FAQ

How many new employees received inducement grants from Annexon (ANNX)?

Annexon (ANNX) granted inducement awards to seven new non-executive employees.

What is the exercise price of the stock options granted by Annexon (ANNX) on October 15, 2024?

The exercise price of the stock options granted by Annexon (ANNX) is $7.45 per share, which was the closing price of Annexon's common stock on October 15, 2024.

What is the vesting schedule for the stock options granted by Annexon (ANNX)?

The stock options granted by Annexon (ANNX) vest over 4 years, with 25% vesting on the first anniversary of the grant date and an additional 1/48th vesting monthly thereafter, subject to continued employment.

How many shares of Annexon (ANNX) common stock are covered by the inducement grants?

The inducement grants cover options to purchase a total of 643,500 shares of Annexon (ANNX) common stock.