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

Rhea-AI Summary

Annexon (ANNX) has granted stock options to six new non-executive employees as part of its 2022 Employment Inducement Award Plan. The equity awards, approved on February 10, 2025, comply with Nasdaq Listing Rule 5635(c)(4). The employees received options to purchase a total of 542,000 shares of Annexon common stock at an exercise price of $3.07 per share, matching the closing price on February 14, 2025.

The options have a ten-year term and vest over four years, with 25% vesting after the first year and the remaining vesting monthly at 1/48th, contingent on continued employment.

Positive

• Employee retention strategy implemented through stock options, aligning employee interests with company goals

Negative

• Potential future dilution of existing shareholders through 542,000 new stock options

BRISBANE, Calif., Feb. 18, 2025 (GLOBE NEWSWIRE) -- Annexon, Inc. (Nasdaq: ANNX), a biopharmaceutical company advancing a late-stage clinical platform of novel therapies for people living with devastating classical complement-mediated neuroinflammatory diseases of the body, brain, and eye, today announced that it has granted inducement to six new non-executive employees under the terms of the 2022 Employment Inducement Award Plan. The equity awards were approved on February 10, 2025, in accordance with Nasdaq Listing Rule 5635(c)(4).

In the aggregate, the new non-executive employees received options to purchase 542,000 shares of Annexon common stock. The options carry a ten-year term and an exercise price per share equal to $3.07 which was the closing price of Annexon’s common stock on February 14, 2025, 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 developing therapeutics that stop classical complement-driven neurodegeneration as 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 of classical complement’s potent inflammatory pathway that when misdirected can lead to tissue damage and loss. By targeting C1q, our immunotherapies are designed to stop this neuroinflammatory cascade in disease before it starts. Our pipeline spans three diverse therapeutic areas – autoimmune, neurodegenerative and ophthalmic diseases – and includes targeted investigational drug candidates designed to address the unmet needs of over 8 million people worldwide. Annexon’s mission is to deliver game-changing therapies to patients so that they can live their best lives. To learn more visit annexonbio.com.

Investor Contact:

Joyce Allaire
LifeSci Advisors
jallaire@lifesciadvisors.com

FAQ

How many shares were granted in Annexon's (ANNX) February 2025 employee inducement grants?

Annexon granted options to purchase 542,000 shares of common stock to six new non-executive employees.

What is the exercise price for ANNX's February 2025 employee stock options?

The exercise price is $3.07 per share, which was Annexon's closing stock price on February 14, 2025.

What is the vesting schedule for Annexon's February 2025 employee stock options?

The options vest over 4 years, with 25% vesting after the first year and 1/48th vesting monthly thereafter.

How long is the term of ANNX's February 2025 employee stock options?

The stock options carry a ten-year term.