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

Rhea-AI Summary

Annexon (Nasdaq: ANNX), a biopharmaceutical company focused on developing novel complement therapies for neuroinflammatory diseases, has granted stock options to six new non-executive employees under its 2022 Employment Inducement Award Plan. The equity awards, approved on September 13, 2024, comply with Nasdaq Listing Rule 5635(c)(4). In total, the new employees received options to purchase 1,015,000 shares of Annexon common stock. These options have a ten-year term and an exercise price of $7.20 per share, matching the closing price of Annexon's stock on the grant date. The options vest over 4 years, with 25% vesting after one year and the remainder vesting monthly, subject to continued employment.

Positive

• Annexon is attracting new talent, potentially strengthening its workforce
• The company is offering competitive stock options to new employees, aligning their interests with shareholders

Negative

• Granting of stock options may lead to potential dilution for existing shareholders

BRISBANE, Calif., Sept. 16, 2024 (GLOBE NEWSWIRE) -- Annexon, Inc. (Nasdaq: ANNX), a biopharmaceutical company advancing novel complement therapies for 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 September 13, 2024, in accordance with Nasdaq Listing Rule 5635(c)(4).

In the aggregate, the new non-executive employees received options to purchase 1,015,000 shares of Annexon common stock. The options carry a ten-year term and an exercise price per share equal to $7.20, which was the closing price of Annexon’s common stock on September 13, 2024, the date of grant, 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 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. Annexon’s novel scientific approach targets upstream C1q to block the classical complement inflammatory cascade before it starts, and its therapeutic candidates are designed to provide meaningful benefits across multiple autoimmune, neurodegenerative and ophthalmic diseases. With proof-of concept data in Guillain-Barré syndrome, Huntington’s disease and geographic atrophy, Annexon is rigorously advancing its mid-to late-stage clinical trials to bring their potential treatments to patients as quickly as possible. To learn more visit annexonbio.com.

Investor Contact:

Joyce Allaire
LifeSci Advisors
jallaire@lifesciadvisors.com

FAQ

How many new employees received stock options from Annexon (ANNX) on September 13, 2024?

Six new non-executive employees received stock options from Annexon (ANNX) on September 13, 2024.

What is the total number of Annexon (ANNX) stock options granted to new employees?

Annexon (ANNX) granted options to purchase a total of 1,015,000 shares of common stock to new employees.

What is the exercise price of the stock options granted by Annexon (ANNX) on September 13, 2024?

The exercise price of the stock options granted by Annexon (ANNX) on September 13, 2024, is $7.20 per share.

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

The stock options vest over 4 years, with 25% vesting after one year and the remainder vesting monthly thereafter, subject to continued employment.