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

Rhea-AI Summary

Annexon (Nasdaq: ANNX) has granted stock options to seven new non-executive employees under its 2022 Employment Inducement Award Plan. The grants, approved on November 12, 2024, comply with Nasdaq Listing Rule 5635(c)(4). The employees received options to purchase 495,000 shares of common stock at an exercise price of $6.12 per share, matching the closing price on November 15, 2024. The options have a ten-year term and vest over 4 years, with 25% vesting after the first year and 1/48th monthly thereafter, contingent on continued employment.

Positive

• Stock options grant demonstrates ability to attract new talent
• Four-year vesting schedule helps retain employees long-term

Negative

• Potential shareholder dilution from 495,000 new stock options

BRISBANE, Calif., Nov. 15, 2024 (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 seven new non-executive employees under the terms of the 2022 Employment Inducement Award Plan. The equity awards were approved on November 12, 2024, in accordance with Nasdaq Listing Rule 5635(c)(4).

In the aggregate, the new non-executive employees received options to purchase 495,000 shares of Annexon common stock. The options carry a ten-year term and an exercise price per share equal to $6.12, which was the closing price of Annexon’s common stock on November 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 classical complement-driven 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 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 neuroinflammatory diseases where they start. 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. When they thrive, we thrive. 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) November 2024 employee inducement grants?

Annexon granted options to purchase 495,000 shares of common stock to seven new non-executive employees.

What is the exercise price for Annexon's (ANNX) November 2024 inducement stock options?

The exercise price is $6.12 per share, which was Annexon's closing stock price on November 15, 2024.

What is the vesting schedule for Annexon's (ANNX) November 2024 inducement grants?

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