89bio Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

89bio announced the approval of non-qualified stock options to purchase 49,800 shares of common stock granted to four new employees on November 25, 2024. These Inducement Grants, made under the company's 2023 Inducement Plan, were approved by the Compensation Committee and align with Nasdaq Listing Rule 5635(c)(4). The options' exercise price equals the closing price on the grant date and will vest over four years, with 25% vesting after one year and the remainder vesting in 12 quarterly installments, contingent on continued employment.

Positive

• Employee retention strategy implemented through stock options grants
• Structured vesting schedule promotes long-term employee commitment

Negative

• Potential future dilution of existing shareholders through stock options

News Market Reaction

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-1.64% News Effect

On the day this news was published, ETNB declined 1.64%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SAN FRANCISCO, Nov. 29, 2024 (GLOBE NEWSWIRE) -- 89bio, Inc. (the “Company” or “89bio”) (Nasdaq: ETNB), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardiometabolic diseases, today announced that the Compensation Committee of the Company’s Board of Directors approved the grant of non-qualified stock options to purchase an aggregate of 49,800 shares of the Company’s common stock to four new employees (the “Inducement Grants”) on November 25, 2024 (the “Grant Date”). The Inducement Grants have been granted pursuant to the Company’s 2023 Inducement Plan (the “Plan”). The Inducement Grants were granted as an inducement material to these individuals entering into employment with 89bio in accordance with Nasdaq Listing Rule 5635(c)(4).

The Inducement Grants have an exercise price per share that is equal to the closing price of 89bio’s common stock on the Grant Date. The Inducement Grants will vest over a four-year period, with 25% of the shares vesting on the one-year anniversary of the employee’s start date, and thereafter the remainder of the shares vest in 12 equal quarterly installments, subject to each employee’s continued employment with 89bio through the applicable vesting dates.

About 89bio
89bio is a clinical-stage biopharmaceutical company dedicated to the development of best-in-class therapies for patients with liver and cardiometabolic diseases who lack optimal treatment options. The company is in Phase 3 studies for its lead candidate pegozafermin for the treatment of metabolic dysfunction-associated steatohepatitis (MASH) and severe hypertriglyceridemia (SHTG). Pegozafermin is a specifically engineered, potentially best-in-class fibroblast growth factor 21 (FGF21) analog with unique glycoPEGylated technology that optimizes biological activity through an extended half-life. The company is headquartered in San Francisco. For more information, visit www.89bio.com or follow the company on LinkedIn.

Investor Contact:
Annie Chang
89bio, Inc.
investors@89bio.com

PJ Kelleher
LifeSci Advisors, LLC
+1-617-430-7579
pkelleher@lifesciadvisors.com

Media Contact:
Sheryl Seapy
Real Chemistry
sseapy@realchemistry.com

FAQ

How many shares were included in 89bio's (ETNB) November 2024 inducement grants?

89bio's inducement grants included options to purchase 49,800 shares of common stock.

What is the vesting schedule for 89bio's (ETNB) November 2024 inducement grants?

The grants vest over 4 years, with 25% vesting after one year and the remainder vesting in 12 equal quarterly installments.

When did 89bio (ETNB) approve the November 2024 inducement grants?

The inducement grants were approved on November 25, 2024.