Fulcrum Therapeutics® Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Fulcrum Therapeutics (Nasdaq: FULC) announced the granting of non-statutory stock options to four new employees, totaling 162,700 shares. The options have an exercise price of $5.26 per share, matching the closing stock price on August 1, 2022. The options will vest over four years, commencing with 25% on the first anniversary and then 6.25% quarterly. This action is part of Fulcrum's strategy to attract talent while adhering to Nasdaq Listing Rule 5635(c)(4). Fulcrum focuses on treating rare genetically defined diseases, with lead programs targeting muscular dystrophy and sickle cell disease.

Positive

• The grant of stock options could enhance employee retention and attract top talent.
• Options are structured to incentivize long-term commitment with a four-year vesting period.

Negative

• None.

CAMBRIDGE, Mass., Aug. 02, 2022 (GLOBE NEWSWIRE) -- Fulcrum Therapeutics, Inc. (Nasdaq: FULC), a clinical-stage biopharmaceutical company focused on improving the lives of patients with genetically defined rare diseases, today announced that the Company granted non-statutory stock options to new employees as inducement awards outside of the Company’s 2019 Stock Incentive Plan. Fulcrum granted stock options to purchase an aggregate of 162,700 shares of the Company’s common stock to four new employees. The awards were granted as of August 1, 2022, pursuant to the Company’s 2022 Inducement Stock Incentive Plan, each as an inducement material to the new employees entering into employment with the Fulcrum Therapeutics in accordance with Nasdaq Listing Rule 5635(c)(4).

Each of the options has an exercise price of $5.26 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on August 1, 2022. Each option has a ten-year term and will vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee’s start date and an additional 6.25% of the shares vesting in equal quarterly installments over the twelve successive quarters following the first anniversary, subject to such employee’s continued service with the Company through the applicable vesting dates.

About Fulcrum Therapeutics

Fulcrum Therapeutics is a clinical-stage biopharmaceutical company focused on improving the lives of patients with genetically defined rare diseases in areas of high unmet medical need. Fulcrum’s two lead programs in clinical development are losmapimod, a small molecule for the treatment of facioscapulohumeral muscular dystrophy (FSHD) and FTX-6058, a small molecule designed to increase expression of fetal hemoglobin for the treatment of sickle cell disease and other hemoglobinopathies, including beta-thalassemia. The company’s proprietary product engine, FulcrumSeek™, identifies drug targets that can modulate gene expression to treat the known root cause of gene mis-expression.

Contact:

Dee Smith
Executive Director, Corporate Communications
Fulcrum Therapeutics, Inc.
(202) 746-1324

FAQ

What recent stock options were granted by Fulcrum Therapeutics?

Fulcrum Therapeutics granted 162,700 stock options to new employees, effective August 1, 2022.

What is the exercise price of the stock options issued by Fulcrum?

The exercise price of the stock options is $5.26 per share, the closing price on the grant date.

How are the stock options structured for Fulcrum's new employees?

The stock options vest over four years, with 25% vesting on the first anniversary and 6.25% quarterly thereafter.

What is Fulcrum Therapeutics focused on?

Fulcrum Therapeutics focuses on improving the lives of patients with genetically defined rare diseases.