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

Rhea-AI Summary

Fulcrum Therapeutics (Nasdaq: FULC), a clinical-stage biopharmaceutical company, has granted non-statutory stock options to two new employees under its 2022 Inducement Stock Incentive Plan. The grants were made in accordance with Nasdaq Listing Rule 5635(c)(4). One employee received 350,000 options at an exercise price of $9.34 per share, effective August 19, 2024. Another employee was granted 270,000 options at $8.43 per share, effective July 29, 2024. Both options have a ten-year term and vest over four years, with 25% vesting on the first anniversary and the remaining 75% vesting quarterly over the next three years, subject to continued employment.

Positive

• Fulcrum is attracting new talent with stock option incentives
• The company is complying with Nasdaq listing rules for employee compensation

Negative

• Potential dilution of existing shareholders' stakes due to new stock options

CAMBRIDGE, Mass., Aug. 23, 2024 (GLOBE NEWSWIRE) -- Fulcrum Therapeutics, Inc.^® (Nasdaq: FULC), a clinical-stage biopharmaceutical company focused on developing small molecules to improve the lives of patients with genetically defined rare diseases, today announced that the company granted non-statutory stock options to two new employees. Fulcrum granted stock options to purchase shares of the company’s common stock pursuant to the company’s 2022 Inducement Stock Incentive Plan, as amended, or the plan, as an inducement material to the new employees entering into employment with Fulcrum in accordance with Nasdaq Listing Rule 5635(c)(4).

Fulcrum granted one new employee 350,000 options to purchase shares of the company’s common stock at an exercise price of $9.34 per share, the closing price per share of Fulcrum’s common stock as reported on the grant effective date, August 19, 2024. Additionally, Fulcrum granted one new employee 270,000 options to purchase shares of the company’s common stock at an exercise price of $8.43 per share, the closing price per share of Fulcrum’s common stock as reported on the grant effective date, July 29, 2024. Each option has a ten-year term and vests 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 the applicable 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 developing small molecules to improve 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 in development for the treatment of facioscapulohumeral muscular dystrophy (FSHD), and pociredir, a small molecule designed to increase expression of fetal hemoglobin and in development for the treatment of sickle cell disease (SCD). Fulcrum uses proprietary technology to identify drug targets that can modulate gene expression to treat the known root cause of gene mis-expression. For more information, visit www.fulcrumtx.com and follow us on Twitter/X (@FulcrumTx) and LinkedIn.

Contact:

Chris Calabrese
LifeSci Advisors, LLC
ccalabrese@lifesciadvisors.com
917-680-5608

FAQ

How many stock options did Fulcrum Therapeutics (FULC) grant to new employees?

Fulcrum Therapeutics granted stock options to two new employees: one received 350,000 options and another received 270,000 options.

What is the vesting schedule for the stock options granted by Fulcrum Therapeutics (FULC)?

The stock options vest over four years, with 25% vesting on the first anniversary and an additional 6.25% vesting quarterly over the next three years, subject to continued employment.

What was the exercise price for the stock options granted by Fulcrum Therapeutics (FULC) on August 19, 2024?

The exercise price for the stock options granted on August 19, 2024, was $9.34 per share, which was the closing price of Fulcrum's common stock on that date.

Under which plan did Fulcrum Therapeutics (FULC) grant these stock options?

Fulcrum Therapeutics granted these stock options under its 2022 Inducement Stock Incentive Plan, in accordance with Nasdaq Listing Rule 5635(c)(4).