Iterum Therapeutics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Iterum Therapeutics (Nasdaq: ITRM), a company focused on developing next-generation antibiotics, has granted a non-statutory share option to its new Chief Commercial Officer, Christine Coyne. The option allows for the purchase of 200,000 ordinary shares at an exercise price of $0.97 per share.

The share option, granted on July 1, 2025, has a 10-year term and follows a four-year vesting schedule: 25% vests after the first year, with the remainder vesting monthly over 36 months. This grant was made as an inducement award under Nasdaq Listing Rule 5635(c)(4) and is part of Ms. Coyne's employment compensation package.

DUBLIN and CHICAGO, July 02, 2025 (GLOBE NEWSWIRE) -- Iterum Therapeutics plc (Nasdaq: ITRM) (“Iterum” or the “Company”), a company committed to delivering next generation oral and IV antibiotics to address infections caused by multi-drug resistant pathogens, today announced that it has granted a non-statutory share option to purchase an aggregate of 200,000 ordinary shares of Iterum to Christine Coyne, Iterum’s newly appointed Chief Commercial Officer. This grant was awarded pursuant to the Nasdaq inducement grant exception as a component of new hire employment compensation.

The share option was granted effective July 1, 2025, with an exercise price of $0.97 per share, which is equal to the closing price of Iterum’s ordinary shares on the date of grant. The share option has a 10-year term and vests over four years, with 25% of the original number of shares vesting on the first anniversary of the date of commencement of employment and the remaining shares vesting monthly thereafter over the subsequent 36 months, in equal amounts until fully vested, subject to Ms. Coyne’s continued service with the Company through the applicable vesting dates. The share option was approved by the Compensation Committee of the Iterum board of directors and was granted as an inducement material to Ms. Coyne’s acceptance of employment in accordance with Nasdaq Listing Rule 5635(c)(4). The Share Option is subject to the respective terms and conditions of a share option agreement covering the grant and Iterum’s 2021 Inducement Equity Incentive Plan.

About Iterum Therapeutics plc
Iterum is focused on delivering differentiated anti-infectives aimed at combatting the global crisis of multi-drug resistant pathogens to significantly improve the lives of people affected by serious and life-threatening diseases around the world. Iterum is advancing the development of its first compound, sulopenem, a novel penem anti-infective compound, with an oral formulation and IV formulation. Sulopenem has demonstrated potent in vitro activity against a wide variety of gram-negative, gram-positive and anaerobic bacteria resistant to other antibiotics. Iterum has received approval of its NDA for ORLYNVAH™ (oral sulopenem) for the treatment of uncomplicated urinary tract infections caused by the designated microorganisms Escherichia coli, Klebsiella pneumoniae, or Proteus mirabilis in adult women with limited or no alternative oral antibacterial treatment options by the FDA and has received Qualified Infectious Disease Product (QIDP) and Fast Track designations for its oral and IV formulations of sulopenem in seven indications. For more information, please visit www.iterumtx.com.

About ORLYNVAH™

ORLYNVAH™ is a novel oral penem antibiotic for the treatment of uUTIs. ORLYNVAH™ possesses potent activity against species of Enterobacterales including those that encode extended spectrum beta-lactamase (ESBL) or AmpC-type beta-lactamases that confer resistance to third generation cephalosporins.

Investor Contact:
Judy Matthews
Chief Financial Officer
312-778-6073

FAQ

What stock options did Iterum Therapeutics (ITRM) grant to its new Chief Commercial Officer?

Iterum granted Christine Coyne options to purchase 200,000 ordinary shares at $0.97 per share, with a 10-year term and four-year vesting schedule.

Who is the new Chief Commercial Officer at Iterum Therapeutics (ITRM)?

Christine Coyne was appointed as the new Chief Commercial Officer at Iterum Therapeutics.

What is the vesting schedule for ITRM's inducement grant to Christine Coyne?

The options vest over four years, with 25% vesting after the first year and the remaining shares vesting monthly over the subsequent 36 months.

What is Nasdaq Listing Rule 5635(c)(4) under which ITRM granted the options?

Nasdaq Rule 5635(c)(4) allows companies to grant equity as an inducement material to an employee entering into employment, without shareholder approval.