aTyr Pharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

aTyr Pharma announced the granting of nonstatutory stock options to two new employees. These options cover a total of 9,400 shares of common stock, each priced at $1.86 per share, matching the closing price on May 22, 2024. This inducement grant, under Nasdaq Listing Rule 5635(c)(4), is part of the 2022 Inducement Plan. The options will vest over four years, with 25% vesting after one year and the remaining 75% vesting monthly over the next three years. aTyr Pharma focuses on developing novel medications from its tRNA synthetase platform, with its leading candidate being efzofitimod, aimed at treating interstitial lung disease.

Positive

• Granted stock options priced at $1.86 per share, equal to the closing price, showing market alignment.
• The options will vest over four years, potentially enhancing employee retention.
• Use of Nasdaq Listing Rule 5635(c)(4) indicates regulatory compliance and transparency.
• aTyr's lead candidate, efzofitimod, is in clinical development for interstitial lung disease, a significant market opportunity.

Negative

• The inducement grants could lead to shareholder dilution.
• Prolonged vesting period might defer potential benefits for new employees.
• No immediate financial gain for the company from the stock options issuance.

SAN DIEGO, May 24, 2024 (GLOBE NEWSWIRE) -- aTyr Pharma, Inc. (Nasdaq: LIFE) (“aTyr” or “the Company”), a clinical stage biotechnology company engaged in the discovery and development of first-in-class medicines from its proprietary tRNA synthetase platform, today announced that the Compensation Committee of aTyr’s Board of Directors has granted two employees nonstatutory stock options to purchase an aggregate of 9,400 shares of aTyr’s common stock, each with an exercise price of $1.86 per share, which is equal to the closing price of aTyr’s common stock on the Nasdaq Capital Market on May 22, 2024, the effective date of the grants. These stock awards were granted as an inducement material to the new employees entering into employment with aTyr in accordance with Nasdaq Listing Rule 5635(c)(4) and were made pursuant to the aTyr Pharma, Inc. 2022 Inducement Plan.

Each option vests over a period of four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the remaining 75% vesting in equal monthly installments over three years, subject to the applicable employee’s continued employment with aTyr through each vesting date. The options are subject to the terms and conditions of the aTyr Pharma, Inc. 2022 Inducement Plan and the terms and conditions of an award agreement covering the grant.

About aTyr

aTyr is a clinical stage biotechnology company leveraging evolutionary intelligence to translate tRNA synthetase biology into new therapies for fibrosis and inflammation. tRNA synthetases are ancient, essential proteins that have evolved novel domains that regulate diverse pathways extracellularly in humans. aTyr’s discovery platform is focused on unlocking hidden therapeutic intervention points by uncovering signaling pathways driven by its proprietary library of domains derived from all 20 tRNA synthetases. aTyr’s lead therapeutic candidate is efzofitimod, a first-in-class biologic immunomodulator in clinical development for the treatment of interstitial lung disease, a group of immune-mediated disorders that can cause inflammation and progressive fibrosis, or scarring, of the lungs. For more information, please visit www.atyrpharma.com.

Contact:

Ashlee Dunston

Director, Investor Relations and Public Affairs

adunston@atyrpharma.com

FAQ

What did aTyr Pharma announce on May 24, 2024?

aTyr Pharma announced the granting of nonstatutory stock options to two new employees under Nasdaq Listing Rule 5635(c)(4).

How many shares are covered by the stock options issued by aTyr Pharma?

The stock options cover a total of 9,400 shares of aTyr Pharma's common stock.

What is the exercise price of the newly granted stock options by aTyr Pharma?

The exercise price for the stock options is $1.86 per share.

When do the stock options granted by aTyr Pharma start vesting?

The stock options start vesting with 25% after one year and the remaining 75% in equal monthly installments over the next three years.

What is aTyr Pharma's lead therapeutic candidate?

aTyr Pharma's lead therapeutic candidate is efzofitimod, aimed at treating interstitial lung disease.