Mural Oncology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Mural Oncology plc (Nasdaq: MURA), a clinical-stage immuno-oncology company, has announced the granting of inducement awards to three newly hired employees on October 1, 2024. The awards, granted under the company's 2024 Inducement Stock Option and Incentive Plan, include:

1. Non-statutory stock options to purchase 28,525 ordinary shares at an exercise price of $3.13 per share, equal to the closing price on October 1, 2024. These options have a ten-year term and vest over four years.

2. Restricted stock units for 14,975 ordinary shares, vesting over four years at 25% per year.

These grants are in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the employees' continued service with the company through applicable vesting dates.

Positive

• Mural Oncology is attracting new talent with stock-based compensation
• The company is using equity incentives to align employee interests with shareholders

Negative

• Potential dilution of existing shareholders due to new stock options and restricted stock units

WALTHAM, Mass. and DUBLIN, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Mural Oncology plc (Nasdaq: MURA), a clinical-stage immuno-oncology company developing novel, investigational engineered cytokine therapies designed to address areas of unmet need for patients with a variety of cancers, today announced that on October 1, the Company granted to three newly hired employees (i) non-statutory stock options to purchase an aggregate of 28,525 ordinary shares of the Company and (ii) restricted stock units with respect to an aggregate of 14,975 ordinary shares of the Company, pursuant to the Company’s 2024 Inducement Stock Option and Incentive Plan, each as an inducement material to the new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options have an exercise price of $3.13 per share, which is equal to the closing price per share of the Company’s ordinary shares as reported by Nasdaq on October 1, 2024. The options have a ten-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the grant date and 6.25% of the shares underlying the options vesting quarterly thereafter, subject to such employee’s continued service with the Company through the applicable vesting dates. Each of the stock options is subject to the terms and conditions of a stock option award agreement covering the grant and the Company’s 2024 Inducement Stock Option and Incentive Plan. The restricted stock units vest over four years, 25% per year on the anniversary of the grant date, subject to such employee’s continued service with the Company through the applicable vesting dates. Each of the restricted stock units is subject to the terms and conditions of a restricted stock award agreement covering the grant and the Company’s 2024 Inducement Stock Option and Incentive Plan.

About Mural Oncology
Mural Oncology is leveraging its novel protein engineering platform to develop cytokine-based immunotherapies for the treatment of cancer. By combining our expertise in cytokine biology and immune cell modulation and our protein engineering platform, we are developing medicines to deliver meaningful and clinical benefits to people living with cancer. Our mission is to broaden the potential and reach of cytokine-based immunotherapies to improve the lives of patients. Our lead candidate, nemvaleukin, is currently in potentially registrational trials in mucosal melanoma and platinum-resistant ovarian cancer. Mural Oncology has its registered office in Dublin, Ireland, and its primary facilities in Waltham, Mass. For more information, visit Mural Oncology’s website at www.muraloncology.com and follow us on LinkedIn and X.

Contact

Katie Sullivan
katie.sullivan@muraloncology.com

FAQ

What inducement grants did Mural Oncology (MURA) announce on October 2, 2024?

Mural Oncology announced granting non-statutory stock options for 28,525 ordinary shares and restricted stock units for 14,975 ordinary shares to three newly hired employees on October 1, 2024.

What is the exercise price of the stock options granted by Mural Oncology (MURA) on October 1, 2024?

The stock options were granted with an exercise price of $3.13 per share, equal to the closing price of Mural Oncology's ordinary shares on October 1, 2024.

How do the stock options and restricted stock units vest for Mural Oncology's (MURA) new employees?

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

Under which plan did Mural Oncology (MURA) grant the inducement awards on October 1, 2024?

The inducement awards were granted under Mural Oncology's 2024 Inducement Stock Option and Incentive Plan, in accordance with Nasdaq Listing Rule 5635(c)(4).