Avidity Biosciences Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Avidity Biosciences (RNA) has granted equity awards to one new non-executive employee under its 2022 Employment Inducement Incentive Award Plan.

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Avidity Biosciences (RNA) has granted equity awards to one new non-executive employee under its 2022 Employment Inducement Incentive Award Plan. The grants include a non-qualified stock option to purchase 10,500 shares of common stock at $28.92 per share and 5,250 restricted stock units (RSUs).

The stock options will vest over four years, with 25% vesting after one year from December 20, 2024, and the remaining vesting monthly over 36 months. The RSUs will vest in four equal annual installments. These awards were granted as employment inducements in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to continued employment with Avidity.

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SAN DIEGO, Jan. 20, 2025 /PRNewswire/ -- Avidity Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs™), today announced that on January 20, 2025, the Human Capital Management Committee of Avidity's Board of Directors granted a non-qualified stock option award to purchase an aggregate of 10,500 shares of its common stock and 5,250 restricted stock units ("RSUs") to one (1) new non-executive employee under the Avidity Biosciences, Inc. 2022 Employment Inducement Incentive Award Plan (the "2022 Inducement Plan"). The awards were granted as inducements material to the employees entering into employment with Avidity in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2022 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Avidity, or following a bona fide period of non-employment, as an inducement material to such individuals' entering into employment with Avidity, pursuant to Nasdaq Listing Rule 5635(c)(4). 

The option has an exercise price of $28.92 per share, which is equal to the closing price of Avidity's common stock on The Nasdaq Global Market on January 17, 2025. The shares subject to the stock option will vest over four years, with 25% of the shares vesting on the one-year anniversary of December 20, 2024 or the vesting commencement date, and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to the employee's continued employment with Avidity on such vesting dates. The RSUs will vest in four equal installments on the first four anniversaries of the vesting commencement date, subject to the employee's continued employment with Avidity on such vesting dates. The awards are subject to the terms and conditions of the 2022 Inducement Plan and the terms and conditions of a stock option agreement or RSU agreement, as applicable, covering the grant.

About Avidity
Avidity Biosciences, Inc.'s mission is to profoundly improve people's lives by delivering a new class of RNA therapeutics - Antibody Oligonucleotide Conjugates (AOCs™). Avidity is revolutionizing the field of RNA with its proprietary AOCs, which are designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to address targets and diseases previously unreachable with existing RNA therapies. Utilizing its proprietary AOC platform, Avidity demonstrated the first-ever successful targeted delivery of RNA into muscle and is leading the field with clinical development programs for three rare neuromuscular diseases: myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD) and facioscapulohumeral muscular dystrophy (FSHD). Avidity is also advancing two wholly-owned precision cardiology development candidates addressing rare genetic cardiomyopathies. In addition, Avidity is broadening the reach of AOCs with its advancing and expanding pipeline including programs in cardiology and immunology through key partnerships. Avidity is headquartered in San Diego, CA. For more information about our AOC platform, clinical development pipeline and people, please visit www.aviditybiosciences.com and engage with us on LinkedIn and X.

Investor Contact:
Kat Lange
(619) 837-5014
investors@aviditybio.com

Media Contact:
Di Andrews
(619) 837-5016
media@aviditybio.com

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SOURCE Avidity Biosciences, Inc.

FAQ

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What are the terms of Avidity Biosciences' (RNA) January 2025 inducement grants?

The inducement grants include a stock option for 10,500 shares at $28.92 per share and 5,250 RSUs. The stock options vest over 4 years with 25% vesting after one year and the remainder monthly, while RSUs vest in four equal annual installments.

What is the exercise price for RNA's January 2025 inducement stock options?

The stock options were granted with an exercise price of $28.92 per share, equal to Avidity's closing price on The Nasdaq Global Market on January 17, 2025.

How do the RSUs vest in Avidity's (RNA) 2025 inducement grant?

The RSUs will vest in four equal installments on the first four anniversaries of the vesting commencement date, subject to continued employment with Avidity.

What is the vesting schedule for RNA's January 2025 stock option grants?

The stock options vest over four years, with 25% vesting on the one-year anniversary of December 20, 2024, and the remaining 75% vesting in 36 equal monthly installments thereafter.