Cartesian Therapeutics Announces New Employment Inducement Grants

Rhea-AI Summary

Cartesian Therapeutics (NASDAQ: RNAC), a clinical-stage biotech company focused on mRNA cell therapies for autoimmune diseases, has granted inducement awards to seven new employees. The company issued options to purchase a total of 100,457 shares of common stock at an exercise price of $15.47 per share, matching the closing price on Nasdaq on August 1, 2024. These options, approved by the board of directors, were granted under the company's Amended and Restated 2018 Employment Inducement Incentive Award Plan. The vesting schedule is 25% on August 1, 2025, followed by three equal annual installments, with full vesting by August 1, 2028. The options have a ten-year term and were granted under Nasdaq Listing Rule 5635(c)(4) as an employment inducement.

Positive

• Attraction of new talent with stock options as incentives
• Alignment of employee interests with company performance through equity grants

Negative

• Potential dilution of existing shareholders' equity

News Market Reaction

-9.43%

1 alert

-9.43% News Effect

On the day this news was published, RNAC declined 9.43%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

GAITHERSBURG, Md., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the “Company”), a clinical-stage biotechnology company developing mRNA cell therapies for the treatment of autoimmune diseases, today announced the granting of inducement awards to seven new employees. On August 1, 2024, the Company issued to these employees options to purchase an aggregate of 100,457 shares of the Company’s common stock with an exercise price of $15.47, the closing trading price of the Company’s common stock on the Nasdaq Global Market on the date of grant. The options were granted pursuant to the Company’s Amended and Restated 2018 Employment Inducement Incentive Award Plan and were approved by the Company’s board of directors. Each of the options vest as to 25% on August 1, 2025, and then in three equal annual installments thereafter such that the options will be fully vested on August 1, 2028. Each of the options has a ten-year term. The options were granted under Rule 5635(c)(4) of the Nasdaq Listing Rules as an inducement material to the employee’s entry into employment with the Company.

About Cartesian Therapeutics

Cartesian Therapeutics is a clinical-stage company pioneering mRNA cell therapies for the treatment of autoimmune diseases. The Company’s lead asset, Descartes-08, is a potential first-in-class mRNA CAR-T in Phase 2b clinical development for patients with generalized myasthenia gravis and Phase 2 development for systemic lupus erythematosus, with a Phase 2 basket trial planned in additional autoimmune indications. The Company’s clinical-stage pipeline also includes Descartes-15, a next-generation, autologous anti-BCMA mRNA CAR-T. For more information, please visit www.cartesiantherapeutics.com or follow the Company on LinkedIn or X, formerly known as Twitter.

Investor Contact
Ron Moldaver
Senior Director, Investor Relations & Business Development
ron.moldaver@cartesiantx.com

Media Contact
David Rosen
Argot Partners
david.rosen@argotpartners.com

FAQ

How many new employees received stock options from Cartesian Therapeutics (RNAC) on August 1, 2024?

Cartesian Therapeutics (RNAC) granted stock options to seven new employees on August 1, 2024.

What is the exercise price of the stock options granted by Cartesian Therapeutics (RNAC) on August 1, 2024?

The exercise price of the stock options granted by Cartesian Therapeutics (RNAC) on August 1, 2024, is $15.47 per share.

When will the stock options granted by Cartesian Therapeutics (RNAC) on August 1, 2024, be fully vested?

The stock options granted by Cartesian Therapeutics (RNAC) on August 1, 2024, will be fully vested on August 1, 2028.

What is the total number of shares that can be purchased with the options granted by Cartesian Therapeutics (RNAC) on August 1, 2024?

The options granted by Cartesian Therapeutics (RNAC) on August 1, 2024, allow for the purchase of an aggregate of 100,457 shares of the company's common stock.