Cartesian Therapeutics Announces New Employment Inducement Grants

Rhea-AI Summary

Cartesian Therapeutics (NASDAQ: RNAC), a clinical-stage biotechnology company focused on mRNA cell therapies for autoimmune diseases, has granted inducement awards to three new employees. On January 2, 2025, the company issued options to purchase a total of 19,324 shares of common stock at an exercise price of $16.93 per share, matching the closing price on Nasdaq that day.

The options were granted under the company's Amended and Restated 2018 Employment Inducement Incentive Award Plan and approved by the board. The vesting schedule includes 25% on January 2, 2026, followed by three equal annual installments until full vesting on January 2, 2029. The options have a ten-year term and were granted under Nasdaq Rule 5635(c)(4) as employment inducements.

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FREDERICK, Md., Jan. 07, 2025 (GLOBE NEWSWIRE) -- Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the “Company”), a clinical-stage biotechnology company pioneering mRNA cell therapies for the treatment of autoimmune diseases, today announced the granting of inducement awards to three new employees. On January 2, 2025, the Company issued to these employees options to purchase an aggregate of 19,324 shares of the Company’s common stock with an exercise price of $16.93, 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. The option vests as to 25% on January 2, 2026, and then in three equal annual installments thereafter such that the options will be fully vested on January 2, 2029. The options have a ten-year term. The options were granted under Rule 5635(c)(4) of the Nasdaq Listing Rules as an inducement material to the employees’ 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 an 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.

Contact Information:
Investor Contact:
Megan LeDuc
Associate Director, Investor Relations
megan.leduc@cartesiantx.com

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

FAQ

What is the exercise price of RNAC's new stock options granted on January 2, 2025?

The exercise price of the stock options granted by Cartesian Therapeutics (RNAC) on January 2, 2025, is $16.93 per share, which matched the closing trading price on Nasdaq that day.

How many shares are covered by RNAC's January 2025 inducement stock options?

Cartesian Therapeutics (RNAC) granted options to purchase an aggregate of 19,324 shares of common stock.

What is the vesting schedule for RNAC's January 2025 inducement stock options?

The options vest 25% on January 2, 2026, followed by three equal annual installments, becoming fully vested on January 2, 2029.

How long is the term of RNAC's January 2025 inducement stock options?

The stock options granted by Cartesian Therapeutics have a ten-year term.