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Scholar Rock Reports New Employee Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
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Rhea-AI Sentiment
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management
Rhea-AI Summary
Scholar Rock (SRRK) grants inducement equity awards to new employees under Nasdaq Listing Rule 5635(c)(4), covering 45,000 shares of common stock. The awards consist of stock options and restricted stock units, with specific vesting schedules. The company aims to attract and retain top talent through these inducement grants.
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CAMBRIDGE, Mass.--(BUSINESS WIRE)--
Scholar Rock (NASDAQ: SRRK; the “Company”), a late-stage biopharmaceutical company focused on advancing innovative treatments for spinal muscular atrophy, cardiometabolic disorders, and other serious diseases where protein growth factors play a fundamental role, today announced that the company granted inducement equity awards covering an aggregate of 45,000 shares of its common stock to two newly hired employees, consisting of inducement stock options to purchase an aggregate of 25,714 shares of common stock and inducement restricted stock units, covering an aggregate of 19,286 shares of its common stock.
The awards are subject to all terms and conditions and other provisions set forth in the Company’s 2022 Inducement Equity Plan (the “Plan”) and the award agreements thereunder.
The Plan, which was initially adopted by the Company’s board of directors on June 16, 2022, and amended on September 4, 2022, February 3, 2023 and January 25, 2024, is used exclusively for the grant of equity awards to individuals who were not previously employees of Scholar Rock, or following a bona fide period of non-employment, as an inducement material to such individuals entering into employment with Scholar Rock, pursuant to Nasdaq Listing Rule 5635(c)(4).
The inducement stock options have an exercise price of $14.50, which is equal to the closing price of Scholar Rock’s common stock on April 8, 2024. The inducement stock options will vest with respect to 25% of the shares of common stock underlying the award on the first anniversary of the employee’s start date, and the remaining 75% of the shares of common stock underlying the inducement stock options will vest in 12 equal quarterly installments thereafter. Vesting for inducement restricted stock units will be in four equal annual installments. All vesting related to inducement awards is subject to the employees’ continuing service at the Company through the applicable vesting date.
About Scholar Rock
Scholar Rock is a biopharmaceutical company that discovers, develops, and delivers life-changing therapies for people with serious diseases that have high unmet need. As a global leader in the biology of the transforming growth factor beta (TGFβ) superfamily of cell proteins and named for the visual resemblance of a scholar rock to protein structures, the clinical-stage company is focused on advancing innovative treatments where protein growth factors are fundamental. Over the past decade, Scholar Rock has created a pipeline with the potential to advance the standard of care for neuromuscular disease, cardiometabolic disorders, cancer, and other conditions where growth factor-targeted drugs can play a transformational role.
Scholar Rock is the only company to show clinical proof-of-concept for a muscle-targeted treatment in spinal muscular atrophy (SMA). This commitment to unlocking fundamentally different therapeutic approaches is powered by broad application of a proprietary platform, which has developed novel monoclonal antibodies to modulate protein growth factors with extraordinary selectivity. By harnessing cutting-edge science in disease spaces that are historically under-addressed through traditional therapies, Scholar Rock works every day to create new possibilities for patients. Learn more about our approach at ScholarRock.com and follow @ScholarRock and on LinkedIn.
Scholar Rock® is a registered trademark of Scholar Rock, Inc.
Availability of Other Information About Scholar Rock
Investors and others should note that we communicate with our investors and the public using our company website www.scholarrock.com, including, but not limited to, company disclosures, investor presentations and FAQs, Securities and Exchange Commission filings, press releases, public conference call transcripts and webcast transcripts, as well as on Twitter and LinkedIn. The information that we post on our website or on Twitter or LinkedIn could be deemed to be material information. As a result, we encourage investors, the media and others interested to review the information that we post there on a regular basis. The contents of our website or social media shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
How many shares of common stock were covered in the inducement equity awards granted by Scholar Rock?
Scholar Rock granted inducement equity awards covering an aggregate of 45,000 shares of its common stock to two newly hired employees.
What is the exercise price of the inducement stock options granted by Scholar Rock?
The inducement stock options granted by Scholar Rock have an exercise price of $14.50, equal to the closing price of Scholar Rock's common stock on April 8, 2024.
What is the vesting schedule for the inducement stock options granted by Scholar Rock?
The inducement stock options will vest with respect to 25% of the shares on the first anniversary of the employee's start date, with the remaining 75% vesting in 12 equal quarterly installments.
What is the purpose of Scholar Rock's Inducement Equity Plan?
Scholar Rock's Inducement Equity Plan is used exclusively for granting equity awards to individuals who were not previously employees of the company, or following a period of non-employment, as an inducement for them to enter into employment with Scholar Rock.
Under what Nasdaq Listing Rule did Scholar Rock grant these inducement equity awards?
Scholar Rock granted these inducement equity awards under Nasdaq Listing Rule 5635(c)(4), which allows companies to grant equity awards to individuals as inducements for entering into employment.
What are the conditions for vesting related to inducement awards granted by Scholar Rock?
All vesting related to inducement awards granted by Scholar Rock is subject to the employees' continuing service at the company through the applicable vesting date.
scholar rock® is a biotechnology company focused on discovering and developing a new class of biologic therapies called "niche modulators" that selectively target the activation of growth factors in the disease microenvironment. our initial proprietary and partnered drug discovery programs target specific growth factors, including members of the tgf-beta superfamily, which play a fundamental role in regulating cell growth and differentiation and are present in the microenvironments of significant diseases such as fibrosis, diseases of the musculoskeletal systems, and autoimmune diseases. the company’s therapeutic approach is enabled by discoveries made by scholar rock’s scientific founders—professors timothy springer, phd, and leonard zon, md, both of children's hospital boston and harvard medical school—related to the molecular mechanisms of growth factor activation. scholar rock is backed by leading life sciences investors, including polaris partners, arch venture partners, timothy s
