Terns Pharmaceuticals Reports Inducement Grant to New Chief Financial Officer Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Terns Pharmaceuticals (Nasdaq: TERN) has granted an equity inducement award to its new Chief Financial Officer, Andrew Gengos, as announced on February 26, 2025. The award, approved under the 2022 Employment Inducement Award Plan and in accordance with Nasdaq Listing Rule 5635(c)(4), consists of an option to purchase 750,000 shares of Terns common stock.

The stock option features a 10-year term with an exercise price of $3.73 per share, matching Terns' closing stock price on February 24, 2025. The option will vest over a four-year period, contingent upon Mr. Gengos maintaining his employment with the company.

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FOSTER CITY, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity, today announced that it has granted as of February 24, 2025 an equity inducement award to Andrew Gengos, the Company’s new chief financial officer, under the terms of the 2022 Employment Inducement Award Plan, as amended. The equity award was approved by the Compensation Committee of the Company’s Board of Directors and the Company’s Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4) and was made as a material inducement to Mr. Gengos’ acceptance of employment with Terns.

The Company granted Mr. Gengos a new hire option to purchase 750,000 shares of Terns common stock. The option has a 10-year term and an exercise price per share equal to $3.73, which was the closing price of Terns’ common stock on February 24, 2025. The option vests over four years, subject to Mr. Gengos’ continued service through the applicable vesting dates.

About Terns Pharmaceuticals

Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity. Terns’ pipeline contains three clinical-stage development programs including an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, a THR-β agonist, and a preclinical GIPR modulator discovery effort, prioritizing a GIPR antagonist nomination candidate. For more information, please visit: www.ternspharma.com.

Contacts for Terns

Investors
Justin Ng
investors@ternspharma.com

Media
Jenna Urban
CG Life
media@ternspharma.com

FAQ

What equity compensation package did TERN grant to its new CFO in February 2025?

TERN granted CFO Andrew Gengos options to purchase 750,000 shares at $3.73 per share, vesting over 4 years.

What is the exercise price of TERN's stock options granted to Andrew Gengos?

The exercise price is $3.73 per share, equal to TERN's closing price on February 24, 2025.

How long is the vesting period for the new TERN CFO's stock options?

The stock options vest over a four-year period, subject to continued employment.

When do the stock options granted to TERN's new CFO expire?

The options have a 10-year term from the grant date of February 24, 2025.