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

Rhea-AI Summary

Terns Pharmaceuticals (Nasdaq: TERN) announced the grant of equity inducement awards to a new employee under its 2022 Employment Inducement Award Plan. The company granted stock options to purchase 250,000 shares at an exercise price of $4.46 per share, which was the closing price on January 31, 2025. The options have a 10-year term and vest over four years, contingent on continued employment. The grant was approved by the Compensation Committee in compliance with Nasdaq Listing Rule 5635(c)(4) and serves as a material inducement for the employee's acceptance of employment.

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FOSTER CITY, Calif., Feb. 03, 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 1, 2025 an equity inducement award to a new employee under the terms of the 2022 Employment Inducement Award Plan, as amended (the “Inducement Plan”). The equity award was approved by the Compensation Committee of the Company’s Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4) and was made as a material inducement to the employee’s acceptance of employment with Terns.

The Company granted options to purchase 250,000 shares of Terns common stock to the new employee. The options have a 10-year term and an exercise price per share equal to $4.46, which was the closing price of Terns’ common stock on January 31, 2025, which was the last trading day prior to the date of grant. The options vest over four years, subject to the employee’s 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
Berry & Company Public Relations
media@ternspharma.com

FAQ

How many stock options did Terns Pharmaceuticals (TERN) grant to its new employee in February 2025?

Terns Pharmaceuticals granted options to purchase 250,000 shares of common stock to the new employee.

What is the exercise price for TERN's February 2025 employee stock options?

The exercise price for the stock options is $4.46 per share, which was Terns' closing stock price on January 31, 2025.

What is the vesting period for TERN's February 2025 employee stock options?

The stock options vest over a four-year period, subject to the employee's continued service through the applicable vesting dates.

How long is the term of the stock options granted by TERN in February 2025?

The stock options have a 10-year term.