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

Rhea-AI Summary

Terns Pharmaceuticals (Nasdaq: TERN) announced the granting of equity inducement awards to a new employee under its 2022 Employment Inducement Award Plan. The grant, approved by the Company's Compensation Committee in compliance with Nasdaq Listing Rule 5635(c)(4), includes options to purchase 9,000 shares of Terns common stock.

The options come with a 10-year term and an exercise price of $5.54 per share, matching Terns' closing stock price on December 31, 2024. The options will vest over a four-year period, contingent on the employee's continued service with the company.

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FOSTER CITY, Calif., Jan. 02, 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 January 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 9,000 shares of Terns common stock to the new employee. The options have a 10-year term and an exercise price per share equal to $5.54, which was the closing price of Terns’ common stock on December 31, 2024, 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

What is the exercise price of TERN's new employee stock options granted on January 1, 2025?

The exercise price of the stock options is $5.54 per share, which was Terns Pharmaceuticals' closing stock price on December 31, 2024.

How many shares were included in TERN's January 2025 employee inducement grant?

Terns Pharmaceuticals granted options to purchase 9,000 shares of common stock to the new employee.

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

The stock options vest over a four-year period, subject to the employee's continued service with the company.

What is the term length of the stock options granted by TERN in January 2025?

The stock options have a 10-year term.