Tenaya Therapeutics Reports Inducement Grants under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Tenaya Therapeutics (NASDAQ: TNYA), a clinical-stage biotech company focused on heart disease therapies, has granted stock options to three new non-executive employees. The inducement grants total 461,000 shares of common stock with an exercise price of $0.4373 per share, matching Tenaya's closing price on May 15, 2025. The options have a 10-year term and follow a four-year vesting schedule: 25% vests after one year, followed by monthly vesting of 1/48th of shares. These grants were made under the company's 2024 Inducement Equity Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4).

SOUTH SAN FRANCISCO, Calif., May 15, 2025 (GLOBE NEWSWIRE) -- Tenaya Therapeutics Inc. (NASDAQ: TNYA), a clinical-stage biotechnology company with a mission to discover, develop and deliver potentially curative therapies that address the underlying causes of heart disease, today announced that it granted stock options to purchase an aggregate of 461,000 shares of Tenaya common stock to three new non-executive employees in connection with the commencement of their employment. The stock options have an exercise price of $0.4373 per share, which is equal to the closing price of Tenaya’s common stock on May 15, 2025. Each stock option has a ten-year term and vests as follows over a total of four years: 1/4^th of the original number of shares subject to the stock option shall vest on the one-year anniversary of the employee's date of hire and 1/48^th of the original number of shares subject to the stock option shall vest every month thereafter, subject to such employee’s continued service with Tenaya on each such date.

The stock options are subject to the terms and conditions of the Tenaya Therapeutics Inc. 2024 Inducement Equity Incentive Plan and related forms of agreements and were granted as an inducement material to each new employee’s acceptance of employment with Tenaya in accordance with NASDAQ Listing Rule 5635(c)(4).

About Tenaya Therapeutics
Tenaya Therapeutics is a clinical-stage biotechnology company committed to a bold mission: to discover, develop and deliver potentially curative therapies that address the underlying drivers of heart disease. Tenaya employs a suite of integrated internal capabilities, including modality agnostic target validation, capsid engineering and manufacturing, to generate a portfolio of genetic medicines aimed at the treatment of both rare genetic disorders and more prevalent heart conditions. Tenaya’s pipeline includes TN-201, a gene therapy for MYBPC3-associated hypertrophic cardiomyopathy (HCM), TN-401, a gene therapy for PKP2-associated arrhythmogenic right ventricular cardiomyopathy (ARVC), TN-301, a small molecule HDAC6 inhibitor intended for heart failure with preserved ejection fraction (HFpEF), and multiple early-stage programs in preclinical development. For more information, visit www.tenayatherapeutics.com.

Contact
Michelle Corral
VP, Corporate Communications and Investor Relations
IR@tenayathera.com

FAQ

What stock options did Tenaya Therapeutics (TNYA) grant to new employees in May 2025?

Tenaya granted stock options for 461,000 shares to three non-executive employees at an exercise price of $0.4373 per share, with a 10-year term and four-year vesting schedule.

What is the vesting schedule for TNYA's May 2025 employee stock options?

The options vest over 4 years, with 25% vesting after the first year and 1/48th vesting monthly thereafter, subject to continued employment.

Under which plan were Tenaya Therapeutics' May 2025 stock options granted?

The stock options were granted under Tenaya's 2024 Inducement Equity Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4).

What was the exercise price for TNYA's May 2025 inducement stock options?

The exercise price was $0.4373 per share, equal to Tenaya's closing stock price on May 15, 2025.