Taysha Gene Therapies Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Taysha Gene Therapies, Inc. (Nasdaq: TSHA), a clinical-stage biotechnology company focusing on AAV-based gene therapies for CNS diseases, has announced the granting of stock options to two new employees. The Compensation Committee approved options to purchase 356,000 shares of common stock on August 1, 2024, under the company's 2023 Inducement Plan. These options, granted in accordance with Nasdaq Listing Rule 5635(c)(4), have an exercise price of $2.16 per share, equal to the closing price on the grant date. The options have a 10-year term and will vest over four years, with 25% vesting after one year and the remaining 75% vesting monthly over the following 36 months, subject to continued employment.

Positive

• Stock options granted as inducement for new employees, potentially attracting talent
• Options have a 10-year term, providing long-term incentive for employee retention

Negative

• Potential dilution of existing shareholders' equity due to new stock options

DALLAS, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Taysha Gene Therapies, Inc. (Nasdaq: TSHA), a clinical-stage biotechnology company focused on advancing adeno-associated virus (AAV)-based gene therapies for severe monogenic diseases of the central nervous system (CNS), today announced that, on August 1, 2024, the Compensation Committee of Taysha's Board of Directors granted two new employees, in the aggregate, options to purchase 356,000 shares of the Company's common stock in connection with their employment. The stock options were granted under the Taysha Gene Therapies, Inc. 2023 Inducement Plan as an inducement material to the individuals entering employment with Taysha in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options have an exercise price of $2.16 per share, which is equal to the closing price of Taysha's common stock on the date of grant. The stock option has a 10-year term and will vest over four years, with 25% of the option vesting on the first anniversary of the vesting commencement date and the remaining 75% of the option vesting in equal monthly installments over the 36 months thereafter. Vesting of the stock option is subject to such employee's continued service to Taysha on each vesting date.

About Taysha Gene Therapies
Taysha Gene Therapies (Nasdaq: TSHA) is a clinical-stage biotechnology company focused on advancing adeno-associated virus (AAV)-based gene therapies for severe monogenic diseases of the central nervous system. Its lead clinical program TSHA-102 is in development for Rett syndrome, a rare neurodevelopmental disorder with no approved disease-modifying therapies that address the genetic root cause of the disease. With a singular focus on developing transformative medicines, Taysha aims to address severe unmet medical needs and dramatically improve the lives of patients and their caregivers. The Company’s management team has proven experience in gene therapy development and commercialization. Taysha leverages this experience, its manufacturing process and a clinically and commercially proven AAV9 capsid in an effort to rapidly translate treatments from bench to bedside. For more information, please visit http://www.tayshagtx.com.

Company Contact:
Hayleigh Collins
Director, Head of Corporate Communications and Investor Relations
Taysha Gene Therapies, Inc.
hcollins@tayshagtx.com

Media Contact:
Carolyn Hawley
Inizio Evoke
Carolyn.hawley@inizioevoke.com

FAQ

How many shares of TSHA stock options were granted to new employees?

Taysha Gene Therapies granted options to purchase 356,000 shares of the company's common stock to two new employees on August 1, 2024.

What is the exercise price of the TSHA stock options granted on August 1, 2024?

The stock options granted by Taysha Gene Therapies have an exercise price of $2.16 per share, which was equal to the closing price of Taysha's common stock on the date of grant.

What is the vesting schedule for the TSHA stock options granted to new employees?

The stock options will vest over four years, with 25% vesting on the first anniversary of the vesting commencement date and the remaining 75% vesting in equal monthly installments over the following 36 months.

Under which plan were the TSHA stock options granted to new employees?

The stock options were granted under the Taysha Gene Therapies, Inc. 2023 Inducement Plan in accordance with Nasdaq Listing Rule 5635(c)(4).