Vera Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Vera Therapeutics (NASDAQ: VERA) announced inducement grants approved by its Compensation Committee on December 3, 2024. The grants, awarded to seventeen new employees, include non-qualified stock options to purchase 171,750 shares of Class A common stock at $49.38 per share and restricted stock units (RSUs) for 86,625 shares.

The stock options will vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly over 36 months. The RSUs will vest over four years, with 25% vesting annually starting February 20, 2025. Both grants are subject to continued employment with Vera and were made under the Inducement Plan in accordance with Nasdaq Listing Rule 5635(c)(4).

Positive

• Company demonstrates ability to attract new talent with competitive equity compensation
• Stock price of $49.38 per share indicates strong market valuation

Negative

• Equity grants will result in shareholder dilution
• Significant compensation expenses from new hires will impact operating costs

BRISBANE, Calif., Dec. 09, 2024 (GLOBE NEWSWIRE) -- Vera Therapeutics, Inc. (Nasdaq: VERA) today announced that on December 3, 2024, the Compensation Committee granted inducement awards consisting of a non-qualified stock option to purchase 171,750 shares of Class A common stock and restricted stock units (RSUs) for 86,625 shares of Class A common stock to seventeen new employees under the Inducement Plan. The Compensation Committee approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).

Each stock option granted on December 3, 2024 has an exercise price per share equal to $49.38, Vera’s closing trading price on December 3, 2024. Each stock option will vest over four years, with 25% of the underlying shares vesting on the first anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employee’s continued service relationship with Vera through the applicable vesting dates. Each of the RSUs will vest over four years, with 25% of the underlying shares vesting on each anniversary of February 20, 2025, subject to the new employee’s continued service relationship with Vera through the applicable vesting dates. The awards are subject to the terms and conditions of the Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.

About Vera
Vera Therapeutics is a late clinical-stage biotechnology company focused on developing treatments for serious immunological diseases. Vera’s mission is to advance treatments that target the source of immunological diseases in order to change the standard of care for patients. Vera’s lead product candidate is atacicept, a fusion protein self-administered as a subcutaneous injection once weekly that blocks both B-cell Activating Factor (BAFF) and A PRoliferation-Inducing Ligand (APRIL), which stimulate B cells and plasma cells to produce autoantibodies contributing to certain autoimmune diseases, including IgAN, also known as Berger’s disease, and lupus nephritis. In addition, Vera is evaluating additional diseases where the reduction of autoantibodies by atacicept may prove medically useful. Vera is also developing MAU868, a monoclonal antibody designed to neutralize infection with BK virus (BKV), a polyomavirus that can have devastating consequences in certain settings such as kidney transplant. Vera retains all global developmental and commercial rights to atacicept and MAU868. For more information, please visit www.veratx.com.

For more information, please contact:

Investor Contact:
Joyce Allaire
LifeSci Advisors
212-915-2569
jallaire@lifesciadvisors.com

Media Contact:
Madelin Hawtin
LifeSci Communications
MHawtin@lifescicomms.com

FAQ

What inducement grants did Vera Therapeutics (VERA) announce on December 9, 2024?

Vera announced stock options for 171,750 shares at $49.38 per share and RSUs for 86,625 shares to seventeen new employees.

What is the vesting schedule for VERA's December 2024 inducement grants?

Stock options vest over 4 years (25% after year 1, remainder monthly over 36 months), and RSUs vest 25% annually over 4 years starting February 20, 2025.

What was the exercise price for VERA's stock options granted on December 3, 2024?

The exercise price for the stock options was $49.38 per share, which was Vera's closing trading price on December 3, 2024.