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

Rhea-AI Summary

Vera Therapeutics (Nasdaq: VERA) announced inducement awards granted to Jason S. Carter, their new Chief Legal Officer, on November 18, 2024. The awards include a non-qualified stock option to purchase 108,000 shares of Class A common stock at $44.81 per share and restricted stock units (RSUs) for 53,000 shares. The stock options will vest over four years, with 25% vesting after one year and the remainder monthly over 36 months. The RSUs will vest 25% annually over four years starting November 20, 2024, subject to continued employment.

Positive

• Stock price showing strength with options granted at $44.81 per share
• Company strengthening executive team with new Chief Legal Officer appointment

Negative

• Potential shareholder dilution from 161,000 new shares (108,000 options + 53,000 RSUs)

News Market Reaction – VERA

-2.15%

1 alert

-2.15% News Effect

On the day this news was published, VERA declined 2.15%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

BRISBANE, Calif., Nov. 22, 2024 (GLOBE NEWSWIRE) -- Vera Therapeutics, Inc. (Nasdaq: VERA) today announced that on November 18, 2024, the Compensation Committee of Vera’s Board of Directors granted inducement awards consisting of a non-qualified stock option to purchase 108,000 shares of Class A common stock and restricted stock units (RSUs) for 53,000 shares of Class A common stock to Jason S. Carter, Vera’s new Chief Legal Officer, under Vera’s 2024 Inducement Plan. The Compensation Committee approved the awards as an inducement material to the new employee’s employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option granted on November 18, 2024 has an exercise price per share equal to $44.81, Vera’s closing trading price on November 18, 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 November 20, 2024, 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 November 22, 2024?

Vera announced stock options for 108,000 shares at $44.81 per share and 53,000 RSUs granted to their new Chief Legal Officer, Jason S. Carter.

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

The stock options vest 25% after one year and the remainder monthly over 36 months. RSUs vest 25% annually over four years starting November 20, 2024.

What was the exercise price of VERA's stock options granted on November 18, 2024?

The stock options were granted with an exercise price of $44.81 per share, which was Vera's closing trading price on November 18, 2024.