Terns Pharmaceuticals Reports Inducement Grants to New Employees Under Nasdaq Listing Rule 5635(c)(4)
FOSTER CITY, Calif., Dec. 20, 2022 (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, obesity and non-alcoholic steatohepatitis (NASH), today announced that it has granted equity inducement awards to three new non-executive employees under the terms of the 2022 Employment Inducement Award Plan. The equity awards were approved on December 15, 2022, in accordance with Nasdaq Listing Rule 5635(c)(4).
In the aggregate, the new non-executive employees received options to purchase 60,000 shares of Terns common stock and 30,000 restricted stock units (“RSUs”) for shares of Terns common stock. The options have an exercise price per share equal to $6.82, which was the closing price of Terns’ common stock on December 15, 2022, the date of grant. The options and RSUs vest over four years, subject to continued service through the applicable vesting dates.
Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology, obesity and NASH. Terns’ pipeline includes four clinical stage development programs including an allosteric BCR-ABL inhibitor, a THR-β agonist, an FXR agonist, a VAP-1 inhibitor, and a preclinical small-molecule GLP-1 receptor agonist program.
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