CAMBRIDGE, Mass-Scholar Rock (NASDAQ: SRRK; the “Company”) is a late-stage biopharmaceutical business developing novel therapeutics for spinal muscular atrophy.
Cardiometabolic disorders and other serious diseases where protein growth factors play a fundamental role, today announced that the company granted inducement equity awards on July 10, 2024, covering an aggregate of 285,000 shares of its common stock to two newly hired employees.
consisting of inducement stock options to purchase an aggregate of 162,857 shares of common stock and inducement-restricted stock units, covering an aggregate of 122,143 shares of its common stock.
The company also announced that it granted inducement equity awards to four newly hired employees on July 8, 2024, covering an aggregate of 48,700 shares of its common stock.
The awards included inducement stock options to purchase an aggregate of 27,829 shares of common stock and inducement-restricted stock units, covering an aggregate of 0,871 shares of its common stock.
The awards are subject to the terms, conditions, and other provisions outlined in the Company’s 2022 Inducement Equity Plan (the “Plan”) and award agreements.
The Plan, which was initially adopted by the Company’s board of directors on June 16, 2022, and amended on September 4, 2022, February 3, 2023, and January 25, 2024 is used solely for the grant of equity awards to individuals who were not previously employees of Scholar Rock or after a bona fide period of non-employment,
as an inducement material to such individuals entering into employment with Scholar Rock in accordance with Nasdaq Listing Rule 5635(c)(4).
The inducement stock options issued on July 10, 2024 have an exercise price of $8.27, and the inducement stock options issued on July 8, 2024 have an exercise price of $7.87, both of which are equivalent to the closing prices of Scholar Rock’s common stock on that dates.
The inducement stock options will vest for 25% of the shares of common stock underlying the award on the first anniversary of each employee’s start date, with the remaining 75% vesting in 12 equal quarterly instalments thereafter.
Vesting of the inducement-restricted stock units will occur in four equal annual instalments. All vesting for inducement awards is subject to the employees’ continuing service at the Company through the applicable vesting date.
What is Scholar Rock?
Scholar Rock is a biopharmaceutical firm that finds, develops, and delivers life-changing treatments to people suffering from serious diseases with significant unmet needs.
The clinical-stage company, named after the visual resemblance of a scholar rock to protein structures, is a global leader in the biology of the transforming growth factor beta (TGFβ) superfamily of cell proteins. Its focus is on developing innovative treatments where protein growth factors play a critical role.
Scholar Rock has developed a pipeline that has the potential to improve the standard of care for neuromuscular disease, cardiometabolic disorders, cancer, and other conditions where growth factor targeted therapies can have a transformative impact.
Investors and others should note that we communicate with our investors and the public using our company website www.scholarrock.com, including, but not limited to, company disclosures, investor presentations and FAQs, Securities and Exchange Commission filings, press releases, public conference call transcripts and webcast transcripts, as well as on Twitter and LinkedIn.
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