Terns Pharmaceuticals Welcomes New Employee with Equity Grant
New Inducement Grant at Terns Pharmaceuticals
Terns Pharmaceuticals, Inc. is excited to share that it has welcomed a new employee through an equity inducement award effective from January 1, 2025. This decision aligns with the company’s mission of advancing treatments for critical health issues, particularly in the areas of oncology and obesity.
Equity Inducement Award Details
As per the 2022 Employment Inducement Award Plan, amended, the company offered options to purchase 9,000 shares of common stock to the new employee. These options come with a term of 10 years and an exercise price set at $5.54 per share, which reflects the closing stock price on the last trading day of December 2024.
This strategic decision was approved by the Compensation Committee of the Board of Directors, ensuring that the grant serves as a significant motivation for the employee’s decision to join Terns Pharmaceuticals.
Strategic Direction of Terns
Terns Pharmaceuticals, Inc., noted for its commitment to addressing serious diseases, has developed a robust pipeline consisting of several clinical-stage programs. This includes innovative treatments such as allosteric BCR-ABL inhibitors along with small-molecule GLP-1 receptor agonists and THR-? agonists aimed at battling complex health challenges.
Commitment to Advancements
With an unwavering commitment to research and development, Terns is set to prioritize its discovery efforts by focusing on GIPR modulators, particularly targeting the nomination of a GIPR antagonist. This illustrates the company’s ongoing endeavor to stay at the forefront of biopharmaceutical advancements.
Looking Ahead: Terns Pharmaceuticals' Vision
The induction of new employees, especially under such favorable terms, showcases Terns’ forward-looking approach. Expanding its talented workforce not only enhances its operational capabilities but also reinforces its vision to emerge as a leader in developing targeted therapies for oncology and metabolic diseases.
Contacting Terns Pharmaceuticals
For investors and media inquiries regarding the latest updates or information about Terns Pharmaceuticals, the company has provided contact details for seamless communication.
Investors
Justin Ng
Email: investors@ternspharma.com
Media
Jenna Urban
Berry & Company Public Relations
Email: media@ternspharma.com
Frequently Asked Questions
What is the recent equity inducement grant about?
Terns Pharmaceuticals has granted options to purchase shares to a new employee as a part of their inducement strategy.
How many shares were offered to the new employee?
The company provided options to purchase 9,000 shares of Terns common stock.
What is the exercise price for the stock options?
The exercise price is set at $5.54 per share, reflecting the stock's closing price prior to the grant date.
Who approved the equity inducement award?
The award was approved by the Compensation Committee of the Board of Directors of Terns Pharmaceuticals.
What therapeutic areas does Terns focus on?
Terns Pharmaceuticals primarily focuses on developing treatments for oncology and obesity among other serious diseases.
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