Scholar Rock Grants Inducement Equity Awards to New Employees
Scholar Rock (NASDAQ: SRRK), a late-stage biopharmaceutical company dedicated to developing innovative treatments for spinal muscular atrophy, cardiometabolic disorders, and other serious diseases influenced by protein growth factors, has announced the granting of inducement equity awards totaling 23,500 shares of its common stock to two newly hired employees. This includes inducement stock options to purchase 13,429 shares and restricted stock units for 10,071 shares.
These awards are governed by the Company’s 2022 Inducement Equity Plan (the “Plan”) and the relevant award agreements.
The Plan, established by the Company’s board of directors on June 16, 2022, and subsequently amended on several occasions, is specifically designed to grant equity awards to individuals who are either new hires or have previously had a bona fide break in employment, as an inducement for their joining Scholar Rock, in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options have an exercise price of $28.52, matching the closing price of Scholar Rock’s common stock on October 14, 2024. The options will vest 25% on the first anniversary of each employee’s start date, with the remaining 75% vesting in 12 equal quarterly installments. The restricted stock units will vest in four equal annual installments. All vesting is contingent upon the employees maintaining their service with the Company through the respective vesting dates.
About Scholar Rock
Scholar Rock is a biopharmaceutical company that discovers, develops, and delivers life-changing therapies for people with serious diseases that have high unmet need. As a global leader in the biology of the transforming growth factor beta (TGFβ) superfamily of cell proteins and named for the visual resemblance of a scholar rock to protein structures, the clinical-stage company is focused on advancing innovative treatments where protein growth factors are fundamental. Over the past decade, Scholar Rock has created a pipeline with the potential to advance the standard of care for neuromuscular disease, cardiometabolic disorders, cancer, and other conditions where growth factor-targeted drugs can play a transformational role.
Scholar Rock is the only company to show clinical proof-of-concept for a muscle-targeted treatment in spinal muscular atrophy (SMA). This commitment to unlocking fundamentally different therapeutic approaches is powered by broad application of a proprietary platform, which has developed novel monoclonal antibodies to modulate protein growth factors with extraordinary selectivity. By harnessing cutting-edge science in disease spaces that are historically under-addressed through traditional therapies, Scholar Rock works every day to create new possibilities for patients.
