BEDFORD, Mass.--(BUSINESS WIRE)--Oct. 17, 2023--
Stoke Therapeutics, Inc. (Nasdaq: STOK), a biotechnology company dedicated to addressing the underlying cause of severe diseases by upregulating protein expression with RNA-based medicines, today announced that, effective on October 16th, 2023, the company granted a stock option to purchase an aggregate of 32,800 shares of common stock to 1 new employee, as a material inducement to their employment in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock option that was granted has an exercise price of $4.00 per share, which is equal to the closing price of Stoke’s common stock on October 16th, 2023. The option will vest over a 4-year period, with 1/4th of the shares underlying the employee’s option vesting on the one-year anniversary of the applicable vesting commencement date and the remaining shares thereafter vesting monthly at a rate of 1/48th of the shares underlying the employee’s option over the following 36 months, subject to the employee’s continued employment with Stoke on such vesting dates. The option has a term of 10 years and is subject to the terms and conditions of the 2023 Inducement Plan and the stock option agreement covering the grant.
About Stoke Therapeutics
Stoke Therapeutics (Nasdaq: STOK), is a biotechnology company dedicated to addressing the underlying cause of severe diseases by upregulating protein expression with RNA-based medicines. Using Stoke’s proprietary TANGO (Targeted Augmentation of Nuclear Gene Output) approach, Stoke is developing antisense oligonucleotides (ASOs) to selectively restore protein levels. Stoke’s first compound, STK-001, is in clinical testing for the treatment of Dravet syndrome, a severe and progressive genetic epilepsy. Dravet syndrome is one of many diseases caused by a haploinsufficiency, in which a loss of ~50% of normal protein levels leads to disease. Stoke is pursuing the development of STK-002 for the treatment of autosomal dominant optic atrophy (ADOA), the most common inherited optic nerve disorder. Stoke’s initial focus is haploinsufficiencies and diseases of the central nervous system and the eye, although proof of concept has been demonstrated in other organs, tissues, and systems, supporting its belief in the broad potential for its proprietary approach. Stoke is headquartered in Bedford, Massachusetts with offices in Cambridge, Massachusetts. For more information, visit https://www.stoketherapeutics.com/ or follow Stoke on X @StokeTx.
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Source: Stoke Therapeutics, Inc.