Avidity Biosciences Announces New Employee Stock Awards to Strengthen Workforce Under Nasdaq Rule

Avidity Biosciences Strengthens Its Workforce with New Stock Options

Avidity Biosciences, Inc. (Nasdaq: RNA), a pioneering biopharmaceutical company focused on RNA therapeutics, has unveiled a significant induction plan aimed at enriching its workforce. The company's Human Capital Management Committee has approved the allocation of stock option awards and restricted stock units to thirty-seven new non-executive employees. This move aligns with the company's strategy to attract top talent as it advances its innovative therapeutic offerings aimed at treating rare neuromuscular diseases.

Details of the Inducement Grants

On December 20, 2024, Avidity granted a total of 720,400 stock options coupled with 276,200 restricted stock units (RSUs) to the new hires under its 2022 Employment Inducement Incentive Award Plan. These awards are designed as a material inducement for the employees to join Avidity, complying with Nasdaq Listing Rule 5635(c)(4).

The stock options come with an exercise price set at $31.82 per share, mirroring the closing price of Avidity's common stock on that same date. These stock options are set to vest over a timeline of four years, where the employees can expect 25% of the shares to vest on their one-year anniversary of employment, followed by a gradual vesting of the remaining shares on a monthly basis over the subsequent three years.

In parallel, the RSUs will also vest in four equal portions on the anniversaries of the vesting commencement date, which promotes long-term commitment among the employees. Both awards are conditional upon the employees maintaining their employment with Avidity.

Avidity's Commitment to Innovation

Avidity's mission revolves around advancing a new class of RNA therapeutics termed Antibody Oligonucleotide Conjugates (AOCs™). These AOCs are set to bridge the gap between the specificity of monoclonal antibodies and the precision of oligonucleotide therapies, thus targeting diseases previously deemed challenging to treat using existing RNA therapies. This innovation is marked by their pioneering efforts, including the first successful targeted RNA delivery into muscle tissues, a significant breakthrough in the field.

The company is currently advancing clinical programs targeting several rare neuromuscular conditions, including myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD), and facioscapulohumeral muscular dystrophy (FSHD). In addition, Avidity is broadening its research portfolio to address rare genetic cardiomyopathies, underlining its expansive and forward-thinking approach within the biopharmaceutical landscape.

An Eye on the Future

With a robust pipeline supported by strategic partnerships, Avidity aims to enhance the therapeutic landscape in cardiology and immunology through the progression of its AOC platform. By recruiting fresh talent and providing lucrative inducement packages, Avidity is poised for sustainable growth and innovation.

For more insights into Avidity's initiatives, visit their official website and follow them on various social media platforms.

About Avidity Biosciences

Avidity Biosciences, Inc. operates with a vision to transform lives by delivering cutting-edge therapeutics rooted in RNA technology. Based in San Diego, CA, the company focuses on addressing areas of unmet medical needs with an aim to broaden the therapeutic range across multiple disease modalities. For further information, visit Avidity Biosciences.