Acadia Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
SAN DIEGO–(BUSINESS WIRE)–Aug. 1, 2023– Acadia Pharmaceuticals Inc. (Nasdaq: ACAD) today announced that on July 18, 2023, the Compensation Committee of Acadia’s Board of Directors (the “Committee”) granted inducement awards consisting of non-qualified stock options to purchase 19,903 shares of common stock and 11,988 restricted stock units (“RSUs”) to 16 new employees under Acadia’s 2023 Inducement Plan. The Compensation Committee approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).
Each stock option has an exercise price equal to $32.99 per share, Acadia’s closing trading price on July 18, 2023, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the grant date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employees’ continued service relationship with Acadia through the applicable vesting dates. The RSUs will vest over four years, with 50% of the underlying shares vesting on the second anniversary of the grant date, and the balance of the underlying shares vesting in two equal annual installments measured from the second anniversary of the grant date, subject to the new employees’ continued service relationship with Acadia through the applicable vesting dates. The awards are subject to the terms and conditions of Acadia’s 2023 Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.
About Acadia Pharmaceuticals
Acadia is advancing breakthroughs in neuroscience to elevate life. For 30 years we have been working at the forefront of healthcare to bring vital solutions to people who need them most. We developed and commercialized the first and only approved therapies for hallucinations and delusions associated with Parkinson’s disease psychosis and for the treatment of Rett syndrome. Our clinical-stage development efforts are focused on treating the negative symptoms of schizophrenia, Prader-Willi syndrome, Alzheimer’s disease psychosis and neuropsychiatric symptoms in central nervous system disorders. For more information, visit us at www.acadia.com and follow us on LinkedIn and Twitter.