LANGHORNE, PA — Savara Inc. (Nasdaq: SVRA) granted equity awards covering 87,000 shares of company stock to four newly hired employees, using inducement incentives as the clinical-stage biotechnology company advances its lead rare-disease therapy through late-stage development.
The awards were approved on June 11 by the compensation committee of Savara’s board of directors and were granted under the company’s 2021 Inducement Equity Incentive Plan, the company disclosed.
The package includes stock options covering 36,500 shares, restricted stock units representing 42,500 shares, and performance stock units tied to 8,000 shares of common stock.
The awards were issued pursuant to Nasdaq inducement compensation rules, which allow companies to grant equity incentives outside shareholder-approved plans when recruiting new employees.
The stock options carry an exercise price of $5.27 per share, matching Savara’s closing stock price on the grant date. The options have a 10-year term and vest quarterly over four years, subject to continued employment.
The restricted stock units vest in full after two years of employment, while the performance stock units vest if the company reports quarterly revenue above a specified target and the employee remains with the company through the vesting date.
Inducement awards are commonly used by biotechnology companies to attract and retain specialized talent, particularly as firms move products through clinical development and prepare for potential commercialization.
Savara is focused on developing treatments for rare respiratory diseases. Its lead product candidate, MOLBREEVI, is currently in Phase 3 development for autoimmune pulmonary alveolar proteinosis, a rare lung disorder.
The therapy is a recombinant human granulocyte-macrophage colony-stimulating factor delivered through an investigational nebulizer system developed for inhaled administration.
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