Tenaya Therapeutics, Inc. (NASDAQ:TNYA), a biotechnology firm specializing in biological products, announced changes to its board composition and the introduction of a new equity incentive plan, according to an 8-K filing with the U.S. Securities and Exchange Commission.
On Sunday, Karah Parschauer stepped down as a Class I director and was immediately reappointed as a Class II director to even out the distribution of board members across the company's three director classes. This reclassification did not affect Parschauer's compensation or involve any new contractual agreements. Following this move, Tenaya's board now consists of nine directors, with three directors in each class.
In addition, Tenaya has adopted the 2024 Inducement Equity Incentive Plan, effective September 12. The plan, which was established without shareholder approval under Nasdaq's inducement award exception rules, allows for the issuance of 1,200,000 shares of common stock through various equity awards. These awards include stock options, restricted stock units, and performance awards, and are intended to attract new employees or as part of merger and acquisition agreements.
The Inducement Plan closely mirrors the company's 2021 Equity Incentive Plan, particularly in terms of provisions for equity awards in the event of a merger or change in control. The plan specifies that awards can only be granted to individuals who are either joining the company or returning after a bona fide period of non-employment, as an inducement for their employment, or in connection with a merger or acquisition.
In other recent news, Tenaya Therapeutics announced significant changes in its board and research leadership team. The company's Chief Financial and Business Officer, Leone Patterson, is set to leave her position to pursue another opportunity. Tenaya is now actively seeking a new Chief Financial Officer. In addition, board member Jin-Long Chen resigned, and Kathy Ivey, Ph.D., was promoted to Senior Vice President, Research, while Timothy Hoey, Ph.D., transitioned to an advisory role. Barry J. Byrne, M.D., Ph.D., joined the Scientific Advisory Board.
William Blair initiated coverage of Tenaya Therapeutics with an Outperform rating, highlighting a positive outlook for the company's gene therapy candidates, TN-201 and TN-401. Concurrently, Canaccord Genuity maintained a Buy rating on Tenaya but lowered the price target to $16.00. These are among the recent developments shaping the trajectory of Tenaya Therapeutics.
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