On June 17, 2024, Gritstone bio, Inc., a biotechnology company specializing in biological products, conducted its annual meeting of stockholders, where several key proposals were voted upon. The meeting saw the election of two Class III director nominees, the ratification of the company's independent registered accounting firm, and advisory votes on executive compensation and the frequency of such votes.
Stockholders of record as of April 22, 2024, participated in the meeting, with 61,126,864 shares represented in person or by proxy. Gritstone bio, with a total of 107,130,799 shares outstanding, achieved a significant turnout for the decision-making process.
The election of directors resulted in Elaine Jones, Ph.D., receiving 35,747,618 votes for and 921,821 votes withheld, and Clare Fisher receiving 29,466,318 votes for and 7,203,121 votes withheld. Both nominees were elected to the company's Board of Directors to serve until the 2027 Annual Meeting of Stockholders or until their successors are elected.
In addition, stockholders ratified the appointment of Ernst & Young LLP as Gritstone bio's independent registered public accounting firm for the fiscal year ending December 31, 2024, with a substantial majority of 60,234,183 votes in favor.
The advisory vote to approve the compensation of the company's named executive officers, as disclosed in the Proxy Statement, passed with 26,983,992 votes for, 9,372,349 against, and 313,098 abstentions.
Lastly, stockholders expressed their preference for the frequency of future advisory votes on executive compensation, with 35,461,738 supporting an annual vote, 160,604 for a biennial vote, and 586,463 for a triennial vote. An additional 460,634 abstained from voting on this matter. Following the stockholders' advisory vote, the Board of Directors decided to hold an advisory vote on executive compensation every year.
The outcomes of these votes are detailed in the company's 8-K filing with the Securities and Exchange Commission, dated June 24, 2024. Gritstone bio, Inc., formerly known as Gritstone Oncology (NASDAQ:GRTS), Inc., is based in Emeryville, California, and is listed on The Nasdaq Stock Market LLC under the ticker symbol NASDAQ:GRTS.
In other recent news, Gritstone bio has been making significant strides in the biotechnology sector, particularly with its GRANITE personalized vaccine for microsatellite stable colorectal cancer (MSS-CRC). The company's financial health has been a topic of interest, ending the first quarter of 2024 with $52.8 million in cash and raising an additional $32.5 million in financing. Despite a significant debt and a 40% workforce reduction, Gritstone has managed to maintain its operations, with funds projected to last into the fourth quarter.
Analyst firms JMP Securities and Piper Sandler have set price targets for Gritstone at $5.00 and $7.00 respectively, while Jones Trading has adjusted its target to $5.00, maintaining a Buy rating. The company's first-quarter earnings report included a net loss of $40.4 million, attributed to decreased collaboration revenue and increased R&D and G&A expenses
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