Proposal
Number |
| |
Description
|
| |
Vote Required for Approval
|
| |
Effect of Abstentions
|
| |
Effect of
Broker Non-Votes, If Any |
|
1 | | | Election of Class II director nominees | | | “FOR” votes from the plurality of votes cast on the matter | | | Under plurality voting, there are no abstentions; votes that are withheld will have no effect on the matter | | | None | |
2 | | | Advisory approval of the compensation of our named executive officers | | | “FOR” votes from the majority of shares present or represented during the meeting and entitled to vote on the matter | | | Against | | | None | |
3 | | | Ratification of the selection of Ernst & Young LLP as the Company’s independent auditor for 2024 | | | “FOR” votes from the majority of shares present or represented during the meeting and entitled to vote on the matter | | | Against | | | None | |
4 | | | Approval of an amendment to our Certificate of Incorporation to increase the number of authorized shares of common stock | | | “FOR” votes from the majority of votes cast on the matter | | | None | | | None | |
Name
|
| |
Audit
|
| |
Compensation
|
| |
Nominating
and Corporate Governance |
| |||||||||
Bryan Giraudo
|
| | | | X | | | | | | | | | | | | X* | | |
Sarah A. O’Dowd
|
| | | | | | | | | | | | | | | | X | | |
Dinesh V. Patel, Ph.D.
|
| | | | | | | | | | | | | | | | | | |
Harold E. Selick, Ph.D.
|
| | | | | | | | | | X* | | | | | | X | | |
Daniel N. Swisher, Jr.(1)
|
| | | | X | | | | | | | | | | | | | | |
William D. Waddill
|
| | | | X* | | | | | | X | | | | | | | | |
Lewis T. Williams, M.D., Ph.D.
|
| | | | | | | | | | X | | | | | | | | |
Total meetings in fiscal 2023
|
| | | | 5 | | | | | | 4 | | | | | | 1 | | |
|
Board Diversity Matrix
(as of the date of this Proxy Statement)
|
|
| Total number of directors – 7 | |
Gender identity:
|
| |
Female
|
| |
Male
|
| |
Non-
Binary |
| |
Did not
Disclose Gender |
| ||||||||||||
Directors
|
| | |
|
1
|
| | | |
|
6
|
| | | | | — | | | | | | — | | |
Number of directors who identify in any of the categories below: | | | | | | | | | | | | | | | | | | | | | | | | | |
African American or Black
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alaskan Native or Native American
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Asian
|
| | | | — | | | | |
|
1
|
| | | | | — | | | | | | — | | |
Hispanic or Latinx
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Native Hawaiian or Pacific Islander
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
White
|
| | |
|
1
|
| | | |
|
5
|
| | | | | — | | | | | | — | | |
Two or More Races or Ethnicities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
LGBTQ+
|
| |
1
|
|
| | |
Fiscal Year Ended
December 31, |
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Audit Fees(1)
|
| | | $ | 1,622,000 | | | | | $ | 1,035,150 | | |
Audit-Related Fees(2)
|
| | | | — | | | | | | — | | |
Tax Fees(3)
|
| | | | 35,806 | | | | | | 20,639 | | |
All Other Fees(4)
|
| | | | 7,200 | | | | | | 3,405 | | |
Total Fees
|
| | | $ | 1,665,006 | | | | | $ | 1,059,194 | | |
| | |
Number of
Shares of Common Stock |
| |||
Authorized for issuance
|
| | | | 90,000,000 | | |
Issued and outstanding
|
| | | | 58,643,133 | | |
Reserved for issuance
|
| | | | 16,085,529 | | |
•
Available for future grant under employee equity incentive plans*
|
| | | | 3,444,761 | | |
•
Outstanding awards under our employee equity incentive plans*
|
| | | | 10,020,508 | | |
•
Outstanding warrants
|
| | | | 2,620,260 | | |
Total share usage (issued and outstanding + reserved for issuance)
|
| | | | 74,728,662 | | |
Total share usage as a percentage of authorized
|
| | | | 83% | | |
Name
|
| |
Age
|
| |
Position
|
| |||
Dinesh V. Patel, Ph.D.
|
| | | | 67 | | | | President, Chief Executive Officer and Director | |
Asif Ali
|
| | | | 50 | | | |
Executive Vice President, Chief Financial Officer
|
|
Suneel Gupta, Ph.D.
|
| | | | 66 | | | | Chief Development Officer | |
Arturo Molina, M.D., M.S., F.A.C.P.
|
| | | | 65 | | | | Chief Medical Officer | |
| | |
Beneficial Ownership(1)
|
| |||||||||
Beneficial Owner
|
| |
Number of
Shares |
| |
Percent of
Total |
| ||||||
5% Stockholders: | | | | | | | | | | | | | |
Farallon Partners, L.L.C. and its affiliated entities(2)
|
| | | | 5,798,340 | | | | | | 9.9% | | |
Biotechnology Value Fund, L.P. and its affiliated entities(3)
|
| | | | 5,798,340 | | | | | | 9.9% | | |
BlackRock, Inc.(4)
|
| | | | 5,543,902 | | | | | | 9.5% | | |
RTW Investments, L.P.(5)
|
| | | | 5,315,514 | | | | | | 9.1% | | |
The Vanguard Group, Inc.(6)
|
| | | | 3,153,916 | | | | | | 5.4% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | |
Dinesh V. Patel, Ph.D.(7)
|
| | | | 1,959,780 | | | | | | 3.3% | | |
Suneel Gupta, Ph.D.(8)
|
| | | | 471,030 | | | | | | * | | |
Asif Ali(9)
|
| | | | 59,108 | | | | | | * | | |
Harold E. Selick, Ph.D.(10)
|
| | | | 204,586 | | | | | | * | | |
Bryan Giraudo(11)
|
| | | | 157,566 | | | | | | * | | |
Sarah A. O’Dowd(12)
|
| | | | 106,566 | | | | | | * | | |
Daniel N. Swisher, Jr.(13)
|
| | | | 7,500 | | | | | | * | | |
William D. Waddill(14)
|
| | | | 151,566 | | | | | | * | | |
Lewis T. Williams, M.D., Ph.D.(15)
|
| | | | 139,566 | | | | | | * | | |
All current executive officers and directors as a group (10 persons)(16)
|
| | | | 3,323,142 | | | | | | 5.4% | | |
Name
|
| |
Year
|
| |
Salary
($)(1) |
| |
Stock
Awards ($)(2)(3) |
| |
Option
Awards ($)(2) |
| |
Non-Equity
Incentive Plan Compensation ($)(4) |
| |
All Other
Compensation ($)(5) |
| |
Total ($)
|
| |||||||||||||||||||||
Dinesh V. Patel, Ph.D.
President and Chief Executive Officer |
| | | | 2023 | | | | | | 655,200 | | | | | | — | | | | | | 6,041,100 | | | | | | 360,360 | | | | | | 10,912 | | | | | | 7,067,572 | | |
| | | 2022 | | | | | | 630,000 | | | | | | 897,813 | | | | | | 4,211,963 | | | | | | 242,550 | | | | | | 10,912 | | | | | | 5,993,238 | | | ||
Suneel Gupta, Ph.D.
Chief Development Officer |
| | | | 2023 | | | | | | 515,205 | | | | | | 251,006 | | | | | | 1,245,977 | | | | | | 193,125 | | | | | | 10,876 | | | | | | 2,216,189 | | |
| | | 2022 | | | | | | 500,000 | | | | | | 359,125 | | | | | | 1,684,785 | | | | | | 130,000 | | | | | | 10,894 | | | | | | 2,684,804 | | | ||
Asif Ali
EVP, Chief Financial Officer(6) |
| | | | 2023 | | | | | | 447,000 | | | | | | 129,306 | | | | | | 641,867 | | | | | | 178,800 | | | | | | 5,242 | | | | | | 1,402,215 | | |
Name
|
| |
2023 Base
Salary ($) |
| |
Target
Bonus (As a % of Base Salary) |
| |
Amount of
Bonus Earned ($) |
| |||||||||
Dinesh V. Patel, Ph.D.
|
| | | | 655,200 | | | | | | 55% | | | | | | 360,360 | | |
Suneel Gupta, Ph.D.
|
| | | | 515,205 | | | | | | 40% | | | | | | 193,125 | | |
Asif Ali
|
| | | | 447,500 | | | | | | 40% | | | | | | 178,800 | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity Incentive
Plan Awards |
| |||||||||
| | |
Grant Date
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Vesting
Commencement Date |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($) |
| |
Number of
Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| |
Market
or Payout Value of Unearned Shares, Units or Other Rights That Have Not Yet Vested ($) |
| ||||||||||||||||||||||||||||||
Dinesh V. Patel, Ph.D.
|
| | | | 04/29/2016 | | | | | | 54,000 | | | | | | — | | | | | $ | 4.21 | | | | | | 04/25/2016 | | | | | | 04/28/2026 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 10/11/2016 | | | | | | 320,000 | | | | | | — | | | | | $ | 21.58 | | | | | | 08/10/2016 | | | | | | 10/10/2026 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 02/28/2018 | | | | | | 150,000 | | | | | | — | | | | | $ | 16.95 | | | | | | 02/28/2018 | | | | | | 02/27/2028 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 08/15/2018 | | | | | | 54,700 | | | | | | — | | | | | $ | 8.58 | | | | | | 08/05/2018 | | | | | | 08/14/2028 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 02/28/2019(1) | | | | | | 172,500 | | | | | | — | | | | | $ | 8.02 | | | | | | 02/28/2019 | | | | | | 02/27/2029 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 02/28/2020(1) | | | | | | 225,208 | | | | | | 9,792 | | | | | $ | 7.80 | | | | | | 02/28/2020 | | | | | | 02/27/2030 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 02/26/2021(1)(2)(3) | | | | | | 159,375 | | | | | | 65,625 | | | | | $ | 23.57 | | | | | | 02/26/2021 | | | | | | 02/25/2031 | | | | | | 25,000 | | | | | | 573,250 | | | | | | 25,000 | | | | | | 573,250 | | | ||
| | | 02/15/2022(1)(4) | | | | | | 85,937 | | | | | | 101,563 | | | | | $ | 28.73 | | | | | | 02/15/2022 | | | | | | 02/14/2032 | | | | | | 20,834 | | | | | | 477,724 | | | | | | — | | | | | | — | | | ||
| | | 01/16/2023(1) | | | | | | 137,500 | | | | | | 462,500 | | | | | $ | 12.17 | | | | | | 01/16/2023 | | | | | | 01/15/2033 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
Suneel Gupta, Ph.D.
|
| | | | 01/15/2019 | | | | | | 50,000 | | | | | | — | | | | | $ | 7.38 | | | | | | 01/07/2019 | | | | | | 01/14/2029 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 02/28/2019(1) | | | | | | 45,000 | | | | | | — | | | | | $ | 8.02 | | | | | | 02/28/2019 | | | | | | 02/27/2029 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 02/28/2020(1) | | | | | | 81,458 | | | | | | 3,542 | | | | | $ | 7.80 | | | | | | 02/28/2020 | | | | | | 02/27/2030 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 02/26/2021(1)(2)(3) | | | | | | 56,666 | | | | | | 23,334 | | | | | $ | 23.57 | | | | | | 02/26/2021 | | | | | | 02/25/2031 | | | | | | 12,000 | | | | | | 275,160 | | | | | | 12,000 | | | | | | 275,160 | | | ||
| | | 02/15/2022(1)(4) | | | | | | 34,375 | | | | | | 40,625 | | | | | $ | 28.73 | | | | | | 02/15/2022 | | | | | | 02/14/2032 | | | | | | 8,334 | | | | | | 191,099 | | | | | | — | | | | | | — | | | ||
| | | 01/16/2023(1)(4) | | | | | | 28,359 | | | | | | 95,391 | | | | | $ | 12.17 | | | | | | 01/16/2023 | | | | | | 01/15/2033 | | | | | | 20,625 | | | | | | 472,931 | | | | | | — | | | | | | — | | | ||
Asif Ali
|
| | | | 04/18/2022(5)(6) | | | | | | 34,375 | | | | | | 48,125 | | | | | $ | 19.19 | | | | | | 04/18/2022 | | | | | | 04/17/2032 | | | | | | 10,313 | | | | | | 236,477 | | | | | | — | | | | | | — | | |
| | | 01/16/2023(1)(4) | | | | | | 14,609 | | | | | | 49,141 | | | | | $ | 12.17 | | | | | | 01/16/2023 | | | | | | 01/15/2033 | | | | | | 10,625 | | | | | | 243,631 | | | | | | — | | | | | | — | | |
Year | | | Summary Compensation Table Total for PEO(1) | | | Compensation Actually Paid to PEO(2) | | | Average Summary Compensation Table Total for Non-PEO NEOs(3) | | | Average Compensation Actually Paid to Non-PEO NEOs(4) | | | Value of Initial Fixed $100 Investment Based On Total Shareholder Return(5) | | | Net Loss(6) | | ||||||||||||||||||
2023 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | ( | | | |||||
2022 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | ( | | | |||
2021 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | ( | | |
Year | | | Reported Summary Compensation Table Total for PEO | | | Reported Value of Equity Awards(a) | | | Equity Award Adjustments(b) | | | Compensation Actually Paid to PEO | | ||||||||||||
2023 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | |
Year | | | Year End Fair Value of Outstanding and Unvested Equity Awards Granted During the Year | | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Change in Fair Value from Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year | | | Total Equity Award Adjustments | | |||||||||||||||
2023 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | |
Year | | | Average Reported Summary Compensation Table Total for Non-PEO NEOs | | | Average Reported Value of Equity Awards | | | Average Equity Awards Adjustments(a) | | | Average Compensation Actually Paid to Non-PEO NEO | | ||||||||||||
2023 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | |
Year | | | Average Year End Fair Value of Outstanding and Unvested Equity Awards Granted During the Year | | | Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | | | Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Average Change in Fair Value from Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year | | | Total Average Equity Award Adjustments | | |||||||||||||||
2023 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | |
Name
|
| |
Fees Earned
or Paid in Cash ($) |
| |
Option
Awards ($)(1)(2) |
| |
Total
($) |
| |||||||||
Bryan Giraudo
|
| | | | 60,000 | | | | | | 296,517 | | | | | | 356,517 | | |
Sarah Noonberg, M.D., Ph.D.(3)
|
| | | | 25,000 | | | | | | 591,741 | | | | | | 616,741 | | |
Sarah A. O’Dowd
|
| | | | 45,000 | | | | | | 296,517 | | | | | | 341,517 | | |
Harold E. Selick, Ph.D.
|
| | | | 98,750 | | | | | | 296,517 | | | | | | 395,267 | | |
Daniel N. Swisher, Jr.
|
| | | | 7,174 | | | | | | 530,982 | | | | | | 538,156 | | |
William D. Waddill
|
| | | | 67,500 | | | | | | 296,517 | | | | | | 364,017 | | |
Lewis T. Williams, M.D., Ph.D.
|
| | | | 55,000 | | | | | | 296,517 | | | | | | 351,517 | | |
Name
|
| |
Aggregate Number
of Option Awards Outstanding as of December 31, 2023 |
| |||
Bryan Giraudo
|
| | | | 131,000 | | |
Sarah Noonberg, M.D., Ph.D.(1)
|
| | | | 99,000 | | |
Sarah A. O’Dowd
|
| | | | 98,000 | | |
Harold E. Selick, Ph.D.
|
| | | | 174,514 | | |
Daniel N. Swisher, Jr.
|
| | | | 45,000 | | |
William D. Waddill
|
| | | | 143,975 | | |
Lewis T. Williams, M.D., Ph.D.
|
| | | | 131,000 | | |
Plan Category(1)
|
| |
Number of
Securities to Be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a) |
| |
Weighted
Average Exercise Price of Outstanding Options, Warrants and Rights(2) (b) |
| |
Number of
Securities Remaining Available for Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c) |
| |||||||||
Equity compensation plans approved by securities holders: | | | | | | | | | | | | | | | | | | | |
2007 Stock Option and Incentive Plan
|
| | | | 146,371(3) | | | | | $ | 3.89 | | | | | | — | | |
2016 Equity Incentive Plan
|
| | | | 7,594,673(4) | | | | | $ | 17.10 | | | | | | 1,035,798(5) | | |
2016 Employee Stock Purchase Plan
|
| | | | — | | | | | | — | | | | | | 1,459,902(6) | | |
Equity compensation plans not approved by securities holders: | | | | | | | | | | | | | | | | | | | |
2018 Inducement Plan(7)
|
| | | | 920,990(8) | | | | | $ | 19.56 | | | | | | 548,722 | | |
Total
|
| | | | 8,662,034 | | | | | $ | 17.21 | | | | | | 3,044,422 | | |