DEF 14A of Pyxis Oncology, Inc., Apr 29, 2025

DEF 14A of Pyxis Oncology, Inc.

Filed Apr 29, 2025 · FY20240000950170-25-059573

Open on EDGAR

  1. ELECTION OF THREE CLASS I DIRECTORS

    ELECTION OF THREE CLASS I DIRECTORS

  2. General

    General Our business and affairs are managed under the direction of the Board. The Board presently consists of nine directors and is divided into three classes for purposes of elections, with staggered, three-year terms. Each of our current directors will continue to serve as a director until the election and qualification of his or her successor, or until his or her earlier death, resignation or removal. There are no family relationships among any of our directors or executive officers. Our Board nominated Santhosh Palani, Ph.D., CFA, Darren Cline and Rachel Humphrey, M.D. for election to our Board as Class I directors at the Annual Meeting. Dr. Palani, Mr. Cline, and Dr. Humphrey currently serve on our Board and have consented to be named in this proxy statement. Dr. Palani, Mr. Cline, and Dr. Humphrey have agreed to serve as directors, if elected, until the 2028 annual meeting of stockholders and until their successors have been duly elected and qualified or until their earlier resignation or removal.

  3. Information Regarding Nominee and Continuing Directors

    Information Regarding Nominee and Continuing Directors The following table sets forth information with respect to our directors, including the director nominees for election at the Annual Meeting:

  4. Information Regarding Nominee and Continuing Directors

    | Name | Age | Position Held | Director Since | Class and Year in Which Term Will Expire | | Nominees for Election at the Annual Meeting | | | | | | Santhosh Palani, Ph.D., CFA | 42 | Director | March 2024 | Class I - 2025 | | Darren Cline | 60 | Director | September 2021 | Class I - 2025 | | Rachel Humphrey, M.D. | 63 | Director | August 2022 | Class I - 2025 | | Continuing Directors | | | | | | Thomas Civik | 56 | Director | September 2021 | Class II - 2026 | | Freda Lewis-Hall, M.D. | 70 | Director | September 2021 | Class II - 2026 | | Michael A. Metzger | 54 | Director | June 2024 | Class II - 2026 | | Lara Sullivan, M.D. | 52 | Director, President, Chief Executive Officer and Chief Medical Officer | December 2019 | Class III - 2027 | | John Flavin | 56 | Director and Chair of the Board | May 2019 | Class III - 2027 | | Jakob Dupont, M.D. | 60 | Director | August 2023 | Class III - 2027 |

  5. Information Regarding Nominee and Continuing Directors

    Additional descriptions of the nominees and continuing directors are set forth in the text below. These descriptions include the experience, qualifications, qualities and skills that led to the conclusion that each director should serve as a member of our Board at this time.

  6. Board Nominees

    Board Nominees

  7. Class I Director

    Class I Director Santhosh Palani, Ph.D., CFA. Dr. Palani was appointed to our Board in March 2024. Dr. Palani is the Founder and CEO of PSP Research, a healthcare-focused investment advisory firm, a position he has held since 2024. Prior to starting PSP, Dr. Palani was a Partner from 2020 to 2024 at PFM Health Sciences. At PFM, Dr. Palani led public and private biotechnology investments and served on the board of companies in the cell therapy and gene editing fields. Prior to joining PFM in 2020, Dr. Palani was a Principal at New Enterprise Associates, a venture capital financing company, where he invested in early-stage private biotechnology companies and served on the boards of companies in the radiopharmaceuticals, cell therapy, targeted oncology, and gene editing fields. From 2016 to 2018, Dr. Palani was a Vice President of Biotechnology Equity Research at Cowen and Company, where he covered small- to mid-cap biotechnology stocks across numerous therapeutic areas. Prior to his time at Cowen, Dr. Palani was in oncology drug development at Pfizer Inc. (“Pfizer”) and Takeda Pharmaceuticals. Dr. Palani has a Ph.D. in bioengineering from the University of Pennsylvania and completed his postdoctoral work in biochemistry and molecular biophysics at Columbia University. He also holds a M.S. in chemical engineering from Texas A&M University and a B.S. in chemical engineering from the University of Madras. Dr. Palani is a CFA® Charterholder. The Board believes that Dr. Palani is qualified to serve on our Board based his strong financial and investing background, significant experience in the biotech industry and experience in the fields of internal medicine, endocrinology and oncology. Darren Cline. Mr. Cline currently serves on the board of directors of Pliant Therapeutics, a biotechnology company. Previously, Mr. Cline also served on the board of directors of Impel Pharmaceuticals, a biopharmaceutical company. Mr. Cline served as President and Chief Executive Officer of Epygenix Therapeutics, Inc., a biopharmaceutical company, from March 2022 to March 2023. From April 2019 to December 2021, Mr. Cline served as the U.S. Chief Commercial Officer and member of the Executive Committee for Greenwich Bioscience, the U.S. subsidiary of GW Pharmaceuticals, a British pharmaceutical company, prior to the acquisition by Jazz Pharmaceuticals. From October 2010 to March 2019, Mr. Cline served as Executive Vice President, Commercial at Seattle Genetics, Inc., a biotechnology company, where he oversaw all marketing, sales, and managed markets. He was directly involved in the commercial build out for the launch of Adcetris, an antibody-based biologic the FDA approved for treatment of certain hematologic cancers and played an integral role driving Adcetris’s continued growth. Prior to Seattle Genetics, between October 2006 and October 2009, Mr. Cline was at Alexion Pharmaceuticals, where he was part of the initial commercial leadership team for the Soliris launch, helping to build out key sales functions. Mr. Cline received his undergraduate degree from San Diego State University and his M.B.A. from Pepperdine University. The Board believes that Mr. Cline is qualified to serve on our Board because of his management experience and background in the biotechnology sector. Rachel Humphrey, M.D. Dr. Humphrey is a medical oncologist with over 25 years of experience in the pharmaceutical industry. Currently she serves as President and Founding CEO of Normunity, a biotechnology company focused on immuno-oncology mechanisms, a position she has held since October 2021. Dr. Humphrey also serves on the board of directors of Sporos Bioventures and as a member of the Scientific Advisory Boards of both Grey Wolf Therapeutics and HotSpot Therapeutics. Previously, she served as Chief Medical Officer at Black Diamond Therapeutics, a novel precision oncology therapy company, from September 2021 to September 2022, and as Chief Medical Officer at Treadwell Therapeutics, Inc., a clinical stage, multi-modality oncology company, from January 2020 to May 2020 and Head of Research and Development at TIO Bioventures, a venture capital firm, over the same time period. Dr. Humphrey served as Senior Vice President, Chief Medical Officer at CytomX Therapeutics, a clinical-stage biopharmaceutical company, from August 2015 to September 2019. Over the course of her career, Dr. Humphrey also held numerous senior leadership roles in large pharmaceutical companies including Senior Vice President and Head of Immuno-Oncology at AstraZeneca, and Vice President, Clinical Development and Immuno-oncology at Bristol-Myers Squibb where she supervised the development of ipilimumab (Yervoy) from early development to post-launch and founded and chaired the first immuno-oncology working group. She currently serves on the board of directors of Sporos Biosciences, and previously served on the board of directors of Xilio and CytomX Therapeutics, respectively. Dr. Humphrey holds an M.D. from Case Western Reserve University and a B.A. from Harvard University. She received her training in internal medicine at the Johns Hopkins Hospital and started her career as an oncology fellow and staff physician at the National Cancer Institute in Bethesda, Maryland. The Board believes that Dr. Humphrey is qualified to serve on our Board based on her expertise and experience in the life sciences industry and her leadership experience as a senior executive at various biopharmaceutical companies as well as her educational background.

  8. Continuing – Class II Directors

    Continuing – Class II Directors Michael A. Metzger. Mr. Metzger was appointed to our Board as a Class II director in June 2024. Mr. Metzger has served as Chief Executive Officer of Syndax Pharmaceuticals Inc. ("Syndax"), a commercial stage biopharmaceutical company, since February 2022 and previously served as its President and Chief Operating Officer from May 2015 and has been a member of the board of directors of Syndax since July 2019. Prior to joining Syndax, Mr. Metzger was President and COO from December 2013 to October 2014 and President, Chief Executive Officer and a member of the board of directors of Regado Biosciences, Inc., a former publicly traded biotechnology company, from October 2014 to May 2015, where he oversaw the company’s successful merger with Tobira Therapeutics, Inc. in 2015. Previously, Mr. Metzger served as Executive Vice President and Chief Operating Officer at Mersana Therapeutics, Inc., a privately held biopharmaceutical company developing novel immunoconjugate therapies for cancer, from March 2011 to November 2013, and in senior business development positions including leading mergers and acquisitions at Forest Laboratories, LLC, which was acquired by Allergan plc, a publicly traded company, from 2006 to February 2011. Prior to Forest, Mr. Metzger served as Vice President Corporate Development at Onconova Therapeutics, Inc. and was a Managing Director at MESA Partners, Inc., a venture capital firm. Mr. Metzger previously served on the board of CTI Biopharma Corp., a publicly traded biopharmaceutical company, and currently serves on the board of Syndax and a not-for-profit company. Mr. Metzger received a B.A. from George Washington University and an M.B.A. in Finance from the New York University Stern School of Business. The Board believes that Mr. Metzger is qualified to serve on our Board based on his expertise and experience in biotechnology companies and his leadership experience as a Chief Executive Officer at various biopharmaceutical companies as well as his educational background. Thomas Civik. Mr. Civik currently serves a member and Chairman of the board of directors of Repare Therapeutics and ImCheck Therapeutics, both biotechnology companies. From April 2020 to May 2021, Mr. Civik served as President, Chief Executive Officer and a member of the board of directors at Five Prime Therapeutics, Inc., a biotechnology company. From November 2017 until September 2019, Mr. Civik served as Chief Commercial Officer of Foundation Medicine, Inc., a genomic profiling and molecular information company. From December 2000 to November 2017, Mr. Civik served in positions of increasing responsibility at Genentech, Inc. (“Genentech”), a biotechnology company, most recently serving as Vice President and Franchise Head leading the commercialization efforts for the Avastin®, Tarceva®, Tecentriq®, and Alecensa®, products. From July 1992 to December 2000, Mr. Civik served at Sanofi S.A. in sales and marketing roles of increasing responsibility. Mr. Civik received an M.B.A. in business strategy and marketing from the Kellogg School of Management at Northwestern University and a B.A. in political science from Saint Norbert College. The Board believes that Mr. Civik is qualified to serve on our Board because of his extensive commercial expertise and leadership experience at other biotechnology companies. Freda Lewis-Hall, M.D. Dr. Lewis-Hall served as Senior Medical Advisor to the Chief Executive Officer at Pfizer, a pharmaceutical and biotechnology corporation, until her retirement in March 2020. Prior to this role, Dr. Lewis-Hall was the Chief Patient Officer and Executive Vice President at Pfizer, a multinational pharmaceutical and biotechnology corporation, from January 2019 to January 2020. In this role, Freda worked to extend the reach of Pfizer’s patient-facing health information and education and amplify the patient’s voice inside and outside Pfizer. From 2009-2018 Freda served as Pfizer’s Chief Medical Officer and Executive Vice President responsible for the safe, effective and appropriate use of Pfizer medicines and vaccines. Prior to joining Pfizer in 2009, Dr. Lewis-Hall held various senior leadership positions including Chief Medical Officer and Executive Vice President, Medicines Development at Vertex Pharmaceuticals, Inc., from June 2008 to May 2009, and Senior Vice President, U.S. Pharmaceuticals, Medical Affairs for Bristol-Myers Squibb Co. from 2003 to May 2008. Dr. Lewis-Hall has served on the board of directors of SpringWorks Therapeutics, Inc. since August 2017 and Conduit Pharmaceuticals since September 2023. From December 2014 to May 2017, she served on the board of directors of Tenet Healthcare Corporation, from November 2019 to 2023 on the board of 1Life Healthcare, and on the board of Exact Sciences Corporation from November 2020 to 2024.Dr. Lewis-Hall earned a B.A. in Natural Sciences from Johns Hopkins University and an M.D. from Howard University College of Medicine. The Board believes that Dr. Lewis-Hall is qualified to serve on our Board based on her expertise and experience in the life sciences industry and her leadership experience as a senior executive at various biopharmaceutical companies as well as her educational background.

  9. Continuing - Class III Directors

    Continuing - Class III Directors John Flavin. Mr. Flavin is co-founder and founding Chair of the Board. Mr. Flavin has served as Chair of the Board since our IPO. He is also the Founder and Chief Executive Officer of Portal Innovations, a life sciences venture development engine, since February 2020. Mr. Flavin also serves as Executive Chairman at ClostraBio Inc., board member at Grove BioPharma Inc., advisor to the Rice University Biotech Launchpad, advisor to Argonne National Laboratory, and Managing Director at Flavin Ventures LLC. Prior to joining us, between April 2018 and February 2020, Mr. Flavin was the Chief Financial Officer at Endotronix, Inc., a medical equipment manufacturer. Between September 2013 and April 2018, Mr. Flavin was the Head of the Polsky Center for Entrepreneurship and Innovation at the University of Chicago. Mr. Flavin has over 20 years of experience in finance, operations, and innovation. Mr. Flavin has co-founded and scaled several life sciences companies as President and Chief Financial Officer such as Advanced Life Sciences and MediChem Life Sciences. Mr. Flavin has also co-founded and led transformative life sciences incubators including MATTER and the Polsky Center for Entrepreneurship and Innovation at the University of Chicago. He received his B.S. in Business Administration from Marquette University and his M.B.A. in Finance from Lewis University. The Board believes that Mr. Flavin is qualified to serve on our Board because of his extensive expertise and experience in the life sciences industry, knowledge of our operations and his leadership experience in other companies in our industry. Lara Sullivan, M.D. Dr. Sullivan has served as our President and Chief Executive Officer since December 2019 and in the additional role of Chief Medical Officer since March 2025. Prior to joining us, Dr. Sullivan was a senior advisor from July 2018 to September 2019 at Lara Sullivan BioAdvisory Services, consulting for biotechnology companies. From September 2017 to June 2018, Dr. Sullivan was Founder and President of SpringWorks Therapeutics, a clinical stage biopharmaceutical company spun-out from Pfizer. Between February 2011 and September 2017, Dr. Sullivan was at Pfizer, a multinational pharmaceutical and biotechnology corporation, where she led strategy, competitive intelligence and portfolio operations for the company’s early-stage R&D pipeline. Prior to joining Pfizer, Dr. Sullivan was an associate partner at McKinsey & Company, where she specialized in biopharmaceutical R&D productivity and efficiency. Dr. Sullivan also served as a principal at Paul Capital Partners, where she led due diligence for healthcare investments, and earlier in her career worked in healthcare equity research and healthcare municipal finance at Credit Suisse First Boston. Dr. Sullivan holds an M.D. from the University of Pennsylvania School of Medicine, an M.B.A. from The Wharton School at the University of Pennsylvania, and a B.A. in Comparative Literature from Cornell University. The Board believes that Dr. Sullivan is qualified to serve on our Board because of her extensive expertise and experience in the life sciences industry, her leadership and management experience and her educational background. Jakob Dupont, M.D. Dr. Dupont served as a member of the board of directors at Apexigen, Inc. (“Apexigen”) from August 2020 until we completed the acquisition of Apexigen in August 2023. Dr. Dupont currently serves as an Executive Partner at Sofinnova Investments, a healthcare investment firm. Dr. Dupont also serves on the board of directors of Imugene, Avenzo and Bold Biotherapeutics biotechnology companies. Prior to joining Sofinnova, Dr. Dupont served as the Global Head of Research and Development and Executive Vice President at Atara Biotherapeutics, a biotechnology company, from May 2020 to December 2023. From December 2018 to May 2020, he served as Chief Medical Officer and from May 2020 to July 2021 as a consultant oncologist at Gossamer Bio Inc., a clinical-stage biopharmaceutical company. From January 2017 to December 2018, he served as Vice President, Global Head Breast and Gynecologic Cancer Development at Genentech, a biotechnology company. Dr. Dupont served as Chief Medical Officer and Senior Vice President at OncoMed Pharmaceuticals, a biotechnology company, from October 2011 to December 2016. Dr. Dupont holds an A.B. in Philosophy from Vassar College, an M.A. in Philosophy from New York University and an M.D. from Cornell University. The Board believes that Dr. Dupont is qualified to serve on our Board because of his extensive experience in the biotechnology field and his knowledge and expertise in oncology drug development.

  10. DIRECTOR COMPENSATION

    DIRECTOR COMPENSATION The Board engaged Pearl Meyer & Partners, LLC (“Pearl Meyer”), an independent compensation consultant, to provide advice on non-employee director compensation. Based on such review, the Board approved the non-employee director compensation program set forth below for 2024, which was updated from the non-employee director compensation program for 2023 as described below.

  11. DIRECTOR COMPENSATION

    | Board Position | Annual Compensation | | Board of Directors | | | Board Cash Retainer – Non-Employee Directors | $40,000 (increased from 30,000) | | Additional Chair of the Board Cash Retainer | $30,000 | | Committee Member Cash Retainers | | | Audit Committee | $7,500 | | Compensation Committee | $7,500 (increased from 5,000) | | Nominating and Governance Committee | $5,000 (increased from 4,000) | | Research and Development Committee | $4,000 | | Additional Committee Chair Cash Retainers | | | Audit Committee | $15,000 | | Compensation Committee | $15,000 (increased from 10,000) | | Nominating and Governance Committee | $10,000 (increased from 8,000) | | Research and Development Committee | $8,000 (increased from 5,000) |

  12. DIRECTOR COMPENSATION

    In addition, our non-employee directors are eligible to receive an annual equity award and an equity award at the time the director joins the Board (sign-on equity award). Prior to 2024, our practice was to grant annual equity awards and sign-on equity awards to directors based on fixed dollar amounts. Based on the recommendation of Pearl Meyer and considering the volatility in our stock price, beginning in 2024, the Compensation Committee determined that the number of shares that would be subject to the sign-on equity awards and annual equity awards would be equal to 0.12% and 0.06% of the Company’s common stock outstanding, respectively. The vesting schedules for the non-employee director equity awards are as follows; • The annual equity award will vest in full on the first anniversary of the grant date, subject to the director’s continued service through the applicable vesting date; and • The sign-on equity award vest in three equal installments beginning on the first anniversary of the vest commencement date, subject to the director’s continued service through the applicable vesting date. Additionally, we entered into consulting arrangements with Dr. Dupont, Dr. Humphrey and Dr. Palani to leverage their expertise in clinical development and medical monitoring of our clinical trials. The consulting arrangements were approved by the Compensation Committee and provides for an hourly fee of $750, subject to an overall limitation on fees equal to $120,000 per year. We also reimburse our directors for reasonable travel and other related expenses incurred in connection with their service on the Board.

  13. 2024 Director Compensation Table

    2024 Director Compensation Table The following table sets forth information for the fiscal year ended December 31, 2024 regarding the compensation awarded to, earned by or paid to each of our non-employee directors serving during 2024. Dr. Sullivan also serves as a member of the Board, but does not receive any additional compensation for her service on the Board. Please see the “2024 Summary Compensation Table” within “Executive Compensation” for a summary of the compensation Dr. Sullivan received for her service as our President and Chief Executive Officer during 2024.

  14. 2024 Director Compensation Table

    | Name | Fees Earned or Paid in Cash | Stock Awards (1)(2) | Option Awards (1)(3) | All Other Compensation (4) | Total | | John Flavin | $95,817 | $134,889 | — | — | $230,706 | | Thomas Civik | $57,452 | — | $132,081 | — | $189,533 | | Darren Cline | $58,317 | $134,889 | — | — | $193,206 | | Jakob Dupont, M.D. | $48,856 | $148,378 | — | $119,625 | $316,859 | | Freda Lewis-Hall, M.D. | $45,000 | $134,889 | — | — | $179,889 | | Rachel Humphrey, M.D. | $59,212 | $148,378 | — | $115,688 | $323,278 | | Santhosh Palani, Ph.D., CFA (5) | $44,746 | $22,800 | $320,338 | $105,750 | $493,634 | | Michael A. Metzger (6) | $30,708 | $— | $226,949 | — | $257,657 |

  15. 2024 Director Compensation Table

    | (1) The following table summarizes the equity awards granted to our non-employee directors for their service on the Board during 2024 and the grant date fair values of such equity awards: |

  16. 2024 Director Compensation Table

    | Name | Grant Date | Number of Shares Underlying Option Award Grants (#) | Number of Stock Award Grants (#) | Grant Date Fair Value of Option Award Grants ($) | Grant Date Fair Value of Stock Award Grants ($) | | John Flavin | 03/26/2024 | — | 35,219 | — | $134,889 | | Thomas Civik | 03/26/2024 | 44,024 | — | $132,081 | — | | Darren Cline | 03/26/2024 | — | 35,219 | — | $134,889 | | Jakob Dupont, M.D. | 03/26/2024 | — | 38,741 | — | $148,378 | | Freda Lewis-Hall, M.D. | 03/26/2024 | — | 35,219 | — | $134,889 | | Rachel Humphrey, M.D. | 03/26/2024 | — | 38,741 | — | $148,378 | | Santhosh Palani, Ph.D., CFA | 03/12/2024 | 69,760 | — | $320,338 | — | | Santhosh Palani, Ph.D., CFA | 06/07/2024 | — | 6,000 | — | $22,800 | | Michael A. Metzger | 06/10/2024 | 70,683 | — | $226,949 | — |

  17. 2024 Director Compensation Table

    | (2) The amounts reported in this column reflect the aggregate grant date fair values of the restricted stock units (“RSUs”) granted for the fiscal year ended December 31, 2024, computed in accordance with FASB ASC Topic 718, Compensation — Stock Compensation, calculated based on the number of shares of RSUs granted multiplied by the quoted closing market price of our common stock on the date of grant. These amounts do not reflect the actual economic value that may be realized by the non-employee director. Whether, and to what extent, a non-employee director realizes value will depend on our actual operating performance, stock price fluctuations and the non-employee director’s continued service on the Board. | | (3) The amounts reported in this column reflect the aggregate grant date fair values of the stock options granted for the fiscal year ended December 31, 2024, computed in accordance with FASB ASC Topic 718, Compensation — Stock Compensation. The assumptions used in calculating the grant date fair value of the stock options reported in this column are set forth in Note 16 – “Stock-Based Compensation” within our Notes to Financial Statements included in Part II, Item 8 within our Annual Report on Form 10-K for the year ended December 31, 2024. Whether, and to what extent, a non-employee director realizes value will depend on our actual operating performance, stock price fluctuations and the non-employee director’s continued service on the Board. | | (4) The amounts reported in this column reflect fees paid to Dr. Dupont, Dr. Humphrey and Dr. Palani for providing consulting services to the Company related to clinical development and medical monitoring of clinical trials for micvotabart pelidotin, formerly known as PYX-201 and PYX-106. | | (5) Dr. Palani was appointed to the Board effective March 12, 2024. | | (6) Mr. Metzger was appointed to the Board effective June 10, 2024. |

  18. Director Outstanding Equity Awards at Fiscal Year-End 2024

    Director Outstanding Equity Awards at Fiscal Year-End 2024 The following table summarizes the equity awards that were outstanding as of December 31, 2024 for each of our non-employee directors serving during 2024:

  19. Director Outstanding Equity Awards at Fiscal Year-End 2024

    | Name | Number of Shares Underlying Unexercised Options (#)(a) | Number of Unearned Shares, Units, or Other Rights That Have Not Vested (#) | | John Flavin | 57,916 | 35,219 | | Thomas Civik | 101,940 | — | | Darren Cline | 57,916 | 35,219 | | Jakob Dupont, M.D. | 419,124 | 38,741 | | Freda Lewis-Hall, M.D. | 57,916 | 35,219 | | Santhosh Palani Ph.D., CFA. | 69,760 | 6,000 | | Rachel Humphrey, M.D. | 236,220 | 38,741 | | Michael A. Metzger | 70,683 | — |

  20. Director Outstanding Equity Awards at Fiscal Year-End 2024

    | (a) Unexercised option awards represent both exercisable and unexercisable awards. |

  21. 2024 Summary Compensation Table

    2024 Summary Compensation Table The following table shows information regarding the compensation of our named executive officers for services performed in the year ended December 31, 2024:

  22. 2024 Summary Compensation Table

    | Name and Principal Position | Year | Salary | Bonus | Stock Awards (1) | Option Awards (2) | Non-Equity Incentive Plan Compensation (3) | All Other Compensation (4)(5) | Total | | Lara Sullivan, M.D. | 2024 | $625,000 | $— | $1,249,152(6) | $4,766,566 | $421,875 | $10,350 | $7,072,943 | | President, Chief Executive Officer and Chief Medical Officer | 2023 | $625,000 | $200,000 | $2,686,510 | $546,091 | $375,000 | $9,900 | $4,442,501 | | Pamela Connealy | 2024 | $504,000 | — | $1,413,602(7) | $393,607 | $249,480 | $10,350 | $2,571,039 | | Chief Financial Officer and Chief Operating Officer | 2023 | $473,000 | — | $923,684 | $187,975 | $226,800 | $9,900 | $1,821,359 | | Ken Kobayashi, M.D. | 2024 | $500,000 | — | — | — | $140,000 | $10,350 | $650,350 | | Former Chief Medical Officer | 2023 | $49,242 | — | — | $812,140 | $18,630 | — | $880,013 |

  23. 2024 Summary Compensation Table

    | (1) The amounts reported in this column for 2024 reflect the aggregate grant date fair values of the RSUs granted for the fiscal year ended December 31, 2024, computed in accordance with FASB ASC Topic 718, Compensation — Stock Compensation, calculated based on the number of shares of RSUs granted multiplied by the quoted closing market price of our common stock on the date of grant. These amounts do not reflect the actual economic value that may be realized by the named executive officers. | | (2) The amounts reported in this column for 2024 reflect the aggregate grant date fair values of the stock options granted for the fiscal year ended December 31, 2024, computed in accordance with FASB ASC Topic 718, Compensation — Stock Compensation. The assumptions used in calculating the grant date fair value of the stock options reported in this column are set forth in Note 16 – “Stock-Based Compensation” within our Notes to Financial Statements included in Part II, Item 8 within our Annual Report on Form 10-K for the year ended December 31, 2024. These amounts do not reflect the actual economic value that may be realized by the named executive officers. | | (3) The amounts reported in this column for 2024 represent annual incentive bonuses that were paid based on the achievement of corporate and, in the case of Ms. Connealy, and Dr. Kobayashi, individual performance goals in 2024. Please see the description above under “Annual Cash Bonuses” for further information regarding the 2024 bonuses. | | (4) The amounts reported in this column for 2024 for each named executive officer reflect the matching 401(k) contribution paid by us on their behalf for 2024. | | (5) In accordance with SEC rules, the compensation described in this table does not include various health and welfare or other benefits received by our named executive officers that were generally available to all of our regular, full-time employees, as well as certain perquisites and other benefits received by our named executive officers that, in the aggregate, were less than $10,000 for any officer. | | (6) During 2024, the Compensation Committee and the Board approved the accelerated vesting of the unvested RSUs previously granted to Dr. Sullivan and the amount reported represents the fair value associated with the accelerated vesting of her 2022 and 2023 RSU grants. | | (7) During 2024, the Compensation Committee and the Board approved the accelerated vesting of the unvested RSUs previously granted to Ms. Connealy and the amount reported includes $154,643 representing the fair value associated with the accelerated vesting of her 2022 RSU grant. |

  24. Outstanding Equity Awards at 2024 Fiscal Year-End

    Outstanding Equity Awards at 2024 Fiscal Year-End The following table presents information regarding the outstanding equity awards held by each of the named executive officers as of December 31, 2024.

  25. Outstanding Equity Awards at 2024 Fiscal Year-End

    | | Option Awards (1) | | | | | | Stock Awards | | | Name | Grant Date | Footnote | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Option Exercise Price ($/Share) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | Lara Sullivan, M.D. | 3/31/2021 | | 990,461 | — | $2.21 | 3/31/2031 | — | — | | | 9/15/2021 | (3) | 48,944 | 12,881 | $2.21 | 9/15/2031 | — | — | | | 10/7/2021 | (4) | 507,875 | 454,414 | $16.00 | 10/7/2031 | — | — | | | 3/31/2022 | (5) | — | — | — | — | 185,644 | $289,605 | | | 3/24/2023 | (6) | — | — | — | — | 351,691 | $548,638 | | | 3/26/2024 | (10) | — | 1,071,242 | $3.83 | 3/26/2034 | — | — | | | 12/23/2024 | (12) | — | 1,135,000 | $1.67 | 12/23/2034 | — | | | Pamela Connealy | 7/31/2021 | (7) | 275,268 | 46,997 | $2.21 | 7/31/2031 | — | — | | | 9/15/2021 | (3) | 8,157 | 2,147 | $2.21 | 9/15/2031 | — | — | | | 12/6/2021 | (8) | 45,223 | 7,721 | $9.64 | 12/6/2031 | — | — | | | 3/31/2022 | (5) | — | — | — | — | 77,352 | $120,669 | | | 3/24/2023 | (6) | — | — | — | — | 118,015 | $184,103 | | | 3/26/2024 | (11) | — | — | — | — | 328,710 | $512,788 | | | 12/23/2024 | (12) | — | 310,000 | $1.67 | 12/23/2034 | — | — | | Ken Kobayashi, M.D. | 12/29/2023 | (9) | 120,117 | 323,397 | $1.80 | 12/29/2033 | — | — | | | 12/29/2023 | (9) | 110,878 | — | $1.80 | 12/29/2033 | — | — |

  26. Outstanding Equity Awards at 2024 Fiscal Year-End

    | (1) Unexercised option awards represent both vested and unvested option awards. | | (2) The market value of shares that have not vested reflects a stock price of $1.56, our closing stock price on December 31, 2024, the last trading day of fiscal year 2024. | | (3) These stock options vested 25% on the first anniversary of the closing of the initial public offering, and then vest in 36 substantially-equal monthly installments thereafter, subject to the named executive officer’s continued employment through the applicable vesting date. | | (4) The Board granted 962,289 stock options on October 7, 2021 to the named executive officer in two separate tranches. Tranche I consists of two-thirds of these stock options (641,526), of which 25% vested on the first anniversary of the grant date, and then vest in 36 substantially-equal monthly installments, subject to the named executive officer’s continued employment through the applicable vesting date. For Tranche I, total vested and unvested stock options as of December 31, 2024 were 507,875 and 133,651, respectively. Tranche II comprise of one-third of these stock options (320,763) which vest in full on the fourth anniversary of the grant date, subject to the named executive officer’s continued employment through the applicable vesting date. All of the Tranche II stock options remained unvested as of December 31, 2024. | | (5) These RSUs vested 25% on the first anniversary of March 31, 2022, and then vest in 12 substantially-equal quarterly installments thereafter, subject to the named executive officer’s continued employment through the applicable vesting date. | | (6) These RSUs vested 25% on the first anniversary of March 24, 2023, and then vest in 36 substantially-equal monthly installments thereafter, subject to the named executive officer’s continued employment through the applicable vesting date. | | (7) These stock options vested 25% on the first anniversary of July 31, 2021, and then vest in 36 substantially-equal monthly installments thereafter, subject to the named executive officer’s continued employment through the applicable vesting date. |

  27. Outstanding Equity Awards at 2024 Fiscal Year-End

    | (8) These stock options vested 25% on July 19, 2022, and then vest in 36 substantially-equal monthly installments thereafter, subject to the named executive officer’s continued employment through the applicable vesting date. | | (9) The shares subject to this option will vest over four years, with 25% vesting on November 27, 2024 and the remainder vesting in 36 equal monthly installments thereafter, subject to the named executive officer’s continued employment through the applicable vesting date. | | (10) These stock options vested 25% on the first anniversary of March 26, 2024, and then vest in 36 substantially-equal monthly installments thereafter, subject to the named executive officer’s continued employment through the applicable vesting date. | | (11) Represents RSUs that vest 25% on the first anniversary of March 26, 2024 and then vest in 36 substantially-equal monthly installments thereafter, subject to the named executive officer’s continued employment through the applicable vesting date. | | (12) The shares subject to this stock option vest in full on December 23, 2025, subject to the named executive officer’s continued employment through the vesting date. |

  28. Non-Qualified Deferred Compensation Plan

    Non-Qualified Deferred Compensation Plan In May 2024, the Board approved the Deferred Compensation Plan (“the NQDC Plan”). The NQDC Plan was made available to certain eligible employees and the Company’s non-employee directors, and allows those who elect to participate to defer the settlement of certain RSUs to a future period. Under the NQDC Plan, the Compensation Committee has the authority to provide that participants’ accounts will be deemed invested in notional investments other than shares of Company common stock. No such notional investment options are currently available under the NQDC Plan.