Tuan Nguyen

About Tuan Nguyen

Tuan Nguyen, 49, is the Chief Financial Officer of Arbutus Biopharma (appointed March 2025). He brings nearly two decades of biopharma finance leadership across small molecules and gene therapy, having served as CFO of Kinevant Sciences (Mar 2022–Mar 2025) and VP Finance at Adverum Biotechnologies (May 2020–Mar 2022), with prior senior finance roles at Intarcia Therapeutics, FibroGen, and UCB; he has helped raise over $2 billion in dilutive and non‑dilutive capital and holds an MBA (Finance and Entrepreneurship) from Emory University . Since appointment, Nguyen has signed and certified multiple SEC filings (10‑Qs, 8‑Ks), including Sarbanes‑Oxley 302/906 certifications for Q1 and Q3 2025, evidencing responsibility for disclosure controls and financial reporting . Company financials during his tenure reflect continued R&D prioritization and restructuring; see the “Performance & Track Record” table below for quarterly revenue and net loss context .

Past Roles

External Roles

Fixed Compensation

• Executive Employment Agreement in place: Arbutus Biopharma, Inc. and Tuan Nguyen (dated March 25, 2025) . Specific cash compensation terms (base salary, bonus targets) are not disclosed in the public sections of the 10‑Q; the agreement exists as Exhibit 10.3 .

• Incentive Compensation Recovery (Clawback): Company adopted an incentive compensation recovery policy (Oct 18, 2023) covering current and former executive officers and certain VPs; requires recovery of erroneously awarded incentive compensation following restatements over preceding three fiscal years .

• Benchmarking/consultant: Radford (Aon) advised the compensation committee on executive and director compensation in 2024, providing industry comparative data; ABUS paid $163,640 for Radford advisory services .

Performance Compensation

• Company plan design (structure and vesting, general):

  • Options typically vest 1/48th monthly over four years (10‑year term) .
  • RSUs typically vest in three equal annual installments over three years .
    These terms applied to named executive officer grants in 2024 and represent current plan mechanics; specific award sizes for Nguyen are not disclosed in public sections.

• Trading arrangement for RSUs (sell-to-cover): Nguyen adopted a Rule 10b5‑1 sell‑to‑cover instruction (Mar 28, 2025) to automatically sell sufficient shares upon RSU vesting to satisfy tax withholding. As of Q1 2025 he did not hold RSUs, but may receive future RSU grants .

Equity Ownership & Alignment

• Hedging/pledging prohibitions: Company insider trading policy prohibits hedging or monetization transactions (e.g., collars, forward contracts), holding shares in margin accounts, or pledging as loan collateral; also prohibits transactions in puts/calls/derivatives . This materially reduces hedging/pledging risk and enhances alignment.

• Beneficial ownership: ABUS’s beneficial ownership table as of March 24, 2025 does not list Nguyen; specific personal holdings were not disclosed there (table focused on named executive officers who departed and directors) -.

• Stock ownership guidelines: ABUS references corporate governance guidelines and insider trading policy; explicit executive stock ownership multiples are not disclosed in these sections. Hedging/pledging prohibitions and clawback apply .

Employment Terms

• Executive Employment Agreement: ABUS filed Nguyen’s executive employment agreement (Exhibit 10.3, dated March 25, 2025) with its Q1 2025 10‑Q . Specific severance and change‑of‑control terms are not publicly detailed in the 10‑Q narrative; however, ABUS historically has used severance/change‑of‑control frameworks for executives (see prior CFO Hastings and other NEO disclosures for historical policy context; not necessarily indicative of Nguyen’s agreement) .

• Certifications and signatures: Nguyen certified ABUS’s Q1 and Q3 2025 10‑Qs (SOX 302/906) and signed multiple 8‑Ks and press releases as CFO, evidencing principal financial officer accountability .

Performance & Track Record

Company-level financial context during Nguyen’s tenure:

Additional operational highlights in 2025:

• Restructuring: ABUS recorded a one-time restructuring charge of $12.4M in Q1 2025 and reduced headcount to 19 employees; exited Warminster HQ; expected to significantly reduce net cash burn in 2025 vs. 2024 .
• Pipeline: eight patients reached functional cure in imdusiran combinations (some without interferon), and AB‑101 showed high PD‑L1 receptor occupancy and tolerability in Phase 1a/1b .
• Litigation: ABUS and Genevant advanced LNP IP litigation against Moderna and Pfizer/BioNTech; UPC and international suits filed March 3, 2025; U.S. Moderna trial scheduled for Sept 29, 2025 -.

Board Governance (Executive‑relevant context)

• Compensation Committee and Audit Committee independence affirmed; committee membership listed in 2025 proxy; new board installed Feb 24, 2025 .
• Governance frameworks: corporate governance guidelines, code of conduct, insider trading policy, whistleblower policy - .

Say‑on‑Pay & Shareholder Feedback

Compensation Structure Analysis

• Equity mix and vesting: ABUS compensation plans emphasize equity at risk (options vest monthly over four years; RSUs in three annual tranches over three years), aligning value realization with continued service and performance .
• Governance controls: Clawback (SEC/Nasdaq compliant) adopted in 2023; hedging/pledging prohibited, reducing misalignment and risk .
• Consultant usage: External benchmarking via Radford (Aon) indicates market-referenced pay design .
• Disclosures for Nguyen’s cash/bonus targets are not present in public narrative; Exhibit 10.3 exists but specifics are not summarized in the 10‑Q .

Risk Indicators & Red Flags

• Hedging/pledging: Prohibited under policy (mitigates alignment risk) .
• Clawbacks: Implemented (mitigates restatement risk) .
• Legal proceedings: Significant ongoing IP litigation may introduce financial and operational uncertainty; CFO certifications suggest control environment oversight amidst litigation - .

Employment & Contracts (Retention/Transition)

• Nguyen’s appointment coincided with leadership overhaul (new board, new CEO and chair on Feb 25, 2025) and CFO transition (prior CFO terminated Mar 27, 2025) .
• Nguyen’s Rule 10b5‑1 sell‑to‑cover arrangement reduces discretionary trading risk around RSU tax events .
• Specific severance/change‑of‑control economics for Nguyen are not disclosed in public narrative; the employment agreement is on file .

Investment Implications

• Alignment and governance: Prohibitions on hedging/pledging, an active clawback, and SOX certifications indicate strong governance and control orientation under Nguyen’s financial leadership .
• Retention risk: 2025 restructuring and leadership transition may heighten retention complexity; Nguyen’s sell‑to‑cover plan suggests planned, rule‑based equity tax handling, but absence of disclosed RSU holdings as of Q1 2025 means near‑term equity alignment may rely more on options or future RSU grants .
• Operating pivot: Material cost reduction (one-time restructuring) and focused pipeline priorities (imdusiran/AB‑101) give Nguyen a tighter cash runway to manage; near‑term revenue is limited and losses persist, underscoring execution risk in clinical milestones and IP litigation outcomes - -.
• Shareholder sentiment: Strong 2025 say‑on‑pay support (>94% of votes cast for approval) and broad director election support reduce governance overhang in the near term .

Note: Where specific compensation figures (base salary, target bonus %, equity grant amounts, severance/change‑of‑control multiples) for Nguyen are not disclosed in the public narrative, items are omitted per instruction. Nguyen’s Executive Employment Agreement (Exhibit 10.3, Mar 25, 2025) exists and governs his terms .