Kristina Masson
About Kristina Masson
Co-founder of Acrivon Therapeutics; Executive Vice President, Business Operations since August 2022; President/CEO/Site Head of subsidiary Acrivon AB; Director since March 2018; Age 45. Education: MSc and PhD (Lund University); Postdoctoral Fellowship (Broad Institute of MIT & Harvard); Executive MBA (MIT Sloan) . ACRV remains a clinical-stage biotech with no product revenue and sustained losses, while advancing ACR‑368 toward a potential registrational path in endometrial cancer (confirmatory monotherapy data readouts reported) and progressing ACR‑2316 (dual WEE1/PKMYT1) through Phase 1 .
Company performance context (last 8 quarters):
| Metric | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income ($) | -19,252,000* | -16,486,000* | -18,798,000* | -22,441,000* | -22,831,000* | -19,680,000* | -21,006,000* | -18,234,000* |
| Cash from Operations ($) | -12,366,000* | -17,083,000* | -13,903,000* | -17,323,000* | -17,360,000* | -19,535,000* | -16,610,000* | -12,283,000* |
Values retrieved from S&P Global.*
Key clinical execution markers: In Sept-2024 at ESMO, ACR‑368 monotherapy in OncoSignature-positive endometrial cancer showed confirmed ORR 62.5% (95% CI 30.4–86.5), with clear segregation vs OncoSignature-negative patients (p=0.009) . Feb-25-2025 interim (BM+ n=20): confirmed ORR 35%, DCR 80%; in BM- (ACR‑368+LDG) ORR ~13% in heavily pretreated patients .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Acrivon Therapeutics, Inc. | Executive Vice President, Business Operations | Aug 2022–present | Co-founder/EVP overseeing business ops during key clinical readouts and financing |
| Acrivon AB (subsidiary) | President, CEO and Site Head | Mar 2018–present | Leads Swedish discovery site; integration of OncoSignature capabilities |
| Acrivon Therapeutics, Inc. | Senior Vice President, Operations | Mar 2018–Aug 2022 | Built operational infrastructure post-formation |
| OncoSignature AB | Founder, CEO | Nov 2016–Mar 2018 | Founded proteomics/OncoSignature platform; acquired by Acrivon AB in Mar 2018 |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Aqilion AB (private, Sweden) | Board Member | N/A | Ongoing private company directorship |
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary ($) | 521,383 | 565,539 | Compensation Committee approved increase to $567,840 effective Mar 2024 |
| Target Bonus (% of salary) | 40% | 40% | Set by employment agreements (US+Sweden) |
| Actual Annual Bonus ($) | 218,400 (paid for 2023 performance) | 258,935 (paid early 2025 for 2024 performance) |
Notes: For 2024, Board determined corporate performance goals were achieved; NEO bonuses paid early 2025 .
Performance Compensation
Annual incentive plan structure and equity awards:
- Cash AIP: Target 40% of base; based on corporate and individual objectives; no specific metric weightings disclosed. 2024 payout: $258,935; 2023 payout: $218,400 .
- Equity: Time-based stock options and RSUs; 2024 option grant (3/1/2024) and prior 2022 RSUs/options; no PSUs disclosed .
| Incentive | Metric/Vehicle | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus (2024) | Corporate/individual objectives | Not disclosed | 40% of base | $258,935 | N/A |
| Annual Cash Bonus (2023) | Corporate/individual objectives | Not disclosed | 40% of base | $218,400 | N/A |
| Option Award (3/1/2024) | Stock options (90,090 sh) | N/A | N/A | Grant date FV $372,702 | 25% at 1-year; then 36 monthly; double-trigger accel on CIC |
| Prior Equity (11/14/2022) | Options/RSUs | N/A | N/A | Outstanding at FY-end (see table) | Options: 25% at 1-year then monthly; RSUs: quarterly vesting schedules |
Equity Ownership & Alignment
- Beneficial ownership: 2,757,577 shares; 8.6% of outstanding (as of Apr 21, 2025). Includes 215,102 shares acquirable within 60 days by Dr. Masson and 585,046 acquirable within 60 days by spouse (CEO) per SEC rules attribution .
- Pledging: No pledging disclosed in proxy.
- Ownership guidelines: Not disclosed.
Outstanding awards (as of 12/31/2024):
| Award | Grant Date | Vesting Commencement | Exercisable | Unexercisable | Exercise Price | Expiration | Unvested RSUs (#) | RSU Market Value ($) |
|---|---|---|---|---|---|---|---|---|
| Option | 1/14/2021 | 10/5/2020 | 82,973 | — | $1.04 | 1/13/2031 | — | — |
| Option | 3/22/2022 | 1/1/2022 | 46,673 | 15,557 | $3.88 | 3/22/2032 | — | — |
| Option | 11/14/2022 | 11/14/2022 | 41,729 | 38,391 | $12.50 | 11/14/2032 | — | — |
| Option | 3/1/2024 | 3/1/2024 | — | 90,090 | $5.70 | 3/1/2034 | — | — |
| RSU | 11/14/2022 | 11/14/2022 | — | — | — | — | 13,354 | $80,391 (at $6.02) |
Vesting footnotes: 25% cliff then monthly (options) or quarterly (RSUs) thereafter; RSU market value based on $6.02 close (12/31/2024) .
Employment Terms
- Agreements: U.S. employment agreement (May 2023) and Acrivon AB agreement (May 2023); combined base $546,000 (raised to $567,840 in Mar 2024); target bonus 40% .
- Severance (non‑CIC): 9 months base continuation + pro‑rata target bonus + up to 9 months COBRA; continued vesting for 9 months; plus under Swedish agreement, a lump sum equal to 3 months base .
- Severance (CIC, double trigger within 12 months): Lump sum 12 months base + 100% target bonus + up to 12 months COBRA + full acceleration of time‑based equity .
- Clawback: Compensation Committee responsible for policies to recover excess incentive pay .
- Non-compete/non-solicit: Not disclosed in proxy summary.
Board Governance
- Board service: Director since 2018 (Class II; term expires 2027) .
- Committees: None (no committee checkmarks listed for Dr. Masson) .
- Independence: Not independent; only two non-independent directors are Dr. Blume‑Jensen (CEO/Chair) and Dr. Masson; they are married (relationship disclosed) .
- Attendance: During 2024, each director attended at least 75% of Board and committee meetings .
- Board leadership: CEO is also Chairman; risk oversight handled by full Board and committees .
- Director pay: Employee directors (Blume‑Jensen, Masson) receive no additional director compensation .
Dual-role implications:
- Concentration of power (CEO also Chair) increases importance of strong independent committees and lead independent director; Board confirms majority independence and fully independent audit/compensation/NCG committees .
- Spousal relationship (CEO and EVP/Director) is a standing independence consideration; Board formally assessed independence and discloses relationship .
Director Compensation (as applicable)
- Dr. Masson does not receive additional compensation for Board service as an employee director .
- Non-employee director program for reference: $40,000 annual retainer; committee chair/member retainers; initial option grant FV $315,000; annual option FV $210,000 (after one year of service) with standardized vesting .
Compensation & Incentives (Multi‑year)
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Non‑Equity Incentive ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2024 | 565,539 | — | — | 372,702 | 258,935 | 1,197,176 |
| 2023 | 521,383 | — | — | — | 218,400 | 739,783 |
Program structure: Base salary adjustments approved in early 2024; AIP targets unchanged; equity primarily time‑based options/RSUs; no PSUs disclosed; 2024 bonuses paid early 2025 upon goal achievement .
Performance & Track Record
- Pipeline execution: Endometrial cancer prioritized for ACR‑368 with registrational intent; monotherapy ORR signals (62.5% at ESMO readout; 35% ORR in 20 BM+ patients in Feb‑2025 interim) and supportive DCR; LDG combination explored for BM‑ cohort (~13% ORR in heavily pretreated) .
- Portfolio: ACR‑2316 Phase 1 dose escalation on track; early target engagement in DL1 PBMCs; initial clinical activity observed in DL3 patient .
- Strategic reprioritization: Ovarian and bladder deprioritized due to bar/biomarker rate; resources focused on endometrial and ACR‑2316 .
Risk Indicators & Red Flags
- Related party/independence: Spousal relationship between CEO/Chair and EVP/Director disclosed; Board independence maintained otherwise .
- Section 16 compliance: Late Form 4s filed Nov 27, 2024 (including for Dr. Masson) to report Mar 1, 2024 option grants; attributed to administrative oversight .
- Insider trading policy: Company has formal policy; filed as exhibit to 2024 10‑K .
- Tax gross‑ups, pledging, hedging, option repricing: Not disclosed in proxy; no repricing disclosures noted.
Compensation Committee Analysis
- Members: Charles Baum (Chair), Santhosh Palani, Sharon Shacham; all independent under Nasdaq standards .
- Responsibilities include executive pay setting, goal approval, clawback policy, director compensation, and advisor independence assessment .
Equity Compensation Detail (Vesting Mechanics)
- Options (3/1/2024): 90,090 sh @ $5.70; vest 25% on 3/3/2025, then 36 equal monthly installments; 10‑yr term; CIC double‑trigger acceleration .
- Options (11/14/2022): 41,729 exercisable / 38,391 unexercisable @ $12.50; vest 25% at 1‑yr, then monthly .
- Options (3/22/2022): 46,673 exercisable / 15,557 unexercisable @ $3.88; 16 equal quarterly installments from 1/1/2022 .
- RSUs: 13,354 unvested (grant 11/14/2022); 25% at 1‑yr then 12 equal quarterly installments; valued $80,391 at 12/31/2024 ($6.02) .
Ownership Of Our Common Stock (as of Apr 21, 2025)
| Holder | Shares Beneficially Owned | % Outstanding |
|---|---|---|
| Kristina Masson, Ph.D., M.B.A. | 2,757,577 | 8.6% |
Footnote: Includes shares acquirable within 60 days and spousal attributions per SEC rules .
Director Service & Committees (2024 snapshot)
| Name | Independent | Audit | Compensation | Nominating & Governance |
|---|---|---|---|---|
| Kristina Masson, Ph.D., M.B.A. | No | — | — | — |
| Board/Committee meetings in 2024: Board 5; Audit 4; Compensation 4; Nominating 0 (informational calls/written consents held) . |
Say‑on‑Pay & Shareholder Feedback
- Company is an Emerging Growth Company and provides scaled executive compensation disclosure. No say‑on‑pay results disclosed in the 2025 or 2024 proxy statements .
Investment Implications
- Alignment: High insider ownership (8.6%) and predominantly at‑risk pay (options/RSUs) support alignment; no pledging disclosed; clawback framework overseen by Compensation Committee .
- Retention/CIC economics: Double‑trigger CIC with full acceleration of time‑based equity and 12‑month salary+target bonus provides solid retention; outside CIC, 9 months salary plus additional Swedish severance and partial vesting continuation provide moderate protection without excessive multiples .
- Governance considerations: CEO/Chair duality and spousal relationship on Board warrant reliance on independent committees and robust processes; Board discloses independence determinations and maintains majority independent composition .
- Trading signals: Late Form 4s tied to admin oversight (not discretionary sales) reduces immediate insider‑selling concern; upcoming vesting events (options/RSUs) could introduce mechanical selling pressure around anniversaries but no pattern of selling disclosed in proxy .
- Execution risk: Value creation hinges on successful registrational path for ACR‑368 and continued de‑risking of ACR‑2316; data disclosed to date are encouraging but regulatory and development risks remain typical of clinical-stage oncology .