Peter Blume-Jensen
About Peter Blume-Jensen
Peter Blume-Jensen, M.D., Ph.D., is Acrivon Therapeutics’ founder, Chief Executive Officer, acting Chief Scientific Officer, President, and Chairman of the Board. He has served as director since March 2018 and became Chairman in October 2020. Age: 63. Education: M.D. (Copenhagen University Medical School), Ph.D. (The Ludwig Institute for Cancer Research, Uppsala), Post-Doctoral Fellowship (Tony Hunter lab, The Salk Institute). He is the inventor of the founding AP3 platform and has authored seminal oncology publications (e.g., Nature 2001) . As context, ACRV is pre-revenue; EBITDA and net losses are widening year-over-year yet improved sequentially in Q3 2025, reflecting a clinical-stage burn profile (see Company Performance Context table below). Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| XTuit Pharmaceuticals | Chief Scientific Officer | N/D | Led oncology R&D |
| Metamark Genetics | Chief Scientific Officer | N/D | Led oncology research |
| Daiichi Sankyo | Vice President & Global Therapeutic Area Advisor | N/D | Guided global therapeutic area strategy |
| Merck & Co. | Department Head | N/D | Led departmental research programs |
| Serono US | Department Head | N/D | Led departmental efforts |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Multiple private biotech companies; academic institutions | Scientific Advisory Board member | N/D | Ongoing advisory roles |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Notes |
|---|---|---|---|
| 2024 | 655,133 | 55% of base salary | Target set by Board; bonuses paid early 2025 for 2024 goals |
| 2023 | 629,000 | N/D | — |
Performance Compensation
| Component | Metric | Weighting | Target | Actual/Payout | Vesting terms |
|---|---|---|---|---|---|
| Annual Cash Incentive (2024) | Corporate and individual performance objectives | N/D | 55% of base salary | 413,419 ($) | Cash paid early 2025 |
| Stock Option Grant (3/1/2024) | Service-based | N/A | 225,226 sh | Grant date fair value 931,760 ($) | 25% on 3/3/2025; remainder in 36 equal monthly installments; expires 3/1/2034; strike $5.70 |
| RSUs (11/14/2022) | Service-based | N/A | 479,407 sh | MV $2,886,030 at 12/31/2024 | 1/3 at 1-year; remainder in eight equal quarterly installments |
| RSUs (8/21/2023) | Service-based | N/A | 288,164 sh | MV $1,734,747 at 12/31/2024 | 1/3 at 1-year; remainder in eight equal quarterly installments |
| RSUs (11/14/2022) | Service-based | N/A | 30,045 sh | MV $180,871 at 12/31/2024 | 25% at 1-year; remainder in 12 equal quarterly installments |
Observations: Mix shifted from large RSU value in 2023 ($5.49M) to options plus cash incentive in 2024 ($0.93M options, $0.41M cash bonus), increasing option-based at-risk pay while maintaining time-based vesting—typical for clinical-stage retention .
Equity Ownership & Alignment
- Total beneficial ownership: 2,757,577 shares; 8.6% of outstanding (31,354,984 shares as of 4/21/2025) .
- Shares exercisable/vestable within 60 days (footnote detail): 585,046 for Blume-Jensen; plus 215,102 attributable to spouse (Dr. Masson) .
- No disclosure of pledging/hedging; company maintains an Insider Trading Policy (filed as Exhibit 19.1 to 2024 10-K) .
Outstanding Equity Awards (as of 12/31/2024)
| Grant Date | Vest Start | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration | RSUs Unvested (#) | RSUs MV ($) |
|---|---|---|---|---|---|---|---|
| 01/14/2021 | 10/05/2020 | 165,947 | — | 1.04 | 01/13/2031 | — | — |
| 03/22/2022 | 01/01/2022 | 59,739 | 31,116 | 3.88 | 03/22/2032 | — | — |
| 11/14/2022 | 11/14/2022 | 93,890 | 86,379 | 12.50 | 11/14/2032 | 479,407 | 2,886,030 |
| 03/01/2024 | 03/01/2024 | — | 225,226 | 5.70 | 03/01/2034 | — | — |
| 11/14/2022 | 11/14/2022 | — | — | — | — | 30,045 | 180,871 |
| 08/21/2023 | 08/21/2023 | — | — | — | — | 288,164 | 1,734,747 |
Vesting cadence implies ongoing monthly/quarterly settlements that can create periodic sell windows for tax withholding or liquidity, but no formal selling program is disclosed .
Employment Terms
- Employment agreement date: October 6, 2020; base salary set and target bonus established; adjustments made March 2024 (base to $659,360; target bonus 55%) .
- Severance (non-Change of Control): 12 months base salary continuation; pro-rata target bonus; up to 12 months health benefits; continued vesting of time-based equity for 12 months .
- Change-of-Control (double trigger): If terminated without cause or resigns for good reason within CoC window, lump sum 18 months base salary; 100% of target bonus; up to 18 months health benefits; full acceleration of time-based equity .
- Clawback policy: Compensation Committee oversees recovery of excess incentive compensation based on erroneous data .
- Non-compete/non-solicit: Not disclosed for Dr. Blume-Jensen in proxy excerpts; company utilizes standard agreements broadly (example referenced in CFO filing) .
Board Governance
- Roles: Chairman and CEO; not independent under Nasdaq rules (husband to director/executive Kristina Masson) .
- Board independence: All directors except Blume-Jensen and Masson are independent; majority independent board .
- Committee memberships: Blume-Jensen is not listed as a member of Audit, Compensation, or Nominating & Governance committees; committee chairs are independent directors .
- Meeting attendance: Each director attended at least 75% of Board and applicable committee meetings in 2024; meetings held—Board: 5; Audit: 4; Compensation: 4; Nominating: 0 (actions by consent/calls) .
Director Compensation (Policy; Employee Directors excluded)
| Cash Retainer ($) | Amount |
|---|---|
| Annual director retainer | 40,000 |
| Lead independent director | 20,000 |
| Audit chair/member | 15,000 / 7,500 |
| Compensation chair/member | 15,000 / 7,500 |
| Nominating chair/member | 10,000 / 5,000 |
- Equity: Initial option grant (up to $315,000 fair value; ≤32,500 shares) vests monthly over 3 years; annual grant ($210,000; ≤20,275 shares) vests monthly over 1 year; fully vests at change-of-control .
- Employee directors (Blume-Jensen, Masson) receive no additional director pay .
Performance & Track Record
- Platform advancement: AP3 generative phosphoproteomics across discovery and clinical PD; OncoSignature-enabled patient selection .
- Clinical progress: ACR-368 Phase 2 (endometrial cancer) BM+ confirmed ORR 35%; DCR 80%; durable responses; BM- combo (ACR-368 + LDG) cORR ~13% with strong volumetric shrinkage in some cases; ovarian/bladder deprioritized; endometrial prioritized for registrational path .
- ACR-2316 (WEE1/PKMYT1 inhibitor): Phase 1 dose escalation cleared DL1/DL2 without DLTs; target engagement in PBMCs at DL1; early clinical activity observed .
- Runway: Cash, cash equivalents, and short-term investments $184.6M as of 12/31/2024; runway into 2027 per 3/25/2025 disclosures .
Company Performance Context
| Metric | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenues ($) | —* | —* | —* | —* | —* | —* | —* | —* |
| EBITDA ($) | -20,904,000* | -17,444,000* | -21,209,000* | -24,889,000* | -24,651,000* | -21,351,000* | -22,314,000* | -19,338,000* |
| Net Income ($) | -19,252,000* | -16,486,000* | -18,798,000* | -22,441,000* | -22,831,000* | -19,680,000* | -21,006,000* | -18,234,000* |
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($) | —* | —* |
| EBITDA ($) | -66,566,999* | -88,193,000* |
| Net Income ($) | -60,388,000* | -80,556,000* |
*Values retrieved from S&P Global.
Risk Indicators & Red Flags
- Independence/dual role: CEO also serves as Chairman; spouse (Masson) is an executive director—governance independence mitigated by majority-independent board and independent committee chairs, but concentration risk remains .
- Section 16 compliance: Late Forms 4 filed on Nov 27, 2024 for option grants (administrative oversight) .
- Related party: Advisory agreement with director Palani (consulting fees; capped) disclosed and overseen .
Compensation Committee Analysis
- Members: Baum (Chair), Palani, Shacham; all independent; mandate includes strategy, goals, plan approvals, severance/change-in-control terms, clawbacks, and advisor independence review .
Equity Ownership & Alignment Summary
- Strong skin-in-the-game: 8.6% beneficial ownership; significant option/RSU holdings with staged vesting schedules .
- Ownership guidelines: Not disclosed; pledging/hedging not disclosed; Insider Trading Policy in place .
Employment & Contracts Summary
- Severance economics: 12-month salary continuation and partial bonus/benefit continuation outside CoC; 18-month salary lump sum, full target bonus, benefit continuation, and full time-based equity acceleration under double-trigger CoC .
- Non-compete/non-solicit: Not detailed in proxy for CEO .
Investment Implications
- Pay-for-performance alignment: 2024 mix rebalanced toward options and cash incentives tied to corporate milestones; large RSUs in 2023 now transitioning to option-heavy grants with long dated expirations—aligning value creation with clinical milestones and share price appreciation .
- Vest-driven selling pressure: Monthly/quarterly vest schedules across options/RSUs can create periodic liquidity events; however, no pledging/hedging disclosures and no programmatic sales noted; monitor Forms 4 and vest cliffs (e.g., 3/3/2025 25% option vest) .
- Retention risk: Competitive severance and double-trigger CoC protections plus sizable unvested equity reduce near-term departure risk; governance concentration warrants ongoing oversight given combined CEO/Chair and family relationship on board .
- Trading signals: Clinical catalysts (ACR-368 registrational path; ACR-2316 Phase 1 data flow) and capital runway into 2027 can drive sentiment; insider filing timeliness improved post late 2024 filings; watch 8-Ks and proxy updates for changes in comp metrics, equity modifications, or repricings .