Linda Rubinstein
Adverum BiotechnologiesAbout Linda Rubinstein
Linda Rubinstein, 58, has served as Chief Financial Officer of Adverum Biotechnologies since December 2022 after initially serving via FLG Partners; she converted to full-time employment on August 3, 2023 . She is a long-time life sciences finance leader (UCLA B.A./M.A.), previously CFO (or consulting CFO) at multiple biotechs, with deep transaction execution across financings, M&A, and public-company readiness . Under her finance leadership, ADVM raised $127.8M in February 2024, received RMAT designation, and initiated the ARTEMIS Phase 3 trial; 2024 net loss was $130.9M with cash and investments of $125.7M at year-end, and TSR for 2024 reflected a $100→$4.05 value over the 2020–2024 window, underscoring the equity-volatility context for incentive design .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| FLG Partners | Partner; CFO/financial advisor to multiple biotechs | Since Sep 2010 | Led strategic planning, financings, investor positioning across clients |
| PaxVax, Inc. | Chief Financial Officer | Feb 2014 – Oct 2014 | Public-company readiness; vaccine portfolio finance oversight |
| Ingenuity Systems (acq. by QIAGEN) | Chief Financial Officer | Oct 2010 – Apr 2013 | M&A readiness and exit execution |
| Solexa (acq. by Illumina) | Chief Financial Officer | Mar 2005 – Jan 2007 | Scaling and sale to Illumina |
| RDJ Advisors | Principal | Apr 2007 – Sep 2010 | Strategic and finance advisory |
External Roles
| Organization | Role | Years |
|---|---|---|
| Biocept, Inc. | Director | Jul 2021 – Oct 2023 |
| FLG Partners | Partner | Since Sep 2010 |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus Payout % | Actual Bonus ($) |
|---|---|---|---|---|
| 2024 | 499,600 | 40% | 100% of target | 199,840 |
| 2023 | 198,409 (partial year employee) | n/a disclosed | — | 67,721 (non‑equity incentive) |
Performance Compensation
Annual incentive metrics (2024 corporate scorecard)
| Performance Goal | Weight |
|---|---|
| Achieve clinical and regulatory milestones for Ixo‑vec | 35% |
| Advance CMC to support Ixo‑vec | 25% |
| Advance 7m8 platform and pipeline | 10% |
| Organizational execution and alignment | 10% |
| Maintain financial strength | 20% |
Payouts for 2024 were approved at 100% of target for all NEOs, including CFO .
2024 equity grants (CFO)
| Grant date | Instrument | Shares | Exercise Price ($) | Vesting |
|---|---|---|---|---|
| Feb 12, 2024 | Stock options | 35,000 | 19.90 | 25% on Feb 12, 2025; monthly thereafter over 36 months |
| Aug 2, 2024 | Stock options | 62,083 | 7.15 | 33.3% on Aug 2, 2025; monthly thereafter over 24 months |
Option overhang and potential repricing (CFO focus)
| Holder | Options (total) | Avg strike ($) | Remaining term (yrs) | ≤$10.14 | $10.15–$21.00 | >$21.00 |
|---|---|---|---|---|---|---|
| Linda Rubinstein | 230,833 | 13.56 | 9.0 | 110,833 | 35,000 | 85,000 |
- ADVM is seeking shareholder approval for a one-time option repricing (Eligible if strike > prior 52-week high). As of Mar 31, 2025, options above $10.14 could be repriced to the closing price on the repricing date, with a 12‑month service requirement to exercise at the new price .
- Company-wide, ~80% of options were underwater as of Mar 31, 2025 (avg option strike $24.15 vs $4.37 stock price), a key retentive risk the repricing aims to address .
Outstanding equity (CFO) as of Dec 31, 2024
| Instrument | Position |
|---|---|
| Options: 62,083 @ $7.15 (unexercised); 35,000 @ $19.90 (unexercised); 38,958 exercisable + 46,042 unexercisable @ $21.00 |
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Beneficial ownership (Mar 31, 2025) | 69,949 shares (includes 58,749 options exercisable within 60 days) |
| Ownership as % of shares outstanding | <1% |
| Awards held (Mar 31, 2025): full value awards | 8,125 |
| Awards held (Mar 31, 2025): options | 230,833 |
| Total awards held (Mar 31, 2025) | 238,958 (≈1.1% of shrs + pre-funded warrants) |
| Hedging/pledging | Prohibited by company policy |
| Ownership guidelines | Not disclosed; policy includes insider trading controls and blackout windows |
Interpretation: CFO’s equity mix is predominantly options, with substantial tranches vesting beginning Aug 2, 2025 (33.3% cliff on the 2024 refresh), which could incrementally increase sellable supply post‑vesting unless constrained by policy and trading windows .
Employment Terms
| Scenario | Cash severance | COBRA | Equity acceleration |
|---|---|---|---|
| Termination without cause / resignation for good reason (non‑CoC) | 9 months base salary = $374,700 | 9 months = $30,292 | None |
| Double‑trigger within CoC period (−3 to +12 months) | 12 months base salary = $499,600 | 12 months = $40,389 | 100% acceleration (value $0 at 12/31/24 given strikes vs $4.67) |
- Structure: CFO change-in-control and severance agreement provides 9 months salary/COBRA outside CoC; 12 months salary/COBRA plus full acceleration on double-trigger during the CoC window .
Performance & Track Record
- Financing and pipeline: In 2024, ADVM raised $127.8M via a private placement; disclosed final LUNA 52‑week and OPTIC 4‑year data; received RMAT designation; initiated ARTEMIS, the first registrational intravitreal gene therapy trial in wet AMD .
- Financials and runway: 2024 net loss $130.9M; year-end cash, cash equivalents and marketable securities $125.7M; company guided cash runway into 2H25 .
- TSR context: Pay‑versus‑performance disclosures show $100 investment in ADVM fell to $4.05 over 2020–2024, highlighting the equity-value challenge shaping the heavy option orientation and repricing proposal .
Governance, Pay Practices, and Say‑on‑Pay
- Clawback: SEC/Nasdaq‑compliant clawback policy adopted; although prior financials were restated, management concluded no recovery was required since no incentive-based comp tied to financial reporting measures was awarded in 2022–2024 .
- Hedging/pledging: Prohibited for officers, directors, and employees .
- Say‑on‑Pay: 2024 support ~88% (vs. ~75% in 2023 and ~69% in 2022), following shareholder outreach by the board .
Related Party Transactions
- FLG Partners: ADVM paid FLG Partners $674,863 in 2023 for consulting services, including Ms. Rubinstein’s services as CFO before her conversion to full-time employee in August 2023; the FLG agreement was terminated upon her employment .
Compensation Structure Analysis
- Mix and risk: CFO compensation leans to at‑risk equity (options) with company‑wide move to refresh grants in 2024 and a prospective option repricing to restore retentive value amid underwater awards .
- Metrics: Annual bonus tied 100% to corporate objectives spanning clinical, CMC, pipeline, organization, and cash—paid at 100% for 2024 .
- Governance: Double‑trigger equity acceleration in CoC aligns with market norms; clawback and anti‑hedging/pledging policies mitigate risk .
Investment Implications
- Retention/overhang: Large underwater option position with 2024 refresh cliff (Aug 2025) and potential repricing suggests near‑term retention may improve; however, post‑vesting sellable supply could rise depending on trading windows and personal diversification needs .
- Pay‑for‑performance: Annual cash incentives keyed to clinical and cash milestones paid at target; sustained TSR underperformance contextualizes the choice of options and repricing to re‑establish incentive value .
- Alignment and protections: Low direct share ownership (<1%) but meaningful option exposure, anti‑hedging/pledging, and a standard double‑trigger CoC package indicate alignment with long‑term equity value creation while balancing retention risk .