Setareh Seyedkazemi
Adverum BiotechnologiesAbout Setareh Seyedkazemi
Setareh Seyedkazemi, Pharm.D., is Chief Development Officer at Adverum Biotechnologies (ADVM), serving in the role since January 2022, with 18+ years of global drug development leadership across fibrosis, NASH, hepatitis C and HIV at Pliant Therapeutics, Allergan (AbbVie), Tobira Therapeutics, Gilead Sciences, Johnson & Johnson and Abbott Laboratories . She holds a B.S. in Biology (Florida Atlantic University) and a Doctor of Pharmacy (Nova Southeastern University, HIV/Infectious Disease residency) . Age: 50 (as of April 22, 2024) . Under her tenure, corporate performance goals tied to clinical, regulatory and CMC milestones for Ixo-vec were scored at 100% for 2024, with ADVM initiating ARTEMIS (first of two Phase 3 trials) in March 2025; 2023 corporate goal achievement was 85% .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Pliant Therapeutics | Vice President, Portfolio Management (R&D) | Oct 2020 – Dec 2021 | R&D portfolio leadership across fibrosis/NASH programs |
| Allergan (acquired by AbbVie) | Executive Director, Clinical Development | Nov 2016 – Apr 2018 | Global clinical/program leadership; cenicriviroc development in NASH |
| Allergan (acquired by AbbVie) | Associate Vice President, Clinical Development | May 2018 – Oct 2020 | Advanced late-stage development, regulatory and global program leadership |
| Tobira Therapeutics (acquired by Allergan) | Clinical/Program leadership (roles of increasing responsibility) | — | Contributed to NASH program integration and development |
| Gilead Sciences | Clinical/Medical roles | — | Clinical development and medical affairs experience |
| Johnson & Johnson | Clinical/Medical roles | — | Clinical development experience |
| Abbott Laboratories | Clinical/Medical roles | — | Clinical development experience |
External Roles
No public company directorships or external roles are disclosed for Dr. Seyedkazemi in ADVM’s proxy statements; filings list her current executive role and biography only .
Fixed Compensation
- Base salary levels
| Year | Base Salary ($) |
|---|---|
| 2022 | 465,000 |
| 2023 | 483,000 |
| 2024 | 497,500 |
- Annual cash incentive targets and payouts
| Year | Target bonus (% of base) | Corporate goal achievement | Bonus payout (% of base) | Bonus payout ($) |
|---|---|---|---|---|
| 2023 | 40% | 85% | 34% | 164,209 |
| 2024 | 40% | 100% | 40% | 199,000 |
- Sign-on/other cash
| Year | Type | Amount ($) |
|---|---|---|
| 2022 | Discretionary sign-on bonus | 170,000 |
- Summary Compensation (SCT detail)
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| 2022 | 459,188 | 170,000 | 57,668 | 628,516 | 196,821 | 8,563 | 1,520,756 |
| 2023 | 482,969 | — | — | 142,525 | 164,209 | 9,659 | 799,362 |
| 2024 | 497,500 | — | 25,190 | 867,631 | 199,000 | 9,121 | 1,598,442 |
Notes: 2024 “Stock Awards” reflects incremental fair value from a PSU modification; All Other Compensation primarily includes 401(k) match .
Performance Compensation
- Annual incentive design and scoring
| Year | Metric | Weight | Target | Actual | Payout/Notes |
|---|---|---|---|---|---|
| 2023 | Clinical/regulatory milestones (Ixo-vec) | 45% | Not disclosed | Contributed to 85% overall achievement | Paid 34% of base salary |
| 2023 | CMC progress | 25% | Not disclosed | As above | As above |
| 2023 | 7m8 platform/pipeline | 10% | Not disclosed | As above | As above |
| 2023 | Org/people/process | 10% | Not disclosed | As above | As above |
| 2023 | Maintain financial strength | 10% | Not disclosed | As above | As above |
| 2024 | Clinical/regulatory milestones (Ixo-vec) | 35% | Not disclosed | Contributed to 100% overall achievement | Paid 40% of base salary ($199,000) |
| 2024 | CMC to support Ixo-vec | 25% | Not disclosed | As above | As above |
| 2024 | 7m8 platform/pipeline | 10% | Not disclosed | As above | As above |
| 2024 | Org/people/process | 10% | Not disclosed | As above | As above |
| 2024 | Financial strength | 20% | Not disclosed | As above | As above |
- Long-term incentives (LTI) – 2024 grants and vesting
| Grant date | Award | Shares/Options (#) | Exercise price ($/sh) | Vesting schedule | Expiration |
|---|---|---|---|---|---|
| Feb 12, 2024 | Stock options | 40,000 | 19.90 | 25% on Feb 12, 2025; then 1/48 monthly for 3 years | Feb 11, 2034 |
| Aug 2, 2024 | Stock options | 43,458 | 7.15 | 33.3% on Aug 2, 2025; then 1/36 monthly for 2 years | Aug 1, 2034 |
| July 29, 2024 (modification) | PSUs (2018/2021 program) | 6,664 unvested units; one-year extension to Aug 6, 2025 | — | 1/3 vested on first Phase 2 dosing; 1/3 to vest on first dosing in potentially registrational trial; 1/3 upon transformative strategic transaction; continuous service and Compensation Committee certification required | N/A |
Grant-date fair value recognized for the 2024 PSU modification: $25,190 .
- Upcoming vesting/selling pressure indicators
- 25% of the 40,000 options vested on Feb 12, 2025; remainder vests monthly through 2028, creating a steady cadence of potential liquidity .
- 33.3% of the 43,458 options vest on Aug 2, 2025, then monthly through 2027; this is a larger single-tranche vesting that could increase near-term selling pressure if in-the-money .
- PSU tranche tied to first dosing in a potentially registrational trial (ARTEMIS initiated March 2025) could trigger vesting upon dosing/certification within the extended performance window (through Aug 6, 2025) .
Equity Ownership & Alignment
- Beneficial ownership
| As-of date | Shares beneficially owned | Percent of outstanding |
|---|---|---|
| Apr 22, 2024 | 42,397 | <1% (denoted “*”) |
| Mar 31, 2025 | 125,900 | <1% (denoted “*”) |
- Outstanding equity (12/31/2024) – options and unvested stock
| Instrument | Exercisable (#) | Unexercisable (#) | Exercise price ($) | Expiration | Notes |
|---|---|---|---|---|---|
| Stock option | 10,937 | 14,063 | 7.50 | 2/28/2033 | 25% vested Mar 1, 2024; then monthly |
| Stock option | 5,666 | 2,834 | 12.90 | 3/7/2032 | — |
| Stock option | — | 40,000 | 19.90 | 2/11/2034 | 25% vests Feb 12, 2025; then monthly |
| Stock option | — | 43,458 | 7.15 | 8/1/2034 | 33.3% vests Aug 2, 2025; then monthly |
| Stock option | 30,989 | 11,511 | 17.30 | 1/5/2032 | — |
| PSUs (unvested) | — | 6,664 | — | — | Market value $31,121 (proxy methodology) |
- Options by exercise price band (as of Mar 31, 2025)
| Holder | Options outstanding (#) | Avg exercise price | Avg remaining term (yrs) | ≤$10.14 (#) | $10.15–$21.00 (#) | >$21.00 (#) |
|---|---|---|---|---|---|---|
| Setareh Seyedkazemi | 208,208 | $11.26 | 8.6 | 117,208 | 91,000 | — |
- Shares subject to equity awards (as of Mar 31, 2025)
| Category | Shares |
|---|---|
| Full value awards (e.g., PSUs/RSUs) | 14,789 |
| Options | 208,208 |
| Total | 222,997 |
| As % of shares outstanding + pre-funded warrants | 1.1% |
- Hedging/Pledging and trading policy
- Hedging and pledging of company securities are prohibited for officers and directors; trading permitted only when no MNPI and no blackout .
Employment Terms
- Role and tenure: Chief Development Officer since January 2022 .
- Employment agreement status: No formal written employment agreement beyond offer letters and equity/severance agreements .
- Severance and change-in-control (CIC) terms (non-CEO NEO program applicable to Dr. Seyedkazemi)
- Termination without Cause or Constructive Termination (outside CIC window): 9 months base salary and up to 9 months healthcare .
- Qualifying termination within CIC window (3 months before through 12 months after a CIC): 12 months base salary (lump sum), up to 12 months healthcare, and accelerated vesting of all outstanding equity awards (double-trigger) .
- Notably, ADVM’s 2023 proxy included 1x target bonus in CIC cash benefits for non-CEO NEOs; the 2024/2025 disclosures exclude bonus multiples, indicating tightened CIC cash entitlements .
- Retirement/deferred comp/perquisites: 401(k) plan available; no nonqualified deferred compensation; All Other Compensation primarily reflects 401(k) match .
Investment Implications
- Pay-for-performance alignment: 2024 corporate goals scored at 100% with full 40% target bonus paid ($199,000), driven by LUNA/OPTIC milestones and Phase 3 preparation/launch; 2023 payout at 34% of base aligned with 85% goal achievement . Incentives emphasize clinical/CMC execution rather than financial metrics—typical for clinical-stage biotech.
- Near-term selling pressure risk: Large scheduled option vests in 2025 (25% of 40,000 on 2/12/25; 33.3% of 43,458 on 8/2/25) could add supply if in-the-money; options skew toward ≤$10.14/$10.15–$21.00 strike bands, with no >$21.00 exposure and an $11.26 average exercise price . PSU vesting tied to registrational trial dosing/transformative transaction could accelerate additional equity if milestones are met within the extended window (to Aug 6, 2025) .
- Retention and change-in-control economics: Outside CIC, cash severance is 9 months base; within CIC, 12 months base plus full equity acceleration (double-trigger). Removal of bonus multiple for non-CEO NEOs (vs. 2023) modestly reduces CIC cash outlay while preserving equity acceleration—balanced for retention yet more shareholder-friendly than prior structure .
- Governance signals: July 2024 PSU performance-period extension (retention) and a 2025 proposal to reprice certain underwater options (subject to shareholder approval) highlight equity overhang dynamics; repricing proposals are generally viewed as a governance red flag unless well-justified by performance and market dislocation .
- Alignment and risk controls: Beneficial ownership increased from 42,397 (Apr 2024) to 125,900 shares (Mar 2025), though <1% of outstanding; hedging/pledging prohibitions and double-trigger CIC mitigate misalignment/hedging risk .