Gregory Weaver
AltimmuneAbout Gregory Weaver
Gregory Weaver, 69, is Chief Financial Officer of Altimmune, appointed effective November 11, 2024; he serves as principal accounting and principal financial officer . He holds an MBA from Boston College and a B.S. in Accounting and Finance from Trinity University, and is a CPA in Texas and Massachusetts; he is a U.S. Air Force veteran . Weaver brings 30+ years of CFO experience across public biotech and medtech, including roles at Cognito Therapeutics, atai Life Sciences (led a $225M IPO in 2021), BioIntelliSense, Eloxx, Sirna Therapeutics, ILEX Oncology, and others . Contextually, ALT’s revenue declined to $0.02M in FY 2024 from $0.426M in FY 2023 , while EBITDA loss widened from -$83.0M to -$102.9M during the same period (values retrieved from S&P Global)*.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cognito Therapeutics | Chief Financial Officer | Sep 2023 – Jun 2024 | Clinical-stage neurodegeneration; finance leadership during development . |
| Atossa Therapeutics (NASDAQ: ATOS) | Interim Chief Financial Officer | Jun 2023 – Sep 2023 | Transitional CFO role at public biotech . |
| BioIntelliSense | Chief Financial Officer | Oct 2022 – May 2023 | Commercial-stage patient monitoring; finance, audit chair experience later . |
| atai Life Sciences (NASDAQ: ATAI) | Chief Financial Officer | Sep 2020 – Sep 2022 | Led $225M IPO; capital markets and portfolio investments . |
| Eloxx Pharmaceuticals (NASDAQ: ELOX) | Chief Financial Officer | Sep 2017 – Mar 2020 | Public biotech finance leadership . |
| Various earlier (e.g., Sirna, ILEX, Nastech, Poniard, Fibrocell, Celsion, Prometic, Oryzon) | Chief Financial Officer | Various | M&A, capital markets, product launches; Sirna acquired by Merck; ILEX acquired by Genzyme . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| HarborPath (non-profit) | Vice-Chairman | Current | Ongoing board service . |
| BioIntelliSense | Director; Audit Committee Chair | Current | Concurrent with CFO tenure allowed; governance role . |
| Centenara Labs (formerly Rejuveron) | Director; Audit Chair | 2024 (to cease by Dec 31, 2024) | Allowed temporarily under employment agreement; planned cessation . |
| Atossa, Celsion, Egalet, Noxxon, Oryzon | Director/Committee Chair | Prior | Multiple public/private biotech board roles . |
Fixed Compensation
| Component | Terms | Source |
|---|---|---|
| Base Salary | $475,000 per annum | |
| Annual Bonus Target | 40% of base salary (eligibility starting 2025; payout based on Compensation Committee-set criteria) | |
| Commuting/Lodging Reimbursement | Up to $30,000 per calendar year for travel to Gaithersburg and local lodging; Company provides tax gross-up for taxes on this reimbursement | |
| Benefits | Eligible for health, vision, dental, savings and retirement plans; vacation/sick leave per company policy | |
| Indemnification | Indemnification agreement consistent with other officers |
Performance Compensation
| Metric | Weighting | Target Definition | Actual (2024 Corporate) | Payout Determination | Vesting |
|---|---|---|---|---|---|
| Strategic partnerships to maximize program value | 40% | Below/At/Above target bands set by Committee | Included in overall assessment | Overall achievement ≈95% of target for NEO cash bonuses | Cash, annual bonus (not equity) |
| Advance development of pemvidutide for MASH | 30% | Below/At/Above target bands set by Committee | Completed Phase 2 biopsy program enrollment ahead of target | Included in ≈95% achievement | Cash |
| Additional programs for pemvidutide | 15% | Below/At/Above target bands set by Committee | Included in overall assessment | Included in ≈95% achievement | Cash |
| Manage operations to maximize resources/minimize risk | 15% | Below/At/Above target bands set by Committee | Financing of clinical programs; End-of-Phase 2 obesity meeting with FDA | Included in ≈95% achievement | Cash |
Notes: Weaver’s bonus metrics for 2025 will follow Committee-set criteria; specific individual CFO metric weightings are not disclosed .
Equity Awards & Vesting
| Award Type | Grant Size | Strike/Grant Price | Grant Date | Vesting Schedule | Notes |
|---|---|---|---|---|---|
| Sign-on Stock Options | 225,000 options | Exercise price = FMV on grant date | As soon as practicable post-effective date | 25% on Nov 11, 2025; remainder in equal monthly installments over 36 months thereafter, subject to continued employment | Options structured across 2017 Plan (ISO) and 2018 Inducement Plan (NSO) |
| Restricted Stock Units (RSUs) | 75,000 RSUs | N/A | As inducement grant post-effective date | 25% on Nov 11, 2025; remainder in equal annual installments over the following 3 years, subject to continued employment | Under 2018 Inducement Plan |
Equity Ownership & Alignment
| Item | Value | Source |
|---|---|---|
| Total beneficial ownership (as of Aug 1, 2025) | 10,000 shares; less than 1% of outstanding | |
| Shares outstanding (reference basis) | 88,199,152 shares (Aug 1, 2025) | |
| Vested vs. unvested | Sign-on awards first vest Nov 11, 2025; prior to that, awards unvested | |
| Pledging/Hedging Policy | Company policy addresses risk of pledging and expressly prohibits hedging and derivative transactions by executives |
Insider activity: Section 16(a) compliance noted as timely for 2024; Form 4 transactions for Weaver not enumerated in the proxy .
Employment Terms
| Provision | Terms | Source |
|---|---|---|
| Employment term | At-will; effective Nov 11, 2024 | |
| Severance (no CIC) | If terminated without Cause or resigns for Good Reason: 12 months base salary paid in installments + 12 months COBRA subsidized; prior-year earned bonus if termination after year-end | |
| Change-in-Control (CIC) | If terminated without Cause or resigns for Good Reason within 12 months post-CIC: 12 months base + target annual bonus + 12 months COBRA + acceleration of all unvested equity awards | |
| Good Reason | Reduction in base or target bonus, or material diminution of duties; cure and timing process specified | |
| Non-compete | 12 months post-employment | |
| Non-solicit (customers/employees) | 12 months post-employment | |
| Confidentiality | Ongoing | |
| Section 280G | “Best net” cutback to avoid excise tax if beneficial |
Compensation Committee & Governance
- Pearl Meyer engaged annually as independent compensation consultant; peer group constructed with biotech companies comparable in stage and size .
- 2024 Say-on-Pay approval was 63.1% of votes cast; in 2025 company engaged ~12 of its largest holders (~10% of outstanding) for feedback; investors requested more disclosure when bonuses exceed 100% of target .
- Insider trading policy prohibits hedging and derivative transactions; policy discusses risks of pledging/margin accounts .
Performance & Financial Context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | $426,000 | $20,000 |
| EBITDA ($USD) | -$83,033,000* | -$102,934,000* |
*Values retrieved from S&P Global.
Track Record, Value Creation, and Execution Risk
- Capital markets: Led atai Life Sciences’ $225M IPO (2021), and numerous financings/M&A across prior CFO roles .
- Therapeutic focus at ALT: Pemvidutide (GLP-1/glucagon dual agonist) advancing in obesity and MASH; company cited multiple milestones ahead .
- Execution risks: At-will employment with 12-month non-compete; sign-on equity vests starting Nov 11, 2025—introduces potential insider-selling pressure around initial vest dates subject to trading windows and policy constraints .
Investment Implications
- Alignment: Weaver’s compensation is primarily at-risk via equity with multi-year vesting; CIC protections are double-trigger with full acceleration, standard for biotech CFOs, while commuting gross-up is a minor shareholder-unfriendly feature .
- Retention: 25% cliff vesting at Nov 11, 2025 for both options and RSUs, followed by extended vesting (monthly/annual) creates retention tether through 2028; severance provides 12 months salary, with enhanced CIC terms .
- Ownership: Beneficial ownership of 10,000 shares (<1%) is low; future alignment will be driven by sign-on awards and any annual LTI grants .
- Compensation governance: External consultant (Pearl Meyer) and active investor engagement signal responsiveness; the 63.1% Say-on-Pay (2024) indicates room to improve disclosure on above-target bonus outcomes .
- Trading signals: First vesting date (Nov 11, 2025) is a potential insider supply point; hedging is prohibited and trading subject to policy windows, which may mitigate pressure . Operationally, ALT’s widening EBITDA loss in 2024 underscores reliance on external financing and successful advancement/partnering of pemvidutide for value creation (values retrieved from S&P Global).
