Raymond Jordt
AltimmuneAbout Raymond Jordt
Raymond M. Jordt is Altimmune’s Chief Business Officer, joining in January 2023. He is 53 (52 as of Aug. 2024) and brings 25+ years in pharma business development, previously serving at Eli Lilly as Head of Transactions (Aug 2020–Dec 2022) and Senior Director, Corporate & Business Development (2016–July 2020). He holds an MBA (Indiana University) and MS/BS in Biomedical Engineering (University of Memphis, Arizona State University), and led acquisitions, licensing, collaborations and equity investments across obesity, diabetes, CNS, immunology, dermatology, and pain; his efforts led to four approved products at Lilly . Company performance disclosed TSR of $99.73 in 2023 and $78.71 in 2024 (value of initial $100 investment per SEC Item 402(v)) . Revenue and EBITDA trends (USD): FY2022 Revenues -$0.068M*, FY2023 $0.426M*, FY2024 $0.020M*; EBITDA FY2022 -$87.161M*, FY2023 -$83.033M*, FY2024 -$102.934M* (values retrieved from S&P Global).
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Eli Lilly and Company | Head of Transactions | Aug 2020–Dec 2022 | Led acquisitions, in/out-licensing, divestitures, collaborations, options and equity investments; contributed to four approved products and reshaped business unit portfolios . |
| Eli Lilly and Company | Senior Director, Corporate & Business Development | 2016–July 2020 | Drove portfolio strategy in obesity, diabetes, CNS, immunology, dermatology and pain; multi-modality deal execution across development stages . |
External Roles
No public-company directorships disclosed for Jordt; biography focuses on prior corporate roles at Eli Lilly .
Fixed Compensation
| Metric | 2023 |
|---|---|
| Base salary ($) | $405,000 |
| Target bonus (%) | 40% |
| Actual bonus paid ($) | $162,000 (≈100% of target) |
| All other compensation ($) | $11,850 (401k match + HSA + other) |
Performance Compensation
Equity awards (grants and vesting)
| Award type | Grant date | Shares/Options (#) | Fair value at grant ($) | Strike price ($) | Expiration | Vesting schedule |
|---|---|---|---|---|---|---|
| Stock options | Jan 3, 2023 | 125,000 | $1,776,009 (SCT option awards 2023) | $15.63 | Jan 3, 2033 | 25% on 1-year anniversary; remaining vests in equal monthly installments over 36 months starting Jan 1, 2024 . |
| RSUs | Jan 3, 2023 | 37,500 | $586,125 (SCT stock awards 2023) | — | — | Vest equally over 4 years commencing Jan 1, 2024; unvested FMV at 12/31/2023 $421,875 (based on $11.25) . |
Annual bonus metrics and payout (2023)
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Advance candidate pipeline (human clinical data, CMC) | 60% | Meets expectations (80–120% scale) | Achieved ≈100% of plan | 100% of target . |
| Strategic assessment of assets and goals | 15% | Meets expectations | Achieved ≈100% of plan | 100% of target . |
| Strategic partnerships to maximize program value | 15% | Meets expectations | Achieved ≈100% of plan | 100% of target . |
| Manage operations to maximize resources/minimize risk | 10% | Meets expectations | Achieved ≈100% of plan | 100% of target . |
2024 corporate objectives (for context; Jordt not a NEO in 2024): partnerships 40%, MASH development 30%, additional pemvidutide programs 15%, operations 15%; achievement ≈95% of target .
Equity Ownership & Alignment
Beneficial ownership (as of Aug 1, 2024)
| Item | Value |
|---|---|
| Shares owned directly | 14,660 |
| Shares acquirable within 60 days (options/RSUs) | 52,084 |
| Total beneficial ownership (shares) | 66,744 |
| Ownership as % of shares outstanding | Less than 1% (outstanding 71,070,951) |
Vested vs unvested status (as of Dec 31, 2023)
| Instrument | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration | Notes |
|---|---|---|---|---|---|
| Stock options (1/3/2023 grant) | — | 125,000 | $15.63 | 1/3/2033 | 25% vests at 1-year; monthly vest thereafter over 36 months (start 1/1/2024) . |
| RSUs (1/3/2023 grant) | — | 37,500 | — | — | Vest equally over 4 years from 1/1/2024; unvested FMV at 12/31/2023 $421,875 . |
Pledging/hedging: Company policy addresses pledging risk and expressly prohibits short sales, derivative transactions and hedging by executives/directors . No pledging by Jordt is disclosed in proxy ownership tables .
Stock ownership guidelines: Not disclosed.
Employment Terms
| Term | Detail |
|---|---|
| Employment start date | Jan 1, 2023 |
| Initial base salary | $405,000 |
| Signing bonus | $85,000 |
| Target annual bonus | 40% of base salary |
| Hire equity grants | 125,000 options; 37,500 RSUs |
| Severance (no cause / good reason) | 12 months base salary continuation; 12 months health coverage; payment of any unpaid prior year’s bonus . |
| Change-in-control (CIC) | Within 1 year post-CIC: 12 months base salary + target bonus; 12 months health coverage; unpaid prior year’s bonus; full acceleration of all unvested equity . |
| 280G cutback | Payments reduced if needed to avoid 4999 excise tax when net after-tax is greater . |
| Release requirement | Must execute and not revoke release to receive severance/CIC benefits . |
| Good reason definition | Reduction in base/target bonus; material diminution in authority/duties; relocation >50 miles from Fishers, IN . |
| Post-termination restrictions | 6 months: non-solicit of customers/clients/employees and no sales/marketing for a competitor operating in same geographies . |
Performance & Track Record
Achievements: Led Lilly transactions producing four approved products; broad therapeutic-area execution across obesity, diabetes, CNS, immunology, dermatology and pain .
Stock performance (SEC Item 402(v) TSR)
| Metric | 2023 | 2024 |
|---|---|---|
| Value of initial $100 investment (TSR) | $99.73 | $78.71 |
Financial context (Company-level)
| Metric ($USD Millions) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues | -$0.068* | $0.426* | $0.020* |
| EBITDA | -$87.161* | -$83.033* | -$102.934* |
| *Values retrieved from S&P Global. |
Say-on-Pay & Shareholder Feedback
| Year | Say-on-pay approval (%) |
|---|---|
| 2019 | 81.6% |
| 2020 | 91.8% |
| 2021 | 44.2% |
| 2022 | 73.0% |
| 2023 | 76.3% |
| 2024 (vote on 2023 NEO pay) | 63.1% |
Management engaged larger holders to refine disclosure and align with peer practices, with feedback highlighting need for more detail when payouts exceed 100% achievement .
Compensation Structure Analysis
- 2023 cash vs equity mix: Equity was the majority of Jordt’s reported compensation ($2.362M equity value vs $0.567M cash + other), aligning incentives with long-term stock performance .
- Annual bonus design: Objective-weighted plan, 80–150% achievement bands, with 2023 payout ≈100% of target tied to pipeline, partnerships, and operational goals .
- Equity vesting: Multi-year monthly/equal vesting creates steady supply of potential sellable shares; options vest monthly over 36 months; RSUs vest quarterly-like (equal annual on 4-year schedule) beginning 1/1/2024 .
Related Party Transactions and Governance Controls
- Clawback policy compliant with Nasdaq listing rules; recovery of erroneously awarded compensation linked to financial reporting measures over prior three fiscal years in the event of a restatement .
- Hedging/derivatives prohibited; policy highlights risks of pledging/margin accounts though explicit pledging prohibition is not stated; insider trading policy filed as Exhibit to 2024 10-K .
- A related-party marketing services contract (Inizio Evoke; director’s immediate family connection) disclosed; payments of $55,000 in 2023 and $300,000 in 2024 under oversight of Audit Committee .
Investment Implications
- Pay-for-performance alignment: Jordt’s 2023 bonus paid at ≈100% of target linked to disclosed corporate objectives, while the majority of compensation was equity with multi-year vesting, promoting long-term alignment .
- Vesting and selling pressure: RSUs vest evenly over four years beginning Jan 1, 2024 and options vest monthly over 36 months starting Jan 1, 2024; monitor vest dates for potential incremental selling activity, especially amid program milestones .
- Retention and CIC economics: Standard biotech severance; CIC accelerates unvested equity (red flag for potential deal-related overhang), but 280G cutback reduces tax inefficiency .
- Ownership skin-in-the-game: Beneficial ownership is <1%; while policy discourages hedging and addresses pledging risk, additional open-market purchases could strengthen alignment signals to investors .
