Barbara Klencke
About Barbara Klencke
Barbara Klencke, M.D., age 67, joined ALX Oncology’s Board in January 2025 and was appointed Interim Chief Medical Officer on September 12, 2025; she stepped down from the Board upon assuming the executive role . She holds a B.S. from Indiana University and an M.D. from the University of California, Davis, with hematology/oncology training at UCSF and prior faculty service as Assistant Professor of Medicine in Oncology . At ALX, her remit centers on clinical execution across evorpacept and ALX2004 after the company pivoted away from PD‑1 combinations following ASPEN‑03/04 primary endpoint misses, prioritizing ADCP-focused combinations based on ASPEN‑06 and other data . For performance context, company-level TSR on an initial fixed $100 investment measured $17.27 in 2023 and $7.77 in 2024, while net losses were $160.8M (2023) and $134.9M (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sierra Oncology | Chief Medical & Chief Development Officer | 2015–2023 | Led development until acquisition by GSK in 2022 |
| Onyx Pharmaceuticals | SVP, Global Development | 2011–2015 | Contribution to oncology assets; Onyx acquired by Amgen in 2013 |
| Genentech (Roche) | Led early- and late-stage oncology programs | 2003–2011 | Advanced multiple oncology programs |
| UCSF | Assistant Professor of Medicine (Oncology) | 1995–2002 | Academic clinical research and training |
External Roles
| Organization | Role | Years |
|---|---|---|
| TScan Therapeutics (public) | Director | Current |
| Xencor (public) | Director | Current |
| Immune‑Onc (private) | Director | Current |
| eFFECTOR Therapeutics (public) | Former Director | Prior |
| Lexent Bio (acquired by Foundation Medicine) | Former Director | Prior |
Fixed Compensation
| Component | Detail | Notes |
|---|---|---|
| Outside Director Cash Retainer | $40,000 per year | Policy as of Jan 16, 2025 |
| Audit Committee Member | $7,500 per year | She served on Audit Committee |
| Research & Development Committee Member | $5,000 per year | She served on R&D Committee |
| Chair Retainers (general policy) | Audit Chair $20,000; Comp Chair $12,000; Gov/Nom Chair $10,000; R&D Chair $10,000 | If applicable |
Interim CMO base salary and bonus targets have not been disclosed in the available filings; appointment effective Sept 12, 2025 .
Performance Compensation
- Executive Incentive Compensation Plan permits cash incentives tied to a broad menu of performance goals, including regulatory milestones, revenue, stock price, TSR, R&D milestones, and individual objectives; the Compensation Committee retains full discretion over weighting, targets, funding, and payouts .
- For 2024 company performance, the bonus pool was funded at 76% for corporate goals and 100% for individual goals; NEO payouts were disclosed (CEO: $292,600; others per table). Barbara Klencke did not serve as a NEO in 2024 and no individual performance payout is disclosed for her .
Equity Ownership & Alignment
| Item | Amount | Notes |
|---|---|---|
| Beneficial Ownership (Mar 31, 2025) | 124,488 shares; <1% | 60,000 directly; 60,000 by spouse; 4,488 options exercisable within 60 days; of which 2,244 vested as of Mar 31, 2025 |
| Shares Outstanding Basis | 53,384,145 | Used in ownership calculation |
| Director Initial Option Award | 40,400 options | Vests 1/36 monthly; 10-year term; exercise price = FMV at grant |
| Annual Director Option Award (amended 2025) | 40,400 options | Vests 1/12 monthly; granted on or after Jan 20 annually; prorated for partial year |
| Change-in-Control (Director Awards) | Full acceleration of outstanding director equity | Requires service through change‑in‑control date |
| Hedging/Pledging | Prohibited | Insider Trading Policy bans hedging and pledging/margin accounts |
| Clawback | Adopted July 2023 | Compensation Recovery Policy compliant with SEC/Nasdaq |
Employment Terms
- Appointment: Effective Jan 18, 2025, appointed Class II Director; Audit and R&D committee memberships; an indemnification agreement in the standard director form; initial option grant per policy .
- Interim CMO transition: Resigned from Board effective Sept 17, 2025 to serve as full-time Interim CMO; the company stated no disagreement under Item 5.02 .
- Severance/Change-in-Control economics: Company-wide NEO Severance Agreements provide cash multiples and equity acceleration without tax gross‑ups; Barbara’s specific executive agreement terms are not disclosed in the available filings .
Investment Implications
- Alignment: Direct and spousal holdings alongside options, coupled with prohibitions on hedging/pledging, reduce misalignment risk; ownership <1% but meaningful for an incoming CMO .
- Compensation governance: Strong clawback adoption and high 2024 say‑on‑pay approval (97%) indicate shareholder‑aligned pay practices; peer benchmarking via Compensia supports market‑competitive structuring for executive roles .
- Execution signal: Elevation to Interim CMO after ASPEN‑03/04 misses and strategic pivot to ADCP‑aligned combinations suggests an operationally focused, data‑driven approach to pipeline progression; near‑term milestones (e.g., ASPEN‑09) heighten performance sensitivity of any incentive design .
- Data gaps: Specific CMO cash/equity package, PSU metrics, and severance/change‑in‑control terms for Dr. Klencke are not disclosed; investors should monitor subsequent 8‑Ks or proxy updates for concrete incentive levers and vesting schedules tied to clinical/regulatory outcomes .