Cassie Jung
About Cassie Jung
Cassie Jung, age 46, is Chief Operating Officer (COO) at Aquestive Therapeutics (AQST). She joined AQST in 2004 and has held leadership roles across Quality Assurance, Alliance Management, Clinical Operations, and Portfolio Management; she was appointed Vice President, Operations in 2019 and promoted to COO effective June 3, 2024 . She holds a B.S. in Management from Purdue University . Company performance context during her recent tenure: AQST’s total shareholder return (TSR) in pay-versus-performance disclosure rose from 23.19 (2022) to 51.93 (2023) and 91.52 (2024) , and Q2 2024 revenue increased to $20.1M from $13.2M year-over-year .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Aquestive Therapeutics | Quality Assurance, Alliance Management, Clinical Operations, Portfolio Management | 2004–2019 | Executed internal CNS development pipeline programs |
| Aquestive Therapeutics | Vice President, Operations | 2019–2024 | Led manufacturing operations across the company |
| Aquestive Therapeutics | Chief Operating Officer | 2024–present | Oversees manufacturing operations, product management, and corporate communications |
Fixed Compensation
| Component | Detail | Effective Date |
|---|---|---|
| Base Salary | $349,800 | June 3, 2024 |
| Target Bonus % | Not less than 40% of base salary | June 3, 2024 |
Performance Compensation
Company executive program structure (applies to top officers):
- Annual incentive plan metrics: financial, strategic, and operational objectives; bonus capped at 200% of target .
- Long-term incentives under the 2018 Equity Incentive Plan include RSUs and stock options. Typical service-based RSUs and options vest 25%/25%/50% over the first three anniversaries of grant; 2024 annual grants used this schedule .
- Market-condition RSUs granted in 2023 vest based on 30-day average share price thresholds over a three-year period (e.g., vesting increases at $1.75, $2.50, $3.25 with maximum 150% vesting), reinforcing pay-for-performance alignment .
| Metric / Award | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Annual bonus metrics | Not disclosed | Set by Compensation Committee | Capped at 200% of target | Annual, based on year performance |
| Service-based RSUs | Not applicable | Grant-size not disclosed for COO | Not disclosed | 25%/25%/50% over 3 years |
| Stock options | Not applicable | Exercise price at grant FMV | Not disclosed | 25%/25%/50% over 3 years |
| Market RSUs (price-based) | Not applicable | 30-day avg price hurdles | Not disclosed | 3-year performance period; up to 150% vesting |
Note: Specific award counts and payouts for Ms. Jung were not disclosed; tables reflect program structure applicable to executive officers.
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| 10b5-1 trading plan adoption | Adopted Dec 10, 2024 for up to 108,656 shares; scheduled Mar 11, 2025–Dec 31, 2025 |
| 10b5-1 plan status | Terminated Oct 21, 2025 |
| Section 16 compliance | One late Form 4 (tax withholding on RSU vesting) due to administrative oversight |
| Hedging / pledging | Company policy prohibits hedging, short sales, margin accounts, and pledging of company securities |
| Ownership guidelines | Not disclosed |
| Pledged shares | None for directors/executives as a group; policy prohibits pledging |
Employment Terms
| Item | Detail |
|---|---|
| Promotion and role | Promoted to COO effective June 3, 2024 |
| Base salary | $349,800 |
| Target bonus | ≥40% of base salary |
| Employment agreement | Company stated her agreement would be filed with next 10-Q; specific severance or change-in-control terms for Ms. Jung not disclosed in available filings |
Investment Implications
- Alignment: Base salary with at-risk bonus (≥40%) and equity participation under RSU/option programs supports pay-for-performance linkage; hedging/pledging prohibition strengthens alignment with shareholders .
- Trading signals: Adoption of a 10b5-1 plan (108,656 shares) then termination in Oct 2025 suggests she prepared for, but ultimately did not continue, systematic sales; monitor for future plan filings as potential supply indicators .
- Retention and incentives: Executive equity design includes service-based and market-condition RSUs with explicit price hurdles, indicating retention and performance orientation; lack of disclosed individual severance/CIC terms for the COO limits visibility on retention economics .
- Execution track record: Tenure since 2004 across operations and product execution coincides with improved TSR in recent years and revenue growth in 2024, though causation cannot be inferred; operational oversight of manufacturing may be critical as AQST advances Anaphylm and Libervant .
