Daniel Apel
Chief Financial Officer at ARWR
Executive
About Daniel Apel
Arrowhead Pharmaceuticals appointed Daniel Apel as Chief Financial Officer effective May 13, 2025; he joined the company on April 21, 2025 . Apel previously led FP&A at Walgreens Boots Alliance (2019–2024) and held multiple senior finance roles at Bayer, including U.S. CFO (2016–2019); he holds an MBA (UC Berkeley), BA (University of Pennsylvania), and is a licensed CPA . As context for his tenure, Arrowhead reported Q3 FY2025 revenue of $27.8M (primarily Sarepta collaboration recognition) and a net loss of $175.2M, with cash and investments of $900.4M as of 6/30/2025 . The company’s FY2024 three-year TSR ranked at the 28th percentile of its peer group (measured Sept 2024), and Say‑on‑Pay support in 2024 was 94% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Walgreens Boots Alliance | Global Head of Financial Planning & Analysis | 2019–2024 | Led global FP&A at a multinational pharmacy/retail business |
| Bayer (Global) | Global Head of Accounting, Bayer Healthcare Segment | Not disclosed | Oversaw accounting for a major healthcare segment based in Germany |
| Bayer (U.S.) | Chief Financial Officer, Bayer U.S. | 2016–2019 | Senior finance leadership across diversified Healthcare/Crop Science/Consumer Health |
| Bayer (Canada) | Chief Financial Officer, Bayer Canada | Not disclosed | Country-level CFO leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Biotechnology Innovation Organization (BIO) | Board member | Not disclosed | Industry trade association board service |
| Organization for International Investment | Board member | Not disclosed | Board service focused on international investment |
| Health Institute of New Jersey | Trustee | Not disclosed | Non-profit/industry-related trustee role |
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | $575,000 annual base salary |
| Target Annual Bonus | 45% of base salary |
| One-time Equity Grant | 100,000 RSUs vesting annually over four years, service-based |
| Relocation Benefits | Up to $200,000 in company-paid relocation benefits |
Performance Compensation
| Incentive | Target | Metrics Framework |
|---|---|---|
| Annual Cash Incentive | 45% of base salary | Company uses performance-based annual incentives for executive officers tied to corporate objectives and individual performance; objectives established and reviewed annually by the Board/Comp Committee |
Note: Specific FY2025 metric weights/targets/payouts for Mr. Apel have not been disclosed in the available filings .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Form 3 Beneficial Ownership (as filed) | 101,200 shares beneficially owned, including 100,000 RSUs that vest over four years |
| RSU Vesting | Annual vesting over four years, subject to continued service |
| Ownership Guidelines | CEO required to hold 6x salary; CFO required to hold 2x salary. Company states CEO and CFO have each achieved required ownership level . |
| Pledging/Hedging Policy | Hedging prohibited; pledging allowed up to 75% of owned and vested shares for directors/executive officers with Board approval . |
| Clawback Policy | Updated Nov 2023 to permit non-fault recovery of incentive compensation in event of a financial restatement; plans subject to applicable clawback rules . |
Employment Terms
| Provision | Key Terms |
|---|---|
| At‑Will Employment | Employment is at‑will for both the Company and employee . |
| Severance (Non‑CoC) | If terminated without Cause or for Good Reason (not a CoC termination): cash severance equal to 6 months’ Base Salary; COBRA premium reimbursements during 12‑month COBRA Period (subject to election), or a lump-sum taxable substitute at Company discretion; accrued amounts paid per policy . |
| Change‑of‑Control (CoC) Termination | If terminated without Cause or for Good Reason during the CoC protection window: lump sum equal to 12 months’ Base Salary plus 1.5x target annual cash bonus; COBRA premium reimbursements during 18‑month COBRA Period (or lump-sum substitute) . |
| Equity Acceleration (CoC Termination) | If termination occurs after CoC consummation: all equity vests in full and repurchase rights lapse; performance criteria deemed met at target. If termination occurs before CoC consummation: lump-sum cash based on value of awards that would have vested upon CoC . |
| Release Requirement | Payment/benefits contingent on timely execution and non‑revocation of a release by the Release Expiration Date . |
| 280G Cutback | Best‑net approach: payments either delivered in full or reduced to avoid excise tax, whichever yields greater after‑tax value; ordered cutback mechanics specified . |
| Dispute Resolution | Binding arbitration in Los Angeles, CA; prevailing party entitled to fees and costs . |
| Non‑Solicit/Other Terms in Release | Release exhibits include a 12‑month employee non‑solicitation covenant and non‑disparagement, plus confidentiality affirmations; whistleblower carve‑outs preserved . |
Risk Indicators & Red Flags
- Pledging permitted up to 75% of owned and vested shares with Board approval (potential alignment risk if used) .
- No tax gross‑ups on severance or change‑in‑control benefits (shareholder‑friendly) .
- Stock option repricing prohibited; no perquisites; no special executive retirement plans (generally shareholder‑friendly design) .
Track Record, Value Creation, and Execution Context
- Q3 FY2025: Arrowhead reported revenue of $27.8M (mostly collaboration recognition), a net loss of $175.2M, and cash and investments of $900.4M as of 6/30/2025; management noted expected recognition of a $100M milestone from Sarepta in Q4 and $130M upfront from a Sanofi/Viscerna Greater China agreement for plazasiran .
- Corporate milestones around his arrival included an $825M Sarepta licensing/equity deal (closed earlier in FY2025) and an accepted NDA for plozasiran with a PDUFA date of Nov 18, 2025 .
Governance & Policies Relevant to Compensation Alignment
- Stock ownership policy requires the CFO to maintain ownership equal to 2x base salary; Company states CFO is in compliance .
- Compensation program emphasizes at‑risk pay with annual review by an independent Compensation Committee and independent advisor; 2024 Say‑on‑Pay approval was 94% .
Investment Implications
- Alignment: A large, time‑vested RSU grant (100,000 RSUs vesting annually over 4 years) and CFO ownership guideline compliance support medium‑term alignment; clawback and no‑perks/no‑gross‑up posture are shareholder‑friendly .
- Retention/Turnover Risk: Standard severance (6 months base) and enhanced CoC protection (12 months base + 1.5x target bonus with full equity acceleration on a double trigger) reduce voluntary departure risk; the release and arbitration framework provide clarity on exits .
- Selling Pressure: Annual vesting cadence may introduce periodic sellable supply once shares vest; pledging up to 75% of vested shares is permitted with Board approval, which could add idiosyncratic risk if utilized .
- Execution Context: Near‑term catalysts (e.g., PDUFA for plozasiran, milestone/partner revenues) and substantial cash balance set the operating backdrop for his finance leadership; however, operating losses and elevated R&D spend remain key variables for capital planning and dilution risk .