Anuj Gaggar, M.D., Ph.D.
ASSEMBLY BIOSCIENCESAbout Anuj Gaggar, M.D., Ph.D.
Chief Medical Officer at Assembly Biosciences (ASMB) since November 2023; age 47. Prior roles include Vice President, Clinical Research at Gilead (led HBV cure development program and contributed to registrational studies for Vemlidy, Sovaldi, and Veklury), and co‑founder/CEO of Arrive Bio (2021–2023). Education: B.S. in Chemistry (Stanford), M.D. and Ph.D. (University of Washington); clinical fellow and chief resident in Infectious Diseases at UCSF . Company‑level TSR/revenue/EBITDA metrics for his tenure are not disclosed in the 2025 proxy; however, ASMB’s 2024 corporate objectives were assessed at 129.25% achievement, reflecting strong execution across development, research, financing, and talent retention .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Arrive Bio (private) | Co‑founder & Chief Executive Officer | Apr 2021 – Nov 2023 | Led early‑stage biotech; executive leadership and company building |
| Gilead Sciences | Vice President, Clinical Research | Dec 2012 – Apr 2021 | Led HBV cure clinical strategy and execution; contributed to registrational studies for Vemlidy, Sovaldi, Veklury; led HCV portfolio programs |
| UCSF | Clinical fellow (Infectious Diseases); Chief Resident | Prior to Gilead | Clinical training and leadership in Infectious Diseases |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| No public company directorships disclosed | — | — | The 2025 proxy does not list external public board roles for Dr. Gaggar . |
Fixed Compensation
| Element | Company Policy | Dr. Gaggar Disclosure |
|---|---|---|
| Base salary | Market‑competitive, based on role scope and benchmarks; reviewed periodically | Not disclosed (Dr. Gaggar was not an NEO in 2024; proxy tables cover CEO, CSO, CMO White) |
| Perquisites | Company states no significant perquisites for NEOs | Not disclosed for Dr. Gaggar |
| Ownership guidelines | Not adopted due to biotech stock volatility; reviewed annually | No personal guideline requirement disclosed |
Performance Compensation
| Metric (2024 Corporate Objectives) | Target/Goal | Weight (%) | Achievement Detail | Achievement (%) |
|---|---|---|---|---|
| Development – ABI‑5366 | Complete IND/CTA enabling; initiate Phase 1a; interim data in 2H24 | 30.00% | Results far exceeded expectations; announced in Q3 2024 | 70.00% |
| Research – Nominate new NNPI candidate | Nominate and initiate IND/CTA‑enabling for best‑in‑class profile | 15.00% | Completed: ABI‑7423 nominated | 15.00% |
| Research – Advance discovery program | Advance another discovery program into lead optimization | 5.00% | Completed: currently undisclosed target | 5.00% |
| Finance/Corp Dev – Extend cash runway | Transactions/partnership to extend runway into mid‑2026 | 25.00% | Financing in Jun 2024; Gilead equity investment & funding Dec 2024 | 31.25% |
| Organization – Talent retention | Develop, engage, retain critical talent | 5.00% | Only one resignation; all critical employees retained | 8.00% |
| Total | — | — | Company‑wide performance | 129.25% |
Notes:
- Annual performance bonuses are based on pre‑set Company‑wide goals and (for all employees other than the CEO) individual objectives; the Compensation Committee can adjust payouts above/below target based on performance .
- Dr. Gaggar’s individual target bonus %, actual bonus, and equity grants were not disclosed (he was not an NEO in 2024) .
Equity Ownership & Alignment
- Hedging/pledging: Company prohibits hedging and pledging; no option repricing without shareholder approval .
- Stock ownership guidelines: None adopted currently; reviewed annually .
- Beneficial ownership: Dr. Gaggar is not listed individually in the Security Ownership table; individual holdings are not disclosed in the proxy .
- Long‑term incentives: For NEOs, stock options vest ratably over four years; equity program emphasizes pay‑for‑performance .
- Proposed broad‑based supplemental retention PSUs (subject to shareholder approval):
- Milestone: Initiation of a Phase 2 or Phase 3 clinical study of one ASMB program by end of 2027 .
- Vesting: 50% on the later of first anniversary of grant or milestone completion; remaining 50% one year after the First Vesting Date .
- Reserved shares: 225,000 (approx. 3.0% of outstanding) solely for this program; employees only; directors excluded .
- Rationale: Enhance retention and align upside to clinical progress; in 2023–2024 equity grants were below 25th percentile of peers due to trading price despite targeting 50th percentile as a % of shares .
| Program | Shares Reserved | Milestone | Vesting Schedule |
|---|---|---|---|
| Supplemental retention PSUs | 225,000 | Initiate Phase 2 or Phase 3 by end‑2027 | 50% at later of 1st anniversary or milestone completion; 50% one year later |
Employment Terms
| Term | Company Policy/Practice | Dr. Gaggar Disclosure |
|---|---|---|
| Employment agreements | All NEOs had employment agreements in 2024 | Not disclosed for Dr. Gaggar (not an NEO in 2024) |
| Severance (non‑CIC) | For CSO/CMO White: 12 months base salary continuation + COBRA premium reimbursement upon disability/without cause/for good reason (outside CIC); subject to release | Not disclosed for Dr. Gaggar |
| Severance (double‑trigger CIC) | For CSO/CMO White: Lump sum 12 months base + full target bonus + time‑based equity vests in full + COBRA reimbursement (12 months); subject to release | Not disclosed for Dr. Gaggar |
| CEO CIC terms (reference) | 18 months base + 1.5x target bonus + full equity acceleration; option exercise window extension; COBRA reimbursement (18 months) | Reference only (CEO) |
| Excise tax gross‑ups | None (policy) | Not applicable |
| Clawback | Company discloses clawback policy (summary) | Policy exists |
Change‑in‑control treatment under equity plan: if awards are not assumed/replaced, time‑based awards vest in full and performance awards vest at target or actual achievement at transaction date; administrator may accelerate vesting and permit cash‑out; repricing prohibited without shareholder approval .
Performance & Track Record
- HSV program (ABI‑5366): In Phase 1b, Dr. Gaggar reported >90% reduction in shedding rate, 98% reduction in high viral load swabs, and >90% reduction in lesions vs placebo with once‑weekly dosing over 28 days; safety well‑tolerated with long exposure given ~20‑day half‑life; planning a Phase 2 head‑to‑head vs valacyclovir with weekly dosing and longer duration, endpoints include shedding and lesions .
- HBV CAM (ABI‑4334): Late‑breaking AASLD poster highlighted multi‑log declines in HBV DNA and pgRNA at 150mg and 400mg doses over 28 days; exposures above levels anticipated for cccDNA inhibition; well tolerated; under Gilead opt‑in review .
- HDV entry inhibitor (ABI‑6250): Phase 1a showed target engagement via bile acid elevation (NTCP blockade), enabling Phase 2 dose selection; chronic tox completed; positions asset as oral option vs injectables .
- Governance/Say‑on‑Pay: 2024 Say‑on‑Pay received ~99% approval, indicating shareholder support for compensation execution .
Investment Implications
- Pay‑for‑performance alignment: Company‑wide goals and performance‑weighted incentives drive bonus outcomes; long‑term equity and proposed PSUs tie employee upside to clinical milestones. This supports retention and execution focus but leaves limited visibility into Dr. Gaggar’s individual pay mix since he was not an NEO in 2024 .
- Retention and selling pressure: The proposed PSUs have milestone‑based vesting and staggered release, which can reduce near‑term selling pressure and enhance retention; plan prohibits hedging/pledging and repricing, and requires minimum vesting, mitigating governance risk .
- Alignment clarity: Absence of disclosed individual ownership for Dr. Gaggar and lack of stock ownership guidelines reduce transparency on “skin‑in‑the‑game”; however, company policy bars hedging/pledging, and equity is a material component of senior pay .
- Execution track record: Dr. Gaggar’s antiviral development background (HBV/HCV/COVID) and reported clinical progress in HSV, HBV, and HDV programs indicate strong operational momentum; continued milestone delivery (Phase 2 initiations, Gilead opt‑ins) are potential catalysts .