Nicole S. White, Ph.D.
ASSEMBLY BIOSCIENCESAbout Nicole S. White, Ph.D.
Nicole S. White, Ph.D. (age 45) is Chief Manufacturing Officer at Assembly Biosciences (ASMB), serving as CMO since February 2022 after joining the company in November 2020 as SVP, Pharmaceutical Development and Manufacturing. She holds a B.S. in Chemistry (UC San Diego) and a Ph.D. in Organic Chemistry (UC Irvine), and previously led CMC/process chemistry functions at Gossamer Bio and Abide Therapeutics, with earlier leadership roles at Gilead supporting multiple antiviral launches (Harvoni, Vemlidy, Vosevi) . During 2024, company TSR improved to $160.34 on a $100 base while net loss narrowed to $40.2 million, framing a more constructive pay‑for‑performance backdrop for NEO incentives . The company highlighted strong execution on four clinical programs and extended cash runway into mid‑2026 via $42.7 million of financings/collaboration proceeds .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Assembly Biosciences | Chief Manufacturing Officer | Since Feb 2022 | Led CMC organization; execution on ABI‑5366/1179/6250; contributed to new 1179 formulation aiding early clinical success . |
| Assembly Biosciences | SVP, Pharmaceutical Development & Manufacturing | Nov 2020–Feb 2022 | Built/manufacturing leadership ahead of CMO role . |
| Gossamer Bio | Sr. Director & Head, Process Chemistry | Sep 2019–Nov 2020 | Led process chemistry; scaling for pipeline programs . |
| Gossamer Bio | Director, Process Chemistry | May 2018–Sep 2019 | Process chemistry leadership . |
| Abide Therapeutics | Director of CMC | Jan 2017–Apr 2018 | CMC leadership . |
| Abide Therapeutics | Associate Director, Process Chemistry | Oct 2015–Jan 2017 | Process chemistry leadership . |
| Gilead Sciences | Progressive leadership roles | Not disclosed | Advanced multiple programs from Phase 1 to commercial; contributed to launches of Harvoni, Vemlidy, Vosevi . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | None disclosed in the proxy . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Target Bonus ($) | Actual Bonus ($) | Payout vs Target (%) |
|---|---|---|---|---|---|
| 2024 | 424,000 | 40% | 169,600 | 217,500 | 128.24% |
| 2023 | 400,000 | 40% (unchanged from 2022) | — | 203,200 | — |
Notes:
- Committee held 2023 salary increases for Dr. White contingent on extending runway into 2025; after executing the Gilead collaboration in Oct 2023, base increased effective Jan 1, 2024 to $424,000 .
- “All Other Compensation” (401k match and group life premiums) totaled $14,340 in 2024 and $13,740 in 2023 .
Performance Compensation
Annual Incentive Structure and 2024 Outcomes
- Company‑wide 2024 goals were determined achieved at 129.25%, citing R&D progress (four active programs), financing/collaboration proceeds of $42.7M (runway to mid‑2026), and talent retention; Dr. White’s individual evaluation emphasized leadership of CMC, execution on 5366/1179/6250, and key contributions to 7423 nomination and 1179 formulation .
- Dr. White’s 2024 actual bonus: $217,500 vs. a $169,600 target (40% of salary), equating to 128.24% of target .
| Metric | Weighting | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Company‑wide objectives | Not disclosed | — | 129.25% achievement | Drives NEI payouts | R&D/clinical progress, financing/runway extension, retention |
| Individual performance (CMC) | Not disclosed | — | “Strong year” incl. 1179 formulation | Incorporated | Qualitative overlay for NEOs |
2024 Equity Grants (Annual Cycle)
| Grant Date | Instrument | Shares | Strike ($/sh) | Grant Date FV ($) | Vesting |
|---|---|---|---|---|---|
| 3/29/2024 | Stock Options | 17,500 | 13.30 | 171,697 | 25% on 1st anniversary; remaining monthly over next 36 months . |
Vesting cadence implications: 4,375 options vest on 3/29/2025 (25% cliff) with remaining unvested options vesting monthly through ~3/29/2028 under the standard 25%/36‑month schedule .
Outstanding Equity and Vesting Schedules (as of 12/31/2024; share counts post 1‑for‑12 reverse split)
| Type | Status | Quantity | Exercise Price ($) | Expiration | Vesting Mechanics |
|---|---|---|---|---|---|
| Option | Exercisable | 4,166 | 67.44 | 11/16/2030 | Standard 25% then monthly 36 months |
| Option | Exer./Unexer. | 5,732 / 2,600 | 27.60 | 03/29/2032 | Standard 25% then monthly 36 months |
| Option | Exer./Unexer. | 9,725 / 6,940 | 24.12 | 08/01/2032 | Standard 25% then monthly 36 months |
| Option | Exer./Unexer. | 5,104 / 6,561 | 10.68 | 03/29/2033 | Standard 25% then monthly 36 months |
| Option | Unexercisable | 17,500 | 13.30 | 03/29/2034 | 25% on 3/29/2025; then monthly 36 months |
| RSU | Unvested | 1,041 | — | — | Vests in 4 equal installments on 3/29/2023, 2024, 2025, 2026 |
| Market‑based RSU | Unearned | 2,083 | — | — | Market‑based; none vested as of 12/31/2024 |
Additional equity context:
- 2024 NEO grants were options only; no 2024 RSU grants to NEOs under the plan disclosure .
- Equity award grant timing: annual grants historically on March 29; 2024 grants occurred one day after filing the 10‑K; committee states no MNPI timing influence (Item 402(x) table) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 41,820 shares; less than 1% of shares outstanding (based on 7,637,553 shares at 4/8/2025) . |
| Shares outstanding reference | 7,637,553 as of April 8, 2025 . |
| Pledging/hedging | Company policy prohibits hedging, short sales, publicly traded derivatives, margin accounts, and pledged securities . |
| Ownership guidelines | Company has not adopted executive stock ownership guidelines given biotech volatility; reviewed annually . |
Insider selling pressure lens:
- Upcoming vests: 25% cliff on 3/29/2025 for her 3/29/2024 option grant (4,375 options), followed by monthly vesting through 2028; additional RSU installments scheduled on 3/29/2025 and 3/29/2026; market‑based RSUs remain unearned as of year‑end 2024 .
Employment Terms
| Term | Provision |
|---|---|
| Employment agreement | Entered February 2022; 2022 base $400,000; target bonus 40%; base increased to $424,000 effective Jan 2024 . |
| Severance (non‑CIC) | If terminated due to disability, without cause, or for good reason (outside 12 months post‑CIC): 12 months salary continuation and up to 12 months COBRA premium reimbursement (company portion) . |
| Severance (CIC; double trigger) | If terminated due to disability, without cause, or for good reason within 12 months following a change of control: lump sum 12 months base salary, full target annual bonus for year of termination, full acceleration of all time‑based equity, and up to 12 months COBRA premium reimbursement (company portion) . |
| 280G treatment | Cut‑back if reduction yields higher net after‑tax benefit; no excise tax gross‑ups . |
| Clawback | Policy effective Oct 2, 2023 in compliance with SEC/Nasdaq rules . |
| Other | No guaranteed bonuses; double‑trigger equity vesting on CIC; no special health/welfare benefits . |
Performance & Track Record (role‑relevant)
- Execution highlights: CMC leadership contributed to 2024 objectives across ABI‑5366, ABI‑1179, ABI‑6250, and support for ABI‑7423; new 1179 formulation noted as contributing to early clinical success .
- Capital runway: Finance/Corp Dev raised $42.7M across equity and Gilead collaboration/funding, extending runway into mid‑2026 .
- Say‑on‑pay: 99% approval at the 2024 annual meeting, indicating broad shareholder support for the compensation program .
- Pay‑vs‑performance: Company TSR rose to $160.34 in 2024 (from $63.08 in 2023 and $21.49 in 2022), while net loss improved to $(40.2)M in 2024 (from $(61.2)M in 2023 and $(93.1)M in 2022) .
Compensation Structure Analysis
- Mix shift and risk: 2024 long‑term incentives were entirely stock options for NEOs, which heightens performance leverage and retention via time‑based vesting (vs. RSUs) but can reduce realized pay if shares are below exercise prices .
- Goal rigor and payout: Corporate achievement at 129.25% suggests above‑plan execution driven by pipeline and financing milestones; NEO payouts included qualitative individual assessments tied to functional leadership (CMC for Dr. White) .
- Governance protections: No gross‑ups; formal clawback; insider policy bans hedging/pledging; double‑trigger vesting on CIC .
Investment Implications
- Alignment and incentives: Option‑heavy 2024 equity places Dr. White’s compensation squarely on value creation; standard 4‑year vesting with a 1‑year cliff and monthly vesting thereafter supports retention but could create modest, predictable supply around vesting dates if shares are in‑the‑money .
- Retention risk: Outside CIC, severance is limited to 12 months salary plus COBRA—adequate but not overly protective—while double‑trigger CIC terms (salary, target bonus, full time‑based acceleration) are market‑standard and may modestly increase deal‑aligned retention through change events .
- Ownership and governance: Beneficial ownership is <1%, and there are no formal ownership guidelines; however, strict prohibitions on hedging and pledging and an in‑force clawback mitigate misalignment risk .
- Execution track record: 2024 outcomes—pipeline advancement, runway extension, and strong say‑on‑pay—support the view that CMC leadership is delivering on objectives that drive value inflections; macro/clinical risks persist typical of clinical‑stage biotech .
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