William E. Delaney IV, Ph.D.
ASSEMBLY BIOSCIENCESAbout William E. Delaney IV, Ph.D.
Chief Scientific Officer of Assembly Biosciences (ASMB) since May 2020; age 52 as of April 1, 2024. Prior to ASMB, he spent 20 years at Gilead in clinical virology and biology research, culminating as Executive Director, Biology; earlier, a research fellow at the Victorian Infectious Diseases Reference Laboratory. Education: B.S. in Biotechnology (University of Delaware); Ph.D. in Cell and Molecular Biology (Penn State University College of Medicine) . Company-level performance context: ASMB’s cumulative TSR (initial $100) improved from $21.49 (2022) to $63.08 (2023) to $160.34 (2024), while net losses narrowed from $(93.1)mm to $(61.2)mm to $(40.2)mm . 2024 corporate bonus scorecard achieved 129.25% against weighted R&D, financing and talent goals .
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| TSR ($ per initial $100) | $21.49 | $63.08 | $160.34 |
| Net Loss (USD, thousands) | $(93,092) | $(61,228) | $(40,177) |
| Revenue (USD) | — | $7,163,000 | $28,520,000 |
| EBITDA (USD) | — | $(64,196,000)* | $(45,291,000)* |
Values marked with * retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gilead Sciences | Clinical virology/biology research roles; Executive Director, Biology | 2000–May 2020 | Led biology research; progressed through positions of increasing responsibility |
| Victorian Infectious Diseases Reference Laboratory | Research and Molecular Development Fellow | 1999–2000 | Early-career research training |
External Roles
No external public company directorships disclosed in the executive bio or proxy materials for Dr. Delaney .
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary | $470,000 | $498,200 | 2024 increase effective Jan 1, 2024 (6%); target bonus unchanged |
| Target Bonus % | 40% of base salary | 40% of base salary | Set in employment agreement; unchanged |
| Actual Bonus Paid | $238,800 | $254,000 | Based on corporate and individual goals |
| All Other Compensation | $14,442 | $15,042 | 401(k) match; life insurance premium |
Performance Compensation
Annual Equity Grants
| Grant Year | Instrument | Shares | Exercise Price | Grant Date | Grant Date FV | Vesting | Expiration |
|---|---|---|---|---|---|---|---|
| 2024 | Stock Options | 20,000 | $13.30 | 3/29/2024 | $196,225 | 25% at 1-year; monthly over next 36 months | 03/29/2034 |
| 2023 | Stock Options | 11,666 | $10.68 | 3/29/2023 | $88,579 | 25% at 1-year; monthly over next 36 months | 03/29/2033 |
Notes:
- In 2024, the Compensation Committee granted NEOs 100% stock options (no RSUs) targeted at the 50th percentile by % of shares; due to trading price, grant date values were at/below the 25th percentile of the peer group . Grants are customarily on March 29; 2024 10-K filed the day prior; the company asserts no timing around MNPI; post-disclosure price change was -3% .
Outstanding Equity Awards (as of Dec 31, 2024)
| Type | Exercisable | Unexercisable | Exercise Price | Expiration | Notes |
|---|---|---|---|---|---|
| Option | 8,333 | — | $246.24 | 05/27/2030 | 25%/36-month monthly vesting applies |
| Option | 5,273 | 351 | $51.96 | 03/29/2031 | 25%/36-month monthly |
| Option | 5,729 | 2,603 | $27.60 | 03/29/2032 | 25%/36-month monthly |
| Option | 9,724 | 6,942 | $24.12 | 08/01/2032 | 25%/36-month monthly |
| Option | 5,104 | 6,562 | $10.68 | 03/29/2033 | 25%/36-month monthly |
| Option | — | 20,000 | $13.30 | 03/29/2034 | 2024 grant |
| RSU (time-based) | — | 233 | — | — | Vests in 4 installments 2022–2025 |
| RSU (time-based) | — | 1,041 | — | — | Vests in 4 installments 2023–2026 |
| RSU (market-based) | — | 2,083 | — | — | 2022 market-based; none vested as of 12/31/2024 |
Annual Cash Incentive (Corporate Scorecard)
| Year | Corporate Metric (examples) | Weight | Achievement | Corporate Payout |
|---|---|---|---|---|
| 2024 | Development: Complete IND/CTA-enabling studies; initiate P1a/P1b (multiple programs) | 30% | 70% | 129.25% total achievement |
| 2024 | Research: Nominate dev candidate; advance discovery | 20% (15%+5%) | 20% (15%+5%) | |
| 2024 | Finance/Corp Dev: Extend runway to mid-2026 via deals | 25% | 31.25% | |
| 2024 | Organization: Retain talent | 5% | 8% |
Bonuses are based on pre-set company-wide goals and individual objectives (for non-CEO NEOs); the Committee retains discretion to adjust payouts .
Equity Ownership & Alignment
| As-Of Date | Beneficial Ownership (Shares) | % Outstanding | Breakdown (near-term liquidity) | Pledging/Hedging |
|---|---|---|---|---|
| Apr 1, 2024 | 36,248 | <1% | 5,851 shares; 2,396 RSUs vesting within 60 days; 28,001 options exercisable within 60 days | Company states no known arrangements incl. pledges that could change control; Insider Trading Policy prohibits hedging and pledging |
| Apr 8, 2025 | 60,521 | <1% | Not itemized in 2025 table | Company reiterates no known pledges; policy prohibits pledging/hedging |
- Stock ownership guidelines: not currently adopted given sector volatility; reviewed annually for alignment; holdings monitored for alignment .
- 2025 Proposed Supplemental Retention Program (Amendment No. 2): Dr. Delaney allocation 13,595 stock awards (approx. $112,295 at 4/8/2025 price) if approved; non-employee directors excluded .
Employment Terms
- Start date/role: Chief Scientific Officer since May 2020 .
- Target bonus: 40% of base salary (unchanged since hire); 2024 base increased to $498,200 .
- Severance (non-CoC): If terminated due to disability, without cause, or for good reason outside 12 months post-CoC, 12 months’ salary continuation and up to 12 months COBRA premium reimbursement (subject to earlier eligibility) with release .
- Severance (double-trigger within 12 months post-CoC): Lump sum 12 months’ salary, full target bonus for the year of termination, immediate vesting of all time-based equity, and up to 12 months COBRA premium reimbursement (subject to earlier eligibility) with release .
- 280G/4999: “Best net” cutback; no excise tax gross-ups .
- Clawback: Policy effective Oct 2, 2023, compliant with SEC/Nasdaq standards .
- Trading/pledging: Short sales, derivative hedging, and pledging prohibited .
- Equity grant timing: Historically March 29; 2024 grants occurred one day after 10-K filing; Committee states no MNPI timing; post-MNPI price impact -3% .
Compensation Structure Analysis
- Mix and risk: 2024 NEO equity moved to 100% options (no RSUs), increasing performance leverage and reducing guaranteed value; grant date values at/below 25th percentile despite percent-of-shares targeting the 50th percentile due to stock price at grant .
- Pay-for-performance: Corporate achievement at 129.25% in 2024 supported above-target cash bonuses; metrics emphasized clinical progress, pipeline advancement, financing runway, and talent retention .
- Equity overhang/vesting: Significant unexercised options with staggered expirations (2030–2034) and market-based RSUs from 2022 provide retention hooks and potential future selling pressure as milestones/vesting occur .
- Governance protections: Double-trigger CoC; no gross-ups; clawback adopted; hedging/pledging prohibitions; say-on-pay support ~86% in 2023 .
Investment Implications
- Alignment: Option-heavy 2024 grants, clawback, and hedging/pledging prohibitions align incentives with long-term value creation; absence of stock ownership guidelines is a modest alignment gap partially mitigated by meaningful option exposure and proposed 2025 retention RSUs .
- Retention risk: Double-trigger CoC with 1x salary plus target bonus and full time-based equity acceleration is moderate; the proposed 2025 retention program and ongoing unvested equity reduce near-term flight risk .
- Trading signals: Watch for Form 4 activity around (a) monthly option vesting from 2023/2024 grants, (b) any market-based RSU milestone vesting from 2022 awards (none vested as of 12/31/24), and (c) potential issuance/vesting from the proposed 2025 supplemental retention program—each could create incremental selling pressure post-vesting .
- Performance linkage: 2024 scorecard outperformance (129.25%) and TSR rebound (to $160.34 on $100 basis) indicate compensation outcomes tied to tangible R&D and financing milestones; continued value creation depends on advancing clinical programs while managing burn (net loss narrowed to $(40.2)mm in 2024) .
S&P Global data disclaimer: EBITDA values in the About table are retrieved from S&P Global.