Javier San Martin

About Javier San Martin

Javier San Martin, M.D., age 60, has served as Athira Pharma’s Chief Medical Officer since April 2024. He earned his medical degree from the University of Buenos Aires Medical School and completed his internal medicine residency at CEMIC University of Buenos Aires . His background includes senior clinical development leadership at Arrowhead, Ultragenyx, Alder, Amgen, and Eli Lilly, with notable achievements such as leading the development of Crysvita (burosumab) for XLH at Ultragenyx and responsibility for Prolia (denosumab) approval at Amgen . During his tenure, he has been the primary clinical spokesperson for Athira’s ATH-1105 ALS program, highlighting Phase 1 safety, tolerability, and CNS penetration, and the company’s pivot from fosgonimeton after LIFT-AD’s topline miss .

Past Roles

External Roles

Performance Context

Company-level operating performance (EBITDA) during and surrounding his tenure:

Values retrieved from S&P Global.*

Fixed Compensation

• Not disclosed for Javier San Martin in Athira’s 2025 proxy; he was not included among 2024 “named executive officers” covered in the Summary Compensation Table .

Performance Compensation

• The proxy describes Athira’s Executive Incentive Compensation Plan and possible performance goals (including R&D/regulatory milestones, revenue, EBITDA, TSR, stock price, working capital), with awards generally paid in cash and significant administrator discretion; however, specific 2024/2025 targets, weightings, and payouts for Javier are not disclosed .

Equity Ownership & Alignment

• Beneficial ownership table in the 2025 proxy presents holdings for named executive officers and directors; Javier does not appear individually in that table (indicative that he was not a 2024 NEO), so his share count and % outstanding are not disclosed .
• Athira’s insider trading policy prohibits pledging any company securities, holding in margin accounts, short sales, and hedging transactions by executives and directors, strengthening alignment and reducing financing risk from collateral pledges .
• Clawback policy (amended Nov 2023 and Sept 2024) mandates recovery of excess incentive compensation after accounting restatements and extends to retractions/corrections of scientific results due to misconduct or material policy violations—material governance strength for a science-led company .

Employment Terms

• Javier’s individual employment offer, severance, and change-in-control terms are not disclosed in the proxy or 8-Ks reviewed.
• For context, Athira’s change-in-control/severance agreements for other executives provide: 12 months base salary (18 months for CEO) and 100% target bonus (150% for CEO) during the CIC window, up to 12–18 months COBRA, and full acceleration of service-based equity, with a “better-of” cutback to avoid 280G excise tax; no tax gross-ups—indicative of conservative parachute design. These terms are disclosed for other NEOs and may not apply to Javier without explicit documentation .
• Inducement equity plan adopted in Feb 2024 for new hires mirrors the 2020 EIP CIC treatment but disallows repricings; Javier’s grants, if any, are not enumerated .

Performance & Track Record

• ATH-1105 (ALS): As CMO, Javier led clinical communications demonstrating Phase 1 safety, tolerability, dose-proportional PK, and CNS penetration, and indicated plans to initiate ALS patient trials in late 2025 and evaluate NfL biomarker effects .
• Fosgonimeton/LIFT-AD (AD): LIFT-AD did not meet GST primary or key secondary endpoints; biomarker and subgroup signals favored treatment directionally. Javier framed the totality of data as supportive of HGF modulation’s potential neuroprotective benefits .
• Corporate trajectory: Athira announced cost containment measures and workforce reduction (~70%) post-LIFT-AD to focus on ATH-1105 and extend runway; subsequently disclosed exploration of strategic alternatives, reflecting heightened execution and financing risk environment for pipeline advancement .

Risk Indicators & Red Flags

• Prohibitions on pledging/hedging mitigate common alignment risks; clawback expansion to scientific integrity is a notable positive governance feature .
• No evidence in filings of tax gross-ups for executives; CIC agreements employ “better-of” 280G cutback rather than gross-up—shareholder-friendly .
• Program pivot after LIFT-AD and workforce reduction signal elevated execution risk and potential retention pressure across leadership; specific retention constructs for Javier are not disclosed .

Investment Implications

• Compensation alignment: Lack of disclosed, individual pay/award details for Javier limits direct pay-for-performance evaluation; company-wide governance policies (no pledging/hedging; robust clawback) reduce misalignment risks .
• Vesting/selling pressure: Without Form 4 data or award schedules for Javier, near-term selling pressure cannot be assessed; monitor future proxies and Form 4s for inducement or retention grants and scheduled vest dates.
• Execution focus: Javier’s messaging centers on ATH-1105’s clinical progression and biomarker strategy (NfL) in ALS—key catalyst path; however, the strategic alternatives review and prior LIFT-AD miss increase uncertainty on timelines and capital, elevating retention risk if corporate direction shifts .
• Operating discipline: Sequential EBITDA improvement through 2025 is consistent with cost containment; sustained progress on ATH-1105 initiation and financing will be critical to translate governance strengths into value creation. See EBITDA table above for trend context.*