Kevin Church
About Kevin Church
Kevin Church, Ph.D., age 40, is Athira Pharma’s Chief Scientific Officer, an executive officer since July 2020 and CSO since January 2023; he holds a Ph.D. in molecular biosciences from Washington State University (2016) and a B.S. in microbiology from the University of Idaho (2006) . Athira proposed a reverse split in 2025 after receiving a Nasdaq minimum bid price deficiency notice; its stock closed at $0.2393 on April 10, 2025, indicating challenging market performance in his recent tenure . Athira reported persistent operating losses; quarterly EBITDA and cash from operations were negative through Q3 2025 (see table), underscoring the pre-commercial R&D stage during Church’s CSO period [GetFinancials]*.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Athira Pharma | Research Scientist | Jul 2016–Feb 2018 | Early research across neurodegeneration, wound healing, cancer . |
| Athira Pharma | Senior Research Scientist | Feb 2018–Jul 2018 | Advanced laboratory programs . |
| Athira Pharma | Director of Discovery | Jul 2018–Jul 2020 | Led discovery; expanded disease focus (neurodegeneration, oncology) . |
| Athira Pharma | VP of Discovery | Jul 2020–Oct 2021 | Elevated scope of discovery portfolio . |
| Athira Pharma | EVP, Research | Oct 2021–Jan 2023 | Drove research strategy ahead of CSO role . |
| Athira Pharma | Chief Scientific Officer | Jan 2023–Present | Executive leadership of scientific pipeline . |
External Roles
No external directorships or public company board roles were disclosed for Kevin Church .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $420,000 | $450,000 (effective Jan 1, 2024) |
| Target Bonus % | 40% | 40% |
| Actual Bonus Paid ($) | $155,400 (paid in 2024 for 2023 plan) | $207,000 (paid in 2025 for 2024 plan) |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| 2024 Corporate Goals (clinical analyses) | 70% | Set by committee | 90% corporate achievement; retention bonus uplift +25 pts to 115% | $207,000; equals 115% of $180,000 target (40% of $450,000) | Paid in 2025 |
| 2024 Corporate Goals (clinical activities) | 15% | Set by committee | Included in 90% aggregate | See above | Paid in 2025 |
| 2024 Scientific program achievements | 5% | Set by committee | Included in 90% aggregate | See above | Paid in 2025 |
| 2024 Financial/business achievements | 10% | Set by committee | Included in 90% aggregate | See above | Paid in 2025 |
Equity incentives used for retention were granted in Oct 2024 and vest on a 1/3 schedule (Dec 31, 2024; Jun 30, 2025; Dec 31, 2025), with full acceleration upon a Qualifying Merger as defined in award agreements .
Equity Ownership & Alignment
| Item | Amount | Notes |
|---|---|---|
| Total Beneficial Ownership (Apr 4, 2025) | 531,654 shares; 1.3% of common | 130,761 shares held + 400,893 options exercisable within 60 days . |
| Pledging/Hedging | Prohibited | Insider trading policy bans pledging and hedging; no margin accounts . |
| Stock Ownership Guidelines | Not disclosed | No executive ownership multiple disclosed . |
| RSU Vesting (Retention, granted Oct 2024) | 73,333 units; market value $43,024 at 12/31/24 close | Vests 1/3 at 12/31/24, 6/30/25, 12/31/25 . |
| Options Outstanding (selected grants) | See table below | Mix of legacy and recent grants with varying strikes and schedules . |
Outstanding equity awards (as of Dec 31, 2024):
| Type | Vesting Commencement | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Notes |
|---|---|---|---|---|---|---|
| Option | 8/26/2020 | 69,985 | — | 17.00 | 9/16/2030 | Legacy IPO-period grant . |
| Option | 1/8/2021 | 15,000 | 5,000 | 21.15 | 2/17/2031 | 4-year vest; 1/4 annually . |
| Option | 1/18/2022 | 72,917 | 27,083 | 10.64 | 1/17/2032 | 1/48 monthly vest . |
| Option | 1/19/2023 | 95,833 | 54,167 | 3.37 | 1/18/2033 | 1/36 monthly vest . |
| Option | 2/14/2024 | 45,833 | 174,167 | 3.26 | 2/13/2034 | 1/48 monthly vest . |
| Option | 10/1/2024 | 36,667 | 73,333 | 0.45 | 9/30/2034 | 1/3 vest on 12/31/24, 6/30/25, 12/31/25 . |
| RSU | 10/1/2024 | — | — | — | 9/30/2034 | 73,333 RSUs; same 1/3 schedule . |
Upcoming vesting events (potential selling pressure indicators):
- Jun 30, 2025: 24,444 RSUs and 24,444 options from Oct 2024 retention awards vest (1/3 of 73,333 each) .
- Dec 31, 2025: Remaining 24,445 RSUs and 24,445 options vest (final 1/3) .
- Ongoing monthly option vesting from 2022–2024 grants (see schedules) .
Employment Terms
- Employment letter: At-will; confirmatory letter executed in Sep 2020 when serving as VP of Discovery; current base $450,000 and 40% target bonus since Feb 2024 decision, effective Jan 1, 2024 .
- Change-in-control and severance (Jan 2022 agreement for Church):
- Termination outside CIC period: lump sum equal to 9 months base salary and up to 9 months COBRA premiums (12 months/COBRA terms are for CEO, not CSO) .
- Termination during CIC period: lump sum equal to 12 months base salary + 100% of target bonus, up to 12 months COBRA; 100% acceleration of all service-based unvested Company equity awards; performance-based awards not subject to acceleration unless plan specifies; 280G best-net cutback; no tax gross-up .
- Equity plan treatment: Under the 2020 EIP and 2024 Inducement Plan, absent assumption/substitution, all unvested awards vest in full at change in control; performance awards deemed achieved at 100% of target; the board/committee can accelerate vesting at discretion .
- Clawback policy: Adopted Feb 2023; amended Nov 2023 to comply with Nasdaq; expanded Sep 2024 to cover scientific publication retractions or corrections due to misconduct/gross negligence; recovery of excess incentive comp over the prior three completed fiscal years .
- Hedging/pledging/margin restrictions: Prohibited for employees and directors .
Company Performance Context (during CSO tenure)
| Metric ($ USD) | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | -30,397,000* | -27,445,000* | -27,786,000* | -25,251,000* | -15,323,000* | -9,293,000* | -7,048,000* | -6,631,000* |
| Net Income | -27,285,000* | -26,337,000* | -26,859,000* | -28,741,000* | -15,003,000* | -9,143,000* | -6,966,000* | -6,611,000* |
| Cash from Operations | -26,293,000* | -25,804,000* | -22,330,000* | -23,023,000* | -26,013,000* | -14,665,000* | -6,999,000* | -4,668,000* |
Values retrieved from S&P Global.*
Additional context:
- 2025 proxy disclosed reverse split proposal and Nasdaq bid-price deficiency; closing prices cited: $0.455 (Oct 16, 2024) and $0.2393 (Apr 10, 2025) .
- Stock-based compensation expense decreased YTD 2025 vs 2024; RSU and option activity levels provided in 10-Q Q3 2025 .
Compensation Structure Analysis
- Mix shift toward retention equity in Oct 2024: Church received 110,000 options and 110,000 RSUs with near-term vesting cadence (12/31/24, 6/30/25, 12/31/25), aligning incentives with short-term retention and potential corporate events (Qualifying Merger acceleration) .
- Performance RSU schedule revisions: In Dec 2022, the company amended performance RSU schedules across executives to reflect changed circumstances in trial timelines (ACT-AD and LIFT-AD), with vesting tied to enrollment completion and topline readouts rather than the original 6-month post-readout tranche, indicating pragmatic adjustments to performance conditions .
- No tax gross-ups and 280G best-net provisions reduce shareholder-unfriendly features .
Risk Indicators & Red Flags
- Market compliance risk: Nasdaq minimum bid deficiency and need for reverse split point to equity fragility and potential dilution/repricing risk .
- Scientific integrity clawback expansion: The 2024 policy extension to scientific retractions suggests heightened governance sensitivity and potential recovery actions in adverse scenarios .
- Equity award acceleration on CIC: Full acceleration of service-based awards during CIC may create overhang but also aids retention through uncertainty .
Investment Implications
- Alignment: Church’s cash bonus directly mapped to 115% goal achievement, matching plan math (target $180k × 115% = $207k), evidencing pay-for-performance rigor in 2024 .
- Retention incentives and near-term vesting may create episodic supply as RSUs vest in mid/late 2025, but hedging/pledging prohibitions mitigate leverage-related sell pressure .
- Change-in-control terms (12 months base + 100% target bonus; 100% service-based acceleration) indicate competitive retention economics without tax gross-ups, balancing retention and shareholder protections .
- Persistent negative EBITDA and operating cash flow underscore dependence on clinical milestones and financing; reverse split mechanics and bid-price issues highlight equity risk through Church’s tenure [GetFinancials]* .
Values retrieved from S&P Global.