Christopher Morabito
About Christopher Morabito
Christopher Morabito, M.D., is Chief Medical Officer at Astria Therapeutics (ATXS), age 55, serving since July 2022, with prior clinical leadership at Takeda, Sanofi, Merck, Fulcrum Therapeutics, and Cardurion Pharmaceuticals. He holds an M.D. from Penn State University College of Medicine, trained at Stanford and UCSF, and has a B.A. from Franklin & Marshall College . During his tenure, Astria’s total shareholder return (TSR) improved from 60 in 2023 to 166 in 2024, while the company remained loss-making with a 2024 net loss of $94.3 million, reflecting R&D-stage investment intensity . Incentive pay is tightly tied to achieving corporate goals in advancing navenibart and STAR-0310 programs, with 2024 goals met at 100% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Fulcrum Therapeutics | Chief Medical Officer | May 2021–Jul 2022 | Led clinical development and medical strategy |
| Cardurion Pharmaceuticals | Chief Medical Officer | Jul 2020–May 2021 | Built CMO function, cardiovascular focus |
| Takeda | SVP & Head, R&D Plasma Derived Therapies; VP & Head R&D Integration; VP & Head Portfolio Strategy Group; VP & Global Program Leader, Specialty CV | Jan 2016–Jun 2020 | Led global R&D integration and portfolio strategy; plasma therapies leadership |
| Sanofi | Senior Director & Global Project Head (Lixisenatide family); Senior Director & Head of Programs (ID‑TSU); Senior Director, Global Project Head (ID‑TSU) | Apr 2014–Jan 2016 | Directed programs and global project leadership in metabolic/immunology |
| Merck & Co. | Director, Clinical Research, Cardiovascular TA | Oct 2010–Apr 2014 | Directed CV clinical research |
External Roles
No external directorships or board roles disclosed for Morabito .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 458,415 | 485,920 |
| Target Bonus (% of salary) | 40% | 40% |
| Actual Bonus Paid ($) | 197,118 | 194,368 |
Notes:
- Bonus framework changed in 2024 to be 100% based on corporate goals (no individual component); corporate goals achieved at 100% in 2024 .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual corporate goals (advancing navenibart/STAR‑0310; corporate/financial strategy; people goals) | 100% of bonus (for all NEOs in 2024) | Board-approved annual corporate goals | Achieved 100% of target (2024) | $194,368 cash bonus (40% of 2024 salary) | Cash; paid for 2024 performance |
Equity incentives are exclusively stock options with time-based vesting; annual grants tied to market-based benchmarks and retention objectives .
Equity Ownership & Alignment
- Total beneficial ownership: 161,666 shares (<1% of outstanding) .
- Insider trading/pledging: Policy prohibits short sales; derivatives unless approved; margin use; and pledging without Audit Committee approval; no pledging disclosed .
- Outstanding option awards and vesting schedule (as of Dec 31, 2024):
| Grant/Option | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration | Vesting Details |
|---|---|---|---|---|---|
| 2022 hire grant | 40,417 | 39,583 | 3.87 | 7/31/2032 | Unvested scheduled monthly through 7/31/2026 |
| Jan 31, 2023 grant | 41,250 | 48,750 | 13.36 | 1/31/2033 | Unvested scheduled monthly through 1/31/2027 |
| Feb 7, 2024 grant | — | 175,000 | 15.26 | 2/7/2034 | 25% vested on 2/7/2025; remainder vests monthly through 2/7/2028 |
- Executive equity usage: 2024 grant to Morabito of options to purchase 175,000 shares as part of annual awards .
Employment Terms
| Term | Details |
|---|---|
| Employment Agreement | None; at-will employment |
| Severance Plan Eligibility | Covered Employee under Amended & Restated Severance Plan |
| Severance (no cause / good reason) | Cash severance equal to 12 months base salary; as of 12/31/2024: $485,920 |
| COBRA | Not eligible as of 12/31/2024; $0 |
| Change-in-Control (CIC) termination | Cash severance $485,920; full vesting of unvested equity awards (intrinsic value at 12/31/2024 for Morabito: $200,686); total illustrative value $686,606 |
| Non-compete | 12 months (does not apply if terminated without cause or laid off) |
| Non-solicit | 12 months |
| Clawback | Nasdaq-compliant clawback covering incentive compensation for restatements; includes stock price/TSR-based awards |
| Merger employee protections | In BioCryst transaction, for 1 year post-close, base salary and target bonus no less than pre-close; severance no less favorable than schedule; service credit in benefit plans; waivers of pre-existing condition limits and waiting periods |
| Merger triggers | No 280G excess parachute payments; no tax gross-ups; execution/consummation does not trigger payments or acceleration alone |
Governance, Peer Group, and Say-on-Pay
- Compensation Committee: Dr. Beck, Fred Callori, Hugh Cole, and Michael Kishbauch; independent; Aon engaged as consultant; met five times in 2024 .
- Executive compensation peer group: 19 biopharma peers (e.g., Adicet Bio, Aerovate Therapeutics, Cullinan Oncology, Edgewise, Savara, etc.); refreshed in 2024 from 2023 cohort .
- Say‑on‑Pay voting outcomes:
- 2024 Annual Meeting: For 40,882,888; Against 5,346,924; approved .
- 2025 Annual Meeting: For 43,538,692; Against 6,611,451; approved .
Performance & Track Record
- Clinical execution: Initiated Phase 3 ORBIT‑EXPANSE long-term trial; maintains global enrollment strategy; emphasizes flexible Q3M/Q6M dosing . Final positive results from full-enrollment Phase 1b/2 ALPHA‑STAR (n=29) showed consistent robust efficacy and favorable safety/tolerability; supports Q3M and Q6M regimens .
- Communications leadership: Morabito directly engaged external stakeholders (clinicians) during announced BioCryst acquisition, affirming continuity of Phase 3 programs .
Trading Signals and Insider Activity
- 10b5‑1 plan: Morabito terminated a Rule 10b5‑1 trading arrangement (adopted Sept 25, 2024) during Q3 2025; the plan contemplated exercising up to 20,000 options and selling the resulting shares . This termination suggests discretion over future sales timing rather than pre-set execution, a potential change in selling pressure dynamics .
- Upcoming vesting cadence: Large 2024 grant vests through 2028, with 25% vested in Feb 2025 and monthly thereafter; staggered vesting can create periodic liquidity opportunities .
Compensation Structure Analysis
- Cash vs equity mix: 2024 compensation total $2.48M with substantial equity option value ($1.79M grant-date fair value), consistent with high at-risk equity emphasis typical of R&D-stage biopharma .
- Shift to corporate-only bonus: Removal of individual performance component increases alignment to company milestones (drug development) and reduces discretionary payouts .
- Equity award sizing: 2024 award calibrated via market benchmarks; time-based vesting favors retention rather than performance-conditioned vesting .
- Dilution context: Company-wide option pool and 2015 Plan increase reflect aggressive equity usage to retain/attract talent; approved increases in 2024 and 2025 facilitate continuity of grants .
Investment Implications
- Alignment: Morabito’s compensation is primarily equity/options with vesting tied to service, aligning retention with the multi‑year clinical timelines (Phase 3 ALPHA‑ORBIT/ORBIT‑EXPANSE) .
- Selling pressure: Termination of his 10b5‑1 plan plus ongoing monthly vesting through 2028 could introduce episodic sale windows; monitor Form 4s around vest dates and material data releases .
- CIC economics: No automatic payouts or gross‑ups on deal signing; protection if terminated post‑CIC with full acceleration—retention likely supported by merger employee protections for at least one year post-close .
- Governance support: Strong say‑on‑pay approval and independent comp committee with peer benchmarking mitigate pay inflation risk and support pay-for-performance credibility .
- Execution risk: Despite robust Phase 1b/2 data, R&D-stage losses persist; incentive design focused on corporate goals provides clear accountability for clinical progress (Q3M/Q6M navenibart regimens) .
Sources: Company DEF 14A (Apr 28, 2025), 8-Ks (Jun 6, 2024; Jun 12, 2025; Oct 14, 2025), 10-Q (Nov 12, 2025), press releases (Oct 8, 2025; Nov 6, 2025). Citations inline.