Winston Kung
About Winston Kung
Winston Kung is 49 and has served as ArriVent BioPharma’s Chief Financial Officer and Treasurer since January 4, 2024, following an offer letter executed January 3, 2024 . He holds a B.A. in Biology and International Relations from Brown University and an MBA from Harvard Business School . ArriVent is a clinical-stage biotech with no product revenues; the company reported a net loss of $130.8M for the nine months ended September 30, 2025, and held $112.7M in cash and cash equivalents at quarter-end, reflecting increased R&D investment and financing activity during 2025 . Kung’s annual bonus is tied to corporate objectives including pipeline development, financial and strategic goals, aligning pay with milestones across development and financing execution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PMV Pharmaceuticals (Nasdaq: PMVP) | Chief Operating Officer and Chief Financial Officer | Dec 2017 – Jan 2024 | Led operations and finance at precision oncology company . |
| Celgene Corporation | VP Business Development & Global Alliances; Chief Business Officer at Celgene Cellular Therapeutics | Apr 2013 – Nov 2017 | Led long-range strategic plan; oversaw multiple transactions and managed alliance portfolio of 100+ collaborations, equity investments and integrations . |
| Citigroup Inc. | Global Healthcare Investment Banking | Jun 2010 – Apr 2013 | Executed financings, M&A, spin-outs and advisory mandates . |
| Lehman Brothers/Barclays Capital | Global Mergers & Acquisitions Group | May 2007 – Jun 2010 | Worked on public/private financings, M&A and advisory assignments . |
| Amgen Inc. (Nasdaq: AMGN) | Co-founder, Alliance Management; Corporate Development deal lead | Aug 2004 – May 2007 | Built alliance management capability and led multiple acquisition deals . |
| Genentech, Inc. | Business & Corporate Development | Nov 1999 – Sep 2002 | Corporate/business development in oncology-biotech setting . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Janux Therapeutics (Nasdaq: JANX) | Director | Sep 2022 – present | Public biopharma board role . |
| Corbus Pharmaceuticals (Nasdaq: CRBP) | Director | Sep 2022 – present | Public biopharma board role . |
| Alliqua Biomedical (Nasdaq: ALQA) | Director | — | Prior public board service . |
| GNS Healthcare | Director | — | Prior private company board (healthcare AI) . |
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | — | $469,602 | $494,000 (effective Feb 1, 2025) |
| Target Bonus (%) | — | 40% of base salary | 40% of base salary |
| Actual Annual Bonus Paid ($) | — | $158,840 (paid Feb 2025) | — |
| All Other Compensation ($) | — | $13,800 (401k match) | — |
Performance Compensation
| Incentive Type | Grant Date | Shares/Units | Grant-Date Fair Value ($) | Strike Price ($) | Expiration | Vesting Schedule | Notes |
|---|---|---|---|---|---|---|---|
| Stock Options | Jan 3, 2024 | 197,238 | $1,190,331 | $7.76 | Jan 3, 2034 | 25% on first anniversary; remaining 75% vests monthly over next 36 months, subject to service | CFO new-hire equity . |
| Stock Options | Feb 3, 2025 | 120,000 | — | — | — | 25% on first anniversary; remaining 75% vests monthly over next 36 months, subject to service | Annual refresh grant; pricing/expiration not disclosed . |
| Bonus Plan Design | Metric Weighting | Targets | Actuals | Payout Determination | Notes |
|---|---|---|---|---|---|
| Annual Cash Incentive | Corporate objectives include pipeline development, financial and strategic goals | Prospectively determined by Board | Not itemized by metric | Board discretion vs. pre-set objectives | Target bonus for Kung is 40% of base salary . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 69,858 shares underlying options vested/exercisable or becoming exercisable within 60 days as of April 21, 2025 . |
| Ownership % of SO | <1% (company denotes “*” for <1%); shares outstanding 34,045,193 as of April 21, 2025 . |
| Options (12/31/2024) | 197,238 unexercisable; exercise price $7.76; expiration Jan 3, 2034 . |
| Vested vs. Unvested | 69,858 vested/exercisable or within 60 days (as of Apr 21, 2025); remaining subject to monthly vesting . |
| Pledging/Hedging | Prohibited: short sales, margin or other loans secured by company securities, options/derivatives/hedges, and pledging/margin accounts; quarterly blackouts and pre-clearance required . |
| Ownership Guidelines | Not disclosed for executives . |
Employment Terms
| Term | Kung-Specific Provision |
|---|---|
| Employment | At-will per offer letter (Jan 3, 2024) . |
| Severance (no cause, outside CIC period) | 1.25x then-current base salary plus pro-rated target bonus; pro-rated current-year bonus; COBRA premiums paid/reimbursed for 15 months; outplacement services . |
| CIC Definition | “Change in Control Period” referenced; equity acceleration tied to termination during this period . |
| Severance (without cause or Good Reason during CIC period) | Lump sum 1.5x then-current base salary and target bonus; full current-year target bonus; COBRA premiums for 18 months; all unvested equity becomes fully vested; option exercise window extended to one year post-termination; outplacement services . |
| Good Reason | Material decrease in base/bonus opportunity; material diminution in title/reporting/duties; material diminution in benefits/perquisites; relocation >35 miles; failure of successor to assume Severance Plan for 24 months . |
| Clawback | Not disclosed in proxy; insider trading policy filed with 10-K, but no compensation clawback terms described in proxy . |
Investment Implications
- Pay mix and retention: Compensation emphasizes stock options with four-year vesting and a one-year cliff, creating meaningful retention hooks; the 2024 grant (197,238 options at $7.76, expiring in 2034) and 2025 grant (120,000 options) align Kung’s upside with long-term value creation and clinical/regulatory milestones . Quarterly trading blackouts and pre-clearance, plus prohibitions on hedging/pledging, reduce speculative trading and misalignment risk .
- Severance/CIC economics: Double-trigger CIC protection (Good Reason/No Cause during CIC) with 1.5x cash and full equity acceleration is moderate for biotech CFOs and may lower voluntary departure risk during pivotal trial and financing windows; outside CIC, severance of 1.25x cash and pro-rated bonus maintains retention without over-insulating management .
- Ownership alignment: Beneficial ownership is modest (<1%), typical for newer public biotechs; ongoing monthly vesting increases potential future alignment, though absence of executive ownership guidelines is a governance gap versus best practices .
- Company operating profile: With no product revenues and rising R&D spend tied to firmonertinib and new programs (e.g., Lepu upfront), Kung’s CFO execution will center on capital markets access and disciplined cash management; net loss increased in 2025 and cash stood at $112.7M at Q3 2025, highlighting financing cadence and cost control as key performance levers .