Maria Horga
About Maria Horga
Maria Arantxa Horga, MD, is Chief Medical Officer at Atea Pharmaceuticals (AVIR), serving as CMO since January 2021 after joining in August 2020 as EVP, Clinical Sciences and acting CMO in October 2020; she holds an MD from the Santander School of Medicine and completed Pediatrics residency and a Pediatric Infectious Diseases fellowship at Mount Sinai . In 2024 the Company evaluated its preset corporate goals at 80% achievement (HCV met, COVID-19 partial), which drove annual incentive outcomes for executives including the CMO . As a pre-commercial antiviral company, Atea’s performance is assessed via clinical/regulatory milestones; the Board highlighted 2024 Phase 2 HCV results (98% SVR12 per-protocol, generally well-tolerated) and initiation of global Phase 3 in April 2025, alongside strategic-alternative review, a 25% workforce reduction, and a $25M buyback authorization . Cumulative TSR since IPO (10/30/2020) showed the value of a $100 initial investment at $11.04 as of 2024, underscoring the importance of milestone execution to value creation .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Atea Pharmaceuticals | EVP, Clinical Sciences; Acting CMO; CMO | 2020–present | Leads clinical strategy and development; advanced HCV program from Phase 2 to Phase 3 in 2025 within a milestone-driven incentive framework . |
| Biohaven Pharmaceuticals | VP, Pharmacovigilance & Medical Affairs | 2019–2020 | Built PV/medical affairs capabilities supporting late-stage assets . |
| F. Hoffmann-La Roche | Global Head, Translational Medicine (Infectious Diseases) | 2012–2016 | Led translational programs in infectious diseases, aligning science with development . |
| F. Hoffmann-La Roche | Global Head, Clinical Program Execution; Site Head, Roche NY Innovation Center | 2017–2019 | Drove clinical execution and site leadership, relevant to Atea’s R&D milestones . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base salary ($) | $493,584 | $508,392 |
| Merit increase | 3% | — |
| Target bonus % of salary | 40% | 40% |
Multi-year summary (SEC-reported total compensation):
| Component ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | 470,080 | 493,584 | 508,392 |
| Stock awards (RSUs in 2023; PSUs in 2022/2024) | 278,460 | 576,898 | 577,824 |
| Option awards | 871,199 | 592,707 | 590,604 |
| Non-equity incentive (annual cash bonus) | 216,237 | 172,800 | 162,686 |
| All other comp (401k match) | 9,537 | 13,200 | 13,800 |
| Total | 1,845,513 | 1,849,189 | 1,853,306 |
Notes:
- No perquisites/personal benefits in 2024; standard health/retirement benefits and ESPP; 401(k) match included above .
Performance Compensation
Annual cash incentive design and outcome (2024):
| Metric | Weight | Target | Actual | Payout |
|---|---|---|---|---|
| HCV (Phase 2 completion, SVR12/safety results, EOP2 meeting, FDC tablet selection, Phase 3 initiation, DDI/resistance studies, CMC and market research) | 40% | Preset objectives | Met target | 40% |
| COVID-19 (SUNRISE-3 enrollment, topline, clinical pharmacology, bemnifosbuvir CMC, market analyses) | 40% | Preset objectives | Partial achievement | 20% |
| Protease inhibitor (IND-enabling) | 5% | Preset objectives | Met target | 5% |
| Corporate (fiscal discipline, staffing/resource alignment, investor messaging) | 15% | Preset objectives | Met target | 15% |
| Total company score | 100% | — | — | 80% |
Maria Horga – 2024 bonus math:
| Item | Value |
|---|---|
| Base salary | $508,392 |
| Target bonus % | 40% |
| Target bonus $ | $203,357 |
| Achievement factor | 80% |
| Actual bonus paid | $162,686 |
Long-term incentives (2024 grants):
| Instrument | Grant date | Quantity | Exercise/terms | Vesting |
|---|---|---|---|---|
| PSUs (target) | 1/31/2024 | 138,900 | Performance period 2/1/2024–1/31/2027; R&D/regulatory milestones | Cliff-vest post performance determination in Jan 2027 . |
| Stock options | 1/31/2024 | 192,800 | $4.16 strike; 10-year term to 1/30/2034 | 1/48 monthly over 4 years (service-vesting) . |
2024 vesting activity:
- RSUs vested: 41,534 shares; value realized $172,781 (based on vest-date market price) .
- No option exercises in 2024; no PSU vesting in 2024 .
PSU change-in-control mechanics:
- If a change in control occurs during the performance period, PSUs vest at the greater of target or actual-to-date (including goals likely to have been achieved absent the CoC), subject to service through the CoC; CEO has special pre-CoC termination protection; applies to PSU grants (including 2024) .
Equity Ownership & Alignment
Beneficial ownership (as of April 22, 2025):
| Holder | Shares owned | % outstanding | Detail |
|---|---|---|---|
| Maria Arantxa Horga, MD | 880,165 | 1.0% | 60,876 common shares; 819,289 options exercisable within 60 days . |
Outstanding awards (12/31/2024 snapshot):
| Award | Exercisable | Unexercisable | Terms | Unvested shares (RSUs/PSUs) | Market value ($3.35/sh) |
|---|---|---|---|---|---|
| Options (1/31/2024 grant) | 44,183 | 148,617 | $4.16 strike; expire 1/30/2034; monthly vesting | — | — |
| Options (1/31/2023 grant) | 83,614 | 90,886 | $4.63 strike; expire 1/30/2033; monthly vesting | — | — |
| RSUs (1/31/2023 grant) | — | — | 3 equal annual installments | 83,066 | $278,271 |
| PSUs (2024 grant, target) | — | — | Perf. period to 1/31/2027 | 138,900 | $465,315 |
| PSUs (2022 grant, target) | — | — | Perf. period to 1/31/2025; 50% vests at determination, 50% one year later | 19,500 | $65,325 |
Alignment and restrictions:
- Anti-hedging and anti-pledging policy prohibits hedging and pledging/margining by officers/directors; promotes alignment and limits collateralization risk .
- Clawback policy (effective 10/2/2023) requires recovery of incentive comp (cash and equity) upon financial restatements per Nasdaq/SEC rules .
Insider selling pressure/vesting overhang:
- Near-term supply from: (i) ongoing monthly option vesting; (ii) remaining RSU tranches through 2026 (three-year schedule); (iii) PSU cliff in early 2027 (subject to performance). 2024 RSU vesting was 41,534 shares; no option exercises disclosed in 2024 .
Employment Terms
Key employment protections (CMO):
| Scenario | Cash salary continuation | Bonus treatment | Benefits (COBRA) | Equity acceleration |
|---|---|---|---|---|
| Involuntary termination without cause / resignation for good reason (no CoC) | 12 months ($508,392) | Prior-year unpaid bonus only | Up to 12 months (company portion) $31,749 | None (standard plan terms apply) |
| Double-trigger (termination upon/within 12 months after CoC) | 18 months ($762,588) | Prorated current-year target ($203,357) + 1.5x target ($305,035) | Up to 18 months $63,989 | 100% acceleration for time-based awards; PSUs: at target upon CoC (or greater if performance warrants), subject to plan terms |
Definitions:
- Good reason/cause per employment agreement (salary/bonus reduction, material authority decrease, relocation >25 miles from IPO primary office, or Company breach; and specified cause triggers), with notice/cure .
Other terms:
- No perquisites in 2024; standard employee benefits (health, 401(k) match, ESPP) .
- 10b5-1 trading plans permitted under policy; must comply with insider trading rules .
Investment Implications
- Pay-for-performance alignment: 2024 annual bonus paid at 80% of target, directly tied to milestone execution rather than traditional financials—appropriate for pre-commercial biotech and supportive of disciplined capital deployment under a strategic alternatives review .
- Retention and supply overhang: Significant unvested equity (PSUs through early 2027; RSUs through 2026; options through 2028–2034) supports retention but can create periodic supply if monetized on vest; however, anti-pledging/hedging policy reduces leverage-related selling risk .
- Change-of-control economics: Double-trigger protection (18 months salary, 1.5x target bonus, benefits, and full acceleration for time-based equity; PSUs at least target on CoC) is competitive for a CMO and could modestly raise transaction costs but aids stability during potential M&A processes .
- Ownership and alignment: 1.0% beneficial ownership, mostly in options, aligns incentives with long-term value creation; clawback policy strengthens governance and investor protections .
- Execution risk: Company TSR since IPO remains depressed (value of $100 fell to $11.04 by 2024), increasing dependence on successful HCV Phase 3 outcomes and regulatory milestones—areas directly under the CMO’s remit and embedded in PSU metrics .
Net takeaway: Incentives are tightly coupled to multi-year clinical milestones with meaningful at-risk equity and robust governance policies (clawback, no hedging/pledging). Retention risk appears moderate given unvested equity through 2027; trading supply risk centers on scheduled RSU and monthly option vesting, with the major PSU cliff dependent on performance **[1593899_0001193125-25-104019_d931077ddef14a.htm:42]** **[1593899_0001193125-25-104019_d931077ddef14a.htm:55]** **[1593899_0001193125-25-104019_d931077ddef14a.htm:24]** **[1593899_0001193125-25-104019_d931077ddef14a.htm:50]**.