Eric Sievers
About Eric Sievers
Eric Sievers, M.D., is Chief Medical Officer of BioAtla (BCAB), a role he has held since June 2019; he is 61 years old and holds both his M.D. and B.A. from Brown University . He brings 25+ years of clinical and translational oncology experience, including leadership roles at Seattle Genetics (led pivotal programs culminating in multiple ADCETRIS approvals) and as lead investigator for trials resulting in MYLOTARG approval . Company performance context during 2022–2024 shows significant share price drawdown (TSR value of $100 investment declined to $3.01 by 2024) alongside continued net losses, framing a challenging pay-for-performance backdrop for equity-linked awards .
| Measure | 2022 | 2023 | 2024 |
|---|---|---|---|
| Total Shareholder Return (Value of $100) | 42.03 | 12.53 | 3.01 |
| Net Loss ($ millions) | 106.5 | 123.5 | 69.8 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Fred Hutchinson Cancer Research Center / University of Washington | Assistant Member / Assistant Professor of Pediatrics | 1992–2003 | Led Phase 1 and pivotal trials leading to MYLOTARG approval (AML) |
| ZymoGenetics | Medical Director | 2003–May 2006 | Designed/supervised oncology trials (rhIL-21 and TACI-Fc5); evaluated new oncology opportunities |
| Seattle Genetics | Senior Medical Director → SVP Clinical Development | May 2006–Mar 2015 | Closely involved in ADCETRIS development and regulatory approvals; led team for four randomized Phase 3 registration trials with Takeda collaboration |
| Trillium Therapeutics | Chief Medical Officer | Mar 2015–Jan 2018 | Oversaw CD47-pathway clinical strategy (decoy receptor to block “do not eat” signal) |
| Symvivo Corporation | Chief Medical Officer | Apr 2018–Jun 2019 | CMO; continues as advisor (see External Roles) |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Symvivo Corporation | Advisor | 2019–present | Ongoing advisory role following CMO tenure |
Fixed Compensation
| Component | 2023 | 2024 | YoY Change |
|---|---|---|---|
| Base Salary (Eric Sievers) | $470,250 | $510,220 | +8.5% |
- Employment is at-will; no fixed term .
- No executive-specific perquisites; participates in broad-based benefits (health, life, disability, 401(k)) .
- No executive pension/SERP; no tax gross-ups for “excess parachute payments” or other executive benefits .
Performance Compensation
Annual Cash Incentive (Design and Targets)
| Executive Level | 2024 Target Bonus (% of Base) |
|---|---|
| C-Level (includes CMO, Eric Sievers) | 40% |
| 2024 Corporate Goal Category | Weight | Outcome |
|---|---|---|
| Business/Value Drivers (registrational strategy, ADC trial enablement, partnering, financing) | 70% | Partially Achieved (32.5/70%) |
| Vision/Forward (Phase 1/late preclinical progress, financial/people objectives, awareness) | 30% | Achieved (30/30%) |
- Payout mechanics: threshold at 50% achievement; cap at 125% of target; NEO payouts based solely on corporate goals .
- 2024 payout level: 62.5% of target for corporate goals .
| Executive | 2024 Base Salary | Target % | Target ($) | Achievement | Actual Bonus ($) |
|---|---|---|---|---|---|
| Eric Sievers, M.D. (CMO) | $510,220 | 40% | $204,088 | 62.5% | $127,555 |
Long-Term Equity Incentives (2024 grants)
| Award Type | Grant Date | Shares | Vesting | Notes |
|---|---|---|---|---|
| RSU | 2/15/2024 | 122,000 | 25% on 1-year anniversary, then 6.25% of total on last day of each 3-month period thereafter, subject to continued service | Shift to RSUs in 2024 to better align, avoid option repricing issues, and enhance retention |
- Realized value tied to stock price; RSUs intended to enhance retention and align with long-term stockholder value .
- No option grants to NEOs in 2024; repricing prohibited without stockholder approval .
Equity Ownership & Alignment
Beneficial Ownership and Upcoming Vesting
| Item | Detail |
|---|---|
| Beneficial Ownership (Shares) | 435,283 shares; “<1%” of outstanding |
| Shares Outstanding (4/21/2025) | 58,415,955 |
| RSUs vesting within 60 days of 4/21/2025 | 7,625 shares |
| Options exercisable within 60 days of 4/21/2025 | 15,084 shares |
- Stock ownership guidelines: executives must hold 1x base salary; all NEOs (including Sievers) in compliance for 2024 .
- Hedging and pledging prohibited by Insider Trading Policy (applies to executives/directors) .
- Clawback policy in effect (SEC/Nasdaq-compliant), allows recovery upon restatement and for certain non-restatement violations/miscalculations .
Outstanding Equity Awards (12/31/2024)
| Type | Grant Date | Exercisable | Unexercisable | Strike | Expiry | Unvested RSUs | Market Value of Unvested RSUs ($) |
|---|---|---|---|---|---|---|---|
| Option | 12/15/2020 | 77,471 | — | $18.00 | 12/14/2030 | — | — |
| Option | 2/21/2022 | 86,416 | 35,584 | $6.75 | 2/20/2032 | — | — |
| Option | 2/9/2023 | 110,000 | 130,000 | $3.95 | 2/8/2033 | — | — |
| RSU | 2/15/2024 | — | — | — | — | 122,000 | $72,126 (at $0.5912 on 12/31/2024) |
- Vesting footnote: 2022/2023 options vest 25% at 1-year, then monthly over 36 months, subject to service .
- Year-end 2024 stock price was $0.5912; all listed options had exercise prices above this level (out of the money at year-end) .
RSU Vesting Cadence and Potential Supply
- 25% cliff vested on 2/15/2025 (30,500 shares) .
- Thereafter, 6.25% of the grant (7,625 shares) vests on the last day of each 3-month period following February 2025, e.g., 5/31/2025, 8/31/2025, 11/30/2025, 2/28/2026, etc., through approximately Q1 2028, subject to continued service .
- Proxy confirms 7,625 RSUs scheduled to vest within 60 days of 4/21/2025 (i.e., ~5/31/2025) .
Employment Terms
| Topic | Terms |
|---|---|
| Employment Status | At-will; may be terminated at any time |
| Start Date at BCAB | Chief Medical Officer since June 2019 |
| Severance/CoC Plan | Eligible under Management Change of Control Severance Plan (adopted 9/15/2022): upon termination without cause or resignation for good reason during 12 months post-Change of Control, receives (i) lump sum 1.0x base salary, (ii) prorated target bonus for year of termination, (iii) full vesting of outstanding equity awards (performance awards at target if period not completed); double-trigger; subject to release and covenants |
| Stock Ownership Guidelines | Executives: 1x base salary; compliance as of 2024 |
| Hedging/Pledging | Prohibited for executives/directors under Insider Trading Policy |
| Clawback | Compensation Recovery Policy effective 10/2/2023 (SEC/Nasdaq-compliant) |
| Perquisites | No executive-specific perquisites |
| Tax Gross-Ups | None for “excess parachute payments” or other executive benefits |
Compensation Structure Analysis
- Mix shift to RSUs in 2024 (away from options) reduces risk and maintains retention value even in weak markets; aligns with pay-for-performance without needing repricing (which is prohibited) .
- 2024 cash compensation saw an 8.5% base salary increase (market alignment) with incentive payout at 62.5% of target, reflecting partial achievement of weighted corporate goals (clinical/strategic heavy) .
- Governance guardrails include double-trigger CoC protection (no single-trigger), anti-hedging/pledging, clawback, and ownership guidelines, collectively aligning management with long-term stockholder value .
Performance & Track Record
- Direct leadership in oncology drug development: pivotal/registration programs at Seattle Genetics (ADCETRIS) and clinical programs at Trillium; academic leadership contributing to MYLOTARG approval .
- Company-level performance measures show severe TSR decline 2022→2024 and continuing net losses, which depress realized value of equity awards, reinforcing the importance of RSU-based retention over options during this period .
Compensation Committee, Peer Group, and Say-on-Pay
- Compensation Committee (independent) retained Aon as independent consultant; no conflicts identified .
- 2024 peer group comprised 23 US pre-commercial biopharma peers (Phase 1–3 focus, oncology emphasis, typical market cap $100–$750mm) .
- 2024 Say-on-Pay: stockholders approved NEO compensation; the program largely maintained with the shift to RSUs .
Investment Implications
- Alignment and dilution: Sievers’ equity exposure is predominantly RSUs vesting through ~Q1 2028, creating periodic supply (7,625 shares per quarter) that can add incremental selling pressure around vest dates, though hedging/pledging is prohibited and ownership guidelines promote retained exposure .
- Incentive design: With corporate goal weighting toward clinical and strategic milestones and a 62.5% payout in 2024, near-term value inflections (registrational strategies, INDs, partnerships) are key drivers of cash incentive realization—monitor milestone cadence versus stated goals for forward payout risk/upsides .
- Change-in-control economics: Double-trigger structure (1x salary + prorated target bonus + full equity vesting) supports retention through strategic alternatives without single-trigger windfalls; this mitigates adverse incentives around potential transactions .
- Option overhang/value: All options were out-of-the-money at 12/31/2024 (strikes $3.95–$18.00 vs $0.5912), limiting immediate monetization and shifting value emphasis to RSUs and future price recovery .
- Governance quality: Clawback, anti-hedging/pledging, ownership guidelines, no gross-ups, and no repricing are shareholder-friendly features supporting compensation discipline during a challenging TSR period .