Sergey Yurasov
About Sergey Yurasov
Sergey Yurasov, M.D., Ph.D., is Chief Medical Officer of Black Diamond Therapeutics (BDTX) since June 2022, with ~3.5 years of tenure as of 2025 . He trained as an M.D. at the Russian State Medical University and earned a Ph.D. from the Research Institute for Pediatric Hematology . Under his period as CMO, BDTX’s 2023 corporate goals were achieved at 100% (executive bonus payouts at/above target) and 2024 corporate goals at 90% (payouts slightly below target), reflecting progress in BDTX-1535 Phase 2 enrollment, BDTX-4933 clinical advancement, and cash runway management (ended 2024 with ~$98.6M cash/equivalents/investments), alongside a 2025 out-licensing of BDTX-4933 to Servier ($70M upfront plus up to $710M milestones and royalties) . The company is an emerging growth/smaller reporting company and does not provide TSR or EBITDA metrics in proxy materials; incentive outcomes rely primarily on clinical and financial milestones .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Nuvation Bio | Chief Medical Officer | 2019–2022 | Led clinical development strategy across multiple small-molecule oncology programs |
| Immune Design Corp. | Chief Medical Officer & SVP Clinical Development | 2016–2019 | Ran clinical development; advanced immuno-oncology programs |
| Clovis Oncology | SVP Clinical Development | Prior to 2016 | Oversaw clinical development and regulatory filings for multiple oncology programs |
| ImClone Systems (Lilly Oncology) and Roche | Medical lead/Clinical director | Earlier career | Clinical leadership roles at major oncology players |
External Roles
- No current public company directorships disclosed for Dr. Yurasov .
Fixed Compensation
Multi-year compensation (named executive officer):
| Metric (USD) | 2023 | 2024 |
|---|---|---|
| Base salary | $488,250 | $507,800 |
| Non-equity incentive (annual bonus paid) | $205,065 | $197,026 |
| Option awards (grant-date fair value, ASC 718) | $514,760 | $788,851 |
| All other compensation (incl. 401(k) match; stipend program ended Feb-2024) | $25,609 | $21,143 |
| Total | $1,233,684 | $1,514,820 |
- 2024 base salaries increased ~4% YoY; target bonus opportunities remained unchanged for NEOs (CEO 55%; others 40%) .
- Benefits: 401(k) safe-harbor match (100% up to 6% of compensation) and standard health/welfare plans .
Performance Compensation
Target bonus framework and outcomes:
| Element | 2023 | 2024 |
|---|---|---|
| Target bonus (as % of salary) | 40% for Dr. Yurasov | 40% for Dr. Yurasov |
| Weighting | 80% corporate / 20% individual (non-CEO) | 80% corporate / 20% individual (non-CEO) |
| Corporate objectives (illustrative) | BDTX-1535 dose expansion enrollment; BDTX-4933 dose escalation enrollment; financing to extend runway | BDTX-1535 Phase 2 EGFRm NSCLC enrollment; BDTX-4933 Phase 1 dose escalation; extended runway; ~$98.6M year-end cash |
| Corporate achievement vs target | 100% (company level) | 90% (company level) |
| Payout vs target (individual) | 105% of target (Yurasov) | 97% of target (Yurasov) |
Equity incentive design:
- Primarily stock options; time-based vesting (25% after 1 year, then monthly over 36 months) to support retention; performance RSUs not disclosed for Dr. Yurasov (PSUs shown for another NEO) .
Equity Ownership & Alignment
Beneficial ownership as of April 11, 2025:
| Holder | Shares beneficially owned | % of outstanding |
|---|---|---|
| Sergey Yurasov, M.D. | 398,433 (issuable upon exercise of options exercisable within 60 days) | <1% |
Outstanding equity awards (EOY 2024):
| Grant | Vesting start | Exercisable | Unexercisable | Exercise price | Expiration |
|---|---|---|---|---|---|
| Stock option | 6/1/2022 | 156,248 | 93,752 | $1.69 | 5/31/2032 |
| Stock option | 2/13/2023 | 114,582 | 135,418 | $2.92 | 2/12/2033 |
| Stock option | 2/14/2024 | — | 225,000 | $4.86 | 2/13/2034 |
- Standard vesting: 25% at first anniversary, remainder monthly over 36 months (unless otherwise noted) .
- Hedging/derivatives are prohibited; Rule 10b5-1 plans permitted under policy. The policy discusses risks of margin/pledging but explicitly prohibits hedging and derivative transactions; no specific ban on pledging is stated in the cited language .
- No executive stock ownership guidelines disclosed; no pledges disclosed for Dr. Yurasov in the proxy .
Employment Terms
- Employment agreement effective June 1, 2022; at-will .
- Base/bonus: Initial base salary $465,000; target bonus 40% (updated salary levels thereafter via annual review) .
- Severance (outside change-in-control): If terminated without Cause or resigns for Good Reason—cash equal to 100% of base salary paid over 12 months, plus 100% of target bonus over 12 months, and up to 12 months of COBRA contributions (subject to release) .
- Change-in-control severance: Same cash benefits as above but paid in lump sum, plus full acceleration of unvested equity awards (subject to release) .
- Restrictive covenants: Confidentiality, assignment of inventions, and other restrictive covenants are in place (non-compete terms not detailed in proxy for Dr. Yurasov) .
- Clawback: Company-adopted compensation recovery policy consistent with SEC/Nasdaq rules (restatement-triggered recoupment) .
- Insider trading: 10b5-1 plan policy; hedging prohibited; policy highlights risks of margin/pledging .
Compensation Structure Analysis
- Mix shift toward equity in 2024: Options grant-date value rose to ~$789k from ~$515k in 2023, raising at-risk, equity-linked pay; cash base grew 4% YoY, while bonus modestly declined with 90% corporate goal attainment in 2024 .
- Pay-for-performance linkage: Bonuses flexed with clinical/financial goal attainment (105% of target in 2023 vs. 97% in 2024), indicating sensitivity to execution milestones and cash runway progress .
- No evidence of option repricing or gross-ups; clawback policy in place; no related-party transactions involving Dr. Yurasov disclosed .
Risk Indicators & Red Flags
- Alignment and selling pressure: Ownership is primarily via options; significant tranches vest monthly through 2026–2027, potentially increasing future sellable supply if in-the-money; no pledging or hedging allowed under policy; no pledges disclosed .
- Retention: CIC protection includes full equity acceleration; outside CIC, severance includes salary+target bonus over 12 months—competitive but not excessive; restrictive covenants in place .
- Governance: Emerging growth company—no say-on-pay vote; clawback policy adopted; insider trading controls and 10b5-1 policy implemented .
Expertise & Qualifications
- Education: M.D., Russian State Medical University; Ph.D., Research Institute for Pediatric Hematology .
- Domain expertise: Oncology clinical development leadership across biotechs and large pharma; experience shepherding programs through regulatory filings .
Investment Implications
- Incentive alignment: A large, multi-year option portfolio with standard vesting makes Dr. Yurasov’s upside tied to execution in BDTX-1535 and BDTX-4933 (now partnered) and overall equity performance; 2023–2024 bonus outcomes tracked clinical and cash milestones, suggesting operational discipline .
- Retention risk appears moderate: Market-typical severance; full CIC acceleration could incent staying through strategic events; absence of pledging and presence of clawback/insider trading controls reduce governance risk .
- Near-term catalysts and funding: Servier deal for BDTX-4933 ($70M upfront; up to $710M milestones plus royalties) provides non-dilutive capital and external validation; 2024 year-end cash of ~$98.6M improved runway; execution on BDTX-1535 Phase 2 remains central to value realization during his tenure as CMO .