Sophie Mukadam
About Sophie Mukadam
Sophie Mukadam is Chief Operating Officer (COO) of Benitec Biopharma Inc. (BNTC). She was appointed by the Board on December 9, 2024, effective January 1, 2025; she is age 44 as of October 14, 2025 and reports into the executive team . Her background spans program management and regulatory affairs: prior roles include Associate Director, Program Management (since May 2021) and Senior Program Manager (May 2019), with earlier experience as a Regulatory Affairs Associate at Regulatory Professionals, Inc. and as a regulatory consultant . Education: BA in Molecular and Cell Biology (University of California, Berkeley) and a Certificate in Project Management for Biotechnology (University of Washington and University of California, San Diego) . Company operating metrics indicate rising operating investment: General & Administrative expense increased to $23.4M in FY2025 (vs. $7.0M in FY2024), driven largely by share-based compensation, while EBITDA loss widened; these trends contextualize executive bonus discretion and equity incentives .
Company EBITDA trend:
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| EBITDA ($USD) | -22,403,000* | -41,699,000* |
Values retrieved from S&P Global*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Benitec Biopharma Inc. | Senior Program Manager | May 2019–May 2021 | — |
| Benitec Biopharma Inc. | Associate Director, Program Management | May 2021–Dec 2024 | — |
| Benitec Biopharma Inc. | Chief Operating Officer | Jan 1, 2025–Present | — |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Regulatory Professionals, Inc. | Regulatory Affairs Associate | Not disclosed | — |
| Various | Regulatory Consultant | Not disclosed | — |
Fixed Compensation
| Component | FY2025 | Notes |
|---|---|---|
| Salary (paid) | $340,846 | Annual base rate increased to $500,000 effective Jan 1, 2025 |
| Target bonus % | 40% of base salary | Discretionary bonus program for NEOs |
| Bonus (paid) | $200,000 | Paid for FY2025 performance |
| All other compensation | $58,747 | Health/life insurance and 401(k) match |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual cash bonus | Discretionary | N/A | 40% of base salary | $200,000 | Paid | Cash |
| Stock options (time-based) | Service-contingent | N/A | N/A | Grant-date fair value $3,175,800 (FY2025 awards recognized) | Non-cash | Vests per schedule below |
Notes:
- The company emphasizes discretionary annual bonuses with target percentages; specific operational/financial metric weightings (e.g., revenue, EBITDA, TSR) were not disclosed for FY2025 .
Equity Ownership & Alignment
Beneficial ownership and derivative positions:
| Security | Amount | Ownership Form | Terms/Notes |
|---|---|---|---|
| Common Stock | 6,016 | Indirect (by spouse) | Initial statement of beneficial ownership (Form 3) filed Jan 3, 2025 |
| Options (right to buy) | 300,000 | Direct | $12.00 strike; granted Dec 27, 2024; vest in 16 equal quarterly tranches starting Mar 31, 2025; expire 12/26/2034 |
| Options (right to buy) | 100,000 | Direct | $5.21 strike; granted Mar 6, 2024; vest in 3 equal annual tranches on 3/6/2025, 3/6/2026, 3/6/2027; expire 3/5/2034 |
| Options (right to buy) | 5,294 | Direct | $3.91 strike; granted Jun 13, 2023; vest 1,765 shares per year on 6/13/2025 and 6/13/2026; expire 6/12/2033 |
Outstanding equity awards at fiscal year-end (June 30, 2025):
| Grant Date | Type | Exercise Price | Expiration | Vesting | Exercisable | Unexercisable |
|---|---|---|---|---|---|---|
| 12/27/2024 | Options | $12.00 | 12/26/2034 | 16 equal quarterly tranches; first on Mar 31, 2025 | 37,500 | 262,500 |
| 03/06/2024 | Options | $5.21 | 03/05/2034 | Three equal annual tranches on 1st–3rd anniversaries | 33,333 | 66,667 |
| 06/13/2023 | Options | $3.91 | 06/12/2033 | Three equal annual tranches | 3,529 | 1,765 |
Alignment considerations:
- Quarterly vesting commencing March 31, 2025 introduces a predictable cadence of option vesting events, a potential source of periodic selling pressure if options are exercised and shares sold .
- Form 3 indicates limited direct share ownership (6,016 indirect via spouse), with alignment primarily through sizable option packages .
Employment Terms
- Appointment and role: Appointed COO Dec 9, 2024, effective Jan 1, 2025; base salary $500,000; target annual bonus 40% of base salary .
- Employment agreement: March 2019 agreement with Tacere Therapeutics LLC (subsidiary) sets terms including at‑will employment, benefits eligibility, accrued paid vacation, expense reimbursements, and equity plan eligibility; confidentiality and proprietary property restrictions apply .
- At-will status: Employment “at will” and may be terminated at any time .
- Equity plan/vesting protections: Under the 2020 Equity and Incentive Compensation Plan, upon Change in Control, all unvested stock options immediately vest; standard post-termination exercise windows: 12 months on death/disability; 90 days otherwise (except termination for Cause) .
- Indemnification: Company has indemnification agreements with executive officers to the fullest extent permitted by Delaware law .
- Related-party transactions: Company disclosed she has no direct or indirect material interest in transactions requiring Item 404(a) disclosure at appointment .
Investment Implications
- Pay-for-performance mix and retention: Compensation relies on a significant at‑risk equity component with time-based vesting—especially the 300,000 options vesting quarterly through 2034—creating strong retention incentives but also a schedule of potential incremental selling pressure as tranches vest .
- Change-in-control optionality: Full acceleration of unvested options on Change in Control enhances alignment with strategic outcomes but can concentrate value realization around corporate events; monitor governance and strategic disclosures for M&A signals .
- Cash severance visibility: No severance multiples or change-in-control cash benefits were disclosed for Ms. Mukadam; retention economics appear primarily equity-driven under at‑will terms .
- Ownership profile: Limited direct share ownership versus substantial option exposure tilts alignment toward stock price appreciation via option value; track future Form 4s for exercises and potential dispositions post-vesting .
- Operating backdrop and bonus discretion: Large YoY increases in G&A, notably share-based compensation, and widened EBITDA losses frame future bonus decisions; investors should watch Compensation Committee commentary and program updates in proxies and 10-Ks for any shift from discretionary to metric-based bonuses .