Grant Yonehiro
Bolt BiotherapeuticsAbout Grant Yonehiro
Grant Yonehiro is Bolt Biotherapeutics’ Chief Operating Officer (since May 2024) and Chief Business Officer (since November 2016). He is 61 years old and holds a B.I.S. in Business, Economics and International Relations from the University of Minnesota and an MBA from UC Berkeley. His career spans commercial and business development leadership across public and private biotechs, including CEO roles and significant transaction experience (e.g., Perseid Therapeutics acquired by Astellas; Berkeley Lights merged and was acquired by Bruker) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Vium, Inc. | Interim Chief Commercial Officer | Feb 2016 – Nov 2016 | Commercial leadership at a private biotech |
| Berkeley Lights | Chief Business Officer | 2013 – Jan 2016 | Strategic BD leadership; company later merged and was acquired by Bruker |
| Perseid Therapeutics LLC | Chief Executive Officer & President | 2009 – 2013 | Led company through sale to Astellas Pharma in 2011 |
| Maxygen, Inc. | Chief Business Officer & SVP | 2003 – 2009 | Senior BD leadership at a public biopharma |
| GenVec, Inc. | Various roles (most recently VP, Drug Development) | 1997 – 2003 | Drug development leadership at a public biotech |
Fixed Compensation
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base Salary ($) | $415,050 | $443,138 (paid) | $463,500 (entitled) |
| Target Bonus (% of base) | 40% | 40% | 40% |
| Bonus Structure | Company + Personal goals | 50% Company (clinical, pipeline, financing) + 50% Individual | 50% Company (clinical, pipeline, financing) + 50% Individual |
| Actual Bonus ($) | $149,600 | $180,000 | — |
Notes:
- 2023 company goals at 80%; personal 100% .
- 2024 company goals at 100%; personal 100% .
Performance Compensation
| Item | 2023 | 2024 |
|---|---|---|
| Target Bonus % of Salary | 40% | 40% |
| Company Weighting | 50% | 50% |
| Personal Weighting | 50% | 50% |
| Company Score | 80% | 100% |
| Personal Score | 100% | 100% |
| Overall Payout (% of Target) | 90% (calc: 50%×80% + 50%×100%) | 100% (calc: 50%×100% + 50%×100%) |
| Target Bonus ($) | ~$166,020 (40% × $415,050; calc) | $180,000 (40% × $450,000; matches actual) |
| Actual Bonus ($) | $149,600 | $180,000 |
| Vesting/Payment Timing | Bonuses for year paid following year | Bonuses for year paid following year |
Equity Ownership & Alignment
- Hedging, margin purchase, and pledging of company stock are prohibited under Bolt’s Insider Trading Policy .
- Rule 10b5-1 trading plans permitted with waiting periods; “sell-to-cover” allowed under amended guidelines .
- Dodd-Frank-compliant clawback policy adopted (recoupment upon restatement) .
Beneficial Ownership (as of March 31, 2025)
| Holder | Total Beneficial Ownership (Shares) | % Outstanding | Breakdown |
|---|---|---|---|
| Grant Yonehiro | 886,475 | 2.3% | 8,918 common + 877,557 options exercisable within 60 days |
Outstanding Equity Awards (as of Dec 31, 2024)
| Grant Date | Vest Start | Vesting | Exercisable | Unexercisable | Strike ($) | Expiration |
|---|---|---|---|---|---|---|
| 1/18/2017 | 11/1/2016 | Fully vested | 64,285 | — | 2.10 | 1/17/2027 |
| 1/17/2018 | 11/1/2016 | Fully vested | 13,207 | — | 2.03 | 1/16/2028 |
| 4/4/2018 | 2/14/2018 | Fully vested | 16,444 | — | 2.03 | 4/3/2028 |
| 1/11/2019 | 7/23/2018 | Fully vested | 33,075 | — | 2.24 | 1/10/2029 |
| 11/13/2019 | 7/2/2019 | Fully vested | 92,857 | — | 2.73 | 11/12/2029 |
| 9/3/2020 | 9/3/2020 | Early-exercisable (not exercised) | 12,142 | — | 4.34 | 9/2/2030 |
| 9/3/2020 | 1/15/2021 | Early-exercisable (not exercised) | 30,714 | — | 4.34 | 9/2/2030 |
| 2/4/2021 | 2/4/2021 | Early-exercisable (not exercised) | 100,000 | — | 20.00 | 2/3/2031 |
| 2/18/2022 | 1/1/2022 | 1/36 monthly | 184,722 | 5,278 | 3.08 | 2/17/2032 |
| 2/27/2023 | 1/1/2023 | 1/36 monthly | 145,667 | 82,333 | 1.59 | 2/26/2033 |
| 3/4/2024 | 1/1/2024 | 1/36 monthly | 71,806 | 163,194 | 1.27 | 3/3/2034 |
| 7/23/2024 | 7/15/2024 | 1/36 monthly | 21,528 | 133,472 | 0.73 | 7/22/2034 |
Notes:
- Unvested awards accelerate upon a qualifying change-in-control termination (double-trigger) under the Severance Plan .
- Several options are early-exercisable but noted as not early exercised as of 12/31/24 .
Employment Terms
| Provision | Non-Change-in-Control Termination | Change-in-Control Termination (3 months before to 12 months after CoC) |
|---|---|---|
| Severance (Base Salary) | 9 months for executive officers | 15 months lump sum for executive officers |
| Bonus | Prorated bonus at target for year of termination + any earned/unpaid prior-year bonus | Lump sum at 125% of target bonus (executive officers) |
| Health Benefits | Continued group plan premiums during salary continuation | Continued group plan premiums for same duration as salary severance period |
| Equity | No automatic acceleration; normal terms apply | Full acceleration of unvested equity at release or CoC effective date |
| Conditions | Requires release of claims and compliance with restrictive covenants | Same; double-trigger (involuntary termination without cause or resignation for good reason) |
Additional policies:
- Hedging/margin/pledging prohibitions .
- Rule 10b5-1 trading plan governance; “sell-to-cover” permitted per updated guidelines .
- Compensation recoupment (clawback) policy in place .
Compensation Committee Analysis
- Composition: Commencing May 1, 2025, Compensation Committee members are Kathleen LaPorte and Brian O’Callaghan (Chair). Previously included Laura Berner, LaPorte, O’Callaghan in 2024 .
- Consultant: Aon/Radford engaged to refine compensation strategy, peer benchmarking, and recommendations approved by the committee .
- Peer group composition, target percentile, and say-on-pay: Not disclosed; Bolt is an Emerging Growth Company and is exempt from say-on-pay requirements .
Investment Implications
- Pay-for-performance alignment: Yonehiro’s 2023 bonus paid at ~90% of target given 80% company goal achievement and 100% personal performance; 2024 paid at 100% of target with both components at 100%, indicating alignment to disclosed operational milestones (clinical, pipeline, financing) .
- Insider selling pressure: Multiple grants vest monthly over 36 months, and “sell-to-cover” transactions are permitted under amended Rule 10b5-1 guidelines—this cadence can result in periodic Form 4 activity around vest dates, though hedging/pledging are prohibited .
- Retention and change-in-control economics: Strong protection via 15 months base salary + 125% target bonus and full equity acceleration on a qualifying CoC termination (double-trigger), which balances retention with potential dilution concerns if acceleration occurs .
- Ownership alignment: Beneficial ownership of 2.3% (mostly options) and prohibition on pledging reduces misalignment risk; clawback policy further strengthens governance .
- Organizational execution context: 2024–2025 featured pipeline prioritization, restructuring, and board/committee refresh; as COO since May 2024, Yonehiro operates in a focused portfolio context, with compensation metrics tied to clinical and financing milestones .