Paul Peter Tak
About Paul Peter Tak
Paul Peter Tak, M.D., Ph.D., FMedSci, is CEO, President, and a director of Candel Therapeutics (CADL) since September 12, 2020; age 65, trained as an internist, rheumatologist, and immunologist, with prior senior R&D leadership at GSK and academic appointments in Amsterdam and UCSD . Under his tenure, Candel reported positive topline Phase 3 data in localized prostate cancer (CAN-2409) reducing recurrence/death risk by 30% (HR=0.70) and improving 2-year biopsy complete responses (80.4% vs 63.6%), and presented prolonged overall survival signals in NSCLC (mOS 20.6 months in ICI‑refractory patients) and pancreatic cancer (estimated mOS 31.4 months vs 12.5 months control) . He is a non‑independent director; the Board is chaired by Paul B. Manning (separate CEO/Chair roles) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| GSK | SVP, Chief Immunology Officer; Global Development Leader; Global Head (Dermatology, ImmunoInflammation, Infectious Disease, Oncology) | 2011–2018 | Oversaw portfolio leading to approvals/advances (e.g., Benlysta SC 2017, Blenrep 2020, Cabenuva 2021; tapinarof via acquisition) and chaired the Scientific Review Board . |
| Tempero Pharmaceuticals (integrated into GSK) | President & CEO | Pre‑2015 | Led integration into GSK; immunology pipeline leadership . |
| Flagship Pioneering | Venture Partner | 2018–2020 | Company creation and platform development in therapeutics . |
| Kintai Therapeutics (merged with Senda) | President & CEO | 2018–2020 | Advanced microbiome/chemistry-driven assets; company combination with Senda . |
| Academic Medical Centre/University of Amsterdam | Professor of Medicine; Founding Chair, Clinical Immunology & Rheumatology | Prior to industry | Founded Arthrogen (gene therapy); published 600+ peer-reviewed papers; medical leadership . |
External Roles
| Organization | Role | Notes |
|---|---|---|
| Sitryx Therapeutics | Board member (co‑founder) | Current board service . |
| Levicept | Board member | Current board service . |
| Citryll | Chair, Board member | Current board service . |
| Kennedy Trust for Rheumatology Research | Trustee | Current role . |
| Prior: Galvani Bioelectronics; ViiV Healthcare; Omega Therapeutics | Director | Prior directorships in healthcare alliances/biotech . |
Fixed Compensation
| Year | Base salary (rate) | Target bonus % | Actual bonus (Non‑Equity Plan) | Other cash/perqs | Notes |
|---|---|---|---|---|---|
| 2024 | $693,450 (annual rate) | 50% of base salary | $498,061 (includes $134,000 tied to Dec 2024 offering) | $262,221 (incl. $248,421 housing/travel) | No equity grants in 2024 . |
| 2023 | $670,000 | 50% of base salary | $134,000 | $314,695 (incl. $301,495 housing/travel) | Stock awards $176,506; Option awards $189,558 . |
- Corporate goal attainment used to determine bonuses: 105% for 2024; 80% for 2023 .
- Perquisites: Reimbursement up to $20,000 per month for housing/travel with tax gross‑up; visa legal fees; annual tax/accounting advice up to $10,000; relocation assistance provision (subject to conditions) .
Performance Compensation
| Metric/Instrument | Weighting | Target | Actual/Status | Vesting/Trigger |
|---|---|---|---|---|
| Annual bonus (cash) | Not disclosed | 50% of base salary | 105% corporate goal attainment (2024); 80% (2023) | Paid subsequent year per plan . |
| RSUs (granted 11/26/2023) | N/A | N/A | 90,054 RSUs granted to CEO | 50% vested 1/7/2025; 50% vested 1/14/2025 (continuous service) . |
| Stock options (4/28/2023) performance‑vesting tranches | N/A | Stock price hurdles | Two tranches of 60,000 options (CEO): vest if average closing price exceeds $3.00 or $4.50 for 20 consecutive trading days prior to expiration | Options otherwise monthly vesting for time‑based tranches (48 months) . |
Note: The company does not disclose granular bonus metric weights (e.g., TSR, revenue/EBITDA, ESG). Bonus determinations reference corporate and individual goals .
Equity Ownership & Alignment
| As of | Total beneficial ownership | % Outstanding | Direct/common shares | Options exercisable (≤60 days) | RSUs unvested | Notes |
|---|---|---|---|---|---|---|
| Apr 21, 2025 | 2,274,083 shares | 4.4% (out of 49,269,668 shares) | 225,740 | 2,048,343 | — (2023 grant vested Jan 2025) | Exec receives no additional director pay . |
| May 15, 2024 | 2,114,725 shares | 6.7% (out of 29,756,005 shares) | 185,549 | 1,929,176 | 280,216 CEO/NEO RSUs listed company-wide; CEO had 180,108 unvested at 12/31/23 |
Select outstanding CEO awards (12/31/2024):
- Options: 1,763,968 @ $1.55 expiring 10/10/2030 (time‑based); 75,625/34,375 @ $4.12 expiring 2/28/2032 (48‑month monthly vesting); 25,000/35,000 @ $1.29 expiring 4/28/2033 (monthly) (see footnotes (3)-(4)).
- RSUs: 90,054 granted 11/26/2023, fully vested Jan 2025 .
- Two 60,000 performance‑price options (hurdles $3.00 and $4.50 for 20 consecutive trading days) from 4/28/2023 grants .
Ownership policies and trading:
- No executive stock ownership guidelines are in place for officers .
- Insider trading policy prohibits short sales and derivative/hedging transactions; discusses risks of margin/pledging but does not explicitly state a pledge ban. No pledging by Dr. Tak is disclosed .
- Officers/directors may use Rule 10b5‑1 trading plans .
Potential selling pressure:
- CEO RSUs from 2023 fully vested in January 2025 (90,054 shares), subject to windows/10b5‑1; other NEO RSUs also vested in early 2025 .
Employment Terms
- Start date: September 12, 2020; Employment Agreement provides base salary and annual bonus eligibility .
- Severance (outside change‑in‑control period): If terminated without cause or for good reason, 12 months’ base salary plus target bonus (paid over 12 months) and up to 12 months COBRA contributions; release required .
- Change‑in‑control (CIC) economics: If termination without cause/for good reason within 3 months prior to or 12 months following CIC, lump sum 1.5x (base salary + target bonus) and 18 months COBRA contributions; release required .
- Equity acceleration: All time‑based equity vests in full upon the earlier of a CIC or qualifying termination—i.e., single‑trigger equity acceleration at CIC, plus at least 12 months to exercise vested options after CIC or qualifying termination .
- Clawback: Company maintains an SEC/Nasdaq‑compliant compensation recovery policy covering incentive‑based comp for three years preceding a restatement .
- Perquisites/gross‑ups: Up to $20,000 per month for travel/housing, “grossed up” for related taxes; legal fees for visa; up to $10,000 per year tax/accounting advice; $80,000 relocation assistance (conditions apply) .
Board Governance
- Board service: Director since 2020; Class II, term expiring at the 2026 annual meeting .
- Independence: Not independent due to CEO role; all other directors (except CEO) are independent under Nasdaq/SEC rules .
- Board leadership: Separate Chair (Paul B. Manning); CEO is not Chair (mitigates combined power concerns) .
- Committees (2024–2025 structure):
- Audit: Martell (Chair), Nguyen, Gaeta .
- Compensation: Loggia (Chair), Manning, Papa .
- Nominating & Governance: Benz (Chair), Loggia, Martell, Nabel .
- Attendance: Board met 16 times in 2024; each director attended ≥75% of aggregate board/committee meetings .
- Director pay: CEO receives no extra pay for board service; non‑employee director fee/equity schedule detailed separately .
Performance & Track Record (company under Dr. Tak)
- CAN‑2409 (Prostate, Phase 3): Reduced risk of recurrence or death by 30% (HR 0.70; p=0.0155); prostate cancer‑specific DFS HR 0.62; higher PSA nadir <0.2 ng/mL; higher 2‑year biopsy pCR; well tolerated; BLA targeted for 4Q’26 .
- CAN‑2409 (NSCLC, Phase 2): mOS 20.6 months in ICI‑refractory cohort vs 11.6 months historical docetaxel comparator; evidence of abscopal responses; favorable safety .
- CAN‑2409 (PDAC, randomized Phase 2, borderline resectable): Final analysis mOS 31.4 months vs 12.5 months control; improved post‑progression survival; preparing for late‑stage trial .
- CAN‑3110 (recurrent HGG): Nature 2023 publication; mOS ~11.8–12.0 months in early cohorts; multiple‑dose arm showing >1‑year survivors; FDA Fast Track and Orphan Drug designations .
Key company risks impacting execution:
- Funding needs, clinical/regulatory risk, manufacturing scale‑up, reliance on third‑party trials; standard biotech risk profile as disclosed .
Compensation Structure Analysis
- Cash vs equity mix shift: 2024 compensation was predominantly cash (no new equity grants), with a large performance‑based cash bonus following 105% corporate goal attainment and a $134,000 transaction‑related payment tied to the Dec 2024 offering .
- At‑risk pay: Annual bonus (target 50% of salary) provides performance leverage; however, lack of disclosed line‑item performance metrics/weights limits external assessment of rigor .
- Equity design: Prior option grants include price‑based performance vesting ($3.00/$4.50 20‑day averages) which strengthens alignment; presence of significant time‑based options from 2020–2023 remains a retention tool .
- Shareholder‑unfriendly features: Single‑trigger full acceleration of time‑based equity upon CIC (without termination) is a governance red flag in many policies .
- Perquisites/tax gross‑ups: Housing/travel reimbursements with tax gross‑up are shareholder‑unfriendly; still in place per agreement .
- Say‑on‑pay: As an EGC, no advisory vote on executive compensation; reduces direct shareholder feedback loop .
Employment & Contracts (Retention/Transition)
- Term: Ongoing employment; severance protections of 12 months cash outside CIC and 1.5x cash at CIC period with enhanced benefits support retention .
- Non‑compete/non‑solicit: Not disclosed in the proxy; no details provided.
- Post‑termination: At least 12 months to exercise vested options after CIC/qualifying termination enhances realizable value and retention .
Investment Implications
- Alignment: Large option holdings (majority of beneficial ownership via options) and price‑hurdle options link upside to shareholder value; no executive ownership guidelines and single‑trigger equity acceleration at CIC weaken alignment in M&A scenarios .
- Near‑term supply: CEO’s 90,054 RSUs vested in January 2025; potential selling subject to trading windows/10b5‑1 plans; monitor Forms 4 for activity around vest dates .
- Governance quality: Independent committees, separate Chair/CEO, robust clawback and hedging prohibitions are positives; perquisite tax gross‑ups and single‑trigger CIC equity are notable negatives .
- Execution leverage: CEO’s development background aligns with Candel’s pivotal/late‑stage oncology programs; value creation hinges on regulatory execution (BLA for CAN‑2409), survival durability in NSCLC/PDAC, and funding runway—key catalysts under his leadership .
All data are sourced from Candel Therapeutics’ 2025 and 2024 DEF 14A and 2024 Form 10‑K as cited above.