Jeffrey Stein
Cidara TherapeuticsAbout Jeffrey Stein
Jeffrey Stein, Ph.D., age 70, has served as President, Chief Executive Officer, and director of Cidara Therapeutics since January 2014, bringing deep operating and venture experience in life sciences from prior CEO and scientific roles; his education includes postdoctoral research as an Alexander Hollaender Distinguished Fellow at Caltech and graduate work as a NASA Graduate Student Researcher Fellow at UCSD . Over 2022–2024, pay-versus-performance disclosures show cumulative shareholder return for a hypothetical $100 investment of $59.55 (2022), $62.52 (2023), and $105.83 (2024), alongside reported net losses of $33.6 million (2022), $22.9 million (2023), and $169.8 million (2024), contextualizing compensation outcomes amid R&D scale-up and strategic transactions . In 2024, collaboration revenue from continuing operations was $1.3 million as prior programs transitioned, while discontinued operations reflected commercialization-related revenues tied to rezafungin divestiture, highlighting execution focus on CD388 and platform investments .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Trius Therapeutics, Inc. | Chief Executive Officer | 2007–2013 | Led from founding to acquisition by Cubist in Sep 2013, demonstrating value creation in anti-infectives . |
| Sofinnova Ventures | Venture Partner, Kauffman Fellow; opened San Diego office | ~2005 onward | Sourced and built biotech investments; expanded firm presence in San Diego . |
| Quorex Pharmaceuticals | Co-founder & Chief Scientific Officer | Pre-2005 | Company acquired by Pfizer in 2005; translational anti-infective science to exit . |
| Diversa Corporation | Principal Scientist | Prior to venture roles | Advanced discovery capabilities in biotechnology . |
| Agouron Institute | Principal Scientist | Prior to venture roles | Scientific leadership in drug discovery context . |
| Antibiotics Working Group | Founding Chairman & President | Prior roles | Industry coalition leadership in antibiotics policy/advocacy . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| IDEAYA Biosciences (public) | Director | Current | Precision oncology board service (ongoing) . |
| Paratek Pharmaceuticals | Director | 2014–Sep 2023 | Tenure concluded September 2023 . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $593,800 | $617,600 |
| Target Bonus (%) | — | 60% of base |
| Actual Bonus Paid ($) | $292,100 | $470,600 (based on 127% corporate goal achievement) |
| Stock Awards ($) | $274,468 | — |
| Option Awards ($) | $388,276 | $4,867,353 |
| All Other Comp ($) | $9,900 | $10,350 |
| Total ($) | $1,558,544 | $5,965,903 |
Notes:
- 2024 bonus program outcomes: Board determined 127% achievement of corporate goals; CEO bonus is 100% weighted to corporate goals .
- CEO compensation approved by the Board upon recommendation of the Compensation & Human Capital Committee .
Performance Compensation
Annual Bonus Metrics (2024)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Corporate goals (clinical/R&D/financial mix) | 100% | 60% of base salary | 127% of goals achieved | $470,600 (cash) | N/A |
Equity Awards (Key Grants)
| Grant Date | Award Type | Exercisable (#) | Unvested/Unexercisable (#) | Exercise Price ($) | Expiration | Vesting Terms |
|---|---|---|---|---|---|---|
| 3/15/2024 | Stock Options | 13,005 | 38,994 | 13.70 | 3/14/2034 | Time-based; monthly pro-rata over 3 years; 10-year term . |
| 9/30/2024 | Stock Options | 46,741 | 514,147 | 10.75 | 9/29/2034 | Time-based; monthly pro-rata over 3 years; 10-year term . |
| 3/27/2023 | RSUs | — | 9,058 (unvested) | — | — | Annual awards typically vest over 3 years; 2024 RSUs vest Mar 10, 2025/26/27 . |
| 3/31/2022 | RSUs | — | 2,723 (unvested) | — | — | Annual awards typically vest over 3 years . |
Additional context:
- RSU market value computed at $26.88 closing price on 12/31/2024 for unvested counts (implies 2024 options with $13.70 and $10.75 exercise prices were in-the-money at year-end) .
Equity Ownership & Alignment
| Ownership Measure | Value |
|---|---|
| Beneficial Ownership (Common) | 364,655 shares; 2.84% of common outstanding (12,546,698 shares) . |
| Breakdown (footnote) | 24,580 shares via Jeff Stein & Catherine Naughton Revocable Trust; 53,555 shares held by Stein; 2,100 shares held by Stein’s son; plus 284,420 options exercisable within 60 days of 4/21/2025 . |
| Unvested RSUs Outstanding (select) | 2,723 (3/31/2022); 9,058 (3/27/2023) . |
| Hedging & Pledging Policy | Prohibited: short sales, margin accounts, pledging, puts/calls, and hedging transactions for employees and directors . |
Stock ownership guidelines: Not disclosed for executives; non-employee director compensation policy governs director equity grants and cash retainers .
Employment Terms
| Trigger Scenario | Cash Severance | Bonus Component | Benefits Continuation | Equity Acceleration | 280G Treatment |
|---|---|---|---|---|---|
| Termination without cause or resignation for good reason (outside CoC window) | 12 months of salary (lump sum) | None specified | 12 months company-paid healthcare | None specified | N/A |
| Termination without cause or resignation for good reason (during CoC window: 3 months before to 12 months after) | 18 months of salary (lump sum) | 1.5x target bonus for year of termination | 18 months company-paid healthcare | Immediate vesting of all unvested stock awards | Excise tax gross-up to fully cover Section 280G taxes (shareholder-unfriendly red flag) |
Clawbacks: Dodd-Frank compliant clawback policy implemented; SOX 304 reimbursement provisions for CEO/CFO in case of misconduct-related restatements .
Board Service and Governance
- Board service: Director since January 2014; Class I director nominated in 2025 for term expiring at 2028 annual meeting .
- Committee roles: Not listed on Audit, Compensation & Human Capital, or Nominating & Governance committees; those committees are comprised of independent non-employee directors .
- Attendance: All then-serving directors attended the 2024 Annual Meeting of Stockholders .
- Non-employee director compensation policy (context): Annual cash retainer $40,000; $70,000 for Chair of the Board; committee membership and chair retainers; initial and annual option grants with vesting and CoC acceleration; policy amended Dec 2024 increasing grant sizes .
Performance & Track Record (Selected Company Metrics)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Cumulative TSR value of $100 investment | $59.55 | $62.52 | $105.83 |
| Net Loss (thousands) | $(33,584) | $(22,931) | $(169,827) |
| Collaboration Revenue (continuing ops, $ thousands) | — | $23,283 | $1,275 |
Additional execution notes:
- Board determined 127% achievement of 2024 corporate goals for bonus purposes .
- 2024 reflected acquired IPR&D expense from Janssen license ($84.9m), increased R&D for CD388 Phase 2b NAVIGATE, and financing activities (Series A Preferred and common/pre-funded warrants) to support programs .
Compensation Committee and Peer Benchmarking
- The Compensation & Human Capital Committee (independent) oversees CEO pay, performance goals, equity plans, clawback policy, and engages external consultants; CEO does not participate in deliberations about his compensation .
- Aon Consulting engaged in 2024 to develop and benchmark compensation peer group and provide analyses presented to the Committee .
Investment Implications
- Alignment and incentives: Stein’s substantial option grants in 2024 at $10.75 and $13.70 exercise prices, with over 553k unvested options from 2024 grants alone, vesting monthly over three years, create ongoing vesting supply; as of 12/31/2024, these options were in-the-money versus $26.88 closing price, implying potential future exercise and selling pressure managed via policy constraints (hedging/pledging prohibited) .
- Governance risk: Presence of a Section 280G excise tax gross-up and single-trigger vesting acceleration upon change-of-control termination window are shareholder-unfriendly features that can inflate transaction-related payouts and reduce alignment during M&A .
- Pay-performance: 2024 bonuses were driven by corporate goal achievement (127%), not direct GAAP financial metrics; the pay-versus-performance table shows high sensitivity of “compensation actually paid” to stock price due to option-heavy mix, increasing equity leverage for shareholders if CD388 and Cloudbreak execution succeeds .
- Ownership: Beneficial ownership of 2.84% and a mix of direct/trust holdings plus sizeable near-term exercisable options indicate meaningful skin-in-the-game; company policy explicitly bans pledging and hedging, supporting alignment with shareholder outcomes .