Leslie Tari

About Leslie Tari

Leslie (“Les”) Tari, Ph.D., is Cidara Therapeutics’ Chief Scientific Officer (CSO), a role he has held since July 2021; he previously served as SVP, Research (2019–2021) and VP, Discovery (2014–2019). He is 57, holds a B.S. in Chemistry and a Ph.D. in Chemistry and Structural Biology from the University of Manitoba, and serves on the board of advisors of Life Science Cares San Diego . In March 2025, Cidara disclosed that while Dr. Tari continues as CSO, he is no longer deemed an “executive officer” under Exchange Act Rule 3b‑7 as of March 14, 2025 . Tari is credited internally as the primary inventor of CD388 and the Drug‑Fc (DFC) platform, a central value driver in Cidara’s influenza program . Corporate performance used to determine NEO bonuses for 2024 was assessed at 127% of goals (clinical, R&D, and financial), with Tari’s bonus weighted 80% corporate and 20% individual .

Past Roles

External Roles

Fixed Compensation

Notes:

• 2024 base salary increases applied retroactively to Jan 1, 2024 .
• 2024 corporate bonus plan achievement was 127% overall; Tari’s bonus weighting is 80% corporate/20% individual .

Performance Compensation

Program design highlights:

• Corporate goals include a mix of clinical, R&D, and financial objectives; Committee retains discretion and can modify or terminate plan .

Equity Ownership & Alignment

Outstanding Equity Awards at FY‑End (December 31, 2024)

Option Awards (Leslie Tari)

Stock Awards (RSUs) (Leslie Tari)

Plan context:

• 2024 close price $26.88 used for RSU market value calculation; equity awards granted under 2013/2015/2024 Plans with standard service‑based vesting; options under 2015/2024 Plans are exercisable as they vest .

Company‑wide capital and awards snapshot at Merger announcement:

• Authorized capital stock: 100,000,000 Common; 10,000,000 Preferred; issued/outstanding: 31,446,306 Common; 89,956 Series A as of reference date .
• Outstanding company awards: 2,597,639 Common shares subject to options; 353,656 subject to RSUs; 3,558,376 reserved for issuance under equity plans; warrants outstanding as disclosed .

Employment Terms

Additional transaction terms (Merger Agreement, Nov 2025):

• All RSUs become fully vested immediately prior to the Effective Time; are cancelled and converted into cash equal to RSUs × Common Share Merger Consideration, subject to withholding .
• All options become fully vested immediately prior to the Effective Time; are cancelled and converted into cash equal to in‑the‑money value; underwater options canceled for no consideration .
• Company obligated to take actions to accelerate vesting and terminate equity plans contingent on Effective Time; Offer constitutes a “Change in Control” for plans with such provisions .

Performance & Track Record

• Primary inventor of CD388 and DFC platform; speakers at Investor Day highlighted Tari’s role and the commercialization potential of CD388 .
• Nature Microbiology publication on CD388’s broad protection against influenza A/B; Tari comments reinforced DFC modality’s long half‑life and antiviral efficacy independent of immune status .

Compensation Structure Analysis

• 2024 mix skewed toward options ($1,276,166 grant‑date fair value) with a smaller RSU component ($76,188), indicating higher leverage to share price outcomes for Tari’s long‑term incentives .
• Cash bonus exceeded target in 2024, consistent with company assessment of 127% corporate goal achievement and Tari’s 80%/20% weighting .
• Shareholder‑unfriendly feature: 280G excise tax gross‑up capped at $1.0 million in a CoC scenario .
• Governance positives: strict prohibition on hedging, margining, and pledging of company stock for employees and directors .

Risk Indicators & Red Flags

• 280G gross‑up (capped at $1.0 million) in CoC is a governance red flag commonly opposed by investors .
• Section 16(a) late Form 4 filings (March 2024 awards filed late on March 20, 2024 for several officers, including Tari when he was an officer) indicate minor reporting control lapses; company disclosed compliance otherwise .
• Equity acceleration and cash‑out on Merger close can create near‑term windfalls and reduce ongoing equity alignment post‑transaction .

Equity Ownership & Beneficial Ownership Details

Policy constraints:

• No hedging/pledging/margining permitted for employees/directors, supporting alignment .

Investment Implications

• Tari’s incentive structure is option‑heavy, aligning upside with equity appreciation; 2024 RSU component is modest, suggesting higher at‑risk equity exposure relative to RSUs . In a Merger/CoC, immediate vesting and cash settlement of awards reduce ongoing alignment but can mitigate selling pressure from scheduled vesting in the near term .
• Severance economics are moderate outside CoC (9 months salary/benefits) but richer inside CoC (12 months salary, target bonus, benefits, and full acceleration), paired with a capped 280G gross‑up—likely to draw governance scrutiny from some investors .
• Governance positives—strict anti‑hedging/pledging—offset some alignment concerns; however, Tari’s reclassification as non‑executive officer reduces ongoing Section 16 reporting while he remains CSO, which can change visibility into transactions .
• Strategic value creation signal: Tari’s role as primary inventor of CD388/DFC and peer‑reviewed validation support his execution credibility in Cidara’s core program, a meaningful driver of fundamental value .