Alison Moore
CODEXISAbout Alison Moore
Alison Moore, Ph.D., is Executive Vice President and Chief Technical Officer (CTO) of Codexis (CDXS), appointed September 30, 2024; she previously served as a Codexis director from June 2020 until her resignation in September 2024 to assume the CTO role . She is 58, with a BSc in Pharmacology (Honors) and a Ph.D. in Cell Biology from Manchester University, and a deep operating background across Amgen, Genentech, and Allogene Therapeutics . Company performance during her tenure reflects revenue volatility as the business pivots to ECO Synthesis: revenues moved from $21.46M (Q4’24) to $7.54M (Q1’25), $15.33M (Q2’25), and $8.60M (Q3’25) ; EBITDA remained negative over these periods (see table below, S&P Global data). Prior pay-versus-performance disclosures show CDXS 2023 TSR of $19 (year-end value of $100 invested on 12/31/2019), indicating shareholder pressure ahead of the ECO platform scale-up .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Allogene Therapeutics | Chief Technical Officer | 2018–2023 | Led CMC and technical ops for allogeneic cell therapies; scaled late-stage manufacturing |
| Amgen | SVP, Process Development | 2013–2018 | Enterprise process development leadership for biologics manufacturing |
| Amgen | Operations Technology (senior role) | 2013–2014 | Drove operational technologies to improve manufacturing efficiency |
| Amgen | Process & Product Engineering (senior role) | 2011–2013 | Engineered processes/products, improving scale-up and robustness |
| Amgen | Corporate Manufacturing (senior role) | 2008–2010 | Oversight of corporate manufacturing systems and standards |
| Amgen (Fremont) | Vice President, Site Operations | 2006–2008 | Ran site ops for large biologics facility; throughput and compliance |
| Genentech | Director, CMC and Regulatory Affairs | 2005–2006 | Advanced CMC/regulatory for biologics programs |
| Amgen | Process Development (roles of increasing responsibility) | 1996–2004 | Built deep process development expertise, foundational to CMC leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| National Resilience, Inc. | Technical Advisory Board Member | 2021–Present | Advisory role in biomanufacturing |
| Artiva Biotherapeutics, Inc. | Director | Oct 2024–Present | Public clinical-stage biotech board service |
| Alliance for Regenerative Medicine | Executive Board Member | 2022–Oct 2023 | Industry advocacy and standards |
Board Governance Summary (Codexis)
- Board service: Director (June 2020–Sept 2024); resigned to become CTO
- Committees: Compensation (Chair in 2023; member until Sept 2024) ; Science & Technology (member until Sept 2024)
- Independence: Determined independent during her board tenure; no relationships compromising judgment
- Attendance: Board held 5 meetings in 2024; all directors attended ≥75% of Board/committee meetings
- Dual-role considerations: She resigned from the Board upon becoming CTO, mitigating executive/director independence issues. Company leadership structure combines CEO/Chair with a Lead Independent Director to counterbalance governance risks .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base Salary | $500,000 | Annual base set upon hire effective 9/30/2024 |
| Salary Paid (2024 actual) | $115,382 | Partial-year accrual post-hire |
| Target Bonus % | 50% of base | Established at hire for CTO role |
| Actual Bonus Paid (NEIP) | $57,691 | Paid in early 2025 for 2024 performance |
| All Other Compensation | $71,586 | Includes $67,500 director cash retainers pre-CTO, $240 cell phone stipend, $3,846 401(k) match |
Performance Compensation
Annual Incentive (2024)
| Metric | Weight (Target) | Max Attainable | Actual Achievement | Payout Impact |
|---|---|---|---|---|
| Financial growth & stability | 35% | 52% | Included in 100% overall achievement | Contributed to $57,691 bonus |
| Strategic ECO Synthesis deliverables | 35% | 52% | Included in 100% overall achievement | Contributed to $57,691 bonus |
| ECO Synthesis partnership | 15% | 23% | Included in 100% overall achievement | Contributed to $57,691 bonus |
| Organizational Development | 15% | 23% | Included in 100% overall achievement | Contributed to $57,691 bonus |
| Total | 100% | 150% cap | 100% achievement set by Committee | Bonus payout per NEIP |
Equity Awards (granted/standing at 12/31/2024)
| Award Type | Qty / Shares | Key Terms | Status/Value |
|---|---|---|---|
| Stock Options | 300,000 | Strike $2.97; expiry 10/10/2034; 25% vest at 1-year, then monthly | Unexercisable 300,000 |
| RSUs | 50,000 | Vests in 3 annual tranches | Unvested; market value $238,500 at $4.77 |
| Restricted Stock (director grant) | 30,120 | Vests at earlier of 1-year or next annual meeting | Unvested; market value $143,672 at $4.77 |
| Vesting policy | — | Standard: options 25%/year then monthly; RSUs 3 instalments; restricted stock annual meeting schedule | Applies to NEO grants |
- Equity philosophy: Emphasis on multi-year vesting; no option repricing; strong governance with prohibition on liberal share recycling and minimum vesting features under the 2019 Plan amendment .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 98,696 shares; <1% of outstanding |
| Options (exercisable/unexercisable) | Exercisable: 0; Unexercisable: 300,000 (strike $2.97, exp 10/10/2034) |
| RSUs outstanding | 50,000 (market value $238,500 at $4.77) |
| Restricted Stock outstanding | 30,120 (market value $143,672 at $4.77) |
| Hedging/Pledging | Company policy prohibits hedging and pledging (including margin accounts) |
| Ownership Guidelines | Not disclosed; no specific required multiple of salary found in proxy |
Potential selling pressure dates: RSUs vest annually starting from 10/10/2024 grant; options vest 25% at first anniversary (10/10/2025) then monthly, creating periodic liquidity windows .
Employment Terms
| Scenario (as of 12/31/2024) | Salary Continuation ($) | Target Bonus ($) | Accelerated Equity ($) | Healthcare ($) | Total ($) |
|---|---|---|---|---|---|
| Without cause / for good reason | 115,382 | — | — | 42,882 | 158,264 |
| In connection with Change in Control | 173,073 | — | 922,172 | 64,323 | 1,159,568 |
| Due to death or disability | — | — | 129,874 | 42,882 | 172,756 |
Change-in-control framework for non-CEO NEOs (including Moore): 12 months base and healthcare for qualifying terminations; within CoC period (90 days pre- to 12 months post-CoC) lump-sum equal to 18 months base, full equity acceleration, and up to 18 months healthcare; no excise tax gross-ups .
Clawback: Nasdaq-compliant policy adopted Aug 2023; recovers incentive compensation tied to financial reporting over a 3-year lookback if restatement occurs .
Performance & Track Record (company-level context during Moore’s CTO tenure)
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenue ($) | 21,460,000 | 7,543,000 | 15,328,000 | 8,601,000 |
| EBITDA ($) | -6,132,000* | -19,291,000* | -11,522,000* | -17,593,000* |
*Values retrieved from S&P Global.
Contextual operational milestones: ECO Synthesis Innovation Lab build-out completed in 2024; presented validated dsRNA ligase performance (Bachem collaboration) and completed proof-of-concept synthesis for a major siRNA innovator .
Compensation Committee & Peer Group
- Peer group (2024 review): Absci, Akoya Biosciences, Alpha Teknova, Anika Therapeutics, Avid Bioservices, Bionano Genomics, Harvard Biosciences, MaxCyte, Personalis, Quanterix, Quantum-Si, Rapid Micro Biosystems, REGENXBIO, Sangamo Therapeutics, Seer, SomaLogic, Standards BioTools; CDXS at 55th percentile revenue and 30th percentile market cap at adoption .
- Independent consultant: Pearl Meyer, determined independent .
- Say-on-pay support: 2024 approval ~94.7% ; 2023 approval ~84.6% .
Investment Implications
- Alignment: High equity component (RSUs/options) and strict anti-hedging/pledging policy support long-term alignment; clawback further reduces misalignment risk .
- Retention vs liquidity: Option first-vest date (10/10/2025) and annual RSU tranches could create periodic sell pressure; monitor Form 4s around vest dates and open window periods (not available via current tools) .
- Change-of-control economics: Full equity acceleration and 18 months base in CoC term provide retention until strategic events but can increase dilution risk if acceleration coincides with a transaction .
- Execution risk: ECO Synthesis commercialization and CDMO partnership are critical; revenue variability and negative EBITDA underline execution risk in scaling enzymatic RNA manufacturing .
- Governance signal: Strong say-on-pay and enhanced 2019 Plan features (no repricing, minimum vesting) plus Lead Independent Director structure mitigate governance concerns amid combined CEO/Chair model .