Georgia Erbez
CODEXISAbout Georgia Erbez
Georgia Erbez, 58, has served as Codexis’ Chief Financial Officer since September 30, 2024, bringing prior CFO/COO experience across cell and gene therapy and biopharma, and earlier senior investment banking roles at Cowen and Jefferies . Education: BA in international relations (economics emphasis) from UC Davis . Company performance context: 2024 product revenue excluding PAXLOVID was $36.8M vs. $34.8M in 2023, while GAAP total product revenue was $36.8M vs. $42.9M, reflecting portfolio shifts toward ECO Synthesis; say‑on‑pay support was ~94.7% in 2024; cumulative TSR from a $100 investment (12/31/2021 base) was $15.25 by 2024, $9.75 by 2023, and $14.90 by 2022 . As CFO, she certifies SEC filings, leads disclosure controls, and executed financing documents (Innovatus loan) and Q3’25 filings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Walking Fish Therapeutics | Chief Operating Officer | 2022–2023 | Built B‑cell therapy operating capabilities and processes |
| Harpoon Therapeutics | Chief Financial Officer | 2018–2022 | Led finance for T‑cell therapy pipeline; public company rigor |
| Zosano Pharma | Chief Business Officer & CFO | 2016–2018 | Combined corporate development and finance oversight |
| Revolution Medicines; Asterias Biotherapeutics; Raptor Pharmaceuticals | Chief Financial Officer | 2012–2016 | Multi‑company CFO track record in biotech scaling |
| Cowen & Company; Jefferies | Senior investment banking roles | Earlier career (not specified) | Life sciences capital markets and advisory experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Axiom Financial Partners | Managing Director | Since Nov 2014 | Life‑sciences consulting |
| Coherus BioSciences | Director | Since Feb 2024 | Public company board service |
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Base Salary (annual rate) | $500,000 | Set at hiring; pro‑rated actual salary paid $115,382 |
| Target Bonus (%) | 50% of base salary | Established at commencement |
| Actual Bonus Paid | $57,691 (100% achievement, pro‑rated) | Paid early 2025 per plan |
| All Other Compensation | $240 (cell phone stipend) | Minimal perquisites; no tax gross‑ups |
Performance Compensation
| Metric Category | Target Weight | Max Attainable | Actual Achievement | Payout Impact |
|---|---|---|---|---|
| Financial growth and stability | 35% | 52% | 40% | Contributed to 100% corporate achievement |
| Strategic ECO Synthesis deliverables | 35% | 52% | 38% | Contributed to 100% corporate achievement |
| ECO Synthesis partnership | 15% | 23% | 0% | No contribution |
| Organizational Development | 15% | 23% | 22% | Contributed to 100% corporate achievement |
| Total | 100% | 150% cap | 100% | Erbez bonus paid at 100% of pro‑rated target: $57,691 |
Vesting design and recent grants:
- New‑hire equity (10/10/2024): 300,000 stock options at $2.97 (expire 10/10/2034) and 50,000 RSUs; options vest 25% at year 1 then monthly over 3 years; RSUs vest in 3 annual tranches .
- Company reset (Jan 2024): increased time‑based options with a reduced 3‑year vesting schedule to address retention challenges; RSUs used alongside options .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Record Date: 4/17/2025) | 0 shares; <1% of outstanding |
| Outstanding Awards (12/31/2024) | Options: 300,000 unexercisable at $2.97, expire 10/10/2034; RSUs: 50,000 unvested |
| Vested vs. Unvested | No exercisable options as of 12/31/2024; all awards unvested |
| In‑the‑Money Value (CIC acceleration estimate) | $778,500 accelerated equity value for CIC termination scenario |
| Hedging/Pledging | Prohibited by Insider Trading Compliance Program |
| Ownership Guidelines | Executive stock ownership guidelines not disclosed; director equity policy specified separately |
Note: Company overhang ~16% at Record Date; >99% of outstanding options underwater at Record Date, reducing near‑term exercise/sale pressures; overhang would rise to ~22% post 2019 Plan Second Amendment and decline over time .
Employment Terms
| Provision | Terms |
|---|---|
| Role start date | CFO since September 30, 2024 |
| Severance (non‑CIC) | 12 months base salary and up to 12 months healthcare continuation upon involuntary termination without cause or resignation for good reason |
| Severance (CIC, double trigger) | If termination occurs 90 days before–12 months after change‑in‑control: lump sum 18 months base salary, up to 18 months healthcare continuation, full accelerated vesting of outstanding equity |
| Death/Disability | Pro‑rated vesting of next scheduled tranche and up to 12 months healthcare |
| Estimated payouts (as of 12/31/2024) | Non‑CIC: $115,382 salary + $42,882 healthcare; CIC: $173,073 salary + $778,500 equity accel + $64,323 healthcare; Death/Disability: $48,858 equity + $42,882 healthcare |
| Clawback | Nasdaq‑compliant clawback for erroneously awarded incentive comp upon financial restatements |
| Gross‑ups | No excise tax or perquisite gross‑ups; relocations only if company‑directed |
Investment Implications
- Pay‑for‑performance alignment: 2024 bonuses were entirely tied to corporate results with transparent categories; payout at 100% reflects achievement in financial stability and ECO milestones, with partnership target falling short . Equity grants are time‑based, which supports retention but may dilute sensitivity to multi‑year performance vs. pure PSUs; however, CIC treatment provides full acceleration, a typical market practice .
- Vesting and potential selling pressure: First major vest cliffs for Erbez’s new‑hire grants occur in October 2025 (25% options; 1/3 RSUs), creating potential liquidity events; hedging/pledging prohibitions reduce risk of misaligned exposure .
- Ownership alignment: At the Record Date, beneficial ownership was de minimis (<1%) given new‑hire timing and unexercisable status, but award design increases prospective exposure as tranches vest .
- Retention and governance quality: Strong say‑on‑pay (~94.7%) and adoption of clawback, no option repricing, and no tax gross‑ups support shareholder‑friendly governance and reduced headline risk . Company‑wide equity overhang and underwater options (>99% at Record Date) suggest limited near‑term selling pressure and retention focus across the organization .
- Performance backdrop: 2024 product revenue growth ex‑PAXLOVID and the ECO Synthesis commercialization push underpin near‑term metrics used in incentive design; CFO’s certification and execution on financing and restructuring actions signal operational engagement in achieving targets .