Jeffrey Jones
About Jeffrey Jones
Jeffrey Jones, M.D., is Chief Medical Officer of Cullinan Therapeutics (CGEM) and has served since February 2022. He is 54, with an M.D. from the University of Michigan Medical School, an M.P.H. from the University of Texas School of Public Health, and an M.B.A. from The Ohio State University; he completed residency at McGill and a hematology/medical oncology fellowship at MD Anderson . Under his tenure as CMO, CGEM remains a pre-revenue, clinical-stage company; company-level performance indicators disclosed for pay-versus-performance show a cumulative TSR value of $115.45 for 2024 (vs. $96.59 in 2023) and net losses of $167.6M in 2024 (vs. $155.1M in 2023) .
Company performance snapshot:
| Metric | 2023 | 2024 |
|---|---|---|
| Value of $100 investment (TSR) | $96.59 | $115.45 |
| Net income (loss) ($000s) | $(155,101) | $(167,575) |
Past Roles
| Organization | Role | Years | Strategic impact/notes |
|---|---|---|---|
| Bristol Myers Squibb | VP, Global Drug Development, Lymphoma and Myeloid Diseases | Apr 2020 – Feb 2022 | Global clinical development leadership in hematology/oncology |
| Bristol Myers Squibb | Executive Medical Director, Global Clinical R&D | Aug 2017 – Apr 2020 | Clinical research leadership |
| The Ohio State University College of Medicine | Associate Professor of Clinical Internal Medicine | Pre-2017 (dates not fully specified) | Academic/clinical leadership |
| The Ohio State University | Clinical Instructor | 2006 – 2014 | Clinical teaching and practice |
External Roles
- No public external directorships or committee roles for Dr. Jones are disclosed in the latest proxy .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary | $492,200 | $511,888 |
| Target Bonus % | 40% of base salary (per employment agreement) | 40% of base salary |
| Actual Bonus % | Discretionary bonus paid (amount below) | 54% of base salary |
| Cash Bonus/Non-Equity Incentive Paid ($) | $236,256 (discretionary “Bonus” column) | $274,372 (“Nonequity Incentive Plan Compensation”) |
Notes:
- 2024 base salary increase reflected in compensation committee’s annual review .
- Target bonus for Dr. Jones is set by contract at 40% of base salary .
Performance Compensation
Annual incentive plan (cash):
| Metric/Plan | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual cash bonus (corporate and individual goals; specific metrics not disclosed) | Not disclosed | 40% of base salary | 54% of base salary | $274,372 (2024 NEIP) | Cash for FY performance |
Equity awards granted (Dr. Jones):
| Grant Type | Grant Date | Shares/Units | Exercise Price | Vesting | Grant-date Fair Value |
|---|---|---|---|---|---|
| Stock Options | Feb 22, 2024 | 125,000 | $17.54 | 48 equal monthly installments over 4 years (service-based) | $1,446,938 (2024 option awards total for Jones) |
| RSUs (service-based) | Feb 22, 2024 | 62,500 | — | 4 equal annual installments (service-based) | $1,096,250 (2024 stock awards total for Jones) |
| Stock Options | Feb 17, 2023 | 120,000 (55,000 ex., 65,000 unex.) | $11.34 | 25% at 1-year, then 36 monthly installments | Included in 2023 option awards $960,948 |
| RSUs (service-based) | Feb 17, 2023 | 32,500 | — | 48 equal monthly installments | Included in 2023 stock awards $680,400 |
| Stock Options | Feb 28, 2022 | 215,000 (152,291 ex., 62,709 unex.) | $14.34 | 25% at 1-year, then 36 monthly installments | — |
Change-in-control (CIC) vesting: If terminated without cause or resigns for good reason within 12 months post-CIC, all unvested time-based equity fully vests; benefits also include lump-sum cash equal to 12 months base salary plus target bonus and up to 12 months COBRA contributions (subject to conditions) .
Equity Ownership & Alignment
Beneficial ownership (as of April 1, 2025):
| Holder | Total Beneficial Ownership | % of Outstanding | Composition detail |
|---|---|---|---|
| Jeffrey Jones, M.D. | 325,433 shares | <1% | 33,539 shares owned; 2,500 RSUs vesting within 60 days; 289,394 options exercisable within 60 days |
Outstanding and unvested equity (12/31/2024) and vesting:
| Instrument | Exercisable | Unexercisable | Strike | Expiry | Unvested RSUs | Vesting Terms |
|---|---|---|---|---|---|---|
| Options (grant 2/28/2022) | 152,291 | 62,709 | $14.34 | 2/28/2032 | — | 25% at 1-year, then 36 monthly installments |
| Options (grant 2/17/2023) | 55,000 | 65,000 | $11.34 | 2/17/2033 | — | 25% at 1-year, then 36 monthly installments |
| Options (grant 2/22/2024) | 26,041 | 98,959 | $17.54 | 2/22/2034 | — | 48 equal monthly installments |
| RSUs (grant 2/17/2023) | — | — | — | — | 32,500 | 48 equal monthly installments |
| RSUs (grant 2/22/2024) | — | — | — | — | 62,500 | 4 equal annual installments |
Additional alignment and trading policies:
- Insider trading policy prohibits derivative transactions and discusses risks of margin/pledged shares; 10b5-1 plans are permitted when not in possession of MNPI . The policy explicitly prohibits derivative transactions but does not explicitly state a categorical ban on pledging in the proxy; no pledging by Dr. Jones is disclosed .
- Clawback: Compensation Committee oversees a recoupment (“clawback”) policy for incentive compensation .
In-the-money assessment at 12/31/2024 reference price: Using the disclosed year-end price of $12.18/share, options with $11.34 strike were in-the-money; options at $14.34 and $17.54 were out-of-the-money at that date .
Employment Terms
| Term | Base Provision |
|---|---|
| Employment start | CMO since February 2022 |
| Target bonus | 40% of base salary |
| Severance (non‑CIC) | 9 months base salary plus prorated bonus at termination date; up to 9 months COBRA contributions (subject to elections/eligibility); requires release and, at company’s discretion, one‑year post‑employment non‑compete |
| Severance (CIC within 12 months) | Lump-sum 12 months base salary plus target bonus; up to 12 months COBRA contributions; time-based equity fully accelerates; requires release |
| Equity vesting | Time-based options/RSUs per schedules above; double‑trigger acceleration on qualifying CIC termination |
| Restrictive covenants | Confidentiality, invention assignment; non-solicit during employment and 1 year post-termination; company may require one‑year non‑compete for severance eligibility |
Investment Implications
- Pay-for-performance: Cash bonus paid at 54% of salary vs. a 40% target reflects above-target assessment on pre-defined goals, but the company does not disclose specific operational metrics (limits visibility into alignment with clinical/regulatory milestones) . Equity mix is heavily service-based (options and RSUs), with no disclosed performance-vesting equity for Dr. Jones, tilting incentives toward tenure/retention rather than explicit performance hurdles .
- Selling pressure and retention: RSUs vest annually and monthly over multi-year schedules, creating periodic supply; however, as of year-end 2024 most option tranches were out-of-the-money except the 2023 grant at $11.34, reducing near-term exercise-driven selling pressure at that snapshot . 10b5‑1 plan usage is permitted, which can smooth insider sales cadence .
- Alignment and protections: Beneficial ownership is <1% and primarily comprised of options, indicating leverage to stock upside but modest outright share ownership; double-trigger CIC acceleration and 12-month salary+target bonus severance provide standard market protections without tax gross-ups disclosed . Clawback oversight is in place, and the policy restricts derivatives; no pledging by Dr. Jones is disclosed—both supportive of alignment .
- Execution risk: Company-level financials reflect ongoing net losses typical of clinical-stage biotech; success hinges on pipeline execution where the CMO’s role is critical, but the proxy provides limited detail on specific performance metrics or outcomes tied to compensation .
Citations:
- Biography, age, tenure, education:
- Compensation tables and amounts:
- Equity grants/vesting and outstanding awards:
- Beneficial ownership:
- Employment agreement and severance/CIC terms:
- Trading, hedging/pledging, 10b5-1 policy:
- Clawback oversight:
- Pay-versus-performance TSR and net loss: