Jarrod Longcor
About Jarrod Longcor
Jarrod Longcor is Chief Operating Officer of Cellectar Biosciences (appointed February 2022), age 52, with prior roles in corporate development and operations across biotech and drug development platforms. He holds a B.S. from Dickinson College, an M.S. from Boston University School of Medicine, and an MBA from Saint Joseph’s University Haub School of Business, and previously served as Chief Business Officer at Avillion LLP and Vice President of Corporate Development at Rib-X/Melinta Therapeutics . Company performance context during 2022–2024 shows highly volatile TSR and persistent net losses typical of pre-commercial biotech; executive incentive design emphasizes strategic and operational milestones over financial metrics .
Company performance context (oldest → newest)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Total Shareholder Return (Value of $100) | $8.22 | $13.32 | $1.44 |
| Net Income (Loss) ($USD) | (28,601,254) | (37,983,496) | (44,581,446) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Avillion LLP | Chief Business Officer | Not disclosed | Executed co-development partnerships to advance drug programs |
| Rib-X Pharmaceuticals (Melinta Therapeutics) | Vice President, Corporate Development | Not disclosed | Closed key collaborations, including major Sanofi discovery deal (~$700M value) |
| Various small/mid biotech companies | BD, strategic planning, operations roles | Not disclosed | Built partnering and operating capabilities |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in company filings | — | — | — |
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $480,000 | $500,000 |
| Target Bonus % of Salary | Up to 40% initial target | Up to 40% initial target |
| Actual Annual Bonus ($) | $288,000 | $100,000 |
| All Other Compensation ($) | $86,242 | — (not disclosed for 2024) |
Total Compensation (SEC Summary Compensation Table)
| Component | 2023 | 2024 |
|---|---|---|
| Stock Awards ($) | $113,758 | — |
| Option Awards ($) | $394,560 | $1,230,000 |
| Total ($) | $1,362,560 | $1,830,000 |
Performance Compensation
- Annual cash incentive structure: Bonuses are determined by the Compensation Committee based on performance versus predetermined financial and strategic objectives; NEOs receive the same percentage for financial objectives, and varied percentages for strategic objectives .
Stock Option Grants (structure and vesting)
| Grant Date (ASC 718) | Shares | Exercise Price | Vesting Schedule | Expiration |
|---|---|---|---|---|
| June 14, 2024 (approved 11/30/2023) | 500,000 | $2.65 | 1/3 at first anniversary; remaining 2/3 in 24 equal monthly installments thereafter; continuous employment required | 11/30/2033 |
| January 17, 2023 | 288,000 (184,010 exercisable; 103,990 unexercisable) | $1.68 | Same 1/3 + monthly schedule; continuous employment required | 1/17/2033 |
| January 25, 2022 | 47,500 (46,180 exercisable; 1,320 unexercisable) | $5.50 | Same 1/3 + monthly schedule; continuous employment required | 1/25/2032 |
| March 4, 2021 | 45,000 (exercisable) | $17.40 | Fully vested/exercisable | 3/4/2031 |
| Earlier grants (2018–2020, 2016, 2017) | 13,300 total exercisable (4,000 @ $27.10; 3,000 @ $19.90; 6,300 @ $26.10), plus legacy options (2017–2016) | Various | Legacy grants; fully vested/exercisable | Various |
- Change-in-control vesting: Options under the 2015/2021 plans become fully vested upon a termination event within one year following a change in control (termination without cause or constructive termination due to role/compensation reduction or relocation) .
Equity Ownership & Alignment
| Item | Amount | Notes |
|---|---|---|
| Direct common shares owned | 83,141 | As of record date (April 17, 2025) |
| Options – exercisable | 452,930 | Breakdown per outstanding awards |
| Options – unexercisable | 333,300 + 103,990 + 1,320 (per award table) | Unvested portions of recent grants |
| Warrants held | 3,260 | Included in “Right to Acquire” |
| Total beneficial ownership (shares + rights) | 539,331 | Direct plus rights to acquire within 60 days |
| Ownership as % of shares outstanding | 1.16% | Based on 46,079,875 shares outstanding |
| Hedging/pledging policy | Prohibited; no exemptions granted since adoption | Insider Trading Policy prohibits hedging/pledging |
| Stock ownership guidelines | Not disclosed | — |
Employment Terms
| Provision | Terms |
|---|---|
| Agreement dates | Original July 15, 2016; amended & restated April 15, 2019; amended Nov 10, 2019 and March 12, 2025 |
| Base salary | Adjusted from time to time; COO salary $500,000 in 2024 |
| Target annual bonus | Initial target up to 40% of base salary |
| Severance (no change-in-control) | Nine months of 75% of annual base salary; health insurance reimbursement for nine months; prorated annual bonus for year of termination; outplacement up to $7,500; contingent on release |
| Severance (double trigger within 12 months after change-in-control) | 18 months of full base salary; health insurance reimbursement for 18 months; prorated annual bonus; outplacement up to $7,500; contingent on release |
| Equity acceleration | Options fully vest upon termination event within one year following a change-in-control (plan terms) |
| Non-compete / non-solicit | Not disclosed |
| Clawback | Not disclosed |
| Tax gross-ups | Not disclosed |
Compensation Structure Analysis
- Mix shift: 2024 compensation was heavily option-based ($1.23M options vs $0.1M cash bonus), reflecting high at-risk equity alignment amidst pre-commercial status .
- Bonus discretion: Annual bonuses tied to predetermined financial and strategic objectives; specific metrics/weightings not disclosed, indicating committee discretion typical for biotech milestones .
- Grant timing: 2023-approved option grants became 2024 ASC 718 grants post shareholder approval (exercise price set at approval); CAP table notes and MNPI timing disclosed transparently .
Risk Indicators & Red Flags
- Listing risk context: Company sought reverse split authorization to address Nasdaq minimum bid deficiency; closing bid $0.31 on April 25, 2025, with potential delisting risk absent remediation .
- Audit restatement history: 2024 restatements for warrants/preferred stock accounting and reclassifications; Deloitte re-audits and higher audit fees in 2024 .
Investment Implications
- Alignment: Longcor’s pay is equity-heavy with multi-year, monthly vesting and change-in-control acceleration, aligning incentives with stock price and strategic execution; hedging/pledging prohibited, reducing misalignment risks .
- Retention risk: Severance provides moderate protection (9 months at 75% salary; 18 months full salary post-CIC), plus prorated bonus and healthcare, indicating balanced retention economics without excessive parachute risk .
- Selling pressure: Ongoing monthly vesting and a significant pool of exercisable options could create periodic liquidity events; however, no pledging and insider policy constraints mitigate aggressive selling behaviors .
- Performance linkage: Bonuses tied to strategic/operational goals rather than GAAP profitability, appropriate for a biotech pursuing FDA milestones; investors should track disclosed milestones and regulatory catalysts when assessing incentive payouts .