James Levine
Cardiff OncologyAbout James Levine
James Levine is Chief Financial Officer of Cardiff Oncology (since 2021) with a background spanning investment banking and C‑suite roles in biotech. He is 54 years old (as of April 28, 2025), holds an MBA in finance from Wharton and a BA in economics from Brandeis University, and previously served as CFO of Cidara Therapeutics and CEO/President at Sapphire Energy and Verenium; earlier he was a Managing Director at Goldman Sachs (healthcare and energy) . Cardiff is a pre‑revenue oncology biotech; company performance during his tenure shows Net Loss of $38.7M (2022), $41.4M (2023) and $45.4M (2024), and the “Value of $100 investment” (company TSR proxy metric) moved from $23 (2022) to $25 (2023) to $72 (2024) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Cidara Therapeutics | Chief Financial Officer | 2018–2021 | Led financial aspects of pre‑clinical/clinical collaborations with Janssen and Mundipharma with combined value >$1.3B . |
| Sapphire Energy | President & Chief Executive Officer | 2014–2014 | Led private industrial biotech sold to two private investor groups . |
| Verenium Corp. | President & Chief Executive Officer | — | Negotiated six product commercialization partnerships and asset sales; sold company to BASF . |
| Goldman Sachs & Co. | Managing Director (Investment Banking) | — | Coverage across healthcare and energy groups . |
External Roles
- No current public company board directorships disclosed for Mr. Levine in the executive officer section and biography of the latest proxy .
Fixed Compensation
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Base Salary ($) | 202,693 | 440,475 | 459,236 | 471,194 |
| Target Bonus (% of Salary) | 45% | 45% | 45% | 45% |
| Employment Agreement Base (reference) | — | — | $425,000 per year (agreement) | $490,000 current per agreement |
Notes:
- Named Executive Officer salary progression also disclosed: $439,875 (2022) to $457,470 (2023), +4% .
Performance Compensation
Annual Cash Incentive Outcomes
| Year | Metric(s) | Weighting | Target | Actual Payout ($) | Vesting |
|---|---|---|---|---|---|
| 2024 | Annual corporate performance goals (not itemized) | Not disclosed | 45% of salary | 203,556 | Cash (N/A) |
| 2023 | Annual corporate performance goals (not itemized) | Not disclosed | 45% of salary | 182,805 | Cash (N/A) |
| 2022 | Corporate goals focused on onvansertib clinical program, pipeline and CMC | Not disclosed | 45% of salary | 168,252 | Cash (N/A) |
| 2021 | Corporate goals set by Compensation Committee; payouts approved at 94% of target (company‑wide) | Not disclosed | 45% of salary | 179,775 | Cash (N/A) |
Equity Awards (Grant-Date Fair Value)
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Option Awards ($) | 2,085,227 (new‑hire grant: 390,000 options @ $6.55 strike; vests over 4 years) | 350,752 | 275,678 | 591,614 |
Outstanding Equity and Vesting Schedules (as of Dec 31, 2024)
| Grant (by expiration) | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Vesting detail |
|---|---|---|---|---|---|
| 7/12/2031 | 333,125 | 56,875 | 6.55 | 7/12/2031 | 8,125 options vest monthly from Jan 12, 2023 through Jul 12, 2025 . |
| 3/9/2032 | 116,886 | 53,130 | 2.50 | 3/9/2032 | 3,542 options vest monthly from Apr 9, 2023 through Mar 9, 2026 . |
| 3/15/2033 | 86,394 | 111,078 | 1.72 | 3/15/2033 | 4,114 options vest monthly from Apr 15, 2024 through Mar 15, 2027 . |
| 3/7/2034 | — | 205,008 | 3.51 | 3/7/2034 | 51,252 vest on Mar 7, 2025; 4,271 vest monthly Apr 7, 2025–Mar 7, 2028 . |
Implication: Material near‑term vesting blocks occur on Mar 7, 2025 and continue monthly through 2028, which can create incremental sellable supply and potential insider selling pressure windows as options become exercisable .
Equity Ownership & Alignment
| Item (as of Apr 28, 2025) | Amount |
|---|---|
| Total Beneficial Ownership (shares) | 762,872 |
| Ownership % of outstanding | 1.1% (out of 66,525,854 shares outstanding) |
| Options exercisable within 60 days | 695,156 |
| Direct stock ownership | 60,000 shares |
| Indirect ownership | 7,716 shares (spouse) |
| Anti‑hedging policy | Company prohibits hedging by employees/officers/directors |
| Pledging policy (historical) | Prior proxies prohibited pledging without pre‑clearance; at earlier dates no pledges by execs/directors (historical disclosure) |
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | Dated July 12, 2021; initial term through Jul 12, 2024 with automatic one‑year renewals thereafter unless either party gives non‑renewal notice . |
| Current base salary per agreement | $490,000 per year . |
| Target annual bonus | Up to 45% of base salary, based on performance objectives . |
| Severance (termination without cause or resignation for good reason, outside CIC) | Lump sum of unpaid amounts due; plus severance equal to 12 months base salary, plus bonus and benefits eligibility during such 12 months (subject to release) . |
| Change‑in‑Control (CIC) protection | If terminated without cause within 12 months prior to a pending CIC, or by executive for good reason within 12 months after a CIC, or by company without cause upon/within 12 months after a CIC: same cash severance as above, plus immediate vesting of all unvested stock options and other equity awards (exercisability subject to award terms) . |
| Estimated CIC/termination values (illustrative, proxy tables) | As of 12/31/2024: Cash $690,215 (both scenarios); Equity acceleration $506,479 (CIC); Total $1,196,694 (CIC scenario) . As of 12/31/2023: Cash $663,450; Equity $478,921; Total $1,142,371 . As of 12/31/2021: Cash $450,631; Equity $1,841,247; Total $2,291,878 . |
| Clawback | Adopted in 2023; allows recovery of incentive comp where intentional misconduct by a covered officer caused or contributed to a required financial restatement; Compensation Committee discretion on recovery amount . |
| Benefits/perquisites | Broad employee plans (health/vision/dental, life) and 401(k) offered; no match; no defined‑benefit plans or non‑qualified deferred compensation; no material perquisites . |
Pay vs Performance (Context)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| “Value of $100 investment” (TSR proxy) ($) | 23 | 25 | 72 |
| Net Loss ($000s) | 38,704 | 41,441 | 45,431 |
Compensation Structure Analysis
- Mix shift: Mr. Levine’s total comp features a high at‑risk component via stock options ($591,614 in 2024 vs salary $471,194), consistent with performance/retention alignment in small‑cap biotech; 2023 option value was lower, reflecting calibration year‑to‑year .
- Annual cash bonus remains formulaic at 45% target; actual payouts for 2022–2024 were $168,252, $182,805, and $203,556 respectively, tracking salary growth and corporate goal assessments without disclosed discretionary overrides .
- Equity design: All listed awards are time‑based options (no PSUs/RSUs disclosed), with 10‑year terms and predominantly monthly vesting; a sizable 2024 grant includes a partial cliff (51,252 vesting Mar 7, 2025) which could concentrate exercisability—and potential selling pressure—around that date .
- Governance protections: Anti‑hedging in place; clawback adopted in 2023; CIC benefits are single‑trigger for acceleration only upon qualifying termination in proximity to CIC (i.e., effectively double‑trigger for acceleration upon termination), with 12‑month cash severance standard for NEOs .
Investment Implications
- Alignment: Meaningful ownership (1.1%) and a large pool of options exercisable within 60 days (695,156) signal equity‑based alignment but also create potential supply as tranches vest and become in‑the‑money .
- Near‑term vesting overhang: The 2024 option grant’s Mar 7, 2025 cliff (51,252 options) plus monthly vest thereafter through 2028 adds identifiable windows for incremental insider liquidity; monitor Form 4s around these dates for selling pressure signals .
- Pay‑for‑performance: Heavy reliance on options ties upside to share price recovery; annual cash payouts at modest levels (relative to salary) reduce downside pay rigidity in a pre‑revenue setting .
- Retention risk: Auto‑renewing contract with 12‑month severance and CIC acceleration provides standard biotech protections; no sign‑on/retention cash or guaranteed perquisites reduce lock‑in beyond equity .
- Performance backdrop: While TSR proxy metric improved in 2024 vs prior years, Cardiff remains loss‑making; execution on clinical milestones will be key lever translating Levine’s option‑heavy incentives into realized value .
Citations:
