Abraham Bassan
About Abraham Bassan
Independent director candidate; age 40 as of April 28, 2025; on CRGX board since February 2021. Principal at Samsara BioCapital since April 2021 (Vice President 2017–2021); prior operating roles in oncology/cell therapy at Revolution Medicines and bluebird bio. Education: A.B. in Molecular Biology (Princeton) and M.S. in Developmental Biology (Stanford). The Board’s independence determination for 2025 lists six directors as independent and excludes Bassan, indicating he is not independent (affiliated with Samsara, a >5% shareholder) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Revolution Medicines | Director of Program Biology | Dec 2014–Jul 2017 | Led program biology in oncology; operator experience |
| bluebird bio, Inc. | Associate Director, Program Management | 2010–2012 | Cell therapy operational/program management |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Samsara BioCapital L.P. | Principal (Vice President 2017–2021) | Apr 2021–present | Life sciences investor; affiliated with >5% CRGX holder |
| Septerna, Inc. | Director | 2021–present | Board member; GPCR-focused biotech (company status not disclosed) |
| Graphite Bio, Inc. | Director | 2020–2024 | Public company board service (prior) |
Board Governance
- Board/Committee meetings (2024): Board 9; Audit 4; Compensation 6; Nominating & Corporate Governance 2; R&D 4 .
- Attendance: Each director attended ≥75% of Board and applicable committee meetings in 2023 and again in 2025 year‑to‑date disclosures .
- Committee memberships: Bassan is not listed as a member of Audit, Compensation, Nominating & Corporate Governance, or R&D committees (no superscripts next to his name, unlike other directors) .
- Independence: Board determined six of seven directors are independent; list excludes Bassan, reflecting non‑independence (affiliation with Samsara) .
- Executive sessions: Independent directors meet in regularly scheduled executive sessions .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Annual Board Cash Retainer ($) | $9,494 | $40,000 |
| Committee Cash Fees ($) | $0 (no memberships) | $0 (no memberships) |
| Total Cash ($) | $9,494 | $40,000 |
Director cash program effective at IPO: $40,000 annual retainer; chair and committee fees apply only to members/chairs (Audit $7,500/$15,000; Compensation $5,000/$10,000; Nominating $4,500/$9,000) .
Performance Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Option Awards (Grant‑Date Fair Value, $) | $296,896 | $331,524 |
| Shares Underlying Option Awards (as of year‑end) | 25,000 | 48,742 |
| Total Director Compensation ($) | $306,390 | $371,524 |
- Equity structure and vesting:
- Initial Grant: 50,000 options granted to each non‑employee director post‑IPO; vest 1/36 monthly over 3 years; share count capped if fair value >$800,000 .
- Annual Grants: 25,000 options each annual meeting; vest in full by next annual meeting (or first anniversary); cap if fair value >$400,000 .
- Post‑IPO grant example: Upon IPO (Nov 10, 2023), non‑employee directors received 25,000 options vesting 1/36 monthly; exercise price $15 .
- Change‑of‑control: All outstanding director equity vests in full upon a change in control .
- Performance metrics: None disclosed for director equity; awards are time‑based and not tied to TSR/EBITDA/ESG measures .
Other Directorships & Interlocks
| Type | Detail |
|---|---|
| Investor affiliation | Bassan is Principal at Samsara BioCapital, which beneficially owned ~9.58% of CRGX common as of Apr 15, 2025 . |
| Board interlock | John Orwin (CRGX Chair) is a Venture Partner at Samsara BioCapital, creating a network linkage with Bassan’s firm . |
| Prior public board | Graphite Bio, Inc. (director, 2020–2024) . |
Expertise & Qualifications
- Deep oncology and cell therapy operating background (Revolution Medicines; bluebird bio) and investment experience (Samsara); academic credentials in molecular/developmental biology .
- Board believes his experience in operating and investing in cell therapy companies qualifies him for CRGX board service .
Equity Ownership
| Metric (as of Apr 15, 2025) | Amount |
|---|---|
| Outstanding Shares Beneficially Owned (#) | 0 |
| Shares Exercisable within 60 days (#) | 36,936 |
| Total Beneficial Ownership (#) | 36,936 |
| % of Shares Outstanding | <1% |
- Hedging/pledging: Insider Trading Policy prohibits short sales, derivative hedging, margin purchases, and pledging for directors .
Related‑Party Exposure (Investor Transactions)
| Counterparty | Instrument | Amount/Units | Timing |
|---|---|---|---|
| Samsara BioCapital L.P. | Convertible notes (later settled to A‑2 Pref) | $18.2 million notes issued; converted to 1,833,623 A‑2 shares in Feb 2023 | |
| Samsara BioCapital L.P. | A‑1 Preferred | 884,400 shares; aggregate A‑1/A‑2 purchase price $30,187,096.78 | |
| Samsara BioCapital L.P. | IPO common | 666,666 shares; $9,999,990 purchase price |
Footnotes in proxy identify Bassan as previously designated to CRGX’s board by Samsara and currently a Principal at Samsara, underscoring affiliation .
Governance Assessment
- Strengths:
- Relevant operating and investing expertise in cell therapy; prior public board experience (Graphite Bio) .
- Attendance at least 75% of Board meetings; Board maintains standard governance practices including executive sessions and independent committee composition .
- Risks / RED FLAGS:
- Non‑independent director due to affiliation with a significant shareholder (Samsara); potential conflicts in capital allocation or strategic decisions involving investor rights/financing .
- Network interlock: CRGX Chair (Orwin) is Venture Partner at Samsara; while not automatically problematic, it heightens perceived influence of a single investor across Board roles .
- Low personal ownership (only options; <1% beneficial stake), which can signal limited personal capital at risk; though hedging/pledging are prohibited, alignment relies primarily on option compensation .
- Other notes:
- No committee memberships or chair roles; limits direct oversight influence in Audit/Comp/Nominating/R&D .
- As an emerging growth company, CRGX does not hold say‑on‑pay votes; shareholder feedback channels exist via standard mechanisms but no advisory vote signal is available .
Overall signal: Useful domain expertise but non‑independence and investor interlocks require monitoring, especially around related‑party financings, equity issuances, and governance decisions affecting shareholder rights **[1966494_0001193125-25-103786_d878558ddef14a.htm:17]** **[1966494_0001193125-25-103786_d878558ddef14a.htm:26]** **[1966494_0001193125-25-103786_d878558ddef14a.htm:28]** **[1966494_0001193125-25-103786_d878558ddef14a.htm:44]**.