Anup Radhakrishnan
About Anup Radhakrishnan
Anup Radhakrishnan, age 45, is Interim Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of CARGO Therapeutics, Inc. (CRGX). He was appointed Interim CEO on March 13, 2025, has served as CFO since August 8, 2022, and as COO since October 2024; he holds a B.A. in Finance from the University of San Francisco . He has signed CRGX’s Q2 2025 10‑Q certifications as both principal executive and financial officer and the July 8, 2025 merger 8‑K, evidencing direct accountability for financial reporting and strategic transactions during 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dascena Labs, LLC (acquired by CirrusDx Aug 2022) | Chief Financial Officer | Jul 2021–Aug 2022 | Led finance through acquisition; prior VP Finance Apr–Jul 2021 . |
| Genentech, Inc. | Senior Finance Director; Finance Lead US Breast & Skin Cancer; Finance Director Managed Care & Customer Ops; CFO, Genentech Patient Foundation | Jan 2010–Apr 2021 (sub‑roles 2016–2021, 2018–2021, 2016–2020) | Ran finance across access/external affairs, oncology franchises, managed care; oversaw patient foundation finance . |
| Elan Pharmaceuticals; CV Therapeutics; UCSF | R&D Finance roles | Prior to 2010 (years not specified) | Progressive R&D finance positions supporting drug development . |
External Roles
No public company directorships or external board roles disclosed for Mr. Radhakrishnan .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary (actual paid) ($) | 415,998 | 456,737 |
| Target Bonus (%) | 35% of base (per offer letter) | 40% of base (per employment agreement) |
| Annual Performance Bonus Paid ($) | 251,100 (paid early 2024 for 2023 performance) | 229,200 (paid early 2025 for 2024 performance) |
Key terms (current employment agreement, executed Nov 2024): Base salary set at $451,200 and target annual bonus at 40% of base .
Performance Compensation
| Component | Metric | Weighting | Target | Actual Payout | Vesting/Payment Terms |
|---|---|---|---|---|---|
| Annual performance cash bonus (2024) | Corporate and individual objectives | Not disclosed | 40% of base | $229,200 (awarded Feb 2025) | Paid in early 2025 . |
| Annual performance cash bonus (2023) | Corporate and individual objectives | Not disclosed | 35% of base | $251,100 | Paid in early 2024 . |
Clawback: CRGX adopted a compliant clawback policy (Nov 9, 2023) covering incentive compensation tied to financial reporting measures, recoverable upon restatements per SEC/Nasdaq rules .
Insider trading policy: Prohibits short sales, derivatives, hedging, margin purchases and pledging of company stock; includes blackout periods and pre‑clearance for executives .
Equity Awards and Vesting
Option grants and vesting details (as disclosed):
| Grant Date | Instrument | Shares | Exercise Price ($/sh) | Vesting Schedule | Option Expiry |
|---|---|---|---|---|---|
| Aug 8, 2022 | Stock option | 14,679 total (6,044 exercisable; 8,635 unexercisable at 12/31/2024) | 1.09 | 25% at 1‑yr, then 1/48 monthly | Oct 6, 2032 |
| Feb 9, 2023 | Stock option | 53,180 total (23,507 exercisable; 29,673 unexercisable) | 5.03 | 25% at 1‑yr, then 1/48 monthly | Apr 20, 2033 |
| Jul 1, 2023 | Stock option | 6,033 total (1,877 exercisable; 4,156 unexercisable) | 9.50 | 1/48 monthly | Aug 29, 2033 |
| Jul 7, 2023 | Stock option | 36,520 total (12,934 exercisable; 23,586 unexercisable) | 5.03 | 25% at 1‑yr, then 1/48 monthly | Apr 20, 2033 |
| Oct 27, 2023 | Stock option | 68,475 total (19,972 exercisable; 48,503 unexercisable) | 5.03 | 25% at 1‑yr, then 1/48 monthly | Apr 20, 2033 |
| Nov 10, 2023 | Stock option | 100,000 total (27,083 exercisable; 72,917 unexercisable) | 15.00 | 1/48 monthly | Nov 8, 2033 |
| Jan 1, 2024 | Stock option | 130,000 (new grant) | 25.07 | 1/48 monthly from Jan 1, 2024 | Feb 28, 2034 |
| Nov 12, 2024 | Stock option | 40,000 (new grant; 1,667 exercisable; 38,333 unexercisable at 12/31/2024) | 21.14 | 1/48 monthly from Nov 12, 2024 | Nov 11, 2034 |
Stock awards and RSUs: No RSUs disclosed for Mr. Radhakrishnan; company‑level RSU activity is reported separately .
Multi-year equity grant fair values (accounting grant-date fair value):
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Option Awards – Grant-date Fair Value ($) | 1,840,421 | 3,289,328 |
Company-level equity context (Q2 2025): Options outstanding were 3,766,330, with 2,653,982 exercisable; aggregate intrinsic value was $135K as of June 30, 2025, reflecting low in‑the‑money status across the option pool at that date . RSUs unvested as of June 30, 2025 were 285,475; vesting of certain executives’ options/RSUs was accelerated in 2025 (384,591 options and 84,273 RSUs), increasing near-term equity liquidity and compensation expense .
Equity Ownership & Alignment
| Ownership Measure | Amount |
|---|---|
| Shares owned (outstanding common) | 9,349 |
| Options exercisable within 60 days | 177,730 |
| Total beneficial ownership | 187,079 (less than 1%) |
| Shares Outstanding (for % context) | 46,110,228 (as of record date) |
Policies enhancing alignment:
- Clawback policy on incentive pay tied to financial reporting .
- Insider Trading Policy prohibits hedging and pledging, and requires pre‑clearance/blackouts for executives .
Employment Terms
| Provision | Base Case (no change-in-control termination) | Change-in-Control (termination window: 3 months before to 12 months after CoC) |
|---|---|---|
| Cash severance | 9 months base salary | 125% of base salary (lump sum) |
| Bonus treatment | Prior year earned unpaid bonus; portion of current year bonus at committee discretion | Prior year earned unpaid bonus; 125% of target bonus |
| Health benefits | Up to 9 months | Up to 15 months |
| Equity vesting | Accelerate time‑based awards that would vest in 3 months post‑termination | Accelerate 100% of unvested time‑based awards |
| Release requirement | All severance contingent on timely general release of claims |
Transaction-specific change-of-control treatment (Merger Agreement/Offer terms):
- At the Effective Time, all unvested options become vested; In‑the‑money options (exercise price < $4.379 cash amount) are cancelled for cash equal to (Cash Amount – strike) per share plus one CVR; out‑of‑the‑money options are cancelled for no consideration; RSUs vest and are cancelled for cash equal to the $4.379 cash amount per RSU plus one CVR . Each common share receives $4.379 in cash plus one CVR; CVR pays 100% of Closing Net Cash above $217.5M and 80% of net proceeds from any CVR product disposition within two years post‑merger, subject to defined costs and a $250k expense cap on CVR administration efforts .
Compensation Structure Analysis
- Mix shift to equity: Option grant fair value increased from $1.84M (2023) to $3.29M (2024), while cash bonus decreased from $251k (2023) to $229k (2024), indicating higher at‑risk equity weighting year over year .
- Option-heavy risk profile: Most of Mr. Radhakrishnan’s options have exercise prices above the $4.379 cash offer (e.g., $5.03, $9.50, $15.00, $21.14, $25.07), limiting immediate cash realization from options under the merger’s single‑trigger option treatment (only grants with $1.09 strike are “in‑the‑money”) .
- Governance safeguards: Clawback policy and prohibition on hedging/pledging reduce misalignment/overhang risks .
Say-on-Pay & Shareholder Feedback
As an emerging growth company, CRGX does not hold advisory say‑on‑pay votes and provides scaled executive compensation disclosure .
Investment Implications
- Alignment: Beneficial ownership is modest (<1%), but compensation includes significant, long‑dated options that vest monthly over 48 months, with strong governance constraints (clawback; hedging/pledging prohibited), supporting pay‑for‑performance principles .
- Change-of-control economics: The merger’s single‑trigger vesting and cash/CVR treatment mean only in‑the‑money options monetize, while RSUs (if any) would cash out; employment agreement provides robust double‑trigger severance/acceleration if terminated around the transaction, mitigating retention risk but potentially reducing post‑close stickiness .
- Near-term selling pressure: Company-wide 2025 accelerated vesting for certain executives and immediate vesting in the merger can increase equity liquidity; however, with most option strikes above the cash offer, cash realization on options is limited, tempering forced selling incentives .
- Execution risk: Mr. Radhakrishnan, as both principal executive and financial officer, is central to financial controls and transaction execution; his certifications and 8‑K signings underscore accountability through restructuring and the merger period .