Dana Pizzuti
About Dana Pizzuti
Dana Pizzuti, M.D. is Crinetics’ Chief Medical and Development Officer, serving as Chief Development Officer since October 2022 and Chief Medical Officer since November 2023; she is age 69 and brings 30+ years of clinical development, pharmacovigilance, medical and regulatory experience, including leading global regulatory affairs teams of 500+ across 33 countries with 15 marketing authorizations at Gilead, and successfully driving U.S. and EU submissions at Ascendis Pharma . She holds a B.S. in Biology from Yale and an M.D. from NYU School of Medicine, completed residency at NYU‑Bellevue and fellowship in infectious disease at Albert Einstein‑Montefiore . In 2024, corporate performance achievements used for incentive payouts were assessed at 115% of target based on milestones in paltusotine, carcinoid syndrome, atumelnant, R&D and corporate execution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ascendis Pharma | SVP Development Operations & CMO; previously VP Global Regulatory Affairs | 2019–2022 | Led successful U.S. and EU marketing applications for lonapegsomatropin; rebuilt U.S. regulatory into streamlined global organization . |
| Theravance Biopharma | SVP Regulatory, Quality & Pharmacovigilance | 2019 | Led regulatory/quality/pharmacovigilance functions . |
| Rigel Pharmaceuticals | SVP Regulatory Affairs, Regulatory Compliance & Quality Assurance | 2017–2019 | Established regulatory affairs function; directed team securing first NDA approval . |
| Gilead Sciences | Head of Global Regulatory Affairs | 2007–2017 | Managed 500+ across 33 countries; led to 15 global marketing authorizations . |
External Roles
No public company directorships or external board roles disclosed for Dr. Pizzuti .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 133,239 | 529,167 | 550,833 |
| Target Bonus (%) | 40% | 40% | 40%; Target $220,333 |
| Actual Annual Incentive Paid ($) | 184,800 | 221,721 | 247,875 |
| Stock Awards – Grant Date Fair Value ($) | 211,125 | 88,380 | 1,000,730 |
| Option Awards – Grant Date Fair Value ($) | 2,903,612 | 259,770 | 2,407,290 |
| One‑time Sign‑on/Relocation ($) | 95,000 sign‑on; $52,340 relocation; $25,239 relocation tax gross‑up | — | — |
Notes:
- 2024 base salary rate approved March 2024: $555,000 (structural rate) .
- In February 2025, target annual incentive opportunity increased to 45% for designated NEOs .
Performance Compensation
| Metric / Goal (2024) | Weighting | Target | Actual / Highlights | Weighted Performance |
|---|---|---|---|---|
| Advance paltusotine in acromegaly | 45% | Deliver PATHFNDR‑2 results to support NDA filing | Met with FDA acceptance and PDUFA date set for 9/25/2025 | 42% |
| Advance paltusotine in carcinoid syndrome | 20% | Phase 2 topline → successful EoP2 FDA meeting | Delivered Phase 2 topline in Mar‑2024 | 15% |
| Advance atumelnant (CAH/Cushing’s/EAS) | 20% | Enrollment/readouts/EoP2 package | Achieved enrollment milestones and preliminary readouts | 18% |
| Research & Development | 20% | Advance pipeline; IND‑enabling tox | Completed 5 development candidates; CRN09682 tox completed | 20% |
| Corporate | 15% | Capital, IR/brand, global clinical capabilities | Funded operations into 2029; enhanced reputation; built Phase 3 capabilities | 20% |
| Corporate achievement subtotal | — | — | — | 115% of target |
Payout mechanics (2024):
- Corporate component: 75% weighting for Dr. Pizzuti, paid at 115% of target; individual component: 25% weighting, paid at 105% of target, yielding an annual cash incentive of $247,875 .
- 2025 cap introduced: annual incentive payouts limited to 150% of target .
Equity award mix and vesting:
- 2024 annual grant: 87,000 stock options at $43.51 strike (10‑year term), vest monthly over 4 years; 23,000 RSUs vest 25% each on March 15, 2025–2028 .
- Initial inducement grant (joining 2022): option for 230,000 shares (25% at 1‑year, remainder monthly over 36 months); 12,500 RSUs (vested March 30, 2023) .
Equity Ownership & Alignment
| Ownership Detail | Amount / Terms |
|---|---|
| Total beneficial ownership (shares) | 155,169; less than 1% of shares outstanding . |
| Composition | 72,233 common shares; 82,936 options exercisable within 60 days of April 14, 2025 . |
| Outstanding equity awards at 12/31/2024 | See grant‑level breakdown below . |
| Stock ownership guidelines (adopted 2/20/2025) | Designated executive officers must hold stock equal to 1× base salary; 5 years to comply; retain 50% of net shares until compliant . |
| Hedging/pledging | Prohibited (no pledging, hedging, margining, short sales, or derivatives) . |
| Clawback | SEC/Nasdaq‑compliant policy to recover erroneously awarded incentive compensation . |
Outstanding equity awards (as of 12/31/2024):
| Grant Date | Options – Exercisable | Options – Unexercisable | Strike | Expiration | RSUs Unvested | RSU Market Value (12/31/24) |
|---|---|---|---|---|---|---|
| 3/4/2024 | 16,312 | 70,688 | $43.51 | 3/3/2034 | 23,000 | $1,175,990 |
| 3/1/2023 | 9,187 | 11,813 | $19.64 | 2/28/2033 | 3,375 | $172,564 |
| 10/10/2022 | 38,417 | 100,625 | $16.89 | 10/9/2032 | — | — |
2024 realized activity:
| Activity (2024) | Shares | Value Realized |
|---|---|---|
| Options exercised | 81,375 | $2,237,659 |
| RSUs vested | 1,125 | $43,796 |
Employment Terms
| Topic | Key Terms |
|---|---|
| Employment start and roles | Appointed Chief Development Officer effective 9/30/2022; later Chief Medical Officer (since 11/2023) . |
| Base salary and bonus targets | Base salary $525,000 at hire; target bonus 40% of base; 2024 base $555,000 approved in March; target bonus remained 40% for 2024 (raised to 45% in Feb 2025) . |
| Severance (non‑CIC) | If terminated without cause or resigns for good reason: lump sum 9 months base; prorated target bonus; up to 9 months COBRA reimbursement . |
| Change‑in‑control (CIC) – double‑trigger cash | If terminated without cause or resigns for good reason within 12 months post‑CIC: lump sum 12 months base plus target annual bonus; up to 12 months COBRA reimbursement . |
| CIC – equity vesting | Accelerated vesting of all outstanding stock options and time‑based equity awards upon qualifying CIC termination; performance‑vesting awards remain subject to their terms; absent termination, all outstanding equity awards vest on the first anniversary of the CIC closing (hybrid time‑based acceleration) . |
| Definitions (cause/good reason/CIC) | Definitions set in agreement; CIC includes >50% ownership change, board majority turnover, or sale of substantially all assets . |
| Deferred compensation | Excess Deferral Plan adopted 4/1/2024; NEOs may defer base, director fees, annual incentives, and time‑based RSUs; Company may add matching/discretionary credits . |
| Insider trading controls | Blackout periods, preclearance, 10b5‑1 plans; prohibitions on pledging/hedging/margin/derivatives . |
Investment Implications
- Pay‑for‑performance alignment: Corporate milestone attainment above target (115%) drove cash incentive payout; at‑risk equity mix includes options (~70% value) and RSUs (~30%), with options requiring stock appreciation and RSUs supporting retention .
- Retention and selling pressure: 2024 exercised options of 81,375 shares with $2.24M value realized signal potential liquidity events; multi‑year vesting (monthly for options, annual cliffs for RSUs) implies ongoing supply as awards vest, moderated by ownership guidelines requiring net share retention until compliance .
- Alignment and risk controls: Hedging/pledging prohibitions and clawback policy reduce alignment risk; designated executive ownership requirement (1× salary, 5‑year horizon) enhances long‑term alignment—compliance status not disclosed .
- CIC economics: Cash severance of 12 months base plus target bonus in CIC with broad equity acceleration (including time‑based awards) could incentivize stability but represents meaningful change‑in‑control value; performance‑vesting awards remain conditional, limiting windfalls purely from transactions .
- Governance and market feedback: 2024 say‑on‑pay support of ~97.3% signals investor endorsement of compensation design; peer benchmarking targets ~50th percentile cash and 50th–75th percentile equity for Phase III‑stage biotech peers, supporting competitive but not excessive pay positioning .
Key Data Extracts
- 2024 incentive payout: $247,875; corporate 115%, individual 105% .
- 2024 grants: 87,000 options at $43.51; 23,000 RSUs; vesting over 4 years .
- Beneficial ownership: 155,169 shares; <1% ownership; 72,233 common + 82,936 near‑term exercisable options .
- Hedging/pledging prohibited; clawback in place; ownership guidelines adopted 2/20/2025 (1× salary for executives) .
- CIC terms: 12 months base + target bonus cash; accelerated vesting for time‑based awards; performance‑based awards follow original terms .