Jeff Knight
About Jeff Knight
Jeff Knight, age 54, has served as Crinetics Pharmaceuticals’ Chief Operating Officer since September 2021, bringing extensive operational leadership across portfolio management, development operations, and corporate functions . He holds an MPH in biostatistics and epidemiology and a B.A. in psychology from the University of Oklahoma Health Sciences Center, and a B.S. in nursing from the University of Kansas Medical Center . Company TSR improved through his tenure, reaching 203.79 in 2024 versus 113.23 in 2021 , while the company advanced pivotal programs including paltusotine’s NDA acceptance and Phase 3 initiation in carcinoid syndrome .
Company Financials (context)
Values retrieved from S&P Global.
| Metric ($USD) | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenues | $1.08M* | $4.74M* | $4.01M* | $1.04M* |
| EBITDA | $(106.78)M* | $(166.90)M* | $(221.51)M* | $(336.07)M* |
| *Values retrieved from S&P Global. |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Poseida Therapeutics | Executive leadership team; responsible for portfolio management/strategy, alliance management, quality/compliance, corporate operations | 2018–2021 | Built cross-functional operations and portfolio governance |
| Halozyme Therapeutics | VP, Development Operations & Project/Portfolio Management | Mar 2017–Oct 2018 | Led development operations and portfolio execution |
| Amgen | Executive Director, Global Development Operations | Jul 2015–Mar 2017 | Scaled global development operations |
| Onyx Pharmaceuticals | Program/portfolio management and development operations roles | Jan 2012–Jul 2015 | Advanced portfolio and development execution |
| Genentech | Leadership roles | — | Clinical operations/regulatory/project management foundation |
| PRA International | Leadership roles | — | CRO operations and clinical execution experience |
| Hoechst Marion Roussel (Sanofi) | Leadership roles | — | Early clinical/regulatory operations grounding |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | — |
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $412,359 | $459,167 | $490,000 |
| Stock Awards ($) | $99,099 | $579,380 | $1,000,730 |
| Option Awards ($) | $339,489 | $1,125,670 | $2,407,290 |
| Non-Equity Incentive Plan Compensation ($) | $151,335 | $195,145 | $221,970 |
| All Other Compensation ($) | $3,000 | $3,000 | $3,000 |
| Total ($) | $1,005,282 | $2,362,362 | $4,122,990 |
- 2024 base salary approved in March 2024: $495,000 (6.45% increase from 2023) .
Performance Compensation
| Item | Details |
|---|---|
| Target bonus opportunity | 40% of year-end base; $196,000 target for 2024 |
| Weighting | 75% corporate, 25% individual |
| Corporate performance | 115% of target (weighted goals across paltusotine, atumelnant, R&D, corporate/balance sheet) |
| Individual performance | 108% of target |
| Actual cash incentive payout (2024) | $221,970 |
2024 equity grants:
- Stock options: 87,000 options; exercise price $43.51; 10-year term; vest monthly over 4 years; grant-date fair value $2,407,290 .
- RSUs: 23,000 RSUs; vest 25% on March 15 of 2025, 2026, 2027, 2028; grant-date fair value $1,000,730 .
| Equity Type | Grant Date | Shares/Options | Exercise Price | Expiration | Vesting | Grant-Date Fair Value ($) |
|---|---|---|---|---|---|---|
| Options | 3/4/2024 | 87,000 | $43.51 | 3/3/2034 | Equal monthly over 4 years | $2,407,290 |
| RSUs | 3/4/2024 | 23,000 | — | — | 25% on 3/15/2025–2028 | $1,000,730 |
Program design notes:
- Corporate goals span NDA progress for paltusotine, Phase 3 initiation, atumelnant development, discovery pipeline milestones, and balance sheet/investor relations; corporate achievement set at 115% for 2024 .
- Equity instruments mix ~70% options, ~30% RSUs for NEO annual awards .
Equity Ownership & Alignment
Beneficial ownership (as of April 14, 2025):
- Total beneficial ownership: 282,622 shares; less than 1% of outstanding .
- Breakdown: 87,491 shares owned; 195,131 options exercisable within 60 days .
| Ownership Detail | Amount |
|---|---|
| Shares owned (direct) | 87,491 |
| Options exercisable within 60 days | 195,131 |
| Total beneficial ownership | 282,622 |
| % of shares outstanding | <1% |
Outstanding equity awards at 12/31/2024:
| Grant | Exercisable Options (#) | Unexercisable Options (#) | Exercise Price | Expiration | Unvested RSUs (#) | RSU Market Value ($) |
|---|---|---|---|---|---|---|
| 3/4/2024 options | 16,312 | 70,688 | $43.51 | 3/3/2034 | — | — |
| 3/4/2024 RSUs | — | — | — | — | 23,000 | $1,175,990 |
| 3/1/2023 options | 34,125 | 51,188 | $19.64 | 2/28/2033 | — | — |
| 3/1/2023 RSUs | — | — | — | — | 22,125 | $1,131,251 |
| 2/28/2022 options | 13,475 | 6,738 | $20.02 | 2/24/2032 | — | — |
| 2/28/2022 RSUs | — | — | — | — | 2,476 | $126,598 |
| 9/1/2021 options | 85,834 | 26,667 | $23.98 | 8/31/2031 | — | — |
2024 realized activity:
| Metric | 2024 |
|---|---|
| Shares acquired on option exercise | 56,073 |
| Value realized on option exercise ($) | $1,431,776 |
| RSUs vested (shares) | 8,613 |
| Value realized on RSU vesting ($) | $335,285 |
Alignment policies:
- Stock ownership guidelines adopted 2/20/2025: designated executive officers must hold 1x annual base salary; 5 years to comply; retain at least 50% of net shares from equity awards until met .
- Hedging and pledging prohibited; short sales and derivatives prohibited; trades generally subject to preclearance or under 10b5-1 plans .
Employment Terms
Severance and change-of-control:
- Non‑CIC termination (without cause/for good reason): lump sum equal to 9 months base salary; prorated target bonus; up to 9 months COBRA reimbursement .
- CIC termination (without cause/for good reason within 12 months of CIC): lump sum equal to 12 months base salary and target annual bonus; additional lump sum target bonus; up to 12 months COBRA; accelerated vesting of all stock options and time‑based equity; performance‑vesting awards remain subject to performance .
- Death/disability: prorated annual bonus based on year’s goals .
Potential payments (assuming event on 12/31/2024):
| Scenario | Cash Severance ($) | Accelerated Options ($) | Accelerated RSUs ($) | Health Benefits ($) | Total ($) |
|---|---|---|---|---|---|
| Non-CIC termination | $371,250 | $1,610,883 | $734,380 | $14,193 | $2,730,706 |
| Death/Disability | $246,102 | — | — | — | $246,102 |
| CIC termination | $693,000 | $3,084,181 | $2,433,839 | $18,924 | $6,229,944 |
| CIC without termination | — | $3,084,181 | $2,433,839 | — | $5,518,020 |
Definitions of cause, good reason, and CIC are detailed in the employment agreement . Company maintains a clawback policy per SEC/Nasdaq rules for erroneously awarded incentive compensation upon accounting restatements .
Investment Implications
- Pay-for-performance alignment: Annual cash incentives tied to corporate milestones (115% achievement in 2024) and individual performance (108%) with a balanced mix of options and RSUs, and strong say‑on‑pay support (97.3% approval in 2024) . Equity-heavy compensation and monthly vesting schedules can create regular liquidity events (2024 option exercise of 56,073 shares; RSU vesting of 8,613 shares), potentially indicating selling pressure around vest dates, subject to blackout periods or 10b5‑1 plans .
- Retention and change‑of‑control economics: Double‑trigger cash severance and broad acceleration of time‑based equity upon CIC termination, plus time‑based acceleration at the first anniversary of CIC, reduce retention risk through transaction close but may raise dilution/overhang considerations in M&A scenarios .
- Alignment and governance: Prohibitions on hedging/pledging and new stock ownership guidelines (1x salary for designated executives, five‑year compliance, 50% net share retention) strengthen alignment; no tax gross‑ups on severance/change‑of‑control benefits, reducing governance red flags .
- Execution track record: Operational progress on paltusotine (NDA accepted; Phase 3 in carcinoid syndrome) supports value creation narrative; TSR strengthened through 2024, offering supportive external validation, though financials still reflect negative EBITDA typical of pre-commercial biopharma .