Raju Prasad
CRISPR TherapeuticsAbout Raju Prasad
Raju Prasad, Ph.D., age 41, is Chief Financial Officer of CRISPR Therapeutics, serving since March 2023; he previously spent 2014–2023 at William Blair as a senior biotechnology analyst and Partner, and holds a B.A. (Rutgers), M.S. (Delaware), and Ph.D. (UNC Chapel Hill, genetic toxicology/mutagenesis) . As a clinical‑stage company, CRISPR’s financials are driven by non‑recurring collaboration milestone revenues (e.g., Vertex) rather than recurring sales, so traditional revenue/EBITDA growth metrics are not used in NEO pay design; the company’s “Pay vs. Performance” disclosure instead shows TSR of $102.78 (2023) and $64.63 (2024) per $100 invested and a 2024 average stock price of $46.13 . For non‑PEO NEOs (including the CFO), compensation is tied to corporate/individual goals rather than financial metrics; the 2024 bonus payout factor was 122% based on performance assessment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| William Blair & Company | Senior biotechnology analyst; Partner (from Jan 2021) | Mar 2014–Mar 2023 | Launched/led coverage in cell therapy, gene therapy, and gene editing; covered small/mid/large-cap biotechs |
| UNC Gillings School of Global Public Health | Research associate | n/d (prior to 2014) | Academic research experience in environmental sciences/genetic toxicology |
| U.S. Environmental Protection Agency (consultant) | Independent consultant | n/d (prior to 2014) | Scientific consulting; publications; authored “Building Breakthroughs: On the Frontier of Medical Innovation” |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Portal Innovations | Advisory Board member | n/d–present | Life sciences venture development engine; advisory role |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Target Bonus ($) | Actual Bonus Paid ($) |
|---|---|---|---|---|
| 2024 | 479,136 | 45% | 215,611 | 263,046 |
| 2023 | 371,648 | 45% | — | 204,228 |
| As of Jan 1, 2025 (current terms) | 493,510 | 45% | — | — |
Notes:
- 2023 also included a $100,000 sign‑on bonus in the Summary Compensation Table .
Performance Compensation
- 2024 annual cash incentive: payout factor 122% based on corporate and individual performance; CFO target $215,611; actual payout $263,046 .
- Company does not generally use financial performance measures for non‑PEO NEO compensation (no revenue/EBITDA targets); stock price was the “company‑selected measure” only for CEO’s 2022 award; non‑PEO NEOs are evaluated on goals/individual performance .
| Metric | Weighting | Target | Actual | Payout/Factor | Vesting/Timing |
|---|---|---|---|---|---|
| Annual cash incentive (2024) | Not disclosed | $215,611 | $263,046 | 122% | Paid in Q1 2025 per plan design |
Equity Awards and Vesting
2024 Grants (awarded for 2023/2024 performance and retention)
| Grant Date | Award Type | Shares/Options (#) | Exercise Price ($) | Vesting Terms | Grant-Date Fair Value ($) |
|---|---|---|---|---|---|
| 3/20/2024 | RSU | 25,000 | — | Time‑based per award agreement | 1,823,500 |
| 3/20/2024 | Stock Options | 36,168 | 72.94 | Time‑based; options generally vest monthly over 4 years (1/48th) | 1,651,431 |
| 10/16/2024 | Stock Options | 18,333 | 49.00 | Time‑based; options generally vest monthly over 4 years (1/48th) | 547,423 |
| Q3 2024 (Board‑approved) | RSU (Retention) | 15,000 | — | Vests in full on the third anniversary of grant | 735,000 |
Additional 2025 cycle awards (for 2024 performance, granted Mar 2025): Options 36,666 and RSUs 27,500; options vest monthly over 4 years; RSUs vest annually over 4 years .
Outstanding Equity Awards (as of 12/31/2024)
| Vesting Commencement | Instrument | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | RSUs/Stock Units Unvested (#) | Market Value ($) |
|---|---|---|---|---|---|---|---|
| 3/14/2023 | Stock Options | 43,750 | 56,250 | 45.15 | 3/14/2033 | — | — |
| 3/14/2023 | RSUs | — | — | — | — | 30,000 | 1,180,800 |
| 10/13/2023 | Stock Options | 4,034 | 9,798 | 44.31 | 10/13/2033 | — | — |
| 3/20/2024 | Stock Options | 6,781 | 29,387 | 72.94 | 3/20/2034 | — | — |
| 3/20/2024 | RSUs | — | — | — | — | 25,000 | 984,000 |
| 10/16/2024 | Stock Options | 763 | 17,570 | 49.00 | 10/16/2034 | — | — |
| 10/16/2024 | RSUs (Retention) | — | — | — | — | 15,000 | 590,400 |
2024 Vested/Exercised
| 2024 Activity | Options Exercised (#) | Option Exercise Value ($) | RSUs Vested (#) | RSU Vesting Value ($) |
|---|---|---|---|---|
| Raju Prasad | — | — | 10,000 | 720,100 |
Vesting Mechanics:
- Options vest monthly over 4 years (1/48th per month) from applicable vest start date .
- Retention RSU (15,000) vests 100% on third anniversary of grant (single‑tranche) .
- RSUs granted in March 2025 vest annually over 4 years .
Insider selling pressure considerations:
- Within 60 days of March 15, 2025, 73,256 shares underlying options/RSUs become exercisable/vestable for Dr. Prasad, indicative of near‑term potential supply from vesting/settlement windows .
Equity Ownership & Alignment
| As of March 15, 2025 | Shares Owned Directly | Options/RSUs Exercisable/Vesting within 60 Days | Total Beneficial Ownership | % Outstanding | Pledging/Hedging |
|---|---|---|---|---|---|
| Raju Prasad | 12,714 | 73,256 | 85,970 | <1% (asterisked) | Company policy prohibits pledging and hedging of company securities |
- Stock ownership guidelines: not specifically disclosed for executives in the cited sections; company emphasizes at‑risk/equity‑heavy design and clawback policy adoption .
Employment Terms
Current compensation terms: as of Jan 1, 2025, base salary $493,510; target annual bonus 45% of base .
Severance/change‑in‑control (CIC) economics (assuming event as of 12/31/2024):
| Component | Termination without Cause/Good Reason (Non‑CIC) | Termination without Cause/Good Reason in Connection with CIC |
|---|---|---|
| Cash Severance | $239,568 (approx. 6 months of base) | $479,136 (12 months of base) |
| Cash Incentive (Target) | $107,806 (prorated 0.5x target) | $215,611 (1x target) |
| Equity – Time‑based continued vesting/acceleration | Continued vesting value: $639,600 | Accelerated vesting value: $2,755,200 |
Additional contractual mechanics:
- “At will” employment with six months’ notice period (garden leave begins day 15), continued base/benefits and continued vesting during notice period; entitled to prorated target bonus for the notice period (subject to release) .
- Double‑trigger CIC required for payments/benefits; clawback policy compliant with SEC listing standards; hedging/pledging prohibited; no tax gross‑ups; no option repricing without shareholder approval .
Compensation Structure Analysis
- Mix shift and leverage: Equity remains the majority of CFO total comp (share and option award grant‑date fair values $2.56M and $2.20M in 2024 vs. cash salary $0.48M and cash bonus $0.26M), indicating high equity leverage and alignment with shareholders .
- Target bonus and payout rigor: Target stayed at 45% for 2023–2024; 2024 payout at 122% reflects above‑target corporate/individual achievement; detailed metric weightings are not disclosed .
- Retention overlay: A one‑time 15,000 RSU award in Q3 2024 vests cliff on year 3, directly addressing retention through the next development phase .
Say‑on‑Pay & Shareholder Feedback
- 2024 AGM: ~75% support for say‑on‑pay under U.S. rules, indicating moderate investor backing with room for continued engagement .
- Swiss governance: Binding votes on aggregate executive compensation elements (annual/forward‑looking) also guide structure; Board plans to continue annual U.S. advisory votes .
Compensation Peer Group (Benchmarking Context)
- 2024 peer set (examples include Intellia, Beam, Sarepta, Denali, Ultragenyx); updated for 2025 to reflect market cap, stage, and sector, with additions (e.g., Avidity, Dyne, Cytokinetics, Revolution Medicines) .
- Alpine Rewards is the independent consultant; no conflicts determined .
Performance & Track Record (context for CFO tenure)
- Company remains clinical‑stage; non‑recurring collaboration/milestone revenues in 2023–2024; net losses not used for NEO pay decisions .
- Pay‑versus‑performance: TSR per $100 investment was $102.78 (2023) and $64.63 (2024); average stock price in 2024 was $46.13, illustrating sector/stock volatility impacting equity‑linked compensation outcomes .
Investment Implications
- Alignment: CFO compensation is heavily equity‑weighted; options vest monthly and RSUs (including a cliff retention grant) create ongoing and one‑time vest events that align tenure with value creation but can produce selling windows around vesting dates .
- Retention risk: The 2024 retention RSU (15,000, cliff vest at year 3) and continued annual equity grants suggest reduced near‑term flight risk; severance/garden leave provisions further stabilize transitions .
- Trading signals: Near‑term supply from vesting/settlement is signaled by 73,256 options/RSUs becoming exercisable/vestable within 60 days of March 15, 2025; monitor Form 4s around vest dates and open windows for potential flow .
- Governance quality: No hedging/pledging, maintained clawback, no tax gross‑ups or option repricing; say‑on‑pay support ~75% suggests acceptable—if scrutinized—pay alignment amid biotech volatility .