William Jones
Corvus PharmaceuticalsAbout William Jones
William B. Jones, Ph.D. is Senior Vice President, Pharmaceutical Development at Corvus Pharmaceuticals (CRVS). He is age 60 (as of March 31, 2025) and has served as SVP since December 2019 after joining Corvus in December 2014 as VP, Pharmaceutical Development . His credentials include a B.S. and Ph.D. in Chemistry (University of Cincinnati), an MBA (Babson College), and a post-doctoral fellowship at the University of Oxford, with prior leadership roles in regulatory affairs and development at Sanofi, Pharmacyclics, Plexxikon, and Vertex . Company performance context: Corvus’ pay-versus-performance disclosure shows a Total Shareholder Return (TSR) value of $221.99 for a hypothetical $100 investment from year-end 2021 to year-end 2024, alongside net losses, framing the equity-heavy incentive mix for NEOs during this period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sanofi US, LLC (Oncology BU) | Director, Global Regulatory Affairs | Dec 2012 – Dec 2014 | Led oncology regulatory affairs activities |
| Pharmacyclics, Inc. | Director, Project Management & Regulatory | 2008 – Mar 2012 | Project management and regulatory leadership |
| Plexxikon, Inc. | Associate Director, Development | 2005 – 2007 | Development leadership |
| Vertex Pharmaceuticals, Inc. | Senior Project Manager | 2002 – 2005 | Program management in biotech R&D |
| Corvus Pharmaceuticals | Vice President, Pharmaceutical Development | Dec 2014 – Dec 2019 | Built pharma development capabilities prior to SVP promotion |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | 349,705 | 350,097 |
| 401(k) Match ($) | 6,000 | 6,000 |
Notes:
- No annual cash performance bonuses were paid to NEOs for 2023 or 2024 .
Performance Compensation
Annual Bonus Outcomes
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Target Bonus % | Not disclosed | Not disclosed |
| Actual Bonus Paid ($) | $0 (no bonuses awarded) | $0 (no bonuses awarded) |
| Performance Metrics | Not disclosed | Not disclosed |
Equity Awards (Grants)
| Grant Date | Type | Shares | Exercise Price | Vesting | Expiration | Grant-Date FV ($) |
|---|---|---|---|---|---|---|
| Dec 6, 2023 | Stock Options | 200,000 | 1.64 | 1/36 monthly from grant date | Dec 5, 2033 | 260,551 |
| Dec 20, 2024 | Stock Options | 300,000 | 4.99 | 1/36 monthly from Dec 20, 2024 | Dec 19, 2034 | 1,213,798 |
Outstanding Equity Awards (as of Dec 31, 2024)
| Vesting Commencement Date | Exercisable | Unexercisable | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| 3/22/2016 | 60,000 | — | 15.00 | 3/21/2026 |
| 12/7/2016 | 25,000 | — | 16.37 | 12/6/2026 |
| 12/13/2017 | 40,000 | — | 10.60 | 12/12/2027 |
| 12/12/2018 | 100,000 | — | 5.94 | 12/11/2028 |
| 12/12/2019 | 160,000 | — | 3.54 | 12/11/2029 |
| 12/16/2020 | 160,000 | — | 4.01 | 12/15/2030 |
| 9/9/2021 | 130,000 | 30,000 | 2.60 | 9/8/2031 |
| 8/11/2022 | 93,334 | 66,666 | 0.965 | 8/10/2032 |
| 12/6/2023 | 66,667 | 133,333 | 1.64 | 12/5/2033 |
| 12/20/2024 | — | 300,000 | 4.99 | 12/19/2034 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 1,110,909 shares (1.6% of outstanding) |
| Composition | 153,773 common shares; 19,357 shares underlying warrants exercisable within 60 days of 3/31/2025; 937,779 options exercisable within 60 days |
| Insider Policy on Hedging/Pledging | Company policy prohibits hedging and pledging of company stock by officers (including NEOs) |
| Stock Ownership Guidelines | Not disclosed in proxy materials reviewed |
Insider Transactions (Capital Formation and Warrant Activity)
| Date/Period | Transaction | Securities | Consideration |
|---|---|---|---|
| May 6, 2024 | Participation in registered direct offering | 20,001 common; 19,358 common warrants | $34,624 aggregate purchase price |
| Q2 2025 | Exercise of common warrants | 19,357 shares issued upon exercise | $67,750 proceeds to company |
Notes:
- As of March 31, 2025, beneficial ownership percentages are based on 68,135,796 shares outstanding; options/warrants exercisable within 60 days counted per SEC rules .
Employment Terms
| Provision | Non-CIC Termination | CIC Window Termination (3 months before to 12 months after CIC) | Vesting Acceleration | Other Terms |
|---|---|---|---|---|
| Severance | 9 months base salary; continued healthcare up to 9 months | 12 months base salary plus 100% of target bonus; healthcare up to 12 months | Non-CIC: additional 9 months of time-based vesting credit; CIC: 100% of unvested equity vests (double-trigger) | Subject to release of claims; “Cause” and “Good Reason” definitions summarized in proxy |
| Start Date/Role Tenure | VP since Dec 2014; SVP since Dec 2019 | — | — | Confidentiality/IP assignment and non-solicit covenants; non-disparagement provisions |
Performance & Track Record
- Role scope: Senior leadership over pharmaceutical development, with prior regulatory and development leadership at Sanofi, Pharmacyclics, Plexxikon, and Vertex .
- Company TSR context: Pay-versus-performance table indicates TSR value of $221.99 on a $100 basis from Dec 31, 2021 to Dec 31, 2024, with net losses in the period (frames equity-centric pay outcomes) .
- Cash incentive discipline: No annual cash bonuses paid to NEOs for 2023 or 2024, emphasizing equity-based incentives over cash outcomes .
Compensation Structure Analysis
- Mix and trend: 2024 compensation for Jones was predominantly equity (option award grant-date FV $1.21M) versus base salary of $350k; no annual bonus paid, consistent with 2023 practice .
- Instrument choice: Awards are stock options (not RSUs/PSUs), vesting monthly over 36 months for new grants, aligning value with long-term stock appreciation and creating steady vesting through December 2027 for the Dec 2024 grant .
- Policy safeguards: Company enforces prohibition on hedging/pledging and has a Dodd-Frank compliant clawback policy for erroneously awarded incentive compensation .
Investment Implications
- Near-term vesting overhang: The 300,000 options granted Dec 20, 2024 vest monthly over 36 months, creating a predictable cadence of newly vested shares through Dec 2027, a potential supply consideration around trading windows and liquidity events .
- Alignment and constraints: Prohibition on hedging and pledging reduces misalignment risk signals, and the absence of cash bonuses in 2023–2024 concentrates incentives in stock options that pay off only with share price appreciation .
- Event-driven acceleration risk: Change-in-control terms provide double-trigger full acceleration of unvested equity plus 12 months’ salary and 100% target bonus for Jones, which can increase realized supply in M&A scenarios if terminations occur around the CIC window .
- Insider flow signals: Jones participated in the May 2024 financing and subsequently exercised warrants in Q2 2025, reflecting incremental capital commitment followed by exercise activity; monitor future Form 4s as the monthly vesting schedule progresses .
Citations: All data above are sourced from Corvus Pharmaceuticals’ DEF 14A (Apr 25, 2025), DEF 14A (Apr 26, 2024), and company 10‑Q/8‑K filings as cited inline.