Timothy Watkins
About Timothy Watkins
Timothy R. Watkins, M.D., M.Sc., is Contineum Therapeutics’ Chief Medical Officer and Head of Development, appointed effective April 28, 2025; he is 51 years old and leads all clinical development and medical affairs activities . He holds a B.S. in Biology (Ohio University), an M.D. (The Ohio State University), and an M.Sc. in Public Health – Epidemiology (University of Washington) . Over the past decade he advanced to Vice President and Therapeutic Area Head for Inflammation at Gilead Sciences, overseeing assets in fibrosis and inflammatory diseases and late-stage development linked to registration and commercialization; Contineum highlighted his fit as it plans to start a Phase 2 proof‑of‑concept trial in idiopathic pulmonary fibrosis (IPF) in the second half of 2025 . Given his April 28, 2025 start date, company TSR or financial performance under his tenure is not yet meaningful to assess .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Gilead Sciences, Inc. | Vice President; Therapeutic Area Head, Inflammation, Clinical Development | 2015–Apr 2025 | Oversaw a broad portfolio (including IPF and MASLD/MASH) across all stages including late-stage/registration; managed strategic partnerships with pharma and emerging biotech . |
| University of Washington (Division of Pulmonary & Critical Care Medicine) | Assistant Professor of Medicine | 2010–2015 | Led clinical and translational research in severe lung disease and critical illness . |
| Research Institute of Bloodworks Northwest (Seattle) | Affiliate Researcher | 2010–2015 | Conducted translational research programs in severe lung disease and critical illness . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships or external board roles disclosed in CTNM’s 2025 proxy or the April 28, 2025 appointment 8‑K/press release . |
Fixed Compensation
- Base salary and target bonus: Not disclosed in the April 28, 2025 appointment 8‑K/press release or the 2025 DEF 14A; only inducement equity awards were detailed for Dr. Watkins .
Performance Compensation
Inducement Equity Awards (Nasdaq Listing Rule 5635(c)(4))
| Award type | Grant date | Shares | Exercise price | Vesting schedule/trigger |
|---|---|---|---|---|
| Time‑based stock option | Apr 28, 2025 | 260,000 | Equal to closing price on grant date | 50% vests on the six‑month anniversary of the Start Date; remaining 50% vests in 36 equal monthly installments thereafter, subject to continued service . |
| Performance‑based stock option | Apr 28, 2025 | 26,000 | Equal to closing price on grant date | Vests in full upon achievement of a specified clinical development milestone during service . |
- Awards were granted as stand‑alone inducement options outside the 2024 Equity Incentive Plan as a material inducement to employment, consistent with Nasdaq Listing Rule 5635(c)(4) .
Annual/Short‑Term Incentive Structure (company framework)
| Element | Company framework |
|---|---|
| Annual bonus (STIP) | Executives are eligible for annual incentive bonuses based on corporate goals (product development, advancement of clinical trials, etc.) and individual goals; specifics for Dr. Watkins were not disclosed . |
Performance Metric Details (Watkins’ inducement PSU‑like option)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| “Certain clinical development milestone” | Not disclosed | Not disclosed | Not disclosed | 26,000 options vest upon achievement | Full vesting upon milestone achievement during service . |
Note: The company’s 2024–2025 proxy disclosures do not enumerate Dr. Watkins’ cash bonus targets or metric weightings; only the inducement option terms were provided .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Inducement options (time‑based) | 260,000 options; 50% cliff at six months from April 28, 2025, then 36 monthly installments for the remaining 50% (service‑based) . |
| Inducement options (performance‑based) | 26,000 options; vest in full upon achievement of a specified clinical milestone during service . |
| Beneficial ownership reporting | Dr. Watkins does not appear in the March 14, 2025 beneficial ownership table (record date precedes his April 28, 2025 appointment) . |
| Hedging/pledging | Company prohibits hedging derivatives and short sales; pledging or margining company stock requires Compliance Officer approval . |
| Rule 10b5‑1 plans | Executives may adopt 10b5‑1 trading plans; trades execute per pre‑set parameters, subject to policy and MNPI restrictions . |
Implication: A 50% cliff on 260,000 options at the six‑month mark can create near‑term liquidity/selling pressure once vested; milestone‑based options align a portion of upside to clinical execution .
Employment Terms
| Term | Detail |
|---|---|
| Start date | April 28, 2025 . |
| Title | Chief Medical Officer & Head of Development . |
| Employment agreement | The 8‑K/press release did not disclose salary, bonus targets, or a separate employment agreement; only inducement equity awards were disclosed . |
| Severance/Change‑of‑Control (company plan) | Contineum adopted an Executive Severance Plan (May 2024). For certain designated officers, if terminated not in connection with a CoC: 12 months’ base salary lump sum, pro‑rated target bonus, and up to 12 months’ benefits continuation (conditions apply). In a qualifying CoC termination: CEO receives 150% of salary+target bonus, others 100%; full acceleration of time‑based equity; performance awards vest at target unless award terms state otherwise; stock options remain exercisable for full term; benefits continue up to 18 months (CEO) or 12 months (others). Eligibility for Dr. Watkins was not specified in the proxy . |
| Clawback | Post‑IPO clawback policy permits recovery of erroneously awarded incentive compensation from executive officers in the event of a required financial restatement, covering the last three completed fiscal years prior to the restatement trigger . |
| Insider trading policy | Comprehensive policy governing trading windows, 10b5‑1 plans, and prohibitions on hedging/pledging without approval . |
Investment Implications
- Alignment and incentives: The inducement package is heavily equity‑based, with a meaningful 50% six‑month cliff on 260,000 time‑based options and a 26,000 performance‑based option tied to a clinical milestone—linking near‑term retention to the H2’25–H1’26 window and upside to clinical progress .
- Selling pressure and overhang: The six‑month cliff can introduce near‑term selling pressure once vesting occurs; however, company policies restrict hedging and require approval for pledging, which helps mitigate misalignment risks from derivatives or collateralization .
- Retention risk: Company‑wide severance and CoC constructs (where applicable) provide protection and equity acceleration for designated officers, but the proxy does not specify Dr. Watkins’ eligibility—creating uncertainty on his separation economics pending future filings .
- Execution leverage: Watkins’ deep fibrosis/inflammation background and late‑stage development experience at Gilead align with Contineum’s planned IPF Phase 2 POC in H2’25 and broader NI&I pipeline focus, supporting execution credibility for near‑term clinical catalysts .
Note: The 2025 DEF 14A and April 28, 2025 8‑K/press release do not disclose Dr. Watkins’ base salary or bonus targets; future proxies/8‑Ks may provide these specifics .