Matteo Levisetti
Cue BiopharmaAbout Matteo Levisetti
Matteo Levisetti, age 56, is Chief Medical Officer at Cue Biopharma (CUE) since January 2023, after serving as Senior Vice President of Clinical Development from February 2021 to January 2023. He holds an M.D. from the University of Chicago Pritzker School of Medicine and previously served on the faculty at Washington University School of Medicine; prior industry roles include leadership in immuno‑oncology and translational medicine at Mirati Therapeutics, Roche Pharma Research & Early Development, and Pfizer Inc. Cue’s proxy does not disclose TSR-, revenue-, or EBITDA-based performance outcomes tied to his compensation; annual bonuses are driven by qualitative corporate goals and board discretion, with 2024 corporate goal achievement assessed at 80% and his bonus paid at 60% of target.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DNAtrix, Inc. | Chief Medical Officer | May 2019 – Feb 2021 | Directed and managed clinical development and regulatory strategy for oncology assets. |
| Dauntless Pharmaceuticals, Inc. | Chief Medical Officer | May 2017 – Jun 2018 | Led clinical development and operations for endocrinology and oncology programs. |
| Mirati Therapeutics, Inc. | Executive Director, Clinical Development | Not disclosed | Directed immuno‑oncology programs. |
| Roche Pharma Research & Early Development | Global Head & VP, Translational Medicine, Immunology & Inflammation | Not disclosed | Led translational medicine in immunology/inflammation. |
| Pfizer Inc. | Senior Clinical Development roles | Not disclosed | Led early clinical programs across endocrinology, immunology, oncology. |
| Washington University School of Medicine | Faculty | Not disclosed | Academic appointment prior to industry transition. |
External Roles
No public company directorships or external board roles are disclosed for Dr. Levisetti.
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % of Salary | Actual Bonus Paid ($) | Notes |
|---|---|---|---|---|
| 2023 | 604,824 | Not disclosed | — (no bonus for 2023) | Summary Compensation Table. |
| 2024 | 478,217 | 40% | 114,816 (60% of target) | Board assessed 80% corporate goal attainment; bonuses paid following year. |
| 2025 | 499,928 (effective Jan 1, 2025) | 40% (confirmed Feb 2025) | Not disclosed | Base set by board in March 2025. |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|---|
| Annual Bonus (2024) | Corporate goals (strategy, portfolio, clinical, BD, financing, org effectiveness) | Discretionary (no formula) | 40% of base salary | Board assessed 80% goals; paid 60% of target | $114,816 | Bonus paid in 2025 for 2024 performance |
| Performance-based Stock Option | Not disclosed (performance conditions not specified) | Not disclosed | 25,000 options at $3.36 | Vested in full | N/A (equity) | Granted Jan 2023, vested Feb 2024 |
Equity Ownership & Alignment
- Equity ownership guidelines: Company has no formal executive equity ownership guidelines.
- Hedging/pledging: Prohibited for directors/officers/employees; pledging allowed only with preapproval (rare exceptions).
- Plan-level clawback: Awards subject to Company clawback policy, including Dodd‑Frank Compensation Recovery Policy.
- Change-in-control treatment: Double-trigger acceleration for employees under the 2025 Plan; immediate vesting if awards not assumed.
Beneficial Ownership (as of April 11, 2025)
| Holder | Shares Owned | Options Exercisable within 60 Days | Warrants within 60 Days | Total Beneficially Owned | % of Class | Shares Outstanding |
|---|---|---|---|---|---|---|
| Matteo Levisetti | 9,230 | 366,625 | — | 375,855 | <1% | 61,819,101 |
Outstanding Equity Awards (Matteo Levisetti, fiscal year-end 2024)
| Grant/Footnote | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration | Vesting Notes |
|---|---|---|---|---|---|
| (6) Feb 22, 2021 grant | 65,625 | 9,375 | 13.14 | 2/21/2031 | Vests in 8 equal semi‑annual installments from Aug 22, 2021 |
| (5) Feb 9, 2022 grant | 26,875 | 16,125 | 6.91 | 2/8/2032 | Vests in 8 equal semi‑annual installments from Aug 9, 2022 |
| (2) Mar 25, 2022 grant | 6,250 | 3,750 | 5.01 | 3/24/2032 | Vests in 8 equal semi‑annual installments from Sep 25, 2022 |
| (7) Jan 16, 2023 perf-based | 66,250 | 68,750 | 3.36 | 1/16/2033 | Performance option; proxy notes full vest Feb 2024 for perf award granted Jan 2023 |
| (4) Jul 21, 2023 grant | 58,437 | 24,063 | 4.20 | 7/20/2033 | Vests in 8 equal semi‑annual installments from Jan 21, 2024 |
| (8) Mar 5, 2024 grant | 32,500 | 227,500 | 1.94 | 3/5/2034 | Vests in 8 equal semi‑annual installments from Sep 6, 2024 |
| (10) Jun 4, 2024 grant | 15,625 | 109,375 | 1.65 | 6/4/2034 | Vests in 8 equal semi‑annual installments from Dec 5, 2024 |
| (9) Jul 23, 2024 plan award | — | — | 0.70 | 7/23/2034 | Equity incentive plan award reference; see plan terms |
Recent Option Grants and Vesting Schedules (Narrative disclosures)
| Grant Date | Shares | Exercise Price | Vesting Commencement | Tranche Size | Vesting Cadence |
|---|---|---|---|---|---|
| Mar 2024 | 260,000 | $1.94 | Sep 6, 2024 | 32,500 | 8 equal semi‑annual installments |
| Jun 2024 | 125,000 | $1.65 | Dec 5, 2024 | 15,625 | 8 equal semi‑annual installments |
| Mar 2025 | 250,000 | $0.99 | Sep 21, 2025 | 31,250 | 8 equal semi‑annual installments |
| Jan 2023 (Perf) | 25,000 | $3.36 | Vested Feb 2024 | 25,000 | Performance-based; vested in full |
Insider Selling Pressure – Upcoming Vest Dates (derived from disclosed vesting commencements)
| Grant | Next Vest Dates (initials plus 6-month cadence) | Shares per Tranche |
|---|---|---|
| Mar 2024 (260,000 @ $1.94) | Sep 6, 2024; Mar 6, 2025; Sep 6, 2025; Mar 6, 2026 | 32,500 |
| Jun 2024 (125,000 @ $1.65) | Dec 5, 2024; Jun 5, 2025; Dec 5, 2025; Jun 5, 2026 | 15,625 |
| Mar 2025 (250,000 @ $0.99) | Sep 21, 2025; Mar 21, 2026; Sep 21, 2026; Mar 21, 2027 | 31,250 |
Note: Company options generally have ten-year terms from grant date.
Employment Terms
| Term | Detail |
|---|---|
| Agreement effective date | Jan 25, 2021; amended and restated Jan 17, 2023 upon promotion to CMO. |
| Term | Continues year-to-year unless terminated per agreement. |
| Current base salary | $499,928 (effective Jan 1, 2025). |
| Target bonus | Up to 40% of base salary (2024 and 2025). |
| Severance – death/disability | Unpaid salary; earned unpaid bonus; expense reimbursement; accrued vacation; other benefits; and annual bonus for year of termination, determined as though no termination. |
| Severance – without Cause / Good Reason | Benefits above plus lump-sum prorated annual bonus; COBRA premiums paid until earliest of: 9 months from termination, new comparable coverage, or COBRA maximum. Release required. |
| Severance – for Cause / resignation without Good Reason | Unpaid salary; reimbursable expenses; accrued vacation; other earned benefits. |
| Noncompete / nonsolicit / confidentiality | Applies and survives employment term. |
| Clawback | Awards subject to company clawback policy, including Dodd-Frank Compensation Recovery Policy. |
| Change-in-control (2025 Plan) | No automatic vesting for employees; double-trigger acceleration within 2 years post-CIC if terminated without cause or resigns for good reason; immediate vesting if awards not assumed by acquirer. |
| Insider trading/hedging/pledging | Hedging and margin/pledging prohibited, with limited exceptions only with CFO and audit committee preapproval for directors/executives. |
| Ownership guidelines | No formal executive equity ownership guidelines. |
Compensation Structure Analysis
- Mix and trends: 2024 compensation for Levisetti consisted of base salary ($478,217), discretionary bonus ($114,816, 60% of target), and option awards (grant-date fair value $595,927), with minimal perquisites ($2,316), indicating high equity-at-risk alignment.
- Metric rigor: Bonuses are based on qualitative corporate achievements with board discretion and no predetermined formula; 2024 corporate goal achievement assessed at 80%, translating to 60% payout of target for Levisetti.
- Equity emphasis: Significant multi-year option grants in 2024–2025 with semi‑annual vesting cadence enhance retention but may create periodic selling pressure as tranches vest.
- Governance protections: Plan prohibits repricing, includes minimum vesting, no evergreen, and double‑trigger CIC—shareholder-friendly constructs.
Investment Implications
- Alignment: Absence of ownership guidelines is offset by sizable unvested options and prohibitions on hedging/pledging, supporting alignment with long-term performance.
- Retention risk: Employment terms provide limited cash severance (prorated bonus plus COBRA; no base salary multiple disclosed), suggesting retention relies more on unvested equity—a balanced but lean protection in a competitive biotech talent market.
- Near-term supply from vesting: Semi‑annual vesting across 2024–2025 grants (32,500/15,625/31,250 shares per tranche) could create episodic insider selling windows; monitor Form 4 filings around vest dates for pressure signals.
- M&A posture: Double-trigger CIC under the 2025 Plan incentivizes continuity through a transaction and mitigates windfalls from automatic vesting; neutral for acquirer optics.
- Performance pay: With bonuses driven by qualitative goals and no disclosed TSR/financial metric scoring, the program emphasizes strategic execution milestones; investors should track clinical progress and financing milestones referenced across corporate goals to gauge future payouts.