Steven Coen
About Steven Coen
Steven P. Coen is Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) of Ginkgo Bioworks (DNA), effective May 30, 2025 (announced May 21, 2025). He is 59, a CPA (Massachusetts), and holds a B.S. in Accounting and an A.S. in Management from Bentley University. Prior to Ginkgo (joined May 1, 2023 as Chief Accounting Officer), he served as Corporate Vice President & Corporate Controller at Charles River Laboratories (2017–2023) and spent 17+ years in Deloitte’s audit practice, with additional finance leadership roles in technology and medical device industries . As CFO, he certifies controls and financial reports (SOX 302/906) .
Company operating performance context (last 4 quarters):
| Metric (USD) | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenue | $43.85M * | $48.32M * | $49.60M * | $38.84M * |
| EBITDA | -$78.49M* | -$68.33M* | -$46.07M* | -$74.10M* |
| Cash from Operations | -$42.44M* | -$51.52M * | -$40.25M* | -$31.61M* |
| Levered Free Cash Flow | -$64.47M* | $6.79M* | -$21.33M* | $0.51M* |
| Values with asterisk (*) retrieved from S&P Global. |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Charles River Laboratories | Corporate VP & Corporate Controller | 2017–2023 | Led controllership at a 20,000-employee global CRO ($4.0B revenue), supporting public company financial reporting and controls . |
| Deloitte & Touche LLP | Audit practice (various roles) | 17+ years (prior to industry roles) | Audited complex public companies; foundation in financial reporting/internal controls . |
| Technology & medical device companies | Accounting/finance leadership roles | Prior to 2017 | Senior finance roles across tech/med‑device sectors (specific companies not disclosed) . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships or external board roles disclosed for Coen . |
Fixed Compensation
| Component | Detail | Effective date | Source |
|---|---|---|---|
| Base salary | $460,000 per year | May 30, 2025 | |
| Benefits | Health, dental, vision, retirement programs (standard company benefits) | Ongoing | |
| Employment status | At‑will employment | May 30, 2025 |
Performance Compensation
| Instrument | Grant/Target | Performance metric | Performance period | Vesting/certification | Other terms | Source |
|---|---|---|---|---|---|---|
| Performance‑based RSUs (PSUs) | 67,991 PSU shares of Class A | 2025 Company‑wide planned cash flow objectives | Jan 1, 2025 – Dec 31, 2025 | Vests in amount certified by Compensation Committee after performance period; PSUs under 2025 program generally certify in early 2026 | Standard terms as approved by Compensation Committee |
Notes:
- Ginkgo’s broader 2025 Performance Equity Program grants PSUs to employees (ex‑founders) with 0–100% vesting based on 2025 functional/business unit metrics, certified in early 2026; Coen’s CFO award uses company-wide cash flow objectives for 2025 .
Equity Ownership & Alignment
- Anti‑hedging and anti‑pledging: Executives are prohibited from hedging and from pledging company stock unless the Board approves an exception; none disclosed for Coen .
- Clawback: Policy for Recoupment of Incentive Compensation (effective Oct 2, 2023) allows recovery of erroneously awarded incentive compensation upon an accounting restatement; no clawbacks in 2024 .
- Insider transactions (2025): Coen filed Forms 4 in Oct 2025 reflecting RSU‑related transactions and open market activity; examples include Form 4 filing on Oct 1, 2025 (SEC) and a reported sale of 17,907 shares on Oct 17, 2025 at ~$13.65 per share (aggregator) .
- Beneficial ownership: Coen was not listed among named executive officers or directors in the April 29, 2025 proxy ownership table (he was then CAO; prior CFO was listed); updated beneficial holdings for Coen are captured through his 2025 Form 4s .
Employment Terms
| Topic | Detail | Source |
|---|---|---|
| Role & reporting | CFO; reports to CEO (Jason Kelly) | |
| Indemnification | Company’s standard indemnification agreement executed upon becoming CFO | |
| Non‑compete / non‑solicit | Subject to company confidentiality, non‑competition, and non‑solicitation obligations per existing agreements; no other modifications | |
| Severance / CIC | No CFO‑specific severance or change‑of‑control terms disclosed for Coen; company‑wide clawback/hedging policies in place |
Compensation Structure Analysis
- Shift toward performance equity: Coen’s 2025 CFO grant uses PSUs tied to cash flow (cost discipline), consistent with the company’s 2025 move to performance equity (broader employee PSUs) and focus on cash burn reduction articulated in 2024–2025 disclosures .
- No cash bonus plan: Ginkgo does not have an annual cash bonus program for executives or employees (as of 2024), increasing reliance on equity‑at‑risk .
- Governance controls: Anti‑hedging/pledging and clawback policies mitigate misalignment and recapture risk .
- Committee oversight & advisors: Compensation Committee (Sankar—Chair; Fubini; Henry) oversees executive pay; PwC advised in 2024–2025 on peers and program design .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited absent Board-approved exceptions (no exceptions disclosed for Coen) .
- Clawback: Active as of Oct 2023 .
- Repricing/underwater options: Not indicated for Coen (award is PSUs; founders had distinct 2024 stock option program) .
- Related party transactions/legal proceedings: None disclosed relating to Coen in available filings.
Company Compensation Peer Context (for benchmarking)
- 2024 peer set (for CFO benchmarking at that time) included life sciences tools/biotech names such as Natera, PacBio, Twist, Repligen (19 companies) .
- 2025 peer set updated to 18 companies (adds Akoya, Harvard Bioscience, Maravai, etc.) .
Investment Implications
- Pay–performance alignment: Tying the CFO’s 2025 equity to company‑wide cash flow objectives directly aligns incentives with liquidity and Adjusted EBITDA goals the company reiterated publicly; vesting certification in early 2026 tightens accountability around 2025 execution .
- Selling pressure/vesting cadence: 2025 Form 4 activity indicates routine RSU settlement and at least one small sale in October (likely tax/withholding or liquidity) rather than large discretionary selling; near‑term incremental supply risk appears modest based on disclosed transactions to date .
- Retention and governance: At‑will employment without disclosed CFO‑specific severance, plus clawback/anti‑hedging/anti‑pledging, suggests a shareholder‑friendly posture but places greater emphasis on equity realizability; PSUs tied to cash flow should help retention through performance certification milestones .
- Operating backdrop: Recent quarters show variability in revenue and persistently negative EBITDA and operating cash flow, underscoring the importance of cash‑flow‑based incentives and signaling high execution sensitivity for equity outcomes under Coen’s tenure (see table above; values from S&P Global and company filings) * * * *.
Citations:
- Appointment/biography/education/age/indemnification: **[1830214_0001628280-25-027058_dna-20250519.htm:1]** **[1830214_0001628280-25-027058_ex991earningspr.htm:0]**
- CFO compensation letter (salary, PSUs, at‑will, restrictive covenants): **[1830214_0001628280-25-038982_dna-20250630xex101.htm:0]**
- CFO certifications/filing signatories: **[1830214_0001628280-25-038982_dna-20250630xex312.htm:0]** **[1830214_0001628280-25-038982_dna-20250630xex322.htm:0]** **[1830214_0001628280-25-050193_dna-20250930xex312.htm:0]**
- No annual cash bonus program; compensation philosophy; anti‑hedging/pledging; clawback: **[1830214_0001628280-25-020648_dna-20250429.htm:45]** **[1830214_0001628280-25-020648_dna-20250429.htm:41]**
- 2025 Performance Equity Program certification timing: **[1830214_0001628280-25-020648_dna-20250429.htm:49]**
- Compensation Committee composition: **[1830214_0001628280-25-020648_dna-20250429.htm:23]**
- Peer groups: **[1830214_0001628280-25-020648_dna-20250429.htm:44]**
- Operating performance table: values marked with * are from S&P Global (GetFinancials); where available, revenue cells cite company filings **[1830214_0001628280-25-007816_ex991earningspr.htm:8]** **[1830214_0001628280-25-022761_dna-20250331.htm:4]** **[1830214_0001628280-25-038982_dna-20250630.htm:4]** **[1830214_0001628280-25-050193_dna-20250930.htm:40]**.
- Insider activity references: SEC Form 4 and aggregator listings **[https://www.sec.gov/Archives/edgar/data/1977441/000197744125000008/xslF345X03/wk-form4_1759525267.xml]** **[http://pdf.secdatabase.com/239/0001977441-25-000010.pdf]** **[https://finance.yahoo.com/quote/DNA/insider-transactions/]**