Erick Lucera
About Erick Lucera
Erick Lucera, 57, became Chief Financial Officer and Treasurer of Dyne Therapeutics on March 31, 2025, serving as principal financial and accounting officer; he previously was CFO at Editas Medicine (May 2023–Mar 2025), AVEO Pharmaceuticals (Jan 2020–Mar 2023), and Valeritas (Aug 2016–Jan 2020), and he holds a CPH (Harvard), MS Finance (Boston College), MBA (Indiana University), BS Accounting (Delaware), and the CFA designation . He serves on the boards of Beyond Air (since Aug 2017) and SAB Biotherapeutics (since Apr 2023), and formerly Bone Biologics (Oct 2021–Dec 2023); Valeritas filed for Chapter 11 in Feb 2020 during his tenure, a relevant data point for risk assessment . Dyne’s compensation program emphasizes equity-linked pay; in 2024 company TSR was $198.15 on a $100 initial investment while GAAP net loss was $317.4 million, indicating CAP linkage to stock performance rather than net income metrics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Editas Medicine | Chief Financial Officer | May 2023 – Mar 2025 | Public biotech CFO experience through clinical portfolio development |
| AVEO Pharmaceuticals | Chief Financial Officer | Jan 2020 – Mar 2023 | Led finance through acquisition by LG Chem (Mar 2023) |
| Valeritas Holdings | Chief Financial Officer | Aug 2016 – Jan 2020 | Company filed Chapter 11 in Feb 2020 (post-tenure but proximate), highlighting restructuring exposure |
External Roles
| Organization | Role | Years |
|---|---|---|
| Beyond Air, Inc. | Director | Since Aug 2017 |
| SAB Biotherapeutics, Inc. | Director | Since Apr 2023 |
| Bone Biologics Corp. | Director | Oct 2021 – Dec 2023 |
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | $520,000 initial annual base at hire (2025); “initially set at $520,000” in proxy |
| Target Bonus | 40% of base salary; 2025 bonus explicitly not prorated despite March 31 start |
| Employment Status | At-will |
| Retirement/Benefits | Eligible for broad-based benefits; 401(k) match 100% up to 4% (max $6,000) |
Performance Compensation
Annual cash bonus plan uses company goals; for 2024 (preceding his start), corporate performance was assessed at 105%, with weighted goals below—illustrative of Dyne’s pay design (CFO’s 2025 metrics not yet disclosed):
| Metric (2024 Plan) | Weight | Company Assessment |
|---|---|---|
| Clinical development/regulatory milestones (ACHIEVE/DELIVER dose selection; AA path) | 52.5% | Complete – 62.5% achievement; positive safety/efficacy data; dose/regimen defined |
| Preclinical/discovery/platform (FSHD, Pompe, FORCE) | 12.5% | Complete – 15.0% achievement; new DYNE-302 data; DYNE-401 candidate selected |
| Corporate/BD/capital/culture | 35.0% | Complete – 27.5% achievement; $773.1m net proceeds in 2024; runway into H2’26 |
Equity is the primary at-risk component for executives; options and RSUs vest over multi-year periods and fully accelerate only upon double-trigger change-in-control termination (see Employment Terms) .
Equity Awards (New Hire)
| Grant | Quantity | Vehicle | Grant/Effective Date | Vesting | Exercise Price |
|---|---|---|---|---|---|
| New-hire option | 214,500 | Nonstatutory stock option (2024 Inducement Plan) | Effective Mar 31, 2025 | 25% on Mar 31, 2026; remainder in 12 equal quarterly installments thereafter, subject to service | Closing price on Mar 31, 2025 (grant date) |
| New-hire RSU | 66,100 | RSU (2024 Inducement Plan) | Effective Mar 31, 2025 | 25% annually on each anniversary of Mar 31 starting 2026, over 4 years, subject to service | N/A |
Vesting schedule creates first potential unlock on March 31, 2026 (options 25% tranche; RSUs 25%), with quarterly (options) and annual (RSUs) cadence thereafter .
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Beneficial Ownership | “—” shares (less than 1%) as of April 1, 2025, indicating no reportable ownership within 60 days of the record date |
| Initial Section 16 Filing | Form 3 filed April 1, 2025 (initial statement of beneficial ownership) |
| Outstanding Awards | 214,500 options; 66,100 RSUs granted at hire; all time-based vesting as above |
| Hedging/Pledging | Insider Trading Policy prohibits short sales and hedging (e.g., collars, swaps); policy description does not explicitly mention pledging in the cited section |
| Ownership Guidelines | No formal executive stock ownership guidelines disclosed |
Employment Terms
| Term | CFO Treatment |
|---|---|
| Start Date/Role | Effective March 31, 2025; CFO & Treasurer; principal financial and accounting officer |
| Non-Compete/Non-Solicit | Signed Dyne’s non-compete/non-solicit and invention/NDA at hire; NEOs generally subject to 1-year post-termination non-compete and non-solicit |
| Severance (non‑CoC) | If terminated without cause or resigns for good reason outside CoC window: 9 months base salary and up to 9 months COBRA, subject to release (C‑level other than CEO) |
| Severance (within 12 mo post‑CoC) | Double-trigger: lump sum 12 months base salary plus 100% of target bonus, up to 12 months COBRA, and full acceleration of all unvested equity, subject to release (C‑level) |
| Clawback | Dodd-Frank compliant Compensation Recovery Policy effective Nov 21, 2023; recoups erroneously awarded incentive comp after a restatement (no misconduct requirement) |
| Insider Trading | Prohibits short sales, options on company stock, and hedging transactions by employees and directors |
| Indemnification | Standard indemnification agreement per S-1 exhibit |
Performance & Track Record
- Certifications and financing: As CFO, he executed SOX 302/906 certifications on Q2 and Q3 2025 10-Qs, and Dyne entered a Loan and Security Agreement with Hercules Capital (filed with Q2 2025 10-Q exhibits), reflecting operational and liquidity management during his tenure .
- Regulatory catalysts: During 2025, Dyne announced FDA Breakthrough Therapy Designations for DYNE‑101 and DYNE‑251, material program de-risking in neuromuscular portfolio (company developments during his tenure) .
Governance, Say‑on‑Pay, and Peer Benchmarking
- Say‑on‑Pay support: At the May 30, 2025 annual meeting, shareholders approved NEO compensation (For: 74,412,453; Against: 15,817,102; Abstain: 81,555), and voted for annual frequency of Say‑on‑Pay .
- Pay positioning and peers: Base salaries for NEOs targeted around the 50th–60th percentile of peers; peer group updated in Aug 2024 reflecting significant market cap appreciation, and the committee engages Compensia for benchmarking .
- Pay-versus-performance: Proxy discloses CAP tracking TSR rather than GAAP net income; 2024 TSR $198.15 (vs. 2023: $112), net loss $(317.4)m (vs. 2023: $(235.9)m) .
Compensation Structure Analysis
- Cash vs equity mix: New-hire equity of 214,500 options and 66,100 RSUs indicates heavy equity-at-risk, consistent with Dyne’s pre-commercial model .
- Performance metrics: Annual cash bonus determined by multi-factor corporate goals (clinical/regulatory, platform, capital/culture), with 105% corporate score in 2024 guiding payouts; CFO’s 2025 plan not yet disclosed .
- Risk mitigants: Double-trigger CIC, broad clawback, anti-hedging, no tax gross-ups; absence of executive ownership guidelines may modestly weaken alignment optics vs larger-cap peers .
Risk Indicators & Red Flags
- Prior bankruptcy proximity: Valeritas filed for Chapter 11 in Feb 2020, contemporaneous with his CFO tenure there—relevant for assessing experience with stressed/liquidity scenarios .
- Policy safeguards: Anti-hedging and clawback policies are in place; no explicit pledging provision referenced in the policy excerpt cited .
Investment Implications
- Alignment and retention: First vesting begins 3/31/2026, limiting near-term selling pressure; quarterly (options) and annual (RSUs) cadence thereafter supports retention and alignment into pivotal DYNE‑101/251 milestones .
- Change‑of‑control economics: Standard C‑suite double-trigger (1x salary and 1x target bonus, 12 months COBRA, full equity acceleration) balances retention with shareholder-friendly triggers (no single-trigger), avoiding excise tax gross‑ups .
- Execution profile: CFO certifications and completed debt facility highlight focus on financial controls and liquidity; 2025 regulatory designations are company positives during his tenure, though pay-for-performance is primarily stock-based and thus sensitive to pipeline outcomes and capital markets .
Notes: All compensation and plan terms are as disclosed; actual 2025 bonus and any subsequent equity grants or transactions were not disclosed in cited documents as of the dates referenced.