Tammy Furlong
President and Interim Chief Executive Officer; Chief Financial Officer at Elevation Oncology
CEO
Executive
About Tammy Furlong
Tammy Furlong, 54, is Chief Financial Officer of Elevation Oncology (since July 12, 2023; previously VP Finance & Accounting from April 2021) and a certified public accountant with a B.S. in Accounting (Adelphi University) and an MBA (Bentley University) . Elevation has not generated product revenue to date and reported a cash, cash equivalents and marketable securities balance of $93.2M as of December 31, 2024; the 2024 10-K flags substantial doubt about going-concern status without additional capital, and the 2025 proxy seeks authority for a reverse split to maintain Nasdaq listing . As CFO during a capital-constrained period, her remit sits alongside the company’s financing levers (K2 HealthVentures debt amendment; new 2024 ATM program) and listing-preservation measures .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Elevation Oncology | Vice President, Finance & Accounting | 2021–2023 | Built finance and accounting function pre/post-IPO; supported capital raising and transactions . |
| Various biotech/pharma (consultant) | Finance consultant | 2018–2021 | Focus on capital raising, strategic transactions, and finance operations for multiple biotech/pharma companies . |
External Roles
- None disclosed in SEC filings .
Fixed Compensation
| Year | Base salary | Target bonus (% of base) | Notes |
|---|---|---|---|
| 2023 (on appointment as CFO, eff. Jul 12, 2023) | $430,000 | 40% | Set by employment agreement at promotion to CFO . |
- Annual bonuses at Elevation are based on corporate and individual performance objectives (development goals and milestones); specific metrics/weights for the CFO are not disclosed .
Performance Compensation
Time-vested equity awards (options/RSUs)
| Grant date | Instrument | Number of shares | Vesting schedule | Exercise price / FV |
|---|---|---|---|---|
| Jul 12, 2023 | Non-qualified stock options | 53,433 | 25% on first anniversary (Jul 12, 2024), then monthly over 36 months (time-based) | Exercise price equal to closing price on grant date (not numerically disclosed) . |
Annual cash incentive (plan construct)
| Metric | Weighting | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Corporate and individual performance (development goals/milestones) | Not disclosed | 40% of base salary | Not disclosed | Not disclosed | Elevation’s NEO framework specifies development goals; CFO-specific outcomes are not disclosed . |
Equity Ownership & Alignment
- Beneficial ownership: The 2025 proxy lists individual beneficial ownership for named executive officers (NEOs) and directors; the CFO is not individually enumerated among those listings, and no specific share count for Ms. Furlong is disclosed in the security ownership table .
- Outstanding awards: 53,433 time-vested options granted July 12, 2023; first tranche vested July 12, 2024 with monthly vesting thereafter through July 2027 (see table above) .
- Hedging/pledging: The company’s Insider Trading Policy prohibits hedging transactions (e.g., collars, swaps); a specific pledging prohibition is not disclosed in the cited sections .
- Ownership guidelines: No executive stock ownership guideline (e.g., salary multiple) disclosure was found in the cited proxy materials .
Employment Terms
| Topic | Terms |
|---|---|
| Role start | CFO effective July 12, 2023; previously VP Finance & Accounting (Apr 2021–Jul 2023) . |
| Severance (no CIC) | If terminated other than for cause: lump-sum cash equal to 9 months’ base salary; company-paid COBRA premiums up to 9 months; accelerated vesting as if 9 additional months had elapsed (time-based awards) . |
| Change-in-control (double trigger) | If terminated without cause or resigns for good reason within 12 months post‑CIC: lump-sum cash equal to 12 months’ base salary plus 100% of then‑current annual target bonus; company‑paid COBRA up to 12 months; 100% vesting acceleration of outstanding equity . |
| At-will; indemnification | At-will employment; party to company’s standard indemnification agreement . |
| Non-compete / other covenants | Not disclosed in cited filings . |
| 10b5‑1 / preclearance | Insider Trading Policy requires pre-clearance and governs 10b5‑1 plans (policy-level) . |
Additional Company Context Relevant to CFO Mandate
- Capital structure and liquidity actions: 2024 K2 HealthVentures loan amendment (maturity to Aug 1, 2026; interest-only to Jun 1, 2026; conversion features) and 2024 ATM facility up to $75M (subject to S-3 baby-shelf limitations) .
- Listing and capital markets risk: Reverse stock split proposal (1:10 to 1:50) to regain/maintain Nasdaq bid-price compliance; board retains discretion on ratio and timing .
- Operating status: No product revenue; ongoing clinical investment; going‑concern warning without additional capital .
Investment Implications
- Pay-for-performance and alignment: CFO cash pay (2023 base $430k; 40% target bonus) is moderate for the role; equity is time-based options with a one-year cliff then monthly vesting, aligning upside with sustained share price appreciation but without explicit performance-based equity (PSUs) .
- Vesting cadence and potential selling pressure: The first 25% option tranche vested July 12, 2024 with ongoing monthly vesting through July 2027, creating a predictable cadence of newly vesting shares that could be monetized via 10b5‑1 programs; insider hedging is prohibited, and no pledging policy is disclosed .
- Retention and CIC economics: Nine-month cash/benefits/vesting credit on a non‑CIC termination and 12‑month base plus 100% bonus with full vesting in a double‑trigger CIC context provide strong retention but create potential accelerated supply in a transaction or leadership change scenario .
- Governance and risk: No disclosed executive ownership guidelines and an anti‑hedging but not explicitly anti‑pledging policy reduce formal ownership discipline versus best practice; however, at‑the‑market financing capacity, debt runway extension, and reverse‑split authorization give the finance function tools to bridge to value‑creation milestones amid going‑concern risk .