Robert Connelly
About Robert Connelly
Robert Connelly (age 65) is President, Chief Executive Officer, and a Class I Director of Elicio Therapeutics. He has served as CEO and Director of Elicio since June 2023 and previously was CEO and a director of Former Elicio from October 2018 until the merger with Angion on June 1, 2023 . Connelly brings 35 years of life sciences leadership, including over 24 years as CEO, with prior CEO roles at Axcella (2013–2018), Pulmatrix (2007–2012), and founding CEO of Domantis (2000–2007); he started his career at Abbott Laboratories and BioVeris and holds a B.S. in Business Administration from the University of Florida . Under his tenure, Elicio completed enrollment in the randomized Phase 2 AMPLIFY-7P PDAC study of ELI-002 (disease-free survival interim analysis expected in Q3 2025), while maintaining a capital program that included a July 2024 public offering, an August 2024 $20M 3% senior secured convertible note (converted in March 2025), and repeat participation from a large insider holder .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Axcella Health Inc. | Chief Executive Officer; Director | 2013–2018 | Led a clinical-stage therapeutics company; scaled programs in endogenous metabolic modulators . |
| WikiCell Designs / Aero Designs | Founding CEO; Chairman | Pre-2013–2013 | Built platforms utilizing drug-delivery technologies; both merged into Incredible Foods in 2013 . |
| Pulmatrix, Inc. | Chief Executive Officer | 2007–2012 | Advanced inhaled therapies platform for pulmonary diseases . |
| Domantis Ltd. | Founding Chief Executive Officer | 2000–2007 | Built UK antibody platform; company acquired by GSK plc . |
| Abbott Laboratories; BioVeris | Various increasing-responsibility roles | Early career | Commercial/operational foundation in large-cap life sciences . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Flagship Pioneering | Venture Partner | 2013–2018 | Company creation/portfolio management across biotech ventures . |
| Kaleido Biosciences, Inc. (public) | Director | 2015–2018 | Governance oversight through early public company phase . |
| Anchiano Therapeutics Ltd. (public) | Director | 2018–2019 | Board service during clinical-stage oncology development . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 498,750 | 608,400 |
| Target Bonus (%) | 40% | 55% |
| Actual Bonus ($) | 179,550 (90% of target; paid 2024) | 334,620 (100% of target; paid 2025) |
- 2025 updates: Base salary increased to $632,700 and target bonus remains 55% effective January 1, 2025 .
Performance Compensation
Annual cash incentive structure and realized payouts:
| Year | Target Bonus (%) | Payout (% of Target) | Basis | Cash Paid ($) |
|---|---|---|---|---|
| 2023 | 40% | 90% | Discretionary assessment of 2023 contributions | 179,550 |
| 2024 | 55% | 100% | Achievement of 2024 company corporate goals | 334,620 |
Equity awards (options) granted:
| Grant date | Instrument | Shares | Exercise price ($) | Vesting schedule | Notes |
|---|---|---|---|---|---|
| Feb 1, 2024 | Stock Option | 225,137 | 4.50 | 25% on 1st anniversary; remainder monthly over 36 months (4-year schedule) | Under 2021 Plan . |
| Sep 30, 2024 | Stock Option | 91,600 | 5.03 | 50% on 1st anniversary; 50% on 2nd anniversary (2-year schedule) | Under 2021 Plan . |
| Feb 2025 | Stock Option | 121,600 | N/A | 25% on 1st anniversary; remainder monthly over 36 months (4-year schedule) | Under 2021 Plan . |
- No specific quantitative performance metrics (e.g., revenue/TSR targets) tied to bonus or option vesting were disclosed for the CEO; 2024 payout was based on company corporate goals (not itemized) .
Equity Ownership & Alignment
| Item | Amount |
|---|---|
| Shares owned directly | 46,970 shares |
| Options exercisable within 60 days | 199,061 shares |
| Total beneficial ownership | 246,031 shares (1.5% of outstanding) |
| Shares outstanding (record date) | 15,936,461 (Mar 24, 2025) |
| Hedging/pledging policy | Prohibits short sales, margin, pledging, and hedging transactions; requires pre-clearance for insiders . |
| Ownership guidelines | Not disclosed in proxy; general governance/insider trading/Clawback policies in place . |
Outstanding equity awards at FY2024 year-end (CEO):
| Vesting commencement date | Exercisable (#) | Unexercisable (#) | Exercise price ($) | Expiration |
|---|---|---|---|---|
| Sep 8, 2020 | 27,150 | — | 9.39 | Sep 8, 2030 |
| Nov 28, 2022 | 110,937 | 36,975 | 3.86 | Nov 28, 2032 |
| Feb 1, 2024 | — | 225,137 | 4.50 | Feb 1, 2034 |
| Sep 30, 2024 | — | 91,600 | 5.03 | Sep 30, 2034 |
Observations:
- Alignment: CEO’s direct/exercisable holdings are modest at 1.5% of shares outstanding; policy prohibits hedging/pledging, which is positive for alignment .
- Upcoming vesting: Two sizable 2024 grants (4-year and 2-year schedules) could contribute to incremental sellable supply as tranches vest, absent 10b5-1 or holding requirements (not disclosed) .
Employment Terms
| Provision | CEO Terms |
|---|---|
| Employment agreement origin | Former Elicio agreement (Nov 2018) with base salary, annual performance bonus, and initial option/signing bonus; carries forward post-merger . |
| Severance (no cause) | 12 months of base salary; continued health benefits for severance period; unvested time-based equity scheduled to vest in 12 months post-termination vests at termination (CEO only) . |
| Change-in-control (CIC) double trigger | Upon termination without cause or resignation for Good Reason during CIC period: lump sum equal to 18 months CIC multiplier applied to then-current base salary and target annual bonus; continued health benefits for CIC severance period; full acceleration of all unvested equity . |
| Release/clawback | Severance contingent on executed release and compliance with covenants; Clawback Policy adopted Oct 2023 per SEC/Nasdaq rules for restatements (recovery regardless of fault) . |
| Non-compete / non-solicit | Not disclosed in proxy. |
Board Governance
- Role and status: Connelly is CEO, President, and Class I Director; not independent because he is an executive officer .
- Board leadership: Independent Chair (Julian Adams); CEO and Chair roles are separated; Board retains flexibility on future structure .
- Committee participation: CEO is not listed on Board committees; Audit (Wilson—Chair; Nissenson; Ashe), Compensation (Ashe—Chair; Nissenson; Ruffolo), Nominating/Governance (Adams—Chair; Ashe; Wilson) .
- Meetings and attendance: Board met 7 times in FY2024; all directors attended at least 75% of Board/committee meetings held during their service .
- Independence determination: A majority of directors are independent under Nasdaq rules; CEO (Connelly) not independent .
Board service history and dual-role implications:
- Service: Director since June 2023 at Elicio (Class I; term continues to 2027), and director of Former Elicio since Oct 2018 .
- Dual role analysis: CEO + Director with an independent Chair and fully independent key committees mitigates typical CEO/Chair concentration concerns; however, as an executive director, he is not independent .
Performance & Track Record
- Clinical execution: Completed enrollment for randomized Phase 2 AMPLIFY-7P (ELI-002) in PDAC; DFS interim analysis expected in Q3 2025, dependent on event accrual .
- Platform progress: Phase 1 and preclinical data continue to support AMP lymph node–targeting approach; published data and selected conference presentations in 2023–2024 .
- Capital formation: Completed July 2024 underwritten offering (shares/pre-funded + common warrants) and August 2024 $20M 3% senior secured convertible note; company exercised its right in March 2025 to convert the note into common, removing secured debt overhang .
Compensation Structure Analysis
- Increased at-risk cash: Target bonus increased from 40% to 55% for 2024 and remained at 55% for 2025; 2024 payout achieved 100% of target (based on corporate goals) .
- Equity emphasis: Significant 2024 and 2025 option grants with multi-year vesting (4-year and 2-year schedules) align incentives to medium-term value creation but can contribute to periodic sellable supply as options vest .
- Governance controls: Clawback policy (restatement-based, no-fault) and strict anti-hedging/pledging trading policy strengthen alignment and risk control .
- Consultant oversight: Compensation Committee engaged Aon for peer benchmarking and program design; CEO excluded from decisions on his own pay .
Related Party / Governance Context
- Concentrated ownership context (board-level, not specific to Connelly): A single insider holder (GKCC, LLC, controlled by director Y. Chudnovsky) participated in financing rounds and, upon full exercise of pre-funded and common warrants and full conversion of the 2024 note (without beneficial ownership limits), could hold a majority position (illustrative 51.98% at 9/11/2024 basis), which can influence governance and strategic outcomes .
- All related-party financings were disclosed and approved per policy; registration rights and standard terms summarized in the proxy .
Director Compensation (for board service)
- As an employee director, Connelly does not receive non-employee director fees; non-employee director retainers/option grants are outlined in the proxy and administered by the independent Compensation Committee .
Investment Implications
- Alignment: CEO’s cash pay is meaningfully at-risk (55% target bonus) and equity awards are substantial with multi-year vesting; anti-hedging/pledging and clawback policies are positive for alignment. However, his direct beneficial ownership is modest (1.5%), which may temper “skin in the game” optics absent future open-market accumulation .
- Retention risk: Severance terms are competitive (12 months salary; 18 months base+target bonus on CIC with full acceleration) and should mitigate unwanted turnover; two sizable 2024/2025 grants create retention hooks through 2026–2029 .
- Trading/supply watch: The 2-year (Sep 2024) and 4-year (Feb 2024/Feb 2025) option schedules produce predictable vesting that could add periodic sellable supply; monitor 10b5-1 plans/Form 4 activity and blackout windows around catalysts .
- Governance: Independent Chair and committee independence mitigate dual-role risks; nonetheless, the broader ownership structure includes a potentially controlling insider (not Connelly), which can shape capital allocation and strategic path—important context for governance-sensitive investors .
- Execution: Near-term value hinges on AMPLIFY-7P DFS readout timing and magnitude; Connelly’s execution track record in fundraising and trial advancement will be critical to sustaining runway and negotiating potential partnerships .
All data are sourced from Elicio’s 2025 and 2024 DEF 14A proxy statements and the 2024 Form 10-K. Specific citations appear in brackets.