Helen Collins
About Helen Collins
Helen Collins, M.D., is Enliven Therapeutics’ Chief Medical Officer (CMO). She has served as CMO of Former Enliven since July 2021 and became CMO of Enliven Therapeutics at the merger close on February 23, 2023; she is 62 years old and holds an A.B. in Chemistry (Bryn Mawr College) and an M.D. (Johns Hopkins University School of Medicine) . Enliven is a clinical-stage, pre-revenue company; in FY 2024 it reported a net loss of $89.0 million with R&D of $80.8 million and G&A of $23.8 million, and ended 2024 with $313.4 million in cash, cash equivalents and marketable securities (runway into mid‑2027), framing the performance environment for management incentives .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Five Prime Therapeutics (acquired by Amgen) | Executive Vice President | Aug 2019–Apr 2021 | Company was acquired by Amgen; senior leadership role through transaction . |
| Five Prime Therapeutics | Chief Medical Officer | Mar 2017–Apr 2021 | Led clinical development in oncology/immunology . |
| Five Prime Therapeutics | Senior Vice President | Mar 2017–Aug 2019 | Clinical leadership . |
| Five Prime Therapeutics | Vice President, Clinical Development | Jun 2016–Mar 2017 | Clinical leadership . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Kura Oncology, Inc. | Director | Current | Public company board service . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base salary ($) | 479,011 | 495,000 |
| Target bonus (% of base) | 40% | 40% |
| Actual annual bonus ($) | 204,600 (paid 2024) | 237,600 (paid 2025) |
| All other compensation ($) | 2,000 (401(k) match) | 13,800 (401(k) match) |
| 2025 adjustments | — | Base increased to $523,000; target bonus remains 40% (approved Jan 2025) |
Performance Compensation
Annual cash incentive outcomes
| Plan year | Performance metrics | Weighting | Payout vs target | Notes |
|---|---|---|---|---|
| 2023 | Clinical Development; Pipeline; Corporate & Strategic | Not disclosed | 110% | Target opportunity = 40% of base salary . |
| 2024 | Clinical Development; Pipeline; Corporate & Strategic | Not disclosed | 120% | Target opportunity = 40% of base salary; actual bonus paid shown above . |
Equity awards and vesting schedule (options)
| Grant (year) | Type | Shares | Exercise price ($) | Expiration | Vesting schedule | Status at 12/31/2024 |
|---|---|---|---|---|---|---|
| 2021 (Former Enliven 2019 Plan; repriced 8/9/2022) | Stock options | 266,268 (exercisable + unexercisable shown) | 2.48 (repriced from 4.68 on 8/9/2022) | 6/16/2031 | 25% vested 6/17/2022; remainder in 36 equal monthly installments | 230,382 exercisable; 35,886 unexercisable |
| 2023 | Stock options | 206,000 | 22.75 | 4/4/2033 | 25% vested 2/23/2024; remainder in 36 equal monthly installments | 94,416 exercisable; 111,584 unexercisable |
| 2024 | Stock options | 185,000 | 14.85 | 2/13/2034 | 25% vested 2/13/2025; remainder in 36 equal monthly installments | 0 exercisable; 185,000 unexercisable |
Repricing note: on August 9, 2022, the board amended the exercise price of all outstanding/unexercised options with exercise price >$2.48 to $2.48; no other terms changed (affecting Dr. Collins’ 2021 grant) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (3/31/2025) | 433,974 shares subject to options exercisable within 60 days; beneficial ownership <1% of outstanding shares . |
| Vested vs unvested (12/31/2024) | Per-grant breakdown above; significant unvested tranches vesting monthly through 2027 . |
| Pledging/hedging | Company policy prohibits pledging company securities and prohibits hedging/derivative transactions by insiders . |
| Ownership guidelines | Not disclosed in proxy. |
Employment Terms
- Employment status: Amended and restated confirmatory employment letter; at-will employment .
- Current compensation targets: As of January 2025, base salary $523,000; target bonus 40% of base salary .
- Clawback: Company adopted a compensation recovery policy (Aug 2023) compliant with SEC/Nasdaq, requiring recovery of excess incentive-based compensation upon an accounting restatement from covered “officers” under Rule 16a‑1(f) .
- Change-in-control (CIC) and severance (key terms):
- Double-trigger CIC (within 3 months prior or 12 months post-CIC): lump sum of 12 months base salary and 100% of annual target bonus; up to 12 months COBRA premiums; 100% acceleration of unvested equity (performance awards at target unless otherwise specified) .
- Non‑CIC termination without cause / resignation for good reason: salary continuation for 9 months; up to 9 months COBRA premiums .
- 280G treatment: best net after-tax approach (no tax gross-up) .
Severance economics summary
| Trigger | Cash severance | COBRA premium payments | Equity treatment |
|---|---|---|---|
| CIC + qualifying termination | 12 months base + 100% of annual target bonus (lump sum) | Up to 12 months | 100% acceleration; performance at target unless specified |
| Non‑CIC qualifying termination | 9 months base (continuation) | Up to 9 months | No acceleration (unless otherwise provided) |
Compensation Structure Analysis
- Mix and trajectory: Year-over-year, option grant fair value decreased (2023: $3.38M; 2024: $2.03M) while cash bonus moved up with above-target achievement, modestly shifting mix toward cash in 2024 vs 2023 .
- Incentive calibration: Annual cash plan paid 110% of target in 2023 and 120% in 2024 on clinical/pipeline/corporate milestones, indicating stretch but attainable goals aligned to development progress .
- Option repricing: 2022 repricing of underwater options to $2.48 (including Dr. Collins’ 2021 grant) is a governance watchpoint; no other terms were modified .
Performance & Track Record Context
- Company progress (relevant to CMO remit): ELVN-001 advanced with positive initial Phase 1 data; additional data expected mid‑2025; ELVN-002 Phase 1 programs continued with data expected 2H25 .
- Financial context: FY 2024 net loss $89.0M; cash/marketable securities $313.4M at year-end with runway into mid‑2027 .
Investment Implications
- Alignment and retention: Heavy use of multi-year, time-based stock options with significant unvested overhang through 2027 ties retention to clinical execution and share price; double-trigger CIC with 100% acceleration protects continuity but can reduce post-CIC retention incentives .
- Near-term selling pressure: A 2024 grant vests 25% on 2/13/2025 with monthly vesting thereafter; together with earlier 2023 grants vesting monthly, this creates periodic liquidity opportunities subject to trading windows and insider policy—monitor Form 4 filings around these dates for potential supply .
- Governance risk checks: Prohibition on pledging/hedging and adoption of a clawback policy strengthen alignment and reduce downside governance risk; prior 2022 option repricing remains a historical red flag to monitor for precedent .
- Pay-for-performance readthrough: Above-target bonus outcomes (110%/120%) tied to clinical and corporate goals suggest the committee is rewarding execution momentum rather than financial metrics in this pre-revenue stage, consistent with biotech norms .
All data reflects disclosures in Enliven Therapeutics, Inc. SEC filings as cited above.