Joseph Lyssikatos
About Joseph Lyssikatos
Joseph P. Lyssikatos, Ph.D., age 60, is Chief Scientific Officer (CSO) of Enliven Therapeutics (ELVN) and a co‑founder of Former Enliven; he has served as CSO since the closing of the merger on February 23, 2023 and previously sat on ELVN’s board until his term ended in June 2024 . He holds a B.S. in Chemistry from the College of William and Mary and a Ph.D. in Chemistry from UC Berkeley, and his prior technical leadership spans Stemcentrx/AbbVie, Denali Therapeutics, Biogen, Genentech, and Array Biopharma . ELVN is a clinical-stage, pre‑revenue biotech that has “not generated any revenue to date,” reporting net losses of $71.6M (FY23) and $89.0M (FY24), so pay-for-performance is anchored to corporate objectives (clinical, pipeline, strategic) rather than financial metrics like revenue or EBITDA .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Stemcentrx (AbbVie subsidiary) | Executive Director of Discovery; Head of Oncology ADC Technologies | Mar 2017 – Jun 2019 | Led antibody-drug conjugate oncology platform buildout and discovery leadership |
| Denali Therapeutics | Denali Fellow | Nov 2015 – Mar 2017 | Advanced neurodegenerative pipeline insights and platform collaboration |
| Biogen | VP Medicinal Chemistry and DMPK | Jun 2014 – Nov 2015 | Directed medicinal chemistry and DMPK across neurology programs |
| AbbVie | Executive Director | Not disclosed | Executive leadership in drug discovery portfolios |
| Genentech | Staff Scientist | Not disclosed | Foundational research contributions in large-cap biotech |
| Array Biopharma | Senior Director | Not disclosed | Advanced small-molecule discovery and leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No public company board roles disclosed outside ELVN; Lyssikatos served on ELVN’s board until June 2024 . |
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 (current) |
|---|---|---|---|
| Base Salary ($) | $436,502 | $470,000 | $486,450 (approved Jan 2025) |
| Target Bonus (% of Salary) | 40% | 40% | 40% |
| Bonus Payout (% of Target) | 110% (approved Jan 2024) | 120% (approved Jan 2025) | Not disclosed |
| Actual Bonus Paid ($) | $193,600 | $225,600 | Not disclosed |
| All Other Compensation ($) | $2,000 | $13,800 (401k match) | Not disclosed |
Performance Compensation
Annual Bonus Plan (non‑equity incentive)
| Year | Performance Metrics | Target (% of Salary) | Payout (% of Target) | Actual ($) | Vesting |
|---|---|---|---|---|---|
| 2022 | Clinical, Pipeline, Financing, Strategy, Org/Talent goals | Not explicitly disclosed | 97.5% | Not provided | Annual cash, paid subsequent year |
| 2023 | Clinical Development, Pipeline, Corporate/Strategic goals | 40% | 110% | $193,600 | Annual cash, paid 2024 |
| 2024 | Clinical Development, Pipeline, Corporate/Strategic goals | 40% | 120% | $225,600 | Annual cash, paid 2025 |
Notes:
- The company does not disclose metric weightings or specific numeric targets; it states executives must meet “challenging goals” selected by the board .
Equity Awards (options)
Outstanding equity awards held as of December 31, 2024 (post‑Merger, post‑Reverse Split basis):
| Grant (Plan / Footnote) | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| Former Enliven 2019 Plan (2010 option) | 206,550 | — | 1.12 | 6/15/2030 |
| Former Enliven 2019 Plan (2021 option repriced 8/9/2022) | 88,531 | — | 2.48 | 3/24/2031 |
| Company Option (time-based; 25% vested 2/23/2024; remainder monthly over 36 months) | 94,416 | 111,584 | 22.75 | 4/4/2033 |
| Company Option (time-based; 25% vested 2/13/2025; remainder monthly over 36 months) | — | 185,000 | 14.85 | 2/13/2034 |
Additional equity plan context:
- The company repriced all outstanding and unexercised stock options with exercise price per share >$2.48 to $2.48 on August 9, 2022; no other terms changed .
- As of March 31, 2025, Lyssikatos had 468,768 options exercisable within 60 days .
Equity Ownership & Alignment
| Measure | Value |
|---|---|
| Beneficial ownership (Mar 31, 2025) | 1,471,456 shares; 3.0% of outstanding |
| Composition | 1,002,688 shares held by The Lyssikatos Revocable Trust; 468,768 options exercisable within 60 days |
| Beneficial ownership history | Mar 1, 2023: 1,427,089 (3.5%) ; Mar 8/Apr 8, 2024: 1,517,580 (3.2%) ; Mar 31, 2025: 1,471,456 (3.0%) |
| Hedging/Pledging | Prohibited under Insider Trading Policy (hedging and pledging barred) |
| Clawback | Compensation recovery policy adopted Aug 2023 per SEC/Nasdaq rules (accounting restatement clawback) |
| Ownership guidelines | Not disclosed |
| Director compensation for Lyssikatos | No additional board compensation while CSO; served on board until June 2024 |
Employment Terms
| Term | Detail |
|---|---|
| Employment letter | Amended and restated confirmatory employment letter; at‑will; current base salary $486,450 (approved Jan 2025); target bonus 40% |
| Severance outside change‑in‑control window | 9 months base salary continuation; up to 9 months COBRA premiums (12 months for CEO; CSO specifics shown here) |
| Double‑trigger change‑in‑control (CIC) | If terminated without cause or resigns for good reason within 3 months prior to or 12 months following CIC: lump sum 12 months base salary + 100% target bonus; up to 12 months COBRA; 100% acceleration of unvested equity; performance awards vest at target unless award agreement provides otherwise |
| 280G treatment | “Best net” approach (cutback vs. full pay to maximize after‑tax benefit) |
| Non‑compete / non‑solicit | Not disclosed |
| Garden leave / consulting | Not disclosed |
Investment Implications
- Pay-for-performance structure: Cash bonuses are formula‑based against clinical/pipeline/corporate goals, with above‑target payouts of 110% (FY23) and 120% (FY24), indicating execution confidence; no financial (revenue/EBITDA) targets given the pre‑revenue status .
- Equity alignment with retention cadence: Large option tranches vest 25% then monthly over 36 months (grants expiring 2033 and 2034), creating steady potential supply as awards vest; 468,768 options were exercisable within 60 days as of March 31, 2025, implying ongoing exercisability and potential selling pressure signals to monitor .
- Red flags and governance: A broad option repricing in August 2022 reduced exercise prices to $2.48 across outstanding options—this is shareholder‑unfriendly in many contexts; however, hedging and pledging are prohibited, and a clawback policy is in force, which partially mitigates governance risk .
- Retention and change‑of‑control: CIC terms include 12 months of salary and 100% of target bonus plus full equity acceleration (double‑trigger), supporting senior talent retention but increasing deal‑contingent dilution; outside CIC window severance is 9 months salary with COBRA, a moderate protection level .
- Ownership trend: Beneficial ownership held broadly stable at ~3.0–3.5% since 2023; composition includes a significant trust position plus sizable exercisable options—aligns incentives but warrants monitoring against insider Form 4 activity for timing and size of exercises/sales .
Quoted sources: .