Dr. Anthony T. Cheung
About Dr. Anthony T. Cheung
Co‑founder of enGene and current Chief Scientific Officer (since October 21, 2024), Dr. Cheung is age 54 as of May 9, 2025, with prior roles spanning CTO (2023–2024), CEO/President (multiple periods), and CSO (2004–2011) at enGene/enGene Inc. . He holds a B.Sc. from the University of British Columbia and a Ph.D. in Physiology from Tulane University School of Medicine; he is a named inventor on numerous patents in gene therapy and polymer chemistry and co‑authored multiple scientific publications . The company did not disclose individual TSR, revenue, or EBITDA performance metrics attributable to Dr. Cheung; annual executive cash incentives reference company‑level operational goals (clinical, manufacturing, financing, organization/brand) rather than individual TSR/financial metrics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| enGene / enGene Inc. | Chief Scientific Officer | Oct 21, 2024 – present | Drives platform and pipeline science; co‑founder with deep IP history in DDX platform and creation of lead asset detalimogene |
| enGene | Chief Technology Officer | Aug 7, 2023 – Oct 21, 2024 | Led CMC/technology during late‑stage development transition |
| enGene Inc. | Chief Technology Officer | Jul 2018 – Aug 2023 | Oversaw technology for legacy private entity |
| enGene Inc. | President & Chief Executive Officer | Feb 2013 – Jul 2018 | Led company strategy and execution pre‑combination |
| enGene Inc. | Interim Chief Executive Officer | May 2011 – Feb 2013 | Executive transition leadership |
| enGene Inc. | Chief Scientific Officer | Mar 2004 – May 2011 | Built scientific foundation and early programs |
| enGene Inc. | Corporate Secretary | Nov 1999 – Feb 2015 | Governance/administrative oversight in early growth |
| enGene Inc. | President & Chief Executive Officer | Nov 1999 – Mar 2004 | Founding CEO; company formation and initial strategy |
External Roles
- Not disclosed for Dr. Cheung in the company’s filings reviewed .
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | USD $450,000 annual base salary under Amended & Restated Employment Agreement effective Oct 21, 2024 (Quebec‑law agreement) . |
| Target Annual Bonus | 40% of base salary; bonus contingent on individual and corporate performance goals set by the Compensation Committee; paid after year‑end consistent with executive program . |
| Benefits/Vacation | Eligible for company health, life, LTD, retirement/welfare plans; 25 days paid annual vacation; expense reimbursement per policy . |
Performance Compensation
| Instrument | Metric Framework | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus | Company‑level operational goals (clinical development of detalimogene (DDX platform), potential indications, manufacturing, financing, organization/brand); plus individual goals per agreement | Not disclosed | 40% of base salary | Not disclosed for Dr. Cheung (NEO payouts disclosed for other execs only) | N/A |
| Equity Awards (eligibility) | Eligible under Amended & Restated 2023 Incentive Equity Plan; annual equity target benchmarked (Pay Governance mid‑point) | N/A | Committee‑set | Not disclosed for new grants to Dr. Cheung | Company standard: stock options generally 10‑year term; typical vest 25% at year 1 then monthly over 3 years (as described for 2024 NEO option grants) |
Additional policies affecting incentives:
- Clawback: Board adopted a clawback policy November 22, 2023 consistent with Nasdaq Listing Rule 5608; all grants subject to applicable clawbacks/recoupment .
- Equity grant timing controls and plan governance detailed in proxy (no option grants around MNPI events; grants only when not in possession of MNPI) .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Total Beneficial Ownership (post‑Business Combination snapshot) | 535,442 shares (2.3%) immediately following the October 31, 2023 closing; comprised of 49,933 common shares and 485,509 options exercisable within 60 days of the date referenced . |
| Ownership as % of shares outstanding | 2.3% immediately post‑close (see above) . |
| Vested vs Unvested | Not fully itemized for Dr. Cheung beyond “exercisable within 60 days” count in 2023 snapshot; 2024 outstanding award table did not include Dr. Cheung (he was not a 2024 NEO) . |
| Pledging/Hedging | Insider Trading Policy prohibits hedging (short sales, derivatives) and discourages pledging/margin; blackout windows apply; 10b5‑1 plans permitted . |
| Stock Ownership Guidelines | Not disclosed for executives in reviewed documents. |
Employment Terms
| Term | Cheung Agreement (CSO, effective Oct 21, 2024) |
|---|---|
| Agreement Term | Indeterminate (at‑will under Quebec law terms for termination/notice) . |
| Severance (no CIC) | If terminated without “Serious Reason” or resigns for “Good Reason,” subject to release: 18 months base salary continuation; continued health benefits during that period; pro‑rated target bonus if termination occurs ≥6 months into performance period; time‑based equity vests to cover what would vest over the 18‑month indemnity term; performance‑based equity per award terms . |
| Change‑in‑Control (CIC) | Double‑trigger CIC Termination (during 90 days before to 12 months after a Change in Control): 18 months base salary; target bonus; continued benefits; full acceleration of time‑based equity; performance‑based per terms . |
| Good Reason / Cause Standards | “Good Reason” includes material diminution of authority/duties, specified relocations, material pay cut, or material breach, with notice/cure periods; “Serious Reason” definition includes misconduct, fraud/theft, willful nonperformance, code breaches, adverse acts, and Quebec Civil Code serious reason . |
| Non‑Compete | 18 months post‑termination, U.S. and Canada, covering gene therapy businesses under active discovery/development/commercialization at enGene (Programs/Pipeline) . |
| Non‑Solicit (Personnel/Customers) | In effect during Restriction Period; personnel solicitation barred; customer solicitation restricted as specified . |
| Governing Law | Province of Québec and federal laws of Canada . |
| Indemnification | Company has entered into indemnification agreements with each director and certain executive officers; D&O indemnification framework disclosed in proxy . |
| Clawback Applicability | Company‑wide clawback policy applies to incentive‑based compensation . |
Performance & Track Record
- Scientific leadership: Central to discovery/development of enGene’s proprietary Dually Derivatized Oligochitosan (DDX) platform and creation of lead product detalimogene; named inventor on numerous patents; multiple publications .
- Company context: 2024/2025 corporate performance goals for bonuses focused on detalimogene clinical progress, manufacturing, financing, and organizational scale‑up .
Compensation Committee Analysis
- Committee/peer framework: Annual equity target levels are benchmarked based on mid‑point of independent consultant (Pay Governance) analysis; awards under the Amended & Restated 2023 Incentive Equity Plan .
- Board committees/composition: Compensation Committee chaired by Gerald Brunk; other members include Paul Hastings and Wouter Joustra (as of May 9, 2025) .
Investment Implications
- Alignment: Meaningful historical beneficial ownership (2.3% post‑combination) aligns incentives, though updated 2025 holdings for Dr. Cheung were not itemized among NEO/director tables; company‑wide clawback and anti‑hedging policies reinforce alignment .
- Retention/transition risk: Robust double‑trigger CIC and 18‑month salary/benefit protections plus 18‑month non‑compete suggest high retention costs and controlled post‑employment competition risk; equity acceleration on CIC termination may create event‑driven incentives .
- Selling pressure: Lack of disclosed 2024/2025 individual vesting schedules for Dr. Cheung limits visibility on upcoming unlocks; however, historical option overhang (485,509 options exercisable within 60 days as of late‑2023) indicates potential liquidity windows subject to blackouts/10b5‑1 plans; pledging discouraged .
- Pay‑for‑performance: Cash incentives tied to operational milestones (clinical/manufacturing/financing) align with value drivers in a late‑stage biotech; no TSR‑based metrics disclosed, and weighting/targets for Dr. Cheung’s bonus not provided .