David Parkinson
About David R. Parkinson
David R. Parkinson is President, Chief Executive Officer, and Director of ESSA Pharma Inc. (EPIX), serving as CEO since January 7, 2016 and Director since June 24, 2015 . He holds an M.D. from the University of Toronto, has held academic positions at Tufts and MD Anderson, and previously led oncology development at Biogen, Amgen, and Novartis with oversight of therapeutics including Gleevec, Zometa, Femara, and Vectibix . Company pay-versus-performance data show TSR value of a $100 investment at $21.80 (FY2022), $37.01 (FY2023), and $72.57 (FY2024); net income was $(35.1)M, $(26.6)M, and $(28.5)M respectively . He beneficially owns 2,260,494 shares including options exercisable within 60 days, representing 5.1% of shares outstanding (44,388,550) as of January 8, 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ESSA Pharma Inc. | President & CEO | Jan 7, 2016–Present | Leads strategy, clinical development, and organizational execution |
| ESSA Pharma Inc. | Director | Jun 24, 2015–Present | Board oversight and stewardship |
| CTI BioPharma Corp. | Director | Jun 2017–Jun 2023 | Industry oversight and governance |
| Tocagen Inc. | Director | May 2015–Feb 2020 | Governance through development stage |
| 3SBio Inc. | Director | May 2015–Jun 2021 | Governance of oncology biotech |
External Roles
| Organization | Role | Years | Committee/Notes |
|---|---|---|---|
| Angiocrine Bioscience Inc. (private) | Director | Current | Private company board |
| CTI BioPharma Corp. | Director | Jun 2017–Jun 2023 | — |
| Tocagen Inc. | Director | May 2015–Feb 2020 | — |
| 3SBio Inc. | Director | May 2015–Jun 2021 | — |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | 577,639 | 601,855 |
| Actual Bonus Paid ($) | 236,513 | 292,163 |
| Option Award Fair Value ($) | — | 3,163,219 |
| All Other ($) | — | — |
| Total ($) | 813,881 | 4,057,237 |
| Target Bonus % of Salary | Up to 50% | Up to 50% |
Performance Compensation
| Component | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Annual Cash Bonus (FY2024) | Not disclosed | Up to 50% of base salary | $292,163 cash | N/A |
| Stock Options (Grant 25-Mar-2024) | N/A | 350,000 options @ $9.04 | Grant-date FV included in $3,163,219 (FY2024 total options FV) | 25% after 12 months; remaining 75% in 36 equal monthly installments |
| Equity Philosophy | N/A | Align interests; attract/retain talent | Options and RSUs as key elements | Anti-hedging; no margin, short selling, puts/calls |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 2,260,494 shares (65,765 common shares + 2,194,729 options exercisable within 60 days) |
| Ownership % of Outstanding | 5.1% of 44,388,550 shares outstanding (as of Jan 8, 2025) |
| Vested vs Unvested | 2,194,729 options exercisable within 60 days (vested/near-vested); unvested reflected in outstanding awards below |
| Hedging/Pledging Policy | Hedging and speculative trades prohibited; buying on margin, shorting, puts/calls disallowed |
| Option Exercises FY2024 | None by Parkinson (one NEO, Virsik, exercised 75,000 under 10b5-1) |
Selected Outstanding Option Awards (FY2024 year-end)
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| 11-Dec-2020 | 500,528 | 33,369 | 7.00 | 11-Dec-2030 |
| 29-Jun-2022 | 125,156 | 97,344 | 3.60 | 29-Jun-2032 |
| 25-Mar-2024 | — | 350,000 | 9.04 | 25-Mar-2034 |
| 04-Oct-2019 | 1,028,530 | — | 3.23 | 04-Oct-2029 |
| 07-Oct-2019 | 171,470 | — | 3.23 | 07-Oct-2029 |
Employment Terms
| Term | Detail |
|---|---|
| CEO Employment Start | January 7, 2016 |
| Severance Plan (adopted 2024) | Cash severance ranging from 1.0x–1.5x base salary; CEO includes target bonus; larger multiple if termination in connection with change-of-control; benefits continuation; subject to release |
| Legacy Agreements | Immediate vesting of all stock options upon a change-of-control event |
| Covenants | Confidentiality, ownership of developments, non-competition and non-solicitation included in employment agreements |
Board Governance
- Board service: Director since June 2015; not independent given CEO role .
- Board leadership: Independent Chairman (Richard M. Glickman); separation of Chair/CEO; independent director executive sessions .
- Committees: Audit, Compensation, Corporate Governance & Nomination exist; Parkinson is not listed as a member of these committees .
- Attendance: 4 of 4 board meetings in FY2024 .
- Director compensation: Employee directors receive no additional board compensation .
Director Compensation Context (Board-wide, for dilution/overhang awareness)
| Plan Category | Securities to be issued on exercise (as of Sep 30, 2024) | Wtd-avg exercise price ($) | Securities remaining available |
|---|---|---|---|
| Equity compensation plans approved by securityholders | 9,212,274 | 5.48 | 1,598,633 |
| ESPP (2020) | — | — | 192,142 |
| Total | 9,212,274 | 5.48 | 1,790,775 |
Pay Versus Performance (Company-level)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| PEO “Compensation Actually Paid” ($) | (2,144,758) | 1,659,729 | 3,580,777 |
| Avg “Compensation Actually Paid” to Non-PEO NEOs ($) | (802,142) | 996,212 | 1,779,244 |
| Value of $100 investment (TSR) ($) | 21.80 | 37.01 | 72.57 |
| Net Income ($ millions) | (35.1) | (26.6) | (28.5) |
Risk Indicators & Red Flags
- Anti-hedging/insider trading policy prohibits margin purchases, short selling, calls/puts; mitigates misalignment risk .
- Section 16(a) compliance: Multiple directors and executives (including Parkinson) had late Form 4 filings; Parkinson filed two late Form 4s in FY2023, indicating administrative risk but not material misconduct .
- Related party transactions: None material disclosed since Oct 1, 2023; related party transaction policy requires corporate governance committee approval .
- Governance: Independent chair and majority independent board; CEO is not independent .
- Change-of-control: Immediate option vesting and enhanced severance may incentivize transaction support .
Additional Biographical Credentials
- FDA Cody Medal recipient; >100 peer-reviewed publications; prior leadership at National Cancer Institute (Chief of Investigational Drug Branch; acting Associate Director of the Cancer Therapy Evaluation Program) .
Investment Implications
- Alignment: Parkinson’s 5.1% beneficial stake and large vested option position create strong equity linkage; anti-hedging policy further aligns incentives .
- Overhang/vesting pressure: Significant outstanding options including a 350,000 grant in Mar-2024 at $9.04 with standard four-year vesting may create periodic selling pressure on vest dates; immediate vesting on change-of-control increases deal incentive .
- Pay-performance sensitivity: CAP increased meaningfully in FY2024 alongside improved TSR, despite continued negative net income; equity-heavy pay shifts risk to long-term value creation milestones .
- Retention/Severance: 1.0x–1.5x cash severance (CEO includes target bonus) and benefits continuation reduce retention risk during strategic transitions; however, enhanced change-of-control economics could bias toward transactions .
- Governance quality: Independent chair and committee oversight mitigate dual-role concerns (CEO + Director); Parkinson is not on key committees and had full attendance (4/4) in FY2024 .