Daniel M. Bradbury
EquilliumAbout Daniel M. Bradbury
Daniel M. Bradbury, 63, is Executive Chairman of Equillium and has served on the Board since March 2017; he previously served as CEO (June 2018–December 2019) and President (March 2017–June 2018), and co-founded Equillium . He holds a Bachelor of Pharmacy from Nottingham University and a Diploma in Management Studies from Harrow and Ealing Colleges of Higher Education (UK) . He is not independent due to his current employment, and he chairs the Board; the Board has no lead independent director .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Equillium, Inc. | Executive Chairman | Jan 2020–present | Board Chair; facilitates information flow between Board and management |
| Equillium, Inc. | Chief Executive Officer | Jun 2018–Dec 2019 | Led company operations |
| Equillium, Inc. | President | Mar 2017–Jun 2018 | Co-founder; early-stage leadership |
| Amylin Pharmaceuticals, Inc. | President, CEO, Director | Mar 2007–Aug 2012 | Led public biopharma until acquisition by BMS |
| BioBrit, LLC | Founder & Managing Member | Sep 2012–present | Life-science consulting/investment firm |
External Roles
| Organization | Role | Tenure | Committee Roles |
|---|---|---|---|
| Castle Biosciences, Inc. | Director; Chairman of the Board | Jul 2019–present | Compensation Committee member |
| Biocon Biologics Ltd. | Director | Jan 2019–present | Audit Committee member |
| Vivani Medical, Inc. | Director | Mar 2024–present | Audit Committee member |
| Prior: Intercept Pharmaceuticals, Inc. | Director | 2016–2023 | — |
| Prior: Biocon Ltd. | Director | 2013–2022 | — |
| Prior: Corcept Therapeutics Inc. | Director | 2012–2019 | — |
| Prior: Geron Corporation | Director | 2012–2019 | — |
| Prior: Illumina, Inc. | Director | 2004–2017 | — |
| Prior: Panacea Acquisition Corp. | Director | 2020–2021 | — |
Board Governance
- Independence: Not independent due to current employment; Board majority is independent (Demski, Manian, McDermott, Pruzanski, Troupin), but Bradbury, Connelly, Steel are not; Colabuono preliminarily not independent due to Decheng affiliation .
- Board leadership: Chaired by Executive Chairman Bradbury; no lead independent director .
- Committees: Bradbury serves on none; Board committees are Audit, Compensation, and Nominating & Corporate Governance .
- Meetings/attendance: Board met six times and acted by unanimous written consent three times in 2024; all directors attended at least 75% of the aggregate Board and committee meetings on which they served .
- Executive sessions: Independent directors hold regular executive sessions at Board and committee meetings .
Fixed Compensation
| Year | Role | Cash (Salary/Fees, $) | Notes |
|---|---|---|---|
| 2024 | Executive Chairman | 164,000 | Bradbury is compensated as an employee; does not receive non-employee director policy compensation |
- Non-employee director compensation policy (context for the Board): annual cash retainer $42,000; chair of Board additional $20,000; committee member retainers $10,000 (Audit), $7,500 (Comp), $5,000 (Nominating), and chair retainers $20,000 (Audit), $15,000 (Comp), $10,000 (Nominating); initial option 40,000 shares vesting over 3 years; annual option 20,000 shares vesting over 1 year; full vesting on change-in-control; 10-year term; post-termination exercise period 12 months (non-cause) . Bradbury does not participate in this policy .
Performance Compensation
| Grant Date | Instrument | Quantity (shares) | Exercise Price ($/sh) | Vesting | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| Jan 2, 2024 | Stock Option | 50,000 | 0.7343 | 25% on 1st anniversary; balance in ~equal monthly installments over next 36 months | 25,982 (2024 option awards table) |
- As of Dec 31, 2024, Bradbury had 328,708 shares subject to outstanding options .
- Company compensation practices: clawback policy maintained; bonuses dependent on corporate objectives; no excise tax/gross-up; no single-trigger change-in-control benefits; no hedging or pledging; no guaranteed bonuses/base increases .
- Plan administration red flag: the Amended 2018 Equity Incentive Plan allows option/SAR repricing or substitution without stockholder approval (with participant consent), which can be shareholder-unfriendly if misused .
Other Directorships & Interlocks
| Company | Relationship to EQ/Board | Interlock/Conflict Notes |
|---|---|---|
| Decheng-affiliated Ariagen transaction | EQ acquired Ariagen; >92% owned by Decheng; potential milestones up to $55.0M (≈$50.6M to Decheng affiliates); board member Colabuono is Decheng managing director; former director Xu is Decheng partner | Board-level related-party exposure; Colabuono preliminarily not independent; oversight via related-person policy and Audit Committee |
| Bradbury’s external boards (Castle, Vivani, Biocon Biologics) | No EQ-related transactions disclosed | No direct related-party transactions disclosed involving Bradbury |
Expertise & Qualifications
- Former CEO and founder roles at EQ; prior CEO of Amylin; extensive executive and board experience across biopharma and diagnostics .
- Committee expertise externally: compensation (Castle) and audit (Biocon Biologics, Vivani) .
- Education: Pharmacy degree and management studies credentials .
Equity Ownership
| Holder/Vehicle | Shares (#) | Notes |
|---|---|---|
| Total beneficial ownership (Bradbury) | 3,978,618 | 11.1% of outstanding shares (35,719,317 as of Apr 1, 2025) |
| BioBrit LLC | 1,838,688 | Bradbury is managing member |
| Bradbury Family 2009 Irrevocable Trust | 742,399 | — |
| Annette E. & Daniel M. Bradbury Irrevocable Descendant’s Trust (Annette trustee) | 565,454 | — |
| Annette E. & Daniel M. Bradbury Irrevocable Descendant’s Trust (Daniel trustee) | 565,454 | — |
| Options exercisable within 60 days (included in beneficial) | 266,623 | Included per SEC rules |
- Company policy prohibits hedging or pledging of company stock (alignment positive) .
- No disclosure of shares pledged as collateral for Bradbury .
Governance Assessment
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Strengths:
- Deep operating and board experience; external committee expertise in audit and compensation supports governance quality .
- High ownership (11.1%) aligns interests with shareholders; hedging/pledging prohibited; clawback policy in place .
- Regular independent executive sessions and majority-independent Board .
-
Concerns / RED FLAGS:
- Not independent and serves as Board Chair; absence of a lead independent director reduces independent oversight of management .
- Plan permits option/SAR repricing without shareholder approval, a potential shareholder-unfriendly practice if exercised imprudently .
- Board-level related-party exposure via Decheng (Ariagen acquisition), with a current director affiliated; requires vigilant Audit Committee oversight and recusals .
-
Engagement & Attendance: Board met 6 times; all directors ≥75% attendance—no attendance red flags disclosed for Bradbury .
-
Compensation Alignment:
- Modest Executive Chairman salary ($164k) plus time-based options; no 2024 bonus disclosed for Bradbury; options vest over 4 years, supporting long-term orientation .
- Bradbury does not participate in non-employee director compensation policy, avoiding double-dipping .
Overall, Bradbury brings substantial sector leadership and aligned ownership but his non-independent Board chair role and plan repricing flexibility warrant attention; independent director leadership and continued rigorous related-party oversight would bolster investor confidence .