Lucy Lu, M.D.
Fortress BiotechAbout Lucy Lu, M.D.
Lucy Lu, M.D., is Chief Strategy Officer (CSO) of Fortress Biotech (FBIO) effective April 21, 2025, after resigning from the Board on April 15, 2025; the company stated her resignation was not due to any disagreement with Fortress on operations, policies or practices . She previously served on FBIO’s Board from December 2022 to April 2025, was FBIO’s EVP & CFO (Feb 2012–Jun 2017) and CEO of FBIO subsidiary Avenue Therapeutics (Jul 2017–Mar 2022) . Education: M.D. (NYU School of Medicine), MBA (NYU Stern), B.A. (University of Tennessee) . Age: 49 as disclosed in the 2024 proxy . Company-level executive bonus payouts were not made for 2024 and no Lucy-specific performance payout metrics were disclosed as of the latest filings; FBIO’s LTIP design primarily applies to the CEO and Executive Vice Chairman, not to Dr. Lu .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Fortress Biotech, Inc. | EVP & CFO | Feb 2012 – Jun 2017 | Finance leadership during growth of FBIO’s partner/subsidiary model . |
| Avenue Therapeutics, Inc. (FBIO subsidiary) | President & CEO | Jul 2017 – Mar 2022 | Led development including two successful Phase 3 studies; led Nasdaq IPO; co-invented U.S. patents for IV tramadol . |
| Citigroup Investment Research | Senior Biotechnology Equity Analyst | Feb 2007 – Jan 2012 | Sell-side coverage; healthcare/biotech capital markets exposure . |
| First Albany Capital | Vice President; Principal | Apr 2004 – Feb 2006 (Principal from Feb 2006) | Banking/research roles building healthcare finance expertise . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Veru Inc. | Director; Audit Committee Chair; Compensation Committee member | 2021–present | Current public company directorship and committee leadership . |
| Inventiva/“Iventiva” (as disclosed) | Director | 2018–present | Clinical-stage biopharma board role (name shown as Inventiva/“Iventiva S.A.” in filings) . |
| Innovative Cellular Therapeutics | Chief Operating Officer | Since Apr 2022 | Clinical-stage cell therapy company operating role . |
Fixed Compensation
Director compensation prior to CSO appointment (non-employee director policy).
| Year | Cash Fees ($) | Stock Awards Grant-Date Fair Value ($) | Total ($) |
|---|---|---|---|
| 2024 | 30,000 | 10,032 (elected to defer 100%) | 40,032 |
| 2023 | 30,000 | 10,032 | 40,032 |
- FBIO’s non-employee director policy: annual board fee $30,000; additional committee retainers; equity grants; directors may defer cash/equity into a deferred compensation plan .
- Deferred plan: distributions occur in a lump sum on the 10th business day of January following separation from Board service; acceleration on death or a corporate transaction .
Note: No compensation terms for Dr. Lu’s CSO role were disclosed in the April 16, 2025 Item 5.02 8-K .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Dr. Lu’s CSO role as of latest filings | — | — | — | — | — |
- FBIO paid no annual bonuses to executive officers for 2024, and the LTIP described in filings covers the CEO and Executive Vice Chairman; no CSO-specific performance plan or targets for Dr. Lu were disclosed .
- FBIO maintains a Nasdaq-compliant clawback policy covering executive officers (cash and equity incentive comp over the prior 3 fiscal years in the event of a restatement) .
Equity Ownership & Alignment
Beneficial ownership and director equity context.
| As-of Date | Directly Owned Shares | Shares Under Exercisable Options/Warrants/Unvested RSUs (within 60 days) | Total Beneficially Owned | % Outstanding |
|---|---|---|---|---|
| Mar 27, 2024 | 11,890 | — | 11,890 | <1% |
| Apr 17, 2025 | 5,224 | 3,333 | 8,557 | <1% |
Director equity and vesting status at year-end 2024:
- Unvested restricted stock awards (RSAs) as of Dec 31, 2024: 6,666 for Dr. Lu (non-employee director grant) .
- 2024 director stock award of $10,032 was fully deferred into the deferred compensation plan .
- Deferred plan distribution timing: January following separation from Board service; Dr. Lu resigned on April 15, 2025 to become CSO, implying any deferred director units would be eligible for distribution in January following separation, subject to plan terms .
Pledging/hedging: No pledging by Dr. Lu was disclosed in the beneficial ownership table; the filings reviewed do not detail any hedging/pledging by Dr. Lu .
Employment Terms
- Appointment/transition: Resigned from FBIO Board on April 15, 2025 and joined as CSO effective April 21, 2025; no disagreements with the company were reported .
- Compensatory arrangements: The April 16, 2025 8-K did not disclose base salary, target bonus, equity grants, severance, or change-of-control terms for the CSO role .
- Indemnification: Dr. Lu entered FBIO’s standard indemnification agreement upon her Board appointment in December 2022; provides expense advancement and indemnification to the fullest extent permitted, with defined exceptions (e.g., bad faith, personal profit, unauthorized settlements), and D&O insurance coverage provisions .
- Clawback: Executive officers are subject to FBIO’s clawback policy for erroneously awarded incentive-based compensation in restatement scenarios .
Investment Implications
- Alignment vs. selling pressure: Dr. Lu’s equity stake at FBIO is modest (<1%); she deferred her 2024 director stock award, with plan distributions scheduled for January following Board separation, which could create a defined liquidity window but is limited in size given the small award values .
- Pay-for-performance visibility: As of the latest filings, FBIO has not disclosed CSO compensation terms, performance metrics, severance, or change-of-control protections for Dr. Lu—limiting visibility into retention economics and incentive alignment; FBIO also paid no executive bonuses for 2024, emphasizing equity and discretion at the top of the house .
- Execution record and network: Dr. Lu’s Avenue tenure included two successful Phase 3 studies and a Nasdaq IPO, and she maintains current board/committee roles at Veru and Inventiva/“Iventiva,” supporting strategic and capital markets credibility in the CSO seat .
- Governance protections: Indemnification and clawback frameworks are in place; however, with no disclosed CSO employment agreement, key retention levers (severance, CoC) are unknown, presenting uncertainty around long-term retention incentives for the role .
Sources
- 2025 DEF 14A (beneficial ownership; director comp; committee disclosures; clawback policy) .
- 2024 DEF 14A (biography; director compensation policy; multi-year director compensation; 2024 ages and board composition; beneficial ownership as of Mar 27, 2024) .
- 2025 8-K Item 5.02 (Board resignation and CSO appointment) .
- 2022 8-K (Board appointment; indemnification agreement; press release detailing background and Avenue track record) .
- 2025 10-K (biography context) .