Antony Riley
Forte BiosciencesAbout Antony Riley
Antony A. Riley (age 58) has served as Chief Financial Officer of Forte Biosciences since June 2020 (CFO of Forte Subsidiary from March 2020), with prior roles as CFO of Krystal Biotech, founding partner of CFO Network LLC, Acting CFO at Avanex, Corporate Controller at Kosan Biosciences, and earlier positions at Troy Chemical; he holds a B.Sc. (Hons) from University of Bristol and an MBA (Hons) from Chicago Booth and is a CPA (Inactive, CA) . During his tenure, Forte’s “Pay vs. Performance” disclosures show TSR values corresponding to a $100 investment of $46.73 (2022), $38.40 (2023), and $42.45 (2024), alongside reported net losses of $(13.9)mm, $(31.5)mm, and $(35.5)mm, respectively, providing context for pay-for-performance assessments .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Krystal Biotech, Inc. | Chief Financial Officer | Sep 2017–Feb 2020 | Built public-company finance function for clinical-stage biotech |
| CFO Network LLC | Founding Partner | Since 2002 | Provided CFO advisory/consulting to growth companies |
| Avanex Corporation | Acting Chief Financial Officer | — | Interim leadership during finance transition |
| Kosan Biosciences | Corporate Controller | — | Public-company controllership in biotech |
| Troy Chemical Corporation | Various finance roles | 1997–2000 | Early career operating finance experience |
External Roles
No current public company directorships or external board roles are disclosed for Mr. Riley in the 2025 proxy’s Executive Officers section .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 418,000 | 434,730 |
| 2025 Terms (effective Jan 1, 2025) | Amount |
|---|---|
| Base Salary ($) | 452,109 |
| Target Bonus (% of Salary) | 40% |
Notes:
- Forte generally does not provide perquisites to NEOs except in limited circumstances; executives participate in standard employee benefit plans .
Performance Compensation
- Most important performance measures used in 2024: Total Shareholder Return (TSR), ESG metrics, and ROIC .
- Annual bonus program is based on company goals across financing, clinical, pre-clinical, and corporate development, with Board-determined achievement; amounts are paid in the subsequent fiscal year .
| Component | 2023 | 2024 |
|---|---|---|
| Non-Equity Incentive Plan Compensation (cash bonus) ($) | 150,480 | 217,360 |
| Stock Awards ($) | 154,500 | 204,785 |
Outstanding Equity Awards (as of Dec 31, 2024)
RSUs (unvested at FY-end):
| Grant Date | RSUs Unvested (#) | Reported Market Value ($) |
|---|---|---|
| 11/12/2021 | 2,976 | 67,585 |
| 2/25/2023 | 3,375 | 76,646 |
Stock Options (as of FY-end):
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiry |
|---|---|---|---|---|
| 3/29/2020 | 421 | — | 31.00 | 3/29/2030 |
| 6/30/2020 | 2,999 | — | 364.50 | 6/29/2030 |
| 4/9/2021 | 1,558 | 142 | 991.50 | 4/8/2031 |
| 1/17/2022 | 2,181 | 818 | 43.00 | 1/16/2032 |
| 3/21/2024 | — | 14,000 | 17.25 | 3/20/2034 |
Recent grants (post FY-end):
- March 2025: Option to purchase 323,000 shares; vests 1/36 monthly from January 1, 2025 (full vesting on 3-year anniversary of 1/1/2025) .
Equity Ownership & Alignment
| As of April 30, 2025 | Shares/Units | Notes |
|---|---|---|
| Total Beneficial Ownership | 90,593 | 1.4% of 6,583,382 shares outstanding |
| Common Shares Owned | 31,218 | Direct ownership component |
| Options Exercisable (within 60 days) | 56,914 | Counted as beneficial for SEC purposes |
Additional alignment and safeguards:
- Policy prohibits hedging and pledging of company securities by employees and directors (including executive officers), and prohibits holding in margin accounts .
- Compensation committee monitors compliance with any stock ownership guidelines (specific multiples not disclosed) .
Insider transactions (signal check):
| Date | Type | Shares | Price/Detail |
|---|---|---|---|
| 7/31/2023 | Private placement purchase | 148,514 | $1.01 per share (as disclosed in 2024 proxy) |
| 11/21/2024 | Private placement purchase | 5,940 | $5.552 per share |
| 9/7/2021 | Open market sale | (25,000) | Reported in participant transaction table |
Vesting supply considerations:
- The 323,000-share option grant vesting monthly from 1/1/2025 creates a steady stream of newly vesting shares over 36 months (potential incremental selling supply), while the March 2024 14,000-share option remained unexercisable at FY2024 year-end .
Employment Terms
| Provision | Details |
|---|---|
| Employment Status | At-will per offer letter; latest terms updated March 20, 2025 effective Jan 1, 2025 |
| Base Salary (2025) | $452,109 |
| Target Bonus (2025) | 40% of base salary |
| Severance (Termination w/o Cause or for Good Reason; outside CIC Period) | 12 months base salary; lump sum equal to 100% of target bonus; up to 12 months COBRA premiums |
| Change in Control (CIC Period; double trigger) | Lump sum 150% of base salary; lump sum 150% of target bonus; up to 18 months COBRA; 100% acceleration of unvested equity |
| 280G Treatment | Best-net cutback (no tax gross-ups) |
| Clawback / Non-compete / Non-solicit | Not specifically disclosed in cited proxy sections (general code of conduct and insider trading policy referenced) |
Investment Implications
- Pay-for-performance alignment: CFO total cash compensation ties materially to annual goal attainment (financing/clinical milestones), with 2024 bonus rising to $217k from $150k in 2023; equity usage increased in 2024 and 2025, including a sizable 323k option grant vesting monthly, aligning incentives with long-term value creation but introducing incremental vesting supply over 36 months .
- Retention risk: Robust double-trigger CIC economics (150% salary and bonus, 100% equity acceleration) and standard severance (12 months salary and 100% target bonus) reduce flight risk; the ongoing monthly vesting of large 2025 options enhances retention through 2027 .
- Ownership alignment and trading signals: Beneficial ownership of ~1.4% (including exercisable options) plus meaningful insider open-market/private placement purchases in 2023 and 2024 indicate skin-in-the-game; company policy bans hedging/pledging, supporting alignment with shareholders .
- Governance/metrics: 2024 pay considered against TSR, ESG, and ROIC; company TSR track suggests persistent development-stage risk profile, underscoring the importance of milestone execution and financing strategy under the CFO’s purview .