Robert Kim
About Robert Kim
Robert Kim, M.D., is Chief Medical Officer at 4D Molecular Therapeutics (FDMT) since March 2023; he previously served as SVP, Clinical R&D from October 2022 to March 2023. He is a board-certified ophthalmologist and retina specialist with two decades of drug development experience; education includes an A.B. in Biochemistry (Brown, 1982), M.D. (Brown, 1985), and M.B.A. (UC Berkeley, 2000), with residency at UCSF, post-doc at the National Eye Institute, and a retina fellowship at Moorfields Eye Hospital; age 64 as of April 29, 2025 . Company performance context during his NEO tenure: FDMT’s 2023 TSR value was 91.22 and net income was $(100,837) thousand; in 2024, TSR fell to 25.08 and net income was $(160,868) thousand .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ViewPoint Therapeutics, Inc. | Chief Medical Officer | May 2018–Aug 2020 | Led programs in protein misfolding therapeutics |
| Apellis Pharmaceuticals | Chief Medical Officer | Aug 2016–Aug 2017 | Advanced rare disease treatments |
| Novartis AG | VP & Head, Pharmaceutical Product Development | Jun 2012–Aug 2014 | Oversaw early development for wet AMD/DME; clinical approvals for eye disease treatments |
| Genentech | Medical Director/Senior Medical Director | Mar 2003–Sep 2006 | Led clinical development of wet AMD prescription medication |
| Carl Zeiss Meditec, Inc. | Senior Scientist | Early career | Focused on optical coherence tomography |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| University of California, San Francisco | Associate Clinical Professor of Ophthalmology | Current | Academic leadership and clinical expertise in ophthalmology |
Fixed Compensation
| Metric | 2023 |
|---|---|
| Base Salary ($) | 456,075 |
| Target Bonus % of Base (Jan 1–Mar 20, 2023) | 30% |
| Target Bonus % of Base (Mar 21–Dec 31, 2023) | 40% |
| Actual Annual Bonus Paid ($) | 232,268 (Non-Equity Incentive Plan Compensation) |
| All Other Compensation ($) | 16,500 (401(k) match) |
| Total Compensation ($) | 3,964,950 |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout Mechanics | Vesting/Timing |
|---|---|---|---|---|---|
| Annual performance bonus (2023) | 90% corporate, 10% individual | 30%–40% of base salary depending on period | Corporate achievement 130%; overall payout 132.6% of target for Dr. Kim | Board-set goals relating to product development and business milestones; payout determined by board assessment | Paid early 2024; amount reflected in Non-Equity Incentive Plan Compensation |
Equity Awards (Options)
| Grant Date | Vesting Commencement | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|---|
| 10/07/2020 | 10/07/2020 | 116,250 | 31,250 | 18.66 | 11/08/2030 |
| 02/01/2022 | 02/01/2022 | 32,083 | 37,917 | 15.78 | 01/31/2032 |
| 09/01/2022 | 09/01/2022 | 18,750 | 41,250 | 8.04 | 08/31/2032 |
| 02/10/2023 | 02/10/2023 | 8,333 | 31,667 | 20.24 | 02/09/2033 |
| 04/11/2023 | 04/11/2023 | 1,875 | 8,125 | 15.71 | 04/10/2033 |
| 12/11/2023 | 12/11/2023 | 0 | 250,000 | 14.42 | 12/10/2033 |
- Standard vesting: 1/48th monthly from vesting commencement; alternative for certain grants: 25% at 1-year anniversary then 1/48th monthly; subject to continued service .
Equity Ownership & Alignment
| As of | Outstanding Shares Owned | Shares Exercisable Within 60 Days | Total Beneficially Owned | Ownership % |
|---|---|---|---|---|
| April 3, 2024 | 1,043 | 216,415 | 217,458 | <1% of 51,157,472 outstanding |
- Hedging policy: Hedging transactions (e.g., zero-cost collars, forward sale contracts) are prohibited for officers, directors, employees, and certain consultants, promoting alignment with shareholders .
- Pledging: No specific pledging policy disclosure found in proxy excerpts; no pledges reported for Dr. Kim in the cited ownership table .
Employment Terms
- Offer letter: Sets initial base salary, annual bonus opportunity, initial stock option grant, and benefits participation (NEO-standard framework) .
- Severance (outside change-in-control period): Nine months of base salary; pro-rated target annual bonus at 100% of target; any earned but unpaid prior-year bonus; nine months COBRA premium payment/reimbursement for Dr. Kim and dependents; conditioned on release and compliance with confidentiality and non-disparagement .
- Change-in-control severance (double-trigger): If terminated without cause or resigns for good reason within CIC period (from signing a definitive CIC agreement to 12 months post-CIC), provides 12 months base salary; 12 months plus pro-rated portion of target annual bonus; 12 months COBRA; full vesting acceleration for equity awards (performance-vesting awards governed by applicable agreements); subject to release and covenant compliance; Dr. Kim’s CIC/severance agreement amended and restated June 2023 .
- Clawback: Not specifically disclosed in the cited sections.
- Insider trading restrictions: Insider trading policy adopted; filed as Exhibit to FY2024 Form 10-K .
Performance & Track Record
- Company pay-versus-performance: Compensation actually paid and TSR/net income disclosed at the company level; FDMT’s TSR declined from 91.22 (2023) to 25.08 (2024); net income was $(100,837)k in 2023 and $(160,868)k in 2024, contextualizing the environment during and following Dr. Kim’s NEO year .
- Section 16 compliance note: A Form 3 for Dr. Kim due March 24, 2023 was filed April 5, 2023 (late), noted in 2024 proxy; no other Kim-related delinquency reported .
Investment Implications
- Alignment: Dr. Kim’s compensation is option-heavy with multi-year monthly vesting and no RSUs disclosed, creating leveraged exposure to long-term equity value; hedging prohibitions enhance alignment with shareholder outcomes .
- Retention and overhang: Double-trigger CIC with full equity acceleration may support retention through strategic events but can create option overhang dynamics; outside CIC, severance is modest at nine months base plus pro-rated bonus, suggesting balanced retention incentives .
- Ownership: Beneficial ownership is de minimis (<1%), though substantial exercisable options indicate potential future ownership; no pledging disclosed for Kim, reducing alignment risk, but low current outright ownership limits immediate “skin-in-the-game” .
- Pay-for-performance signaling: 2023 bonus payout at 132.6% reflects strong corporate goal attainment and individual performance weighting (10%), but broader FDMT TSR/net income trends in 2024 highlight execution risk and potential pressure on future equity award realizations .
- Governance/risk: Minor Section 16 filing delay in 2023 noted; hedging prohibited; clawback specifics not disclosed in excerpts—monitor for future policy updates and any option repricing or performance award modifications .
Net takeaway: Option-centric incentives with double-trigger CIC acceleration tie Dr. Kim’s upside to long-term value creation in ophthalmology programs; low current share ownership and company-level TSR decline in 2024 raise sensitivity to clinical execution milestones and capital market conditions, making insider grant cadence, vesting cliffs, and any performance equity introductions key watch items over the next review cycle .