Pierre Sayad
FENNEC PHARMACEUTICALSAbout Pierre Sayad
Pierre S. Sayad, PhD, M.S., age 50, is Chief Medical Officer of Fennec Pharmaceuticals, appointed effective October 28, 2024 . He is a graduate of the School of Medicine, Loma Linda University, and Harvard Business School, and has launched nine novel drugs across 14 therapeutic areas, including oncology and neuroscience, with prior leadership roles at Onyx, Karyopharm, Oncopeptides, CTI BioPharma, Eli Lilly, International Myeloma Foundation, Campbell Alliance, and Zephyr Labz . As context for pay-for-performance, Fennec’s 2024 “pay versus performance” shows total shareholder return index of 85 (base 100) and net loss of $0.436 million, with corporate bonus achievement at 40% against set objectives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Zephyr Labz | Chief Operating Officer; interim Chief Medical Officer | — | Operations and medical leadership prior to Fennec appointment |
| International Myeloma Foundation | SVP, Business Development & Global Medical Affairs | — | Global medical affairs and BD in hematologic oncology |
| Campbell Alliance | Strategic management consultant | — | Commercial strategy for biotech/pharma clients |
| Onyx Pharmaceuticals | Oncology commercial leadership | — | Launch activities for Kyprolis in solid/hematologic tumors |
| Karyopharm Therapeutics | Oncology leadership | — | Commercial launch for Xpovio |
| Oncopeptides | Oncology leadership | — | Commercial launch for Pepaxto |
| CTI BioPharma | Oncology leadership | — | Commercial launch for Vonjo |
| Eli Lilly & Company | Neuroscience leadership | — | Launch activities for Zyprexa, Cymbalta, Strattera |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Loma Linda University School of Medicine | Graduate | — | Scientific training in molecular physiology |
| Harvard Business School | Graduate | — | Business leadership training |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base Salary ($) | $450,000 | Executive Employment Agreement sets initial annualized base |
| Target Bonus (%) | 40% of base | Annual target performance bonus; must remain employed through payment date |
| Actual Cash Bonus ($) | $0 | No 2024 bonus paid to Sayad; company accrued payouts paid Mar 2025 |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout Treatment | Vesting/Timing |
|---|---|---|---|---|---|
| Net revenues > $40m | 50% | $40m | 0% achieved | Drives annual cash bonus funding | Bonuses accrued 12/31/2024; paid Mar 2025 |
| Stretch net revenues > $45m | 5% | $45m | 0% achieved | As above | As above |
| Vial sales to 25 distinct community oncology centers | 25% | 25 centers | 25% achieved | As above | As above |
| Cash runway exiting 2024 ≥24 months | 15% | ≥24 months | 15% achieved | As above | As above |
| Cash flow breakeven monthly by Sep 2024 | 10% | Breakeven by Sep | 0% achieved | As above | As above |
| TOTAL | 105% | — | 40% achieved | Used for 2024 bonus determination | — |
Equity Ownership & Alignment
- Stock ownership guidelines: Fennec does not require executives to own a specific number of shares; introducing an employee stock purchase program (ESPP) to encourage ownership .
- Hedging/pledging policy: Short-selling and option hedging prohibited; other hedging or margin/pledge arrangements require prior written approval from Compliance Officer .
| Beneficial Ownership (Record Date: Apr 7, 2025) | Shares Owned | Options/Warrants exercisable within 60 days | Total | % of Class |
|---|---|---|---|---|
| Pierre Sayad | — | — | — | —% |
| Options Outstanding | Number | Strike | Expiration | Vesting Status |
|---|---|---|---|---|
| Options (grant 11/13/2024) | 150,000 | $4.23 | 11/13/2034 | 1/3 vests 1 year after grant; remaining 2/3 vests monthly over next 24 months |
| Vesting Timeline (150,000 options) | Date | Shares Vesting | Notes |
|---|---|---|---|
| First tranche | 11/13/2025 | 50,000 | One-third vests one year after grant |
| Remaining tranches | Monthly Dec 2025–Nov 2027 | Remaining 100,000 pro rata monthly | 1/24 of remaining grant each month |
| Insider Transactions | Date | Instrument | Shares | Price | Note |
|---|---|---|---|---|---|
| Grant | 11/13/2024 | Stock Options | 150,000 | $4.23 | Incentive options per Form 4 |
| Grant | 03/28/2025 | RSUs | 10,000 | — | RSU award per Form 4 |
Employment Terms
| Term | Provision | Source |
|---|---|---|
| Start date | October 28, 2024 | 8-K appointment |
| Base salary | $450,000 initial annualized | Executive Employment Agreement |
| Target bonus | 40% of base (pro-rated if <12 months) | Executive Employment Agreement |
| Equity grant | 150,000 options; 10-year term; fair market value strike; vesting 1/3 after 1 year, remainder monthly over 24 months | Executive Employment Agreement; 2020 Equity Incentive Plan |
| “For cause” definition | Material breach; failure to perform; fraud/embezzlement/intentional misconduct adversely affecting business | Employment Agreements |
| Severance (without cause, hypothetical 12/31/2024) | $337,500 severance; $135,000 estimated bonus; $472,500 total incremental value | Proxy “Payments on Termination” |
| Change-of-control | Not specifically disclosed for Sayad; CFO disclosed at 1.25x base+bonus and acceleration | Proxy “Payments on Change of Control” |
Compensation Summary (NEO)
| Name | Year | Salary ($) | Bonus ($) | RSU Awards ($) | Option Awards ($) | Other ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| Pierre Sayad (CMO) | 2024 | $81,250 | — | — | $402,256 | — | $483,506 |
Compensation Peer Group (benchmarking and pay risk controls)
- Peer group (Radford): Aadi Bioscience, Aldeyra Therapeutics, Anavex Life Sciences, BioXcel Therapeutics, Checkpoint Therapeutics, Chimerix, Clearside Biomedical, Delcath Systems, Eton Pharmaceuticals, Heron Therapeutics, Invivyd, Journey Medical, Outlook Therapeutics, scPharmaceuticals, SCYNEXIS, SIGA Technologies, X4 Pharmaceuticals, Y-mAbs Therapeutics .
- Committee structure and independence; clawbacks not expressly disclosed; burn rates and equity plan limits detailed; ESPP proposed to broaden employee ownership .
Performance & Track Record
- Industry impact: 22+ years; nine novel drug launches across oncology and neuroscience; leadership roles spanning biopharma commercialization and global medical affairs .
- Company performance context (2024): TSR index at 85; net loss of $0.436 million; corporate incentive plan achievement at 40% of objectives .
Board Governance (policy elements impacting alignment)
- Insider Trading Policy prohibits short-selling and options hedging; hedging or pledging requires prior written approval; supports alignment and reduces hedging misalignment risk .
- No related-party transactions disclosed for Sayad; no indebtedness or material transactions involving insiders reported for 2024 .
Investment Implications
- Alignment: Significant unvested equity with long-dated vesting (first 50,000 options vesting on 11/13/2025, then monthly through 11/13/2027) incentivizes multi-year value creation and may temper near-term selling pressure .
- Retention and CoC: Clear severance economics ($337,500) and bonus treatment indicate moderate retention protection; change-of-control specifics for Sayad not disclosed, limiting visibility into accelerated vesting terms vs peers .
- Trading signals: Form 4s show initial option grant and subsequent 10,000 RSUs, with upcoming annual+monthly vest dates likely driving periodic liquidity windows; monitor potential 10b5‑1 plans and vest-related sales around these dates .
- Pay-for-performance: Corporate bonus framework tied to revenue, access metrics, runway, and breakeven supports operational accountability; absence of mandatory ownership guidelines is a gap partially addressed via proposed ESPP .