Thane Wettig
FGENAbout Thane Wettig
Thane Wettig, age 60, is Chief Executive Officer of FibroGen (appointed interim CEO July 23, 2023; CEO since October 6, 2023) and a Class I director whose term runs to the 2027 annual meeting; he holds an MBA and BA in Biology from Washington University in St. Louis . Under his leadership, FibroGen completed the sale of FibroGen China to AstraZeneca (~$220M total consideration) and repaid its term loan, extending cash runway into 2028 . In 2023, roxadustat China GAAP net product revenue grew 22% and total China net sales (FibroGen + distribution JV) grew 36%, though overall TSR was pressured by multiple negative Phase 3 readouts earlier that year .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| FibroGen | Chief Executive Officer (Interim 7/23/2023; CEO 10/6/2023–present) | 2023–present | Restructured portfolio focus; divested China ops; extended runway to 2028 |
| FibroGen | Chief Commercial Officer | 2020–7/22/2023 | Commercial leadership experience leveraged into CEO role |
| Intarcia Therapeutics | Chief Commercial Officer & Metabolic Franchise Head | Pre-2018–2018 | Commercial strategy and franchise leadership |
| Eli Lilly (Lilly Diabetes) | Chief Marketing Officer (VP Global Marketing/Strategy/Alliances) | VP from 2004; CMO from 2009; at Lilly since 1990 | Led multiple blockbuster diabetes launches; built Lilly–BI diabetes alliance |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external public company directorships disclosed for Wettig in the proxy |
Board Governance & Service (Dual-role implications)
- Status: CEO and Class I director (not independent by virtue of employment) .
- Board leadership: Independent, non-executive Chair (James A. Schoeneck) with separated Chair/CEO roles; 4 of 5 directors are independent (as of 2025 proxy), mitigating dual-role concerns .
- Committees: Audit (Edwards, Ho, Schoeneck), Compensation (Schoeneck, Brennan), Nominating & Governance (Schoeneck, Edwards); Wettig is not listed on committees .
- Board activity: 13 meetings in 2024; directors attended ≥94% and held 7 executive sessions of independent directors .
Fixed Compensation
| Year | Base salary | Target bonus % | Actual annual bonus | Notes |
|---|---|---|---|---|
| 2024 | $665,000 | 75% of base (100% corporate weighting for CEO) | $434,611 (paid in 2025 for 2024 performance) | Corporate goal achievement totaled 87.14% (H1: 31.88%; H2: 55.27%) |
| 2023 | $573,334 (partial-year CEO; also CCO in 2023) | See CD&A; 2023 amounts shown for context | $321,527 | Transition year; interim then CEO |
Performance Compensation
2024 Annual Cash Incentive (CEO)
| Metric | Weight | Target | Actual | Payout |
|---|---|---|---|---|
| Corporate goals (two half-year scorecards) | 100% (CEO) | 75% of base salary | 87.14% total (H1 31.88%; H2 55.27%) | $434,611 |
- 2024 corporate highlights underpinning scores included China sales execution, ADC (FG-3246) and PET imaging (FG-3180) advances, OpEx reduction, 409 Illinois lease termination, and progress toward monetizing China assets .
2024 Equity Awards (granted 2/21/2024 unless noted)
| Instrument | Shares/Units | Grant price | Vesting | Grant-date fair value |
|---|---|---|---|---|
| Stock options | 834,000 | $1.715 | 25% after 1 year from vesting start; then quarterly over 3 years (4-year schedule) | $1,231,568 |
| RSUs | 166,000 | — | 25% after 1 year from vesting start; then quarterly over 3 years | $284,690 |
Vesting schedule specifics per proxy footnotes: 25% cliff at first anniversary of vesting commencement date, then 1/16 quarterly thereafter (standard 4-year schedules) .
No performance-vesting RSUs were granted to NEOs in 2024 .
Equity Ownership & Alignment
Beneficial Ownership (as of March 31, 2025)
| Holder | Shares beneficially owned | % of outstanding |
|---|---|---|
| Thane Wettig | 1,147,804 | <1% (denoted “*” in table) |
- Outstanding CEO equity (selected awards; as of 12/31/2024): legacy options at $42.08 (2020), $53.01 (2021), $15.60 (2022), retention/refresh options at $1.77 (8/7/2023), and 2024 options at $1.72 (2/21/2024); 2024 RSUs outstanding 166,000 units .
- Company-wide underwater pressure context: at 12/31/2024 the weighted-average exercise price of all outstanding options was $16.12 versus a $0.5295 year-end stock price; many legacy grants across the company remained out of the money .
- Hedging/pledging and ownership guidelines: FibroGen prohibits hedging or pledging (including margin purchases) unless pre-approved; clawback policy updated to Dodd-Frank-compliant; stock ownership guidelines for directors and officers are currently paused due to stock price decline .
2024–2026 Vesting Cadence (insider-selling pressure watchpoints)
- 2024 grants (vesting commencement dates per award detail): 25% of 834,000 options and 166,000 RSUs vest at first anniversaries of their respective vest commencement dates, then vest quarterly thereafter, which can create periodic selling windows after cliffs and quarter-ends .
Employment Terms
- Employment status: At-will (offer letters for executives specify at-will employment) .
- Change-in-control (CIC) severance (double-trigger): if terminated without cause or resigns for good reason within 12 months post-CIC, CEO receives 24 months base salary, 1.5x target bonus, up to 18 months COBRA, and full acceleration of all outstanding equity awards as of immediately prior to termination .
- Ordinary-course (non-CIC) severance: if terminated without cause (outside CIC window), CEO receives 18 months base salary and up to 18 months COBRA .
- Equity treatment in transactions: unassumed options vest at closing; if assumed and subsequently terminated without cause or for constructive termination within 12 months post-CIC, unvested options accelerate in full .
- Good reason/cause: defined (e.g., material reduction in duties/comp, relocation >40 miles, breach; cause includes willful failure, fraud, unauthorized disclosures) .
- 280G excise tax: best‑net cutback (no gross‑ups) .
- Clawback: updated incentive compensation recoupment policy in place .
Performance & Track Record (selected indicators)
- Portfolio and balance sheet actions under Wettig: completed sale of FibroGen China to AstraZeneca (~$220M total consideration) and repaid term loan; cash runway guided into 2028 .
- Program execution: initiated Phase 2 monotherapy trial of FG‑3246 (CD46 ADC) and aligned with FDA on key Phase 3 design elements for roxadustat in LR‑MDS; Phase 3 protocol submission targeted 4Q 2025 .
- 2023 operating highlights: Roxadustat China GAAP net product revenue up 22% and total China net sales up 36% YoY; company implemented $120M annualized cost reductions after negative Phase 3 readouts that materially impacted stock performance .
- CEO certifications: Wettig signed Section 302 and 906 certifications on Q3 2025 Form 10‑Q .
Compensation Structure Analysis (signals)
- Mix shift toward options/RSUs at low grant prices in 2023–2024 aligns upside with shareholders after 2023 drawdown; no 2024 PSUs issued to NEOs (simplifies incentives during turnaround) .
- Strong pay/performance governance: independent Comp Committee with external consultant (Compensia); 2024 Say‑on‑Pay support ~97% (vs ~69% in 2023); peer group recalibrated to lower market cap cohort with targeting toward 25th percentile for 2024 grants .
- Ownership alignment and risk controls: paused ownership guidelines (due to price), but robust clawback and hedging/pledging restrictions remain in force .
Say‑on‑Pay & Shareholder Feedback
- 2024 Say‑on‑Pay approval ~97%; Committee cites alignment and responsiveness (peer group updates, equity mix, clawback) .
- 2023 Say‑on‑Pay ~69% with investor outreach focused on retention equity post negative readouts; Committee increased use of options and adopted premium‑priced performance options in prior retention programs (company‑wide context) .
Equity Ownership & Awards Detail (CEO – selected outstanding items as of 12/31/2024)
| Grant date | Instrument | Exercisable | Unexercisable | Exercise price | Expiry | Unvested RSUs |
|---|---|---|---|---|---|---|
| 6/22/2020 | Options | 78,750 | 11,250 | $42.08 | 6/21/2030 | — |
| 2/24/2021 | Options | 30,094 | 2,006 | $53.01 | 2/23/2031 | — |
| 2/14/2022 | Options | 51,563 | 23,437 | $15.60 | 2/13/2032 | 14,062 (PRSU cohort) |
| 2/21/2023 | Options | 18,375 | 23,625 | $22.60 | 2/20/2033 | 14,062 (PRSU cohort) |
| 8/07/2023 | Options | 93,750 | 206,250 | $1.77 | 8/6/2033 | — |
| 2/21/2024 | Options | — | 834,000 | $1.72 | 2/20/2034 | 166,000 |
Notes: Standard CEO vesting for 2024 grants is 25% after 1 year from vesting commencement, then quarterly over 3 years; PRSU awards in prior years have TSR- and clinical milestone-based schedules vesting annually over four years .
Director Compensation (context)
- Non‑employee director policy: annual cash retainer $50,000; committee retainers (Audit $20,000 chair/$10,000 member; Compensation $17,500 chair/$7,500 member; Nominating $10,000 chair/$5,000 member); annual option award 120,000 shares at the 2025 meeting (70,000 in 2024); accelerated vesting upon change in control; Chair retainer $50,000 .
- Director ownership guidelines are paused given share price decline .
Risk Indicators & Red Flags (from disclosed policies/practices)
- No tax gross‑ups on severance/CIC; 280G best‑net cutback in effect .
- Clawback policy active; hedging/pledging restricted unless pre‑approved .
- Reverse stock split proposal in 2025 to regain Nasdaq compliance reflects listing risk management (approved range 1:10–1:25) .
Investment Implications
- Alignment: Large 2023–2024 option and RSU grants at low prices align upside with shareholders; robust clawback and anti‑hedging policies support alignment, though paused ownership guidelines reduce formal ownership targets in the near term .
- Retention/supply dynamics: 2024 equity cliffs and subsequent quarterly vesting (options/RSUs) create potential episodic selling pressure windows; watch Form 4s around first‑anniversary dates and quarter‑ends .
- Change‑of‑control economics: CEO double‑trigger acceleration plus 24 months salary and 1.5x target bonus could be material in M&A, but no gross‑ups and best‑net cutback mitigate shareholder cost .
- Execution risk: Clinical and regulatory milestones remain primary value drivers; prior TSR impact from 2023 negatives underscores binary risk, while 2025 portfolio moves (China sale, debt pay‑down) improved runway into 2028 .
Sources: 2025 DEF 14A; 2024 DEF 14A; 8‑Ks (leadership/committee changes, CFO appointment); Q3’25 10‑Q certifications; Q3’25 press release/business update **[921299_0000950170-25-058841_fgen-20250425.htm:11]** **[921299_0000950170-25-058841_fgen-20250425.htm:14]** **[921299_0000950170-25-058841_fgen-20250425.htm:15]** **[921299_0000950170-25-058841_fgen-20250425.htm:21]** **[921299_0000950170-25-058841_fgen-20250425.htm:22]** **[921299_0000950170-25-058841_fgen-20250425.htm:24]** **[921299_0000950170-25-058841_fgen-20250425.htm:25]** **[921299_0000950170-25-058841_fgen-20250425.htm:31]** **[921299_0000950170-25-058841_fgen-20250425.htm:32]** **[921299_0000950170-25-058841_fgen-20250425.htm:33]** **[921299_0000950170-25-058841_fgen-20250425.htm:34]** **[921299_0000950170-25-058841_fgen-20250425.htm:40]** **[921299_0000950170-25-058841_fgen-20250425.htm:41]** **[921299_0000950170-25-058841_fgen-20250425.htm:49]** **[921299_0000950170-25-058841_fgen-20250425.htm:50]** **[921299_0000950170-25-058841_fgen-20250425.htm:51]** **[921299_0000950170-25-058841_fgen-20250425.htm:57]** **[921299_0000950170-25-058841_fgen-20250425.htm:58]** **[921299_0000950170-25-058841_fgen-20250425.htm:61]** **[921299_0000950170-25-058841_fgen-20250425.htm:65]** **[921299_0000950170-25-058841_fgen-20250425.htm:66]** **[921299_0000950170-25-058841_fgen-20250425.htm:67]** **[921299_0000950170-25-058841_fgen-20250425.htm:68]** **[921299_0000950170-25-058841_fgen-20250425.htm:72]** **[921299_0000950170-25-058841_fgen-20250425.htm:73]** **[921299_0000950170-24-047694_fgen-20240424.htm:55]** **[921299_0000950170-24-047694_fgen-20240424.htm:56]** **[921299_0000950170-24-047694_fgen-20240424.htm:57]** **[921299_0000950170-24-047694_fgen-20240424.htm:58]** **[921299_0000950170-24-106359_fgen-20240912.htm:1]** **[921299_0000950170-24-136408_fgen-20241216.htm:1]** **[921299_0001193125-25-274241_fgen-ex31_1.htm:0]** **[921299_0001193125-25-274241_fgen-ex32_1.htm:0]** **[921299_0001193125-25-274192_fgen-ex99_1.htm:0]**.