Alan Musso
About Alan Musso
Alan Musso, age 63, is Chief Financial Officer of Fulcrum Therapeutics (since August 7, 2023). He holds a B.S. in Accounting from Saint Mary’s College of California and a graduate degree from the Thunderbird School of Global Management, with 25+ years of biotech/pharma finance leadership (Bellicum, Peloton Therapeutics, Targacept, ReViral) . During 2024, Fulcrum entered a global license for losmapimod with Sanofi ($80.0M upfront recognized as collaboration revenue) and suspended losmapimod development after the Phase 3 REACH miss; net loss improved to $9.7M (vs. $97.3M in 2023) and cumulative TSR for a hypothetical $100 investment was $64.56 in 2024 (vs. $92.72 in 2023) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ReViral Ltd. (acquired by Pfizer) | Chief Financial Officer | Oct 2019 – Sep 2022 | Helped lead finance through sale to Pfizer; antiviral therapeutics focus |
| Peloton Therapeutics (acquired by Merck) | Chief Financial Officer | Sep 2018 – Sep 2019 | Finance leadership through acquisition by Merck; oncology discovery |
| Bellicum Pharmaceuticals | CFO & Treasurer | Nov 2014 – Aug 2018 | Public biotech; cellular immunotherapies finance/org build |
| Targacept | SVP Finance & Admin; CFO & Treasurer; Asst. Secretary | Feb 2002 – Nov 2014 | Multiple finance leadership roles at public biopharma |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Rein Therapeutics, Inc. | Director | As of 2025 | Current (biopharma) |
| Aileron Therapeutics, Inc. | Director | As of 2024 | Prior disclosure in 2024 proxy |
Fixed Compensation
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base Salary ($) | $180,682 (pro rata; annualized $450,000) | $457,500 | $478,100 |
| Target Bonus % of Salary | 40% | 40% | 40% |
| Actual Annual Bonus ($) | $61,700 (pro rata) | $119,000 | — |
| All Other Compensation ($) | $31,697 (incl. $22,322 housing/travel and $9,375 tax gross-up) | $106,500 (incl. $75,000 housing/travel and $31,500 tax gross-up) | — |
| Clawback Policy (Rule 10D-1) | Adopted Nov 2023 | Effective Nov 2023 | Continues |
| Anti-Hedging/Pledging Policy | Prohibits hedging, margin purchases, and pledging (limited exceptions) | Prohibits hedging/margin/pledging (limited exceptions) | Continues |
Performance Compensation
| Component | Performance Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus (2024) | Corporate goals: development (FSHD/SCD), research portfolio, business ops/resource mgmt, HR/engagement | Holistic assessment; preliminary internal weightings not used mathematically | 40% of $457,500 salary | 65% of target; $119,000 paid | Cash (2024) |
| Annual Cash Bonus (2023) | Corporate goals: development, research, operations, HR | Holistic | 40% (pro rata) | 85% of target (pro rata); $61,700 | Cash (2023) |
| Performance Stock Options (granted 8/7/2023) | Pre-defined financial and investor relations objectives within 6 months | N/A (pass/fail objectives) | 61,822 options subject to performance | Objectives met on 1/17/2024 | Vested upon achievement; terms per award |
| Time-Vested Options (refresh 1/25/2024) | Tenure-based alignment | N/A | 100,000 options (18,750 exercisable; 81,250 unexercisable at 12/31/24) | N/A | Equal quarterly over 4 years beginning 1/1/2024 |
| Time-Vested Options (new hire 8/7/2023) | Tenure-based alignment | N/A | 432,800 options (135,250 exercisable; 297,550 unexercisable at 12/31/24) | N/A | 25% on 1st anniversary (8/7/2024), then 6.25% quarterly for 3 years |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 300,235 shares underlying options; <1% of shares outstanding |
| Shares Outstanding (for % calc) | 53,979,306 shares (as of 4/28/2025) |
| Equity Mix Outstanding | No RSUs/stock awards outstanding for NEOs at 12/31/2024 (options only) |
| Options Breakdown (as of 12/31/2024) | - 135,250 exercisable; 297,550 unexercisable; strike $4.01; exp. 8/6/2033 (new-hire grant) • 61,822 exercisable; strike $4.01; exp. 8/6/2033 (performance options) • 18,750 exercisable; 81,250 unexercisable; strike $6.95; exp. 1/25/2034 (2024 refresh grant) |
| Vesting Schedules | - New-hire: 25% on 8/7/2024; 6.25% quarterly thereafter • 2024 refresh: equal quarterly over 4 years from 1/1/2024 • Performance options: met 1/17/2024 |
| Hedging/Pledging | Prohibited under insider trading policy; pledging only if exceptional approval with independent capacity to repay (no pledge disclosures reported) |
| Ownership Guidelines | Not disclosed in proxy materials (no executive ownership guideline data found) |
Employment Terms
| Scenario | Cash Severance | Bonus Treatment | COBRA Premiums | Equity Acceleration |
|---|---|---|---|---|
| Termination without Cause / Good Reason (non‑COC; >1 year after start) | 9 months base salary | Lump sum = 100% of target bonus | Company portion for up to 9 months | None (time-based awards continue per standard; no acceleration) |
| Termination without Cause / Good Reason within 12 months post‑COC | 12 months base salary | Lump sum = 100% of target bonus | Company portion for up to 12 months | Full acceleration of time-based unvested equity |
| Other (death/disability/for cause/voluntary w/o good reason) | Accrued obligations only | N/A | N/A | N/A |
Notes: All severance contingent on execution/non‑revocation of release and ongoing compliance with non‑solicit/confidentiality/inventions agreements . Non‑solicit for one year post‑termination; confidentiality obligations indefinite . Company adopted a Nasdaq Rule 10D‑1 compliant compensation recovery (clawback) policy effective November 2023 .
Compensation Structure Observations
- Equity-heavy orientation: 2024 option award fair value ($568,760) exceeded cash salary ($457,500), reinforcing at-risk pay tied to share price appreciation .
- Discretion and governance: Bonuses assessed holistically versus fixed weighting; 2024 bonuses paid at 65% of target following mixed program outcomes (Sanofi deal offset by REACH miss) .
- Tax gross-ups: Housing/travel allowances included tax gross-ups ($31,500 in 2024; $9,375 in 2023), a shareholder-unfriendly feature to monitor .
- Grant timing policy: Equity award grant timing codified in April 2025 to first-Monday trading days following approval, reducing timing risk around MNPI .
Risk Indicators & Red Flags
- Hedging/pledging prohibited (alignment positive); exceptions possible for pledging with strict conditions—monitor for any granted exemptions .
- Tax gross-ups on allowances are governance-sensitive (red flag trend if expanded beyond relocation/housing) .
- Performance option criteria tied to financial/IR objectives met within six months (ensure robust, outcome‑based targets versus easily achievable administrative goals) .
- No indication of option repricing/modification; no RSUs outstanding (options have clearer market‑linked risk) .
Investment Implications
- Alignment: Options-only equity profile plus anti‑hedging/pledging policy align CFO incentives with shareholder value creation; beneficial ownership is <1%—engagement on ownership guidelines could strengthen alignment .
- Retention: Standard biotech severance (0.75x salary non‑COC; 1.0x salary COC) with COBRA and full time‑based acceleration in COC terminations; quarterly vesting cadence supports retention but creates ongoing incremental vesting supply .
- Near-term selling pressure: Multiple tranches already exercisable (including performance options); monitor Form 4s for potential sales around quarterly vest dates and liquidity events; 2024 refresh and 2023 grants continue vesting through 2027–2034 .
- Governance watchpoints: Presence of tax gross-ups and holistic bonus determinations merit continued scrutiny, especially following program inflections (e.g., REACH miss vs. Sanofi upfront recognition) .
All information above sourced from Fulcrum Therapeutics’ 2025 and 2024 DEF 14A filings and cited accordingly.