Joseph Eid
GERONAbout Joseph Eid
Joseph Eid, M.D., is Executive Vice President, Research & Development at Geron, appointed November 11, 2024, to lead medical, clinical, and safety/pharmacovigilance and drive R&D strategy supporting RYTELO commercialization and pipeline expansion . He previously led KEYTRUDA’s first‑in‑human strategy at Merck (starting 2009), served as SVP/Head of Global Medical Affairs at Bristol Myers Squibb (2017–2021), and held senior roles at Dragonfly Therapeutics and Luzsana Bio; earlier he was Assistant Professor of Hematology at Robert Wood Johnson Medical School (1999–2004), remaining a volunteer clinician through 2019; he is board‑certified in Medical Oncology, Hematology, and Internal Medicine and serves on boards of ALSAC/St. Jude and Angle PLC . Company performance context: 2024 net product revenue $76.5M and net loss $(174.6)M; Geron’s TSR (initial $100 from end‑2020 to end‑2024) reached $222.64 vs NASDAQ Biotech peer TSR $93.49 . In March 2025 the European Commission approved RYTELO; Dr. Eid emphasized expanding access in Europe and reinforced the differentiated clinical profile .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bristol Myers Squibb | SVP, Head of Global Medical Affairs (Oncology) | 2017–2021 | Led large global medical affairs organization across oncology portfolio |
| Merck | Oncology R&D (first‑in‑human strategy for KEYTRUDA) | Starting 2009 (end not disclosed) | Guided first‑in‑human strategy and successful global development of KEYTRUDA |
| Roche | Clinical oncology drug development | Starting 2004 (end not disclosed) | Early industry experience in clinical oncology development |
| Dragonfly Therapeutics | President, Research & Development | Not disclosed | Built and led R&D; clinical and medical affairs leadership |
| Luzsana Bio (Hengrui subsidiary) | EVP, Chief Medical Officer | Not disclosed | Led medical affairs, research, and clinical development |
| Robert Wood Johnson Medical School | Assistant Professor, Hematology (volunteer clinician afterwards) | 1999–2004; volunteer through 2019 | Academic leadership; continued patient care through 2019 |
External Roles
| Organization | Role | Years |
|---|---|---|
| ALSAC/St. Jude Children’s Research Hospital | Board member | Not disclosed |
| Angle PLC (liquid biopsy) | Board member | Not disclosed |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Initial annual base salary | $650,000 | Per employment agreement effective Nov 11, 2024 |
| Target annual bonus | 55% of base salary | Per employment agreement |
| 2024 actual bonus | Not eligible | Joined after Oct 1, 2024; policy excludes late‑year hires |
| Sign‑on cash bonus | $200,000 | Inducement to join; subject to repayment if voluntary departure before Nov 11, 2025 |
| 2024 salary paid | $93,750 | Partial‑year per Summary Compensation Table |
| All other 2024 compensation | $10,348 | Includes 401(k) match $10,000, insurance $148, WFH reimbursement $200 |
Performance Compensation
Annual Incentive Program Design (context)
| Factor | Weight | Program Notes |
|---|---|---|
| Corporate goals | 50% | Applies to NEOs; Eid excluded for 2024 due to late hire |
| Individual goals | 30% | Applies to NEOs (not Eid in 2024) |
| Corporate values | 20% | Applies to NEOs (not Eid in 2024) |
Equity Incentive – New Hire Stock Options (time‑based)
| Grant Date | Type | Shares | Exercise Price | Expiration | Vesting Schedule |
|---|---|---|---|---|---|
| Nov 11, 2024 | Non‑statutory stock option | 2,500,000 | $4.12/sh | Nov 10, 2034 | 12.5% on six‑month anniversary of grant (May 11, 2025), then remaining shares in 42 equal monthly installments, subject to continued service |
- Initial vesting shares (12.5%): 312,500 derived from 2,500,000 × 12.5% .
- No RSUs or PSUs disclosed for Eid in 2024; annual equity mix changes to 75% options/25% RSUs begin in 2025 for currently‑serving NEOs (design disclosure) .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Total beneficial ownership (as of Mar 1, 2025) | 0 shares; none of Dr. Eid’s options were exercisable within 60 days |
| Options outstanding (FY‑end 2024) | 2,500,000 unexercisable at $4.12; expire 11/10/2034 |
| Hedging/pledging of company stock | Prohibited by Insider Trading Policy |
| 10b5‑1 trading plans | Directors and executive officers required to adopt 10b5‑1 plan for all trades (limited exceptions) |
| Option exercises in 2024 | None (for Eid) |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date | November 11, 2024 (EVP, R&D) |
| Contract reference | Employment agreement effective Nov 11, 2024 |
| Severance (Covered Termination – no CIC) | $1,007,500 cash; $24,706 continued healthcare; no option vesting; total $1,032,206 (if event on Dec 31, 2024) |
| Severance (Termination without cause/for good reason – with CIC) | $1,170,000 cash; $30,883 continued healthcare; no option vesting; total $1,200,883 (if event on Dec 31, 2024) |
| CIC without termination (equity) | No option vesting shown for Eid (contrast: other NEOs show equity vesting in this scenario) |
| Clawback provisions | Company‑wide Clawback Policy adopted in 2023 (Nasdaq‑compliant) and awards subject to recoupment; executive agreements also include clawback terms |
Performance & Track Record
- Led global medical affairs (BMS) and KEYTRUDA early development (Merck); senior R&D leadership roles across oncology/hematology in large and small biopharma .
- At Geron, accountable for integrated R&D to support RYTELO commercialization and expansion; highlighted EC approval in March 2025 and intent to broaden access in EU .
- Company 2024 performance context: Net product revenue $76.5M; net loss $(174.6)M; cumulative TSR to end‑2024 $222.64 vs peer $93.49 .
Compensation Structure Analysis
- Clear pay‑for‑performance orientation: target bonus at 55% of salary begins post‑hire; 2024 bonus excluded due to late start; significant long‑term equity via options links pay to stock performance .
- Equity is time‑based with multi‑year vesting, promoting retention; no evidence of RSUs/PSUs granted for 2024 to Eid; mix shifts to incorporate RSUs for NEOs starting 2025 (less dilutive, builds ownership) .
- Governance safeguards: independent Compensation Committee, use of Aon as independent consultant, prohibition on option repricing without shareholder approval, clawbacks, and strict insider trading/10b5‑1 policies .
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay approval ~96.1%; committee maintained approach while monitoring shareholder views .
Investment Implications
- Alignment: Large new‑hire option grant with long vesting ties Eid’s upside to sustained share appreciation; hedging/pledging bans and mandatory 10b5‑1 plans reinforce alignment and reduce risk of opportunistic trading .
- Retention risk: Initial 6‑month vest then 42 monthly tranches creates meaningful retention hooks; no accelerated vesting shown for Eid upon CIC (including without termination), reducing golden parachute optics and limiting forced selling pressure around corporate events .
- Severance economics: Cash severance is moderate (as disclosed) with healthcare continuation; table presentation indicates cash benefits tied to termination events, limiting single‑trigger cash exposure; for Eid, no equity acceleration shown in CIC scenarios, further containing parachute risk .
- Execution signal: Track record in KEYTRUDA and senior oncology roles plus EC approval momentum for RYTELO under his R&D leadership support confidence in clinical/regulatory execution; 2024 revenue inflection reflects commercial transition though profitability remains negative (net loss) .
Appendix: Key Quantitative Tables
Summary Compensation (2024)
| Metric | 2024 |
|---|---|
| Salary ($) | 93,750 |
| Bonus ($) | 200,000 (sign‑on) |
| Option Awards ($) | 6,902,500 |
| Non‑Equity Incentive ($) | — (not eligible) |
| All Other Compensation ($) | 10,348 |
| Total ($) | 7,762,848 |
Grants of Plan‑Based Awards (2024)
| Approval Date | Grant Date | Award | Options (#) | Exercise Price ($/sh) | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| Nov 1, 2024 | Nov 11, 2024 | Options | 2,500,000 | 4.12 | 6,902,500 |
Outstanding Equity Awards at Fiscal Year‑End (12/31/2024)
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($/sh) | Expiration Date |
|---|---|---|---|---|
| 11/11/2024 | — | 2,500,000 | 4.12 | 11/10/2034 |
Vesting Schedule Detail (New Hire Options)
| Element | Detail |
|---|---|
| Initial cliff | 12.5% on six‑month anniversary of grant (May 11, 2025); 312,500 shares derived from grant × 12.5% |
| Remaining vest | 42 equal monthly installments thereafter, subject to continued service |
Severance and Change‑in‑Control Illustrative Values (as if event on 12/31/2024)
| Scenario | Severance ($) | Healthcare ($) | Options Vesting ($) | Total ($) |
|---|---|---|---|---|
| Covered Termination – No CIC | 1,007,500 | 24,706 | — | 1,032,206 |
| Termination Without Cause/Good Reason – With CIC | 1,170,000 | 30,883 | — | 1,200,883 |
| Without Termination – With CIC | — | — | — | — |
Ownership Snapshot (as of March 1, 2025)
| Item | Value |
|---|---|
| Beneficial ownership (shares) | 0 |
| Options exercisable within 60 days | 0 |
Company Pay‑Versus‑Performance Metrics (Context)
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| TSR (value of $100 initial) | $76.73 | $152.20 | $132.70 | $222.64 |
| Net Income (Loss) ($000s) | (116,112) | (141,901) | (184,127) | (174,572) |
| Net Product Revenue ($000s) | 0 | 0 | 0 | 76,495 |
Notes: Hedging/pledging prohibited; 10b5‑1 plan required; clawback policy in effect per SEC/Nasdaq rules .