Darya Chudova
Guardant HealthAbout Darya Chudova
Chief Technology Officer (CTO) at Guardant Health since May 8, 2023; at Guardant since August 2015. Age 51; Ph.D. in Computer Science from UC Irvine. Led development of Guardant’s Shield blood-based colorectal cancer screening technology to FDA approval and commercial launch in July–August 2024, earning a one-time $25,000 bonus for this milestone . Company performance under her tenure as CTO: revenue grew 25% in 2023 and 31% in 2024; non-GAAP adjusted EBITDA loss improved from $344.2M (2023) to $257.5M (2024); say-on-pay support rose to 93.6% in 2024, signaling investor endorsement of pay design tied to growth and product launches .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Guardant Health | SVP, Technology | 2015–2023 | Led technical development of Guardant360 LDT/CDx and Shield; improved precision, robustness, accessibility of liquid biopsy tests |
| Illumina | Technology lead (NIPT) | 2013–2015 | Developed non‑invasive prenatal testing (NIPT) capabilities |
| Veracyte | Genomic tools developer | 2008–2013 | Built tools for clinical diagnostics and interpretation of genomic data in molecular cytology |
External Roles
Not disclosed for Dr. Chudova in company filings .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 424,462 | 487,308 |
| Target Bonus (%) | 50% (blended from 40% pre‑promotion) | 50% |
| Actual Annual Incentive (Cash/PSU) ($) | 279,281 | 375,000 |
| Bonus (One‑time spot/achievement) ($) | — | 35,000 (25k spot + 10k achievement) |
| Stock Awards ($) | 2,222,397 | 1,479,151 |
| Option Awards ($) | 1,817,482 | 1,078,577 |
| All Other Compensation ($) | 11,919 | 20,487 |
| Total ($) | 4,755,541 | 3,475,523 |
Performance Compensation
| Component | Weight | Target | Actual | Payout/Achievement |
|---|---|---|---|---|
| Revenue excluding screening ($M) | 30% | 670 | 733.9 | 200%; weighted 60% |
| Non‑GAAP Gross Margin % excl screening | 5% | 60% | 64% | 200%; weighted 10% |
| Adjusted EBITDA ($M) | 10% | (306) | (257.5) | 200%; weighted 20% |
| Oncology Product Milestones (launches, data) | 25% | Set by committee | Mixed above‑target/below‑threshold | Weighted 32.5% |
| Screening R&D (Shield launch, device validation) | 25% | Set by committee | Target/below‑target | Weighted 22.5% |
| Employee Engagement | 5% | Target | Target | Weighted 5% |
| Total Achievement | — | — | — | 150% company‑wide payout factor |
2024 PSU grants for NEOs (performance equity): Darya target $600,000; 17,063 PSUs. One‑year revenue growth component earned at 200% on 31% revenue growth; vests 1/3 on Mar 1, 2025, remainder on Jan 1, 2026 and Jan 1, 2027. Three‑year revenue CAGR component subject to a relative TSR modifier with a negative TSR cap; targets disclosed post‑period .
Equity Ownership & Alignment
- Beneficial Ownership: 108,394 shares (<1% of outstanding; 121,885,230 shares outstanding on Apr 15, 2024). Approximate ownership = 0.089% .
- Stock Ownership/Trading Policies: Executive stock ownership and retention guidelines; strict prohibition on hedging, pledging, margin, and short sales of company securities .
| Instrument | Grant Date | Status (FY‑end 2024) | Units | Terms |
|---|---|---|---|---|
| RSUs | 11/8/2024 | Unvested | 39,689; $1,212,499 MV | Annual RSUs vest 1/3 after 1 year, then quarterly over 3 years (2024 cycles) |
| RSUs | 12/13/2023 | Unvested | 13,338; $407,476 MV | 2023 RSUs vest over 4 years |
| RSUs | 8/7/2023 | Unvested | 26,116; $797,844 MV | 4‑year vest |
| RSUs | 11/7/2022 | Unvested | 10,714; $327,313 MV | 4‑year vest |
| PSUs (2024 one‑year revenue) | 2/26/2024 | Earned/Unvested | Earned: 17,062; $521,244 MV; Unvested tranche: 8,532; $260,653 MV | Vest 1/3 Mar 1, 2025; 1/3 Jan 1, 2026; 1/3 Jan 1, 2027 |
| PSUs (2023 program) | 6/7/2023 | Unvested | 10,714; $327,313; Unvested 5,357; $163,656 | Three‑year CAGR + 2023 one‑year revenue component; service‑based vesting |
| PSUs (2020 program) | 11/4/2020 | Earned | 21,863; $667,915 MV | Earned upon hitting $600M run‑rate revenue and Shield Medicare‑reimbursable order; vested in Q1 2025 (6 months after second milestone) |
| Options | 11/8/2024 | Unexercisable | 59,534 @ $28.61; exp 11/8/2034 | 10‑year; options vest over 3 years (1/3 year 1; monthly thereafter) |
| Options | 12/13/2023 | Exercisable/Unexercisable | 11,521 / 18,340 @ $28.37; exp 12/13/2033 | Same vest schedule |
| Options | 8/7/2023 | Exercisable/Unexercisable | 20,675 / 31,557 @ $37.50; exp 8/7/2033 | Same vest schedule |
| Options | 11/7/2022 | Exercisable/Unexercisable | 23,212 / 19,642 @ $47.20; exp 11/7/2032 | Standard vesting |
| Options | 11/2/2021 | Exercisable/Unexercisable | 8,206 / 1,894 @ $117.61; exp 11/2/2031 | Standard vesting |
| Options | 8/1/2019 | Exercisable | 17,442 @ $94.47; exp 8/1/2029 | Standard vesting |
| Options | 8/22/2018 | Exercisable | 2,356 @ $8.80; exp 8/22/2028 | Standard vesting |
| Options | 3/30/2018 | Exercisable | 4,328 @ $4.6625; exp 3/30/2028 | Standard vesting |
Vesting cadence implies regular RSU/PSU delivery events (Mar and Jan tranches; plus quarterly RSUs), which can create periodic liquidity windows; anti‑hedging/pledging policies mitigate misalignment risks .
Employment Terms
| Provision | Non‑CIC Termination | CIC Termination (Double Trigger) |
|---|---|---|
| Tier classification | Tier 2 (CTO) | Tier 2 |
| Cash severance | 12 months base salary (lump sum) | 18 months base salary (lump sum) |
| Bonus | Pro‑rated target bonus for year of termination | Target bonus for year of termination |
| Health benefits (COBRA) | Company‑paid up to 12 months | Company‑paid up to 18 months |
| Equity acceleration | Time‑based RSUs/options vest fully upon CIC termination; PSUs vest at greater of target or actual as of CIC | Same |
| Clawback | Company clawback policy adopted Nov 2023; Compensation Committee administers | |
| Anti‑hedging/pledging | Prohibited for employees and directors |
Performance & Track Record
- Shield FDA approval and national launch in July–August 2024; Medicare pricing secured in November 2024; credited with spot/achievement bonuses for foundational contributions .
- Led Smart Platform and Infinity AI integration to drive multimodal (genomic + epigenomic) insights, scaling automation and cost efficiency; expanded phenotypic biomarker readouts via Guardant360 and supported therapy selection upgrades .
Company Performance (context for pay‑for‑performance)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 449,538,000 ] | 563,948,000 ] | 739,016,000 ] |
| EBITDA ($) | -508,416,000* | -438,444,000* | -401,207,000* |
*Values retrieved from S&P Global.
Risk Indicators & Red Flags
- Late Section 16 filings: Two late Form 4s for June 1, 2023 and August 1, 2023 RSU vesting/tax withholding due to administrative error (company disclosed) .
- Governance protections: Clawback policy (Nov 2023); robust anti‑hedging/pledging; double‑trigger CIC vesting; no excise tax gross‑ups; annual compensation risk assessment .
Compensation Peer Group (benchmarking alignment)
- 2024/2025 peer sets include: 10x Genomics, Natera, NeoGenomics, EXACT Sciences, Blueprint Medicines, Exelixis, Penumbra, Repligen, Veracyte, Myriad Genetics, iRhythm, Novocure, Glaukos, Lantheus, Twist Bioscience, Ultragenyx, ACADIA; updated for size/revenue comparability and market evolution .
Say‑on‑Pay & Shareholder Feedback
- Say‑on‑Pay approval: ~86.5% (2023) and 93.6% (2024). Board engaged top holders to refine incentives; shift to balanced cash/equity and PSU emphasis tied to revenue growth and TSR .
Investment Implications
- Alignment: CTO compensation is meaningfully at‑risk, with large PSU components tied to one‑year revenue growth (earned at 200% in 2024) and three‑year revenue CAGR with a TSR modifier—linking payouts to growth and shareholder returns .
- Supply overhang timing: Earned PSUs vest across Mar 2025/Jan 2026/Jan 2027; RSUs vest quarterly (recent annual RSUs begin cliff vesting one year post‑grant), implying recurring insider liquidity windows, albeit constrained by anti‑hedging/pledging and retention guidelines .
- Retention and CIC economics: Tier 2 severance (18 months base + target bonus + full equity vesting on double trigger) is competitive, reducing retention risk while potentially increasing CIC‑related dilution if performance awards are deemed at target upon termination .
- Execution signal: The 2024 payout factor (150%) was driven by 31% revenue growth, margin improvement, and product milestones, with the CTO’s Smart Platform/Shield advances likely underpinning sustained growth trajectory .