Lori Firmani
About Lori Firmani
Lori Firmani (age 52) is Galecto’s Chief Financial Officer, appointed November 10, 2025 after serving as Interim CFO since August 2024. She is a CPA (Massachusetts) with an MBA from Babson College and a BS in Accounting from SUNY Geneseo; prior roles include CFO of Spring Bank Pharmaceuticals and finance leadership at Galecto since 2020 . Operational performance during her finance leadership tenure shows improvements in EBITDA and net income year over year; detail below.
EBITDA and Net Income (Annual):
| Metric ($USD Millions) | FY 2023 | FY 2024 |
|---|---|---|
| EBITDA | -36.188* | -16.876* |
| Net Income | -38.349* | -21.439* |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Galecto, Inc. | Interim CFO → CFO | Aug 2024–Nov 2025 (Interim); CFO from Nov 10, 2025 | Transitioned to CFO; Board approved compensation and retention program updates |
| Galecto, Inc. | VP Finance & Corporate Controller | Nov 2020–Aug 2024 | Led finance/controller functions |
| Spring Bank Pharmaceuticals, Inc. | Chief Financial Officer | Apr 2020–Nov 2020 (through acquisition) | Served as CFO until acquisition closing |
| Spring Bank Pharmaceuticals, Inc. | Finance roles of increasing responsibility | Jan 2016–Apr 2020 | Progressively senior finance roles |
External Roles
No public company directorships or external board roles disclosed.
Fixed Compensation
2024 compensation (as reported in Proxy):
| Component | FY 2024 |
|---|---|
| Base Salary (paid) | $261,188 |
| Target Bonus (% of base) | 30% |
| Actual Bonus (earned for 2024) | $90,000 |
| Stock Awards (RSUs; grant-date fair value) | $39,050 |
| Option Awards (grant-date fair value) | $76,314 |
| All Other Compensation | $95,340 (includes $68,640 retention bonus, $20,700 401(k) match, $6,000 HSA) |
| Total | $561,892 |
2025 compensation changes (post-closing 8-K):
| Change | Detail |
|---|---|
| Base Salary | Increased from $300,000 to $375,000, effective at closing |
| Target Bonus (retention program) | $112,500 retention bonus eligibility; payout upon earlier of Apr 30, 2026 or termination without Cause |
Employment agreement baseline: On Aug 7, 2024, base salary increased to $300,000 when appointed Interim CFO; 2024 bonus $90,000; if terminated without Cause or resigns for Good Reason, six months base salary and continued health benefits .
Performance Compensation
Annual bonus framework:
| Metric/Program | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Discretionary Annual Bonus | Not disclosed | 30% of base salary | $90,000 (2024) | Discretionary | Cash (no vesting) |
Equity incentives:
RSUs
| Grant Date | Shares | Grant-Date Fair Value | Vesting Schedule | Market Value of Unvested (12/31/24) |
|---|---|---|---|---|
| Jan 3, 2024 | 2,200 | $39,050 | 1/3 vested Jan 3, 2025; remaining vests ratably every six months thereafter | $10,230 (based on $4.65 close) |
Options (select grants; time-based vesting)
| Grant Date | Options (Total) | Exercise Price | Vesting | Expiration |
|---|---|---|---|---|
| Oct 9, 2024 | 13,000 | $7.49 | 48 equal monthly installments over 4 years from grant | Oct 9, 2034 |
| Jan 4, 2023 | 1,800 | $30.25 | 25% on Jan 4, 2024; remainder monthly through Jan 4, 2027 | Jan 4, 2033 |
| Jan 4, 2022 | 1,500 | $81.00 | 25% on Jan 4, 2023; remainder monthly through Jan 4, 2026 | Jan 4, 2032 |
| Jan 5, 2021 | 1,600 | $325.00 | Fully vested (per footnote) | Nov 23, 2030 |
Notes:
- The Company disclosed that 2024 awards were not timed around material nonpublic information; options granted Oct 9, 2024 two days post-asset acquisition announcement, with -4.5% change in market price around disclosure window .
Equity Ownership & Alignment
Beneficial ownership and alignment:
| Ownership Measure | Value |
|---|---|
| Total Beneficial Ownership (as of Apr 15, 2025) | 6,065 shares |
| Ownership % of Outstanding | <1% (denoted “*”) |
| Direct Common Shares | 465 |
| Options Exercisable within 60 days | 5,600 |
| Unvested RSUs outstanding | 2,200 |
| Pledging/Hedging Policy | Prohibited absent Audit Committee approval; pre-clearance required for executives |
Stock ownership guidelines: Not disclosed.
Employment Terms
Key terms and protections:
- Baseline employment agreement: If terminated without Cause or resigns for Good Reason, six months’ base salary and continuation of health benefits .
- Retention agreements (post-asset purchase): Eligible for a cash retention bonus equal to 100% of target bonus upon the earlier of Dec 31, 2025, a Sale Event, or termination without Cause (for 2024 formulation, target bonus $90,000) . Updated post-closing: retention payout equal to $112,500 upon earlier of Apr 30, 2026 or termination without Cause .
- Compensation Recovery (clawback) Policy: Adopted Nov 16, 2023; requires recovery of incentive-based compensation tied to financial reporting measures upon an accounting restatement, regardless of fault; no recoveries required in or through 2024 .
- Change-in-control economics: Companywide Separation Benefits Plan provides enhanced severance and equity acceleration around Sale Events for named executives; specific multipliers in proxy are disclosed for certain executives (CEO, General Counsel). Multipliers for Ms. Firmani are not explicitly detailed; her employment agreement and retention programs provide defined benefits as above .
Governance and disclosures:
- As an emerging growth company through Dec 31, 2025, Galecto has reduced executive compensation disclosure obligations and is exempt from mandatory say-on-pay votes until EGC status ceases .
Investment Implications
- Pay-for-performance alignment: Ms. Firmani’s annual bonus framework is discretionary, with no disclosed quantitative performance metrics; most equity is time-based RSUs and options, which tilts the mix toward retention rather than strict performance conditions .
- Retention risk mitigants: Retention agreements explicitly incentivize continuity through specific dates and under defined events, providing cash equal to 100% of target bonus ($90,000 initially; updated to $112,500 as of Nov 2025) .
- Insider selling pressure: RSUs vest semi-annually and options vest monthly, creating predictable supply; unvested RSUs (2,200 as of 12/31/24) and large unexercisable option balance from Oct 2024 grant could lead to incremental sales upon vesting (subject to trading windows and pre-clearance) .
- Alignment and ownership: Beneficial ownership is small (<1% of outstanding); however, company hedging and pledging restrictions enhance alignment and reduce financing risk via collateralized pledging .
- Performance trajectory: Annual improvements in EBITDA and net loss from FY2023 to FY2024 suggest cost discipline and focus on restructuring post-asset acquisition, supportive of finance leadership credibility; monitor future disclosures for explicit KPI ties to variable pay.*
Values retrieved from S&P Global.* [EBITDA, Net Income]
References:
- Executive background, age, roles, education:
- Compensation tables and targets:
- Outstanding equity awards and vesting schedules:
- Beneficial ownership:
- Hedging/pledging policy:
- Employment and retention terms (2024):
- CFO appointment, 2025 base salary increase, updated retention bonus:
- EGC/say-on-pay status: