David Sachs
ImmunityBioAbout David Sachs
David Sachs, 47, has served as ImmunityBio’s Chief Financial Officer since March 9, 2021. He previously held finance leadership roles across NantWorks affiliates (including CFO of NantCell, Inc. and Integrity Healthcare, LLC) and earlier roles in business development at Celgene and Abraxis BioScience, and investment banking at Bank of America Merrill Lynch. He holds a B.A. in Economics from UCLA and an M.B.A. in Finance and Strategy from UCLA Anderson. Company performance context during his tenure (company-wide, not CFO-specific): cumulative TSR (value of $100 investment) was $83.39 (FY2022), $82.57 (FY2023), and $42.11 (FY2024), with net losses of $417.3M, $583.9M, and $413.6M respectively .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NantCell, Inc. | Chief Financial Officer | Jul 2019 – Mar 2021 | Led finance as company prepared for and entered merger path with ImmunityBio; transitioned to public company CFO post-merger . |
| Integrity Healthcare, LLC (NantWorks subsidiary) | Chief Financial Officer | Feb 2018 – Aug 2020 | Oversaw healthcare services finance within NantWorks ecosystem . |
| NantWorks and subsidiaries | Various executive finance roles; CFO of NantHealth, Inc. (2013–2015) | Apr 2011 – Jun 2019 | Built finance capabilities across portfolio; public company CFO experience (NantHealth) . |
| Celgene Corporation | Business Development | Not disclosed | Corporate development experience in biopharma . |
| Abraxis BioScience | Business Development | Not disclosed | Corporate development experience in biopharma . |
| Bank of America Merrill Lynch | Investment Banker | Not disclosed | Capital markets and advisory background . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Celgene Corporation | Business Development | Not disclosed | Pre-NantWorks role . |
| Abraxis BioScience | Business Development | Not disclosed | Pre-NantWorks role . |
| Bank of America Merrill Lynch | Investment Banking | Not disclosed | Pre-biopharma finance role . |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $521,039 | $537,525 | $574,515 |
| Target Bonus (%) | 50% (plan target) | 50% (plan target) | 50% |
| Discretionary Bonus ($) | — | $273,980 (paid 2024) | — |
| Performance Bonus Paid ($) | — | — | $230,143 (paid 2025; 80% of target for 2024 plan) |
| All Other Compensation ($) | $12,288 | $13,120 | $13,989 |
Performance Compensation
Annual Cash Incentive Structure (2024)
| Metric Category | Weighting | Target | Actual | Payout ($) | Vesting |
|---|---|---|---|---|---|
| Financing goals | Not disclosed | Company-set (not disclosed) | Met or exceeded most goals (overall payout at 80%) | $230,143 | Cash; paid 2025 |
| Regulatory & product goals | Not disclosed | Company-set (not disclosed) | Met or exceeded most goals | Included in above | — |
| Clinical development goals | Not disclosed | Company-set (not disclosed) | Met or exceeded most goals | Included in above | — |
| Commercial readiness goals | Not disclosed | Company-set (not disclosed) | Met or exceeded most goals | Included in above | — |
| Human capital goals | Not disclosed | Company-set (not disclosed) | Met or exceeded most goals | Included in above | — |
Equity Grants and Vesting
| Grant Type | Grant Date | Shares/Options | Strike | Grant-Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|---|
| RSU | Feb 22, 2024 | 121,951 | — | $639,023 | 33.33% on Feb 22, 2025; 33.33% on Feb 22, 2026; 33.34% on Feb 22, 2027 |
| Stock Option | Feb 22, 2024 | 424,390 | $5.24 | $1,923,937 | 141,463 on Feb 22, 2025; 141,463 on Feb 22, 2026; 141,464 on Feb 22, 2027; expires Feb 22, 2034 |
| Stock Option | Mar 23, 2022 | 83,334 (unexercisable at 12/31/24; vests Mar 23, 2025) | $5.83 | Not disclosed in 2022 table | Single tranche vest on Mar 23, 2025 |
| RSU (prior) | Mar 4, 2021 | 75,999 unvested at 12/31/24 | — | Not disclosed | 30,397 vest on Dec 31, 2025; 45,602 vest on Dec 31, 2026 |
Award valuation assumptions for 2/22/2024 options used Black-Scholes with 4.3% risk-free rate, 6.0-year term, 116.4% volatility, 0% dividend yield; exercise price $5.24 (Nasdaq close on grant date) .
Equity Ownership & Alignment
| Component | Detail |
|---|---|
| Beneficial ownership | 617,083 shares beneficially owned (225,620 shares directly; 391,463 options exercisable within 60 days of April 21, 2025) . |
| Ownership as % of outstanding | Less than 1% (company denotes “*”) of 882,580,961 shares outstanding at record date . |
| Vested vs unvested | Unvested RSUs: 121,951 from 2/22/2024 grant; prior 75,999 RSUs vesting in 2025–2026 . Unexercisable options: 424,390 from 2/22/2024 (time-based vest through 2027); 83,334 from 3/23/2022 vesting 3/23/2025 . |
| Options exercisable vs unexercisable | 391,463 options exercisable as of 4/21/2025 (count used in beneficial ownership) ; unexercisable amounts per table above . |
| Pledging/hedging | Insider Trading Policy prohibits hedging and short sales, and prohibits purchasing or pledging company securities on margin or as collateral except with prior Board approval . |
| Stock ownership guidelines | Director stock ownership guidelines disclosed (3x base retainer); executive officer ownership guidelines not disclosed in scaled SRC framework . |
| 2024 vesting activity | 101,142 RSUs vested for Sachs in 2024; 42,240 shares withheld for taxes; value realized on vesting $315,520 . |
Employment Terms
| Term | Detail |
|---|---|
| Start date | CFO effective March 9, 2021 (post-merger) . |
| Current base salary | $592,619 as of April 29, 2025 . |
| Target bonus | 50% of base salary; must be employed through payment date; Compensation Committee retains discretion . |
| Severance | If terminated without “cause” or resigns for “good reason”: cash equal to 10 months of base salary (83.33%) + prorated bonus paid at 100% of target; paid within 60 days, subject to release . |
| Equity plans | Eligible for annual equity awards under 2015 Plan and successor 2025 Plan; awards may include performance-based vesting . |
| Change-in-control treatment | Under equity plans: if awards are not assumed/substituted, vesting accelerates (options/SARs exercisable; restrictions on RSUs lapse; performance goals deemed achieved at 100% of target) . |
| Clawback policy | Compensation recovery policy adopted Nov 29, 2023; mandates recovery of certain compensation following an accounting restatement per SEC/Nasdaq rules . |
| Prohibited trading | Short sales, hedging, margin purchases/pledging (without Board approval), derivatives prohibited by policy . |
Additional Compensation and Grants (2024)
| Item | Detail |
|---|---|
| Grants of Plan-Based Awards (2/22/2024) | Target cash incentive $287,679; RSU 121,951; Option 424,390 at $5.24; grant-date fair values $639,023 and $1,923,937 respectively . |
| All other compensation (2024) | Retirement plan contribution $13,989 . |
| Outstanding awards at 12/31/2024 | RSUs unvested 121,951 (2024 grant) and 75,999 (2021 grant); options unexercisable 424,390 (2024 grant) and 83,334 (2022 grant) . |
Investment Implications
- Compensation alignment: Cash incentive metrics cover financing, regulatory, clinical, commercial, and human capital—paid at 80% of target for FY2024, indicating a structured pay-for-performance plan with Committee discretion. Equity grants are predominantly time-based RSUs and options; explicit performance share structures not disclosed, which can dilute direct performance linkage for equity .
- Retention and supply overhang: Multiple staged vesting dates (Feb 22, 2025/2026/2027) for RSUs and options create recurring potential supply; 2021 RSUs also vest on Dec 31, 2025 and Dec 31, 2026. Severance provides 10 months salary plus prorated target bonus, offering moderate retention economics without excessive parachute terms .
- Ownership alignment: Beneficial ownership is less than 1% of outstanding shares, with a mix of direct shares and currently exercisable options. Company policy restricts hedging/pledging (except with Board approval), reducing misalignment risk from collateralization; no pledges disclosed for Sachs .
- Change-of-control dynamics: Equity plan default provisions accelerate vesting if awards are not assumed, potentially unlocking value irrespective of performance; this is typical but can be shareholder-unfriendly if widely applied. The new 2025 Plan codifies broad administrator flexibility in CIC outcomes and clawback enforcement .
- Performance backdrop: Company TSR decelerated in FY2024 and net losses remain significant, contextualizing incentive payouts and underscoring execution risk in commercialization and financing; investors should monitor how financing and regulatory milestones translate into future incentive outcomes and insider exercise/vesting behavior .