Kinney Horn
About Kinney Horn
Kinney Horn, age 50, is Chief Business Officer of Immunome (IMNM) since February 7, 2024, with prior leadership roles in business development and investing across biotech and pharma. He holds a B.A. in economics and international affairs from the University of Mary Washington and an M.S. in biochemistry from Georgetown University . In 2024, corporate performance goals (research, development and corporate objectives) were assessed at 125% achievement, and Horn’s cash bonus was prorated accordingly, signaling execution against plan in his first year . Hedging and pledging of company stock are prohibited under IMNM’s insider trading policy, supporting alignment with shareholders .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Olema Oncology (Nasdaq: OLMA) | Chief Business Officer and advisor | May 2020 – Oct 2023 | Senior BD/partnering leadership at a women’s oncology company (as disclosed) |
| EcoR1 Capital | Entrepreneur in Residence | May 2019 – Apr 2020 | Investment and company creation exposure in biotech (as disclosed) |
| Genentech, Inc. | Director of Business Development | Jan 2003 – Apr 2019 | Long-tenured large-cap BD experience (as disclosed) |
| Various IB/VC roles | Investment banking/venture capital roles | 1998 – 2003 | Early-career finance roles (as disclosed) |
External Roles
- No external public-company board roles for Kinney Horn are disclosed in the proxy .
Fixed Compensation
| Metric | 2024 | 2025 |
|---|---|---|
| Base salary (annual rate) | $425,000 | $447,200 (increased March 2025) |
| Base salary (actual paid) | $382,765 (prorated from Feb 7 start) | — |
| Target bonus (% of salary) | 40% | 40% (per offer letter; no change disclosed) |
| Signing/retention bonuses | $25,000 sign-on (paid at commencement) | — |
| Other comp (401(k) match) | $10,350 | — |
Performance Compensation
| Incentive | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| 2024 Annual Cash Bonus | Company goals: research, development, corporate objectives; plus individual goals per policy | Not disclosed | 40% of base salary | Corporate goals at 125% (Horn prorated for time employed) | $180,747 | Cash |
Equity Awards (2024 grants and vesting)
| Grant date | Award type | Shares | Exercise price | Expiration | Vesting schedule | Grant-date fair value |
|---|---|---|---|---|---|---|
| Feb 20, 2024 | Stock option (2020 Plan) | 300,000 | $23.00 | Feb 19, 2034 | 25% vests Feb 12, 2025; remaining 75% vests in 36 equal monthly installments thereafter | Included in 2024 total option value ($6,390,806) |
| Aug 9, 2024 | Stock option (2020 Plan) | 130,000 | $12.92 | Aug 8, 2034 | 25% vests Aug 9, 2025; remaining 75% vests in 36 equal monthly installments thereafter | $1,298,606 |
Notes:
- Equity awards are time-vested options; IMNM highlights its practice of granting options at hire and annually, with 10-year terms and fair-market-value strike prices .
- IMNM revised its annual option grant timing to the third fiscal quarter beginning 2024; grants are not timed to MNPI releases per company policy .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Feb 1, 2025) | Consists of 81,250 shares issuable upon exercise of stock options exercisable within 60 days; ownership is less than 1% |
| Year-end outstanding awards (Dec 31, 2024) | Unexercisable options: 300,000 (2/20/24 grant) and 130,000 (8/9/24 grant) |
| Hedging/Pledging | Hedging is prohibited; purchase on margin/pledging company stock as collateral is prohibited |
| Stock ownership guidelines | Not disclosed in proxy (general reference to ownership information in comp deliberations) |
Employment Terms
| Provision | Summary |
|---|---|
| Start date/title | Chief Business Officer, since Feb 7, 2024 |
| Base salary/bonus | Base salary initially $425,000; increased to $447,200 in March 2025; target annual bonus 40% of salary |
| Initial equity grant | Option for 300,000 shares at FMV; 25% cliff on Feb 12, 2025, then monthly vesting over 36 months |
| Additional 2024 equity | Option for 130,000 shares at $12.92; 25% on Aug 9, 2025, then monthly vesting over 36 months |
| Severance (Qualifying Termination: without cause/for good reason) | 12 months base salary continuation; 12 months COBRA; pro-rated target annual bonus based on achievement |
| Change-in-Control (within 30 days prior to, at, or within 12 months after) | 12 months base salary; 12 months COBRA; full annual bonus amount for year of termination; 100% vest acceleration of unvested equity |
| Clawback | Compensation Committee approves and oversees recoupment of incentive compensation |
| Hedging/pledging | Prohibited (see Equity Ownership & Alignment) |
Compensation Committee & Peer Benchmarking
- IMNM uses Aon/Radford as its independent compensation consultant; target cash compensation is generally set near the 50th percentile of the peer group, while equity compensation targets near the 75th percentile, with discretion to deviate based on experience, performance, existing equity holdings and market factors .
Risk Indicators and Controls
- Insider policy bans hedging and pledging, reducing misalignment/forced-sale risk .
- Option-only equity for Horn emphasizes long-term value creation; company states grants are not timed to MNPI and maintains structured grant timing (Q3) for annual refreshes .
- Compensation Committee is responsible for clawback oversight and conducts regular independent reviews, mitigating pay risk concerns .
Investment Implications
- Alignment and retention: Option-heavy awards with 4-year vesting (25% cliff then monthly) and a 10-year term provide durable retention hooks and align Horn’s upside with shareholder value creation .
- Potential selling pressure windows: Key vesting dates include the 25% cliff on Feb 12, 2025 for the 300,000 options and the 25% cliff on Aug 9, 2025 for the 130,000 options, followed by steady monthly vesting; while these are options (exercise optionality), vesting cadence can create periodic liquidity opportunities .
- Change-in-control incentives: Single-year salary, full-year bonus, benefits, and full vesting acceleration upon a qualifying CoC termination can increase management’s openness to strategic transactions, while also protecting retention through certainty of payout/vesting .
- Pay-for-performance: 2024 bonuses paid at 125% of corporate goals indicate management met or exceeded milestones in the first year of Horn’s tenure, supporting credibility on execution risk in BD and corporate objectives .
Appendix: 2024 Summary Compensation (select Horn line items)
| Metric | 2024 |
|---|---|
| Salary (paid) | $382,765 |
| Bonus (sign-on) | $25,000 |
| Option awards (grant-date fair value, ASC 718) | $6,390,806 |
| Non-equity incentive plan compensation | $180,747 |
| All other compensation (401k, etc.) | $10,350 |
| Total | $6,989,668 |