David Matly
Inhibrx BiosciencesAbout David Matly
David J. Matly, M.B.A., 39, is President of Inhibrx Biosciences (INBX) and oversees clinical development and operations, R&D, technical operations, and regulatory affairs; he previously served as EVP, Chief Commercial and Business Development Officer after joining the former parent in October 2021 . He holds a B.S. in Industrial Engineering from Purdue University and an M.B.A. from Harvard Business School . Company-level TSR, revenue growth, and EBITDA growth metrics tied to his tenure are not disclosed in the proxy or 10‑K.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Inhibrx Biosciences (INBX) | President | 2025–present | Expanded remit over clinical, R&D, tech ops, regulatory; adds to commercial and BD leadership |
| Inhibrx (former parent) | EVP, Chief Commercial & BD Officer | 2024 (post-spin), 2021–2024 (pre-spin) | Led commercial, medical affairs, market access, BD across pipeline |
| Novartis Oncology | Global VP, MDS/AML franchise | 2020–2021 | Built franchise and prepared launches; evaluated in-licensing/M&A |
| Novartis Oncology | Global commercial lead, sickle cell | 2018–2020 | Led ADAKVEO launch preparation and execution |
| Novartis Oncology | Global commercial lead, PROMACTA/REVOLADE | 2017–2018 | Led global commercial strategy for hematology brands |
| Chrono Therapeutics | VP, Business Development | Not disclosed | Corporate development leadership |
| Eli Lilly | Sales/Marketing leadership | Not disclosed | Led U.S. launch of CYRAMZA in metastatic lung cancer |
External Roles
- None disclosed in company filings for public company boards or external committee roles specific to Matly .
Fixed Compensation
| Component | 2024 | 2025 | Notes |
|---|---|---|---|
| Base Salary ($) | Not disclosed | $601,670 (effective 04-01-2025) | Reflected in his Amended Employment Agreement filed by reference to Q2 2025 10‑Q |
| Target Bonus (%) | Not disclosed | Not disclosed | Company targets disclosed for other NEOs (CEO 60%, CFO 45%) but not for Matly |
| Actual Bonus Paid ($) | Not disclosed | Not disclosed | Company paid 2024 bonuses at 100% of target to NEOs; Matly not included among 2024 NEOs |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Measurement |
|---|---|---|---|---|---|
| Corporate performance goals (company-level) | Not disclosed | Not disclosed | 100% achievement for FY2024 company goals (clinical progression, funding, BD visibility) | NEOs paid at targeted levels; Matly not disclosed as recipient | Annual, paid Q1 2025 |
| Individual performance metrics | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
The proxy describes categories and 100% company-level attainment for 2024, but does not disclose Matly-specific targets, weightings, or payouts .
Equity Ownership & Alignment
| Instrument | Grant Date | Amount | Exercise Price | Expiration | Vesting |
|---|---|---|---|---|---|
| Stock options | 04-01-2025 | 50,000 | Not disclosed | Not disclosed | Vests over 4 years from grant date |
| Stock options (company-wide employee grant) | 05-30-2024 | Not disclosed (employees received grants) | FMV on grant date (example NEO exercise price $15.86) | 05-30-2034 (NEO examples) | 25% at 1st anniversary (05-30-2025), then equal monthly over 36 months |
| Options currently exercisable (within 60 days of 04-01-2025) | As of 04-01-2025 | 43,750 | Not disclosed | Not disclosed | Exercisable status per beneficial ownership footnote |
Additional alignment details:
- Stock ownership guidelines: Company states no formal executive ownership guidelines in place .
- Hedging/pledging: Insider Trading Policy prohibits short sales and trading in “put” and “call” options; pledging not specifically disclosed .
- 10b5‑1 trading plans: Employees and executives may adopt Rule 10b5‑1 plans for scheduled trading .
Employment Terms
- Appointment and role: Appointed President effective April 1, 2025; added to prior EVP, Chief Commercial & BD responsibilities . Employment at the former parent began October 2021; post-spin executive at INBX since May 2024 .
- Amended Employment Agreement: Reflects new title and $601,670 base salary; includes a grant of 50,000 stock options vesting over four years; full agreement to be filed as an exhibit to Q2 2025 10‑Q .
- Severance & change-of-control: Matly-specific terms not disclosed. For context, other INBX executive agreements (CEO, CFO, CSO, as of 12/31/2024) provided 12 months’ base salary and 12 months’ equity vesting acceleration upon termination without cause/for good reason, and 18 months’ base + 1.5× target bonus with full acceleration within one year post-change-of-control (or 90 days pre-signing) . Definitions of Cause/Good Reason/Change of Control are detailed in the proxy .
- Clawback: Company has a Clawback Policy complying with Rule 10D‑1 and Nasdaq listing standards .
- Insider trading governance: Executives are subject to the company’s Insider Trading Policy and blackout windows; prohibition on short-term speculative transactions (short sales; options) .
Investment Implications
- Role expansion and pay signal: Elevation to President and a higher base salary, coupled with a fresh 50,000-option grant, indicates central accountability for pipeline execution and commercial strategy; alignment via multi-year vesting supports retention through key 2025–2026 readouts .
- Selling pressure timing: Option structures suggest potential scheduled vesting-related liquidity windows (25% cliff on 05-30-2025 for the 2024 grant and ongoing monthly vesting thereafter; plus four-year vesting from the 04-01-2025 grant), which may create periodic selling pressure if 10b5‑1 plans are active; exercise prices for Matly’s grants are not disclosed, limiting in-the-money analysis .
- Alignment risk: Absence of formal executive ownership guidelines and lack of disclosed Matly-specific severance/CIC economics modestly increase uncertainty around pay-for-performance alignment and retention protections versus peers; however, company-level clawback and anti-hedging policies reduce misalignment risk .
- Execution track record: Documented launch leadership at Novartis and Lilly (ADAKVEO, PROMACTA/REVOLADE, CYRAMZA) is a positive signal for commercialization capability if INBX assets (ozekibart, INBRX‑106) reach approval; near-term clinical milestones concentrate performance risk .