Kelly Deck
Inhibrx BiosciencesAbout Kelly Deck
Kelly D. Deck, C.P.A., age 45, has served as Chief Financial Officer (CFO) of Inhibrx Biosciences since May 2024, leading accounting, finance, IT, and investor relations; she holds B.S. and M.S. degrees in Accounting and is an actively licensed CPA in California . Prior to INBX, Deck held increasing responsibility roles in finance and accounting at Apricus Biosciences, Hologic, Gen‑Probe, and Cytori Therapeutics, and currently serves as treasurer of the Fleet Science Center’s board of trustees . For FY2024, INBX’s executive bonus program paid at 100% of target based on company-wide goals; Deck’s bonus paid was $207,045 (45% of base), highlighting operational execution during the spin-off year . Company-level revenue and EBITDA changed year-over-year during her tenure; see the table below for context (values from S&P Global)*.
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | $1,800,000* | $200,000* |
| EBITDA ($USD) | $(217,994,000)* | $(261,102,000)* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Apricus Biosciences | Finance/Accounting roles of increasing responsibility | Not disclosed | Built life sciences finance capabilities |
| Hologic | Finance/Accounting roles | Not disclosed | Supported public diagnostics operations |
| Gen‑Probe | Finance/Accounting roles | Not disclosed | Enabled growth in diagnostics platform |
| Cytori Therapeutics | Finance/Accounting roles | Not disclosed | Supported biotech corporate finance |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Fleet Science Center | Treasurer, Board of Trustees | Not disclosed | Community STEM engagement; governance oversight |
Fixed Compensation
Multi‑year compensation detail (Summary Compensation Table):
| Component ($USD) | FY 2023 | FY 2024 |
|---|---|---|
| Salary | $430,000 | $460,100 |
| Bonus (Transaction) | $0 | $1,500,000 |
| Option Awards (Grant‑date fair value) | $512,031 | $2,084,488 |
| Non‑Equity Incentive Plan Compensation | $193,500 | $207,045 |
| All Other Compensation | $13,368 | $15,621 |
| Total | $1,148,899 | $4,267,254 |
2025 base salary changes:
- Effective Jan 1, 2025: $473,910
- Effective Apr 1, 2025: $500,010
Performance Compensation
Annual cash bonus program (company-wide):
| Metric | Weighting | Target | Actual | Payout | Vesting/Payment |
|---|---|---|---|---|---|
| Overall Company Performance (weighted goals across clinical progression, funding, BD, visibility) | 100% of bonus | 45% of base for CFO | 100% achieved | 45% of base; $207,045 | Paid in Q1 2025 |
Notes:
- Bonus is fully formulaic at the company level; individual weighting not applied .
- A separate one‑time transaction bonus ($1.5M) was paid in connection with the Separation .
Equity Ownership & Alignment
Beneficial ownership and vesting:
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Apr 1, 2025) | 43,750 options exercisable within 60 days; <1% of shares outstanding |
| Stock Ownership Guidelines | None; company states no formal executive ownership guidelines |
| Hedging/Pledging | Hedging prohibited (short sales, puts/calls) under Insider Trading Policy; pledging not disclosed |
| Rule 10b5‑1 Plans | Employees may adopt 10b5‑1 plans; individual adoption not disclosed |
Outstanding equity awards (as of Dec 31, 2024):
| Award Type | Number of Securities | Exercise Price ($) | Expiration | Vesting |
|---|---|---|---|---|
| Stock Options (CFO) | 175,000 unexercisable | $15.86 | 5/30/2034 | 25% on 5/30/2025; remainder monthly over 36 months |
2024 option grant specifics:
| Grant Date | Shares | Strike ($) | Grant‑date Fair Value ($) | Price Sensitivity Disclosure |
|---|---|---|---|---|
| 5/30/2024 | 175,000 | $15.86 | $2,086,000 | 2.5% change around MNPI disclosure window |
Employment Terms
Key employment agreement terms (CFO):
- At‑will employment; target bonus 45% of base .
- Severance (termination without Cause or for Good Reason): 12 months base salary, 12 months health benefits at active‑employee cost share, and acceleration of options scheduled to vest in the 12 months post‑termination .
- Change of Control (double‑trigger; includes 90‑day look‑back prior to signing definitive agreement): 18 months base salary lump sum, 1.5x target bonus lump sum, full acceleration of all unvested equity, and 18 months health benefits at active‑employee cost share; subject to release .
Quantified severance economics (as of Dec 31, 2024, using $15.40 stock price assumption):
| Scenario | Cash Severance | Health Benefits | Accelerated Options | Total |
|---|---|---|---|---|
| Termination without Cause/for Good Reason | $460,100 | $24,389 | $825,112 | $1,309,601 |
| Change of Control (double‑trigger) | $1,000,718 | $36,583 | $2,084,488 | $3,121,789 |
Additional governance:
- Clawback: Rule 10D‑1 compliant clawback policy for erroneously awarded incentive compensation .
- Insider Trading Policy: prohibits short‑term speculative transactions including short sales, puts/calls .
Investment Implications
- Pay-for-performance signals: CFO’s 2024 annual bonus paid at full target (100% company goal achievement), with meaningful equity option grant; cash transaction bonus reflects spin-off execution, not recurring compensation .
- Alignment and dilution: Compensation is option-heavy with time-based vesting; initial 25% vest on 5/30/2025 and monthly thereafter could create periodic selling windows, though hedging is prohibited; no executive ownership guidelines to enforce minimum holdings .
- Retention economics: Double-trigger change-of-control protections and full equity acceleration increase retention before a potential transaction but could reduce post‑deal lock‑in; severance terms are moderate for CFO role and standard in biotech .
- Ownership concentration: Deck’s beneficial ownership is <1%, with near-term exercisability tied to vest schedule; alignment relies on option upside rather than large direct share stakes .
- Governance risk mitigants: Clawback policy and insider trading restrictions reduce misconduct risk; pledging policy not disclosed, a gap to monitor in future proxies .