Qasim Ahmad
About Qasim Ahmad
Qasim Ahmad, M.D., is Chief Medical Officer at IO Biotech (IOBT), serving since July 2023. He is 54 years old (as of the 2025 proxy) and a trained internist and clinical oncologist with over two decades of strategic clinical development and medical affairs experience; prior to IO Biotech he was Senior Vice President and US Head of Clinical Development & Medical Affairs for Novartis Oncology and holds advanced degrees from the London School of Hygiene & Tropical Medicine, University of Birmingham, University of Surrey, and the University of Punjab . Company-level annual bonus outcomes were 100% achievement of corporate goals in 2024 and 110% in 2023, informing cash incentive payouts for executives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Novartis AG | Senior Vice President, US Head of Clinical Development & Medical Affairs, Oncology BU | — | Led clinical development and medical affairs; end-to-end portfolio development, marketing authorization, and lifecycle management expertise . |
External Roles
- No public company directorships or external board roles were disclosed for Dr. Ahmad in IO Biotech’s 2024 or 2025 proxy statements.
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (% of Base) | Sign-on Bonus ($) | Pension/Other ($) | Total Compensation ($) |
|---|---|---|---|---|---|
| 2023 | 220,000 | 45% | 50,000 (cash sign-on) | — | 920,756 |
| 2024 | 480,000 | 45% | — | 13,800 (retirement plan contributions) | 1,057,504 |
Performance Compensation
Annual Cash Bonus
| Year | Metric Categories | Goal Weighting (Corporate/Individual) | Corporate Achievement (%) | Non-Equity Incentive Paid ($) | Vesting |
|---|---|---|---|---|---|
| 2023 | Financing & business development (25%), clinical development (70%), research (5) | 80% / 20% | 110% | 233,280 | Cash (no vesting) |
| 2024 | Clinical development & commercial launch (50%), IR/BD/stakeholder outreach (30%), preclinical (10%), capital formation (10%) | 80% / 20% | 100% | 216,000 | Cash (no vesting) |
Stock Options and Inducement Awards
| Grant Date | Shares Granted | Exercise Price | Expiration | Grant Date Fair Value ($) | Vesting Schedule | Acceleration Terms |
|---|---|---|---|---|---|---|
| 7/17/2023 (Inducement) | 288,153 | $1.86 | 7/17/2033 | 417,476 | 25% on first anniversary; remainder monthly over 3 years | Company policy includes acceleration upon certain terminations post-CoC per employment arrangements . |
| 2024 annual grant | 280,000 | FMV at grant (per share) | — | 347,704 | 25% on 3/15/2025; 1/36th monthly thereafter | 25% acceleration on termination without cause; 100% acceleration if termination without cause occurs within 24 months of a change of control . |
Notes:
- The 2023 grant was made outside of, but governed consistent with, the 2021 Equity & Incentive Plan as an inducement award under Nasdaq Listing Rule 5635(c)(4) .
- The company maintains a Dodd-Frank compliant clawback policy for incentive compensation .
Equity Ownership & Alignment
| As-of Date | Total Beneficial Ownership (Shares) | % of Outstanding | Common Shares | Options/Warrants Exercisable within 60 Days |
|---|---|---|---|---|
| April 11, 2025 | 245,088 | * (<1%) | 31,350 | 213,738 |
- Beneficial ownership includes securities exercisable within 60 days of April 11, 2025 .
- Outstanding equity awards at 2023 fiscal year-end included 288,153 unexercisable options at $1.86 strike expiring 7/17/2033 .
- Hedging and pledging of company stock are prohibited by policy; stock may not be held in margin accounts or pledged as collateral .
Employment Terms
| Provision | Details |
|---|---|
| Employment | At-will; terminable at any time without cause by either party . |
| Severance | If terminated without cause or resigns with good reason: 12 months base salary, 12 months COBRA premiums, and 25% of unvested equity awards vest at separation (subject to release) . |
| Change of Control | If termination occurs within 12 months after a change of control, all unvested equity awards vest (double-trigger) . |
| Non-Compete / Non-Solicit | One-year post-termination restrictive covenants; confidentiality continues indefinitely or as required by law . |
| 2024 Option Grant Terms | 25% acceleration on termination without cause; 100% acceleration on termination without cause within 24 months of a change of control . |
| Clawback | Dodd-Frank compliant clawback policy covering incentive compensation . |
Investment Implications
- Pay-for-performance alignment: Target bonus at 45% of base with explicit corporate/individual weightings; payouts reflected full achievement in 2024 and above-target corporate achievement in 2023, indicating structured incentives tied to clinical and capital formation milestones rather than purely financial metrics .
- Retention risk mitigants: Severance (12 months salary + COBRA), partial acceleration (25%) on standard termination, and full acceleration on double-trigger within 12 months post-CoC reduce exit friction and align incentives through key clinical and commercialization milestones .
- Insider selling pressure: Monthly vesting from 2024 grants creates a continual supply of vesting options; however, hedging/pledging prohibitions and governance controls limit misalignment risks. Form 4 data could not be retrieved due to an access error; consider monitoring future filings for sales cadence to gauge potential overhang. [Tool retrieval attempt error; no Form 4 data available].
- Ownership alignment: Dr. Ahmad’s beneficial ownership is modest (<1%), primarily through options exercisable within 60 days, aligning upside with long-term value creation but not indicating controlling influence; this is typical for non-CEO R&D leadership in small-cap biotech .
- Execution focus: Background in oncology clinical development and medical affairs at Novartis supports IO Biotech’s clinical and commercial readiness objectives; compensation is structured around clinical progress and capital formation, which are critical value drivers in the coming periods .