Raj Puri
IOVANCE BIOTHERAPEUTICSAbout Raj Puri
Raj K. Puri, M.D., Ph.D., is Chief Regulatory Officer at Iovance Biotherapeutics, promoted effective November 22, 2024; he joined Iovance in March/April 2022 after 33 years at the U.S. FDA, including 19+ years directing the Division of Cellular and Gene Therapies (DCGT) at CBER. He is 69, trained at NCI’s Surgery Branch and Mayo Clinic, has 300+ publications, 220+ speaking engagements, and numerous patents and CRADAs in advanced therapies, underscoring deep regulatory and translational expertise aligned to Iovance’s TIL platform . For 2024, corporate bonus goals paid at 50% for VP-and-above roles, with individual ratings applied; Dr. Puri’s actual payout was 70% of target for the prorated NEO period, indicating moderate corporate achievement with differentiated individual contribution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| U.S. FDA (CBER, OTAT/DCGT) | Director, Division of Cellular and Gene Therapies | 19+ years | Led evaluation/regulation of cell & gene therapies; supervised policy/guidance development and research programs for advanced therapies . |
| U.S. FDA (DCGT) | Chief, Tumor Vaccines & Biotechnology Branch | Not disclosed | Oversaw research programs of 13 PIs; advanced immunotherapies and translational science . |
| U.S. FDA | Reviewer and laboratory chief | Various | Regulatory review leadership across advanced therapies including TILs and CAR-T . |
| National Cancer Institute (Surgery Branch) | Research training under Dr. Steven Rosenberg | Not disclosed | Adoptive immunotherapy approaches for cancer; foundational expertise for TIL therapy . |
| Mayo Clinic (Rochester, MN) | Research training (progesterone receptor work) | Not disclosed | Additional translational research training . |
External Roles
- No public company directorships or board committee roles disclosed for Dr. Puri in Iovance’s proxy filings .
Fixed Compensation
| Metric | 2024 | 2025 |
|---|---|---|
| Base Salary ($) | $643,000 | $671,935 (4.5% increase, effective Jan 1, 2025, approved Mar 5, 2025) |
| Target Bonus (%) | 45% | No change to target % in 2025 |
| Actual Bonus Paid ($) | $176,184 (70% of target; includes 140% individual rating adjustment for prorated NEO period) | Not disclosed |
Performance Compensation
Annual Bonus Mechanics (2024)
| Component | Target | Actual | Payout |
|---|---|---|---|
| Corporate performance (VP-and-above) | 100% weighting to corporate score (company policy) | 50% achieved | 50% of target |
| Individual performance adjustment (Dr. Puri) | Applied to corporate outcome | 140% rating | Combined = 70% of target bonus |
Equity Awards (Granted)
| Award | Grant Date | Shares | Grant Date Fair Value ($) | Vesting Terms |
|---|---|---|---|---|
| Annual RSU (2024) | 3/1/2024 | 66,630 | $1,118,718 | 3-year: 1/3 at 1st anniversary; remainder in equal quarterly installments over next 2 years . |
| Special BLA RSU (2024) | 3/1/2024 | 76,250 | $1,280,238 | 1-year: 50% at 6 months; 50% at 12 months . |
| Annual RSU (2025) | 3/5/2025 | 117,190 | $474,620 | Company standard RSU vesting schedule (disclosed values; full details to appear in 2026 proxy) . |
RSUs Vested (2024)
| Metric | 2024 |
|---|---|
| Shares acquired on vesting (RSUs) | 171,460 |
| Value realized ($) | $1,662,175 |
Outstanding Equity Awards at FY-End (12/31/2024)
| Type | Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Unvested RSUs (#) | Market Value of Unvested RSUs ($) |
|---|---|---|---|---|---|---|---|
| Options | 3/2/2023 | 54,691 | 39,069 | 7.12 | 3/2/2033 | — | — |
| Options | 3/14/2022 | 297,915 | 27,085 | 12.38 | 3/14/2032 | — | — |
| RSUs | 3/1/2024 | — | — | — | — | 103,755 | $767,787 (using $7.40 as of 12/31/2024) |
Equity Ownership & Alignment
| Ownership Component | Amount |
|---|---|
| Total beneficial ownership (common stock) | 602,039 shares |
| Percent of class | Less than 1% (per proxy convention “*”) |
| Direct common shares owned | 201,252 |
| RSUs issuable within 60 days | 5,469 |
| Options exercisable within 60 days | 395,318 |
| ESPP purchases (since inception) | 5,022 shares |
- Hedging, margin purchases, and pledging are prohibited under Iovance’s Insider Trading Policy, reducing misalignment and leverage risk .
- Stock ownership guidelines: Iovance does not require executives to hold a specific number of shares; alignment is achieved via option/RSU grants .
Employment Terms
| Term | Detail |
|---|---|
| Agreement & Start | Executive Employment Agreement dated Jan 10, 2022; role effective April 11, 2022 . |
| At-will | Employment is at-will, terminable by either party at any time . |
| Severance (no CIC) | If terminated without “cause” or resigns for “good reason”: lump-sum equal to six months of base salary; must execute release and comply with agreements . |
| Change-in-Control (CIC) | If terminated without cause or resigns for good reason within 6 months before or 12 months after a CIC: receives severance; any time-based unvested stock options fully vest; 3-month post-termination option exercise window (double-trigger structure) . |
| Equity acceleration estimates (as of 12/31/2024) | Cash severance: $321,500; equity acceleration: $1,856,161 (valued at $7.40 closing price) . |
| Post-termination exercise window | 3 months to exercise vested options (for Dr. Puri) . |
| Promotion & comp change | Named Chief Regulatory Officer Sept 29, 2024 (effective Nov 22, 2024) with compensation adjusted for new role . |
| Clawback | Company adopted a Dodd-Frank/Nasdaq-compliant Clawback Policy on Nov 17, 2023; incentive comp subject to recovery upon certain accounting restatements . |
Investment Implications
- Pay-for-performance alignment: Corporate goals paid at 50% for VP-and-above in 2024, with Puri’s individual rating driving a 70% payout; signals disciplined bonus outcomes and differentiation for individual impact .
- Retention and selling pressure: Significant RSU grants in 2024 (Annual + Special BLA) and 2025, with multi-year and near-term vesting schedules; expect ongoing quarterly RSU vesting and option overhang that can create periodic supply, moderated by prohibitions on hedging/pledging .
- Change-in-control economics: Double-trigger vesting and six-month severance reduce flight risk pre/post transactions while protecting the executive; equity acceleration estimates quantify potential CIC exposure .
- Execution risk: Deep FDA leadership and translational medicine background reduce regulatory execution risk for TIL programs; background and publication/patent record support value creation in regulatory pathways .
- Ownership alignment: Material options exercisable and RSUs outstanding, ESPP participation, and lack of pledging suggest skin-in-the-game without leverage risk; no mandatory ownership thresholds, but meaningful equity exposure remains the primary alignment mechanism .