Brent Pfeiffenberger
About Brent Pfeiffenberger
Brent Pfeiffenberger, Pharm.D., MBA, is President and Chief Executive Officer of Century Therapeutics (NASDAQ: IPSC) and has served concurrently as a member of the Board since December 2023; he is 47 years old and holds an MBA from The Wharton School and a Pharm.D. from Duquesne University . In 2025, under his leadership the company prioritized CNTY-101 and advanced iPSC beta islet and CNTY-308 programs; management executed a 51% workforce reduction to focus resources, recorded a $6.76 million impairment on facilities, and guided cash runway into 4Q 2027, underscoring execution discipline amid portfolio refocus .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Neogene Therapeutics (Amgen company) | Chief Operating Officer | May 2021 – Dec 2023 | Led operations for clinical-stage cell therapy company, preparing for scale-up and integration-readiness |
| Bristol-Myers Squibb | SVP, Head of U.S. Oncology | Oct 2019 – May 2021 | Directed U.S. oncology commercial execution across portfolio |
| Bristol-Myers Squibb | Co-Lead, Worldwide Commercial Oncology | Jul 2018 – Oct 2019 | Co-led global oncology commercialization strategy |
| Bristol-Myers Squibb | General Manager, Australia & New Zealand | Mar 2016 – Jun 2018 | Country P&L leadership; market access and commercialization |
| Bristol-Myers Squibb | Earlier leadership roles | Pre-2016 | Various leadership/managerial roles building global commercial capabilities |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | Other public directorships: N/A (serves on IPSC Board as CEO-director) |
Fixed Compensation
| Element | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary ($) | $49,716 | $625,000 | Effective base rates as of Mar 1, 2024: CEO $625,000 |
| Target Bonus (% of salary) | — | 55% | CEO annual cash incentive target approved by Board |
| Annual Cash Incentive Paid ($) | $24,349 (for 2023 performance; paid 1Q24) | $360,938 (for 2024 performance; paid 1Q25) | |
| Signing Bonus ($) | $200,000 | — | Paid in connection with employment commencement |
| Retention Bonus ($) | — | $450,000 (paid in 2024) | Subject to repayment under certain terminations in first year |
| 401(k) Match ($) | — | $13,800 | Company match per safe harbor plan |
| Relocation Reimbursement ($) | — | $258,929 | Employment agreement contemplates up to $150,000 reimbursement; actual 2024 reimbursement itemized in “All Other Compensation” |
| Total Reported Compensation ($) | $3,235,011 | $2,193,281 | Sum per Summary Compensation Table |
Performance Compensation
Annual Cash Incentive (2024)
| Metric Category | Weighting | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Corporate performance scorecard (pipeline, platform development, manufacturing, BD, financing) | Not disclosed | 100% | 105% | 105% of target; CEO payout $360,938 | Board-approved goals; Committee recommended CEO payout; paid 1Q25 |
Equity Awards and Vesting
| Grant Date | Award Type | Shares/Options | Exercise Price | Expiration | Vesting Terms |
|---|---|---|---|---|---|
| 12/4/2023 | Stock Options (tranche 1) | 62,111 total (15,527 exercisable; 46,584 unexercisable at 12/31/24) | $1.61 | 12/4/2033 | 25% on 12/4/2024; remaining 75% monthly over 36 months |
| 12/4/2023 | Stock Options (tranche 2) | 511,580 total (127,895 exercisable; 383,685 unexercisable at 12/31/24) | $1.61 | 12/4/2033 | 25% on 12/4/2024; remaining 75% monthly over 36 months |
| 12/4/2023 | RSUs | 880,331 unvested units at 12/31/24 (FV $889,134 at $1.01) | — | — | 25% on 12/4/2024; remaining 75% in 12 equal quarterly installments thereafter |
| 3/7/2024 | RSUs | 17,425 unvested units at 12/31/24 (FV $17,599 at $1.01) | — | — | 25% on first anniversary; remaining 75% in 12 equal quarterly installments |
| 3/7/2024 | Stock Options | 104,550 unexercisable at 12/31/24 | $5.315 | 3/7/2034 | 25% on first anniversary; remaining 75% monthly over 36 months |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of 4/15/2025) | 727,235 shares; percentage indicated as “*” (immaterial) in proxy table |
| Outstanding Options (by grant; 12/31/2024 snapshot) | 12/4/2023: 15,527 exercisable / 46,584 unexercisable; 12/4/2023: 127,895 exercisable / 383,685 unexercisable; 3/7/2024: 104,550 unexercisable |
| Unvested RSUs (12/31/2024) | 880,331 (12/4/2023 grant) and 17,425 (3/7/2024 grant) |
| Hedging/Pledging | Prohibited: no short sales, options/derivatives, margin, hedging, or pledging company securities |
| Clawback | Dodd-Frank compliant recoupment; up to 3-year lookback; up to 100% recovery for misconduct/fraud beyond excess-comp restatement recovery |
Employment Terms
| Term | Detail |
|---|---|
| Agreement Date | Nov 7, 2023 (Pfeiffenberger Agreement) |
| Base/Bonus Target | Initial base $625,000; target bonus 55% of base |
| Sign-on/Retention | $200,000 signing bonus; $450,000 retention bonus; relocation reimbursement up to $150,000 per agreement |
| Severance (No CIC) | If terminated without cause or resigns for good reason: accrued pay/PTO; prior-year unpaid bonus; pro-rata current-year bonus; 12 months base salary continuation and COBRA premium payments |
| Change-in-Control (Double Trigger) | If qualifying termination within 3 months before or 12 months after a CIC: salary/COBRA continuation extended to 18 months; lump-sum target annual bonus; full acceleration of time-based equity on later of termination date or CIC |
| Restrictive Covenants | Proprietary info/assignment agreement; non-compete and non-solicit prohibitions for one year post-termination for CEO |
| Clawback/Hedging | Clawback policy adopted; hedging/pledging prohibited (see above) |
Board Service and Governance
- Board service: CEO and director since 2023; not independent; no Board committee memberships .
- Governance structure: CEO and Chair roles separated; Board Chair is independent (Joseph Jimenez serves as Board Chair and NCGC Chair) .
- Committee independence: All members of Audit, Compensation, and NCGC are independent; Compensation Committee chaired by Carlo Rizzuto with members Cynthia Butitta, Joseph Jimenez, and Timothy Walbert; Radford (Aon) is independent compensation consultant to the Committee .
- Board engagement: Each director attended at least 75% of Board and committee meetings in 2024 .
Multi‑Year Reported Compensation (Summary Compensation Table)
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | 49,716 | 625,000 |
| Bonus ($) | 200,000 (signing) | 450,000 (retention) |
| Stock Awards ($) | 2,339,779 | 92,614 |
| Option Awards ($) | 621,167 | 392,000 |
| Non-Equity Incentive Plan Comp ($) | 24,349 | 360,938 |
| All Other Compensation ($) | — | 272,729 (401k $13,800; relocation $258,929) |
| Total ($) | 3,235,011 | 2,193,281 |
Performance & Track Record (context during tenure)
- Portfolio and operations: Prioritized CNTY-101 in autoimmune IST, advanced CNTY-308 toward clinic in 2026, and announced iPSC beta islet program (CNTY-813) targeting T1D with IND-enabling studies planned by end of 2025 .
- Cost actions and facilities: July 2025 reduction in force by ~51% and sublease plans for HQ; impairment charge of $6.76 million recognized in 3Q25 .
- Liquidity runway: Cash, cash equivalents, and investments expected to fund operations into 4Q27 based on current plans (subject to assumptions) .
Compensation Structure Analysis
- Mix and alignment: CEO comp combines fixed base ($625k) with at‑risk annual incentive (55% target) and multi‑year equity (options + RSUs) with standard time‑based vesting over 4 years, aligning retention with program milestones .
- 2024 payout vs targets: Corporate goals paid at 105%, reflecting slight overachievement across pipeline/manufacturing/BD/financing; no disclosure of metric weightings, reducing transparency on specific operational levers .
- One‑time cash awards: 2023/2024 included sign‑on ($200k) and retention ($450k) cash, front‑loading guaranteed pay; thereafter, incentives revert to target framework .
- CIC economics: Double‑trigger protection (18 months salary + target bonus + time‑based equity acceleration) is typical for small/mid-cap biotech and supports continuity through strategic transactions .
- Governance controls: Robust clawback and strict anti‑hedging/pledging reduce misalignment and forced selling risks; equity grant timing practices avoid MNPI windows .
Investment Implications
- Retention and execution: Significant unvested RSUs/options through 2027+ combined with double‑trigger CIC protections create strong retention hooks during critical clinical inflections; 2025 RIF and focus on lead programs signal discipline but elevate execution risk if milestones slip .
- Alignment and selling pressure: Hedging/pledging prohibitions and standard vesting cadence mitigate forced selling risk; monitor future Section 16 filings/Rule 10b5‑1 plans for visibility on insider activity around data catalysts .
- Pay-for-performance: 2024 bonus funded at 105% on corporate goals indicates measured reward for operational progress; lack of disclosed metric weightings/thresholds limits external assessment of rigor—future proxies with clearer KPIs would improve transparency .
- Governance: Separation of Chair/CEO and fully independent committees, advised by Radford, support oversight of compensation and strategy; CEO’s director status without committee roles lessens dual-role conflicts .