Robert Allen
Chief Scientific Officer at IVVD
Executive
About Robert Allen
Robert Allen, Ph.D. (age 56) is Invivyd’s Chief Scientific Officer, serving since April 11, 2023, with a 30+ year track record in virology and infectious disease across SmartPharm/Sorrento Therapeutics, SIGA Technologies, and Oregon Translational Research Institute; he holds a Ph.D. in Microbiology (Columbia), M.S. (Georgia Tech), and B.S. (Rhodes College) . During Allen’s tenure, Invivyd’s quarterly revenue rose from $2.26M in Q2’24 to $13.13M in Q3’25 while EBITDA losses narrowed, reflecting operational progress amid commercialization ramp for VYD222 [GetFinancials: Q2’24–Q3’25; citations in table below].
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SmartPharm Therapeutics (Sorrento subsidiary) | Chief Scientific Officer | 2020–2023 | Led gene-encoded monoclonal antibody programs for COVID-19 adaptable to emerging variants |
| Sorrento Therapeutics | SVP, Antiviral & Oncolytic Immunotherapy; Head of Oncolytic Immunotherapy | 2018–2023 | Built oncolytic immunotherapy capabilities; advanced antiviral portfolio |
| SIGA Technologies; Oregon Translational Research & Development Institute | Senior scientific roles | Prior to 2018 | Virology R&D leadership across antiviral platforms |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary (approved level) ($) | $450,000 | $465,000 |
| Salary Paid ($) | $325,673 (partial-year) | Not disclosed in proxy |
| Target Bonus (%) | 40% | Not disclosed for Allen |
| Actual Annual Performance Bonus ($) | $261,370 (200% corporate attainment) | Not disclosed for Allen |
| Cash-Based Incentive ($) | $54,360 (Phase 3 CANOPY dosing milestone) | — |
Notes:
- 2023 annual bonus tied to corporate goal attainment (200% due to specified milestone); 2023 cash incentive paid upon dosing first CANOPY Phase 3 participant for VYD222 .
Performance Compensation
| Program/Metric | Weighting | Target | Actual | Payout ($) | Vesting/Timing |
|---|---|---|---|---|---|
| 2023 Annual Performance Bonus (Corporate goals; “Specified Milestone” pre-set uplift) | Not weighted; holistic | 40% of base | 200% of corporate attainment (milestone achieved) | $261,370 | Cash; paid Jan 2024 |
| 2023 Cash-Based Incentive (Canopy Phase 3 dosing by 9/30/2023) | Milestone event | % of annual bonus target | Achieved (Sept 2023) | $54,360 | Paid in 2023 |
| 2024 Annual Performance Bonus (Corporate goals) | Not weighted; holistic | Board-set | Company attainment: 75% | Not disclosed for Allen | Cash |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Mar 22, 2024) | 218,055 options currently exercisable or exercisable within 60 days |
| Hedging/Pledging | Hedging prohibited by Insider Trading Prevention Policy; no pledging disclosure noted |
| Clawback Policy | Incentive compensation recovery policy adopted per SEC Rule 10D-1/Nasdaq; applies to current/former executive officers |
| Stock Ownership Guidelines | Not disclosed for executives in proxies |
Outstanding Equity Awards (as of Dec 31, 2023):
| Option Grant | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Vesting |
|---|---|---|---|---|---|
| New hire option (Apr 2023) | — | 600,000 | 1.205 | 04/10/2033 | 25% at 1st anniversary, then monthly over 36 months |
| Annual option (Dec 2023) | — | 400,000 | 3.59 | 12/17/2033 | Equal monthly over 3 years |
Employment Terms
- Start date and role: Appointed Chief Scientific Officer effective April 11, 2023 .
- Base/bonus framework: Base salary set annually by Board/Comp Committee; annual bonus based on corporate/individual goals; no automatic salary increases .
- Good Reason (excerpt): Includes material reduction in authority/duties of the CEO to whom Allen reports; Cause includes failure to maintain primary residence in and primarily perform services from the Waltham, MA market .
- Severance (non-CIC): If terminated without Cause or for Good Reason outside CIC window: cash equal to 9 months base, target bonus for year of termination plus any Earned Bonus, 9 months benefits continuation; delayed forfeiture of unvested time-based equity until 3 months post-termination; vested options exercisable for 12 months (unless for Cause/disability/death) .
- Severance (CIC window: 3 months before to 12 months after CIC): 12 months base, target bonus plus any Earned Bonus, 12 months benefits, and immediate full acceleration of time-based equity (exercisable/nonforfeitable as if continued employment to later of termination date or effective date of release) .
- Clawback/Hedging: Compliant with SEC/Nasdaq clawback; hedging prohibited .
Performance & Financial Context
Quarterly revenue and EBITDA trend:
| Metric | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($) | N/A* | N/A* | 2,264,000 | 9,300,000 | 13,820,000 | 11,304,000 | 11,786,000 | 13,129,000 |
| EBITDA ($) | -77,232,000* | -45,967,000* | -49,119,000* | -62,179,000* | -18,145,000* | -16,616,000* | -14,909,000* | -10,874,000* |
Values without citation are from S&P Global.*
Notes:
- Allen’s 2023 incentive outcomes were explicitly tied to clinical execution (CANOPY dosing milestone), indicating high pay-for-performance sensitivity to development KPIs .
- Corporate bonus attainment for 2024 was 75%, reinforcing continued progress but with moderated payouts versus 2023’s step-change milestone year .
Compensation Structure Analysis
- Shift toward options vs. RSUs: Executive program emphasizes stock options with multi-year monthly vesting, increasing at-risk, performance-levered pay and retention via time-based vesting .
- Discretion/milestone design: 2023 program pre-set a “Specified Milestone” that doubled attainment if achieved, aligning payouts with decisive, value-creating clinical events .
- Governance safeguards: SEC/Nasdaq-conforming clawback and hedging prohibitions; no executive pledging disclosure—reduces misalignment risks .
Investment Implications
- Alignment: Allen’s equity is predominately time-vested options with multi-year schedules and full acceleration on CIC, aligning incentives with both long-term execution and strategic outcomes (M&A or partnership) .
- Retention risk: Standard biotech severance (9 months base + target bonus; 12 months in CIC) and delayed forfeiture windows offer retention stability; Good Reason and residency clauses suggest high engagement expectations .
- Trading signals: No pledging disclosed and hedging prohibited—reduced misalignment; watch for Form 4 trends as vesting ramps on large 2023/2024 grants (1.0M options outstanding as of YE’23) that could create periodic selling pressure upon vest/exercise .
- Pay-for-performance: 2023 outsized bonus outcomes were milestone-driven; 2024 moderation (75% corporate attainment) indicates program responsiveness to annual progress vs. breakthrough events .
Substantiating citations: Corporate governance, executive roles, compensation tables, equity awards, and policies . Revenue/EBITDA from S&P Global via GetFinancials (see table cells and S&P disclaimer).