William Duke
Chief Financial Officer at IVVD
Executive
About William Duke
William Duke, Jr., M.B.A., is Invivyd’s Chief Financial Officer since September 1, 2023 and has served as the company’s principal executive officer since May 30, 2024; age 52, CPA, with 25+ years of finance, accounting, and operations experience in biotech, including senior CFO roles at Apexigen, Kaleido Biosciences, and Pulmatrix . Education: B.S. in Business Administration (Stonehill College) and M.B.A. (Bentley College) . Under his tenure, Invivyd reported PEMGARDA net product revenue of $13.1 million in Q3 2025 (up 41% YoY) and a YoY reduction in quarterly net loss from $60.7 million to $10.5 million, reflecting improved operating discipline .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Apexigen, Inc. | Chief Financial Officer | Jun 2022 – Aug 2023 | Led finance; guided sale of Apexigen to Pyxis Oncology |
| Kaleido Biosciences, Inc. | Chief Financial Officer | Nov 2019 – Apr 2022 | Led successful completion of multiple financings |
| Pulmatrix, Inc. | Chief Financial Officer | Jun 2015 – Nov 2019 | Negotiated first product partnership; led several public offerings |
| Valeritas, Inc. | Senior financial leadership | Not disclosed | Senior finance leadership roles |
| Genzyme Corporation | Senior financial leadership | Not disclosed | Contributed to sale of Genzyme to Sanofi |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | No external directorships disclosed for Mr. Duke |
Fixed Compensation
| Item | 2024 | 2025 | Notes |
|---|---|---|---|
| Base Salary ($) | $480,000 | $485,000 | 2025 base approved Jan 2025 |
| All Other Compensation ($) | $11,543 | — | 401(k), life insurance, etc. per plan disclosures |
| Perquisites | None disclosed | — | Company generally does not provide perquisites |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| 2024 Annual Performance Bonus (Corporate goals) | Not weighted; holistic board judgment | 40% of base salary | 75% corporate goal attainment | $144,000 cash bonus | Cash; no vesting schedule |
The 2024 bonus program tied payouts to board-approved corporate goals with a 75% attainment; Mr. Duke’s target bonus was 40% of base salary .
Equity Ownership & Alignment
- Hedging: Company prohibits hedging or similar transactions; 10b5-1 plans must avoid unsettled positions; pledging not disclosed .
- Clawback: Incentive compensation recovery policy adopted in 2023 per Rule 10D-1/Nasdaq .
- Stock ownership guidelines: Not disclosed.
Beneficial Ownership (as of March 22, 2025)
| Holder | Shares Beneficially Owned | % of Outstanding | Composition |
|---|---|---|---|
| William Duke, Jr., M.B.A. | 486,110 | <1% | Options currently exercisable or exercisable within 60 days |
Shares outstanding on Record Date: 119,961,445 .
Outstanding Equity Awards (as of December 31, 2024)
| Grant Date | Exercisable Options (#) | Unexercisable Options (#) | Exercise Price ($) | Expiration | Vesting Schedule |
|---|---|---|---|---|---|
| Aug 31, 2023 | 234,375 | 515,625 | 1.83 | 8/31/2033 | 25% on first anniversary; remainder monthly over 36 months |
| Dec 17, 2023 | 66,666 | 133,334 | 3.59 | 12/17/2033 | Equal monthly installments over 3 years |
Employment Terms
| Provision | Standard | Change-in-Control Period (3 months before to 12 months after CIC) | Notes |
|---|---|---|---|
| Severance (cash) | 9 months base salary; Earned Bonus (if applicable) and target bonus for year of termination; 9 months benefits continuation | 12 months base salary; Earned Bonus (if applicable) and target bonus for year of termination; 12 months benefits continuation | Requires release of claims |
| Equity (time-based awards) | Delayed forfeiture of unvested awards until 3 months post-termination | Immediate acceleration and full vesting of time-based awards upon qualifying termination during CIC period | Double-trigger acceleration (termination without cause/for good reason during CIC period) |
| Post-termination option exercise | 12 months if termination not for cause, disability, death | Same 12-month window for vested options | Applies to vested options as of termination |
| Good Reason differences | Includes reduction in CEO authority to whom he reports; budget reduction post-CIC | — | Defined in agreement and equity plan |
| Non-compete / Garden leave | Not disclosed | — | — |
| Employment agreement effective | Sept 1, 2023 (CFO) | — | Appointed principal executive officer May 30, 2024 |
Investment Implications
- Pay-for-performance: 2024 cash bonus ($144,000) tied to corporate goal attainment at 75%; no new option grant disclosed for 2024, indicating a relatively higher cash component vs. prior period equity grants (late 2023), which may modestly reduce at-risk pay for 2024 .
- Alignment and retention: Significant unvested options with monthly vesting through 2026 (across 2023 grants) create ongoing retention hooks; double-trigger CIC acceleration plus 12-month exercise window support executive mobility while preserving alignment .
- Risk controls: Hedging prohibition and a mandatory clawback policy reduce misalignment/agency risk; no pledging disclosed—a positive governance signal .
- Execution track record: CFO tenure coincides with revenue growth in 2025 and improved loss profile, supporting confidence in financial stewardship as Invivyd advances VYD2311 and commercial infrastructure; however, near-term profitability targets were missed in 1H 2025, warranting monitoring of execution and capital discipline across pivotal trials and launch readiness .