David Campbell
About David Campbell
David Campbell, Ph.D., age 66, is Janux Therapeutics’ founder and has served as President & Chief Executive Officer and a director since inception in June 2017. He holds a B.S. in Chemistry from Harvey Mudd College and a Ph.D. in Organic Chemistry from Cornell University, with post-doctoral training under Peter Schultz at UC Berkeley . Under Campbell’s tenure, Janux’s value of a $100 TSR investment rose from $81.47 in 2023 to $406.53 in 2024, while net loss widened from $(58.29)M to $(68.99)M . Reported revenues increased from $8.083M in FY 2023 to $10.588M in FY 2024; EBITDA was $(71.024)M in FY 2023 and $(96.787)M in FY 2024* .
| Performance Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | $8,083,000 | $10,588,000 |
| EBITDA ($USD) | $(71,024,000)* | $(96,787,000)* |
| TSR – Value of Initial $100 Investment ($) | $81.47 | $406.53 |
| Net Income (Loss) ($M) | $(58.29) | $(68.99) |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Avalon Ventures | Entrepreneur in Residence | Mar 2013–Dec 2019 | Not disclosed |
| Sitari Pharmaceuticals, Inc. | Chief Scientific Officer | Nov 2013–Aug 2019 | Not disclosed |
| Iron Horse Therapeutics, Inc. | Chief Scientific Officer | Nov 2015–Jun 2019 | Not disclosed |
| Enlibirum | President & CEO | Nov 2015–Dec 2017 | Not disclosed |
External Roles
No external public company board roles disclosed for Campbell; board biography focuses on operating leadership history and education .
Fixed Compensation
| Metric | 2023 | 2024 | 2025 (effective Jan) |
|---|---|---|---|
| Base Salary ($) | $625,000 | $646,000 | $680,000 |
| Target Bonus (% of base) | 60% (in effect by Jan 2023) | 60% | 60% (policy unchanged) |
| Actual Bonus ($) | $412,500 | $484,500 | Not disclosed |
Performance Compensation
Annual Cash Incentive
Corporate goals centered on R&D milestones (PSMA JANX007 dosing/durability with safety, EGFR JANX008 early anti-tumor activity with safety), IND-enabling research/collaboration milestones, and organizational/budget execution. Achievement assessed at 125%, yielding Campbell’s cash payout of $484,500 vs. $387,600 target (125% of target) .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| 2024 Corporate Goals (R&D/Org) | Not disclosed | $387,600 | $484,500 | 125% | Cash (n/a) |
Equity Awards
Janux historically used stock options; in December 2024, the Compensation Committee introduced time-based RSUs to strengthen retention, with CEO awards approved for 2025 and shown in 2024 under ASC 718 accounting .
| Award Type | Grant Date | Shares/Units | Exercise Price | Expiration | Vesting |
|---|---|---|---|---|---|
| Stock Options (annual 2024) | Jan 2, 2024 | 356,500 | $11.02 | Jan 1, 2034 | 25% at 1st anniversary; balance in 36 equal monthly installments |
| RSUs (approved Dec 2024; granted Jan 2, 2025) | Jan 2, 2025 | 81,000 | n/a | n/a | 25% at 1st anniversary; 25% annually thereafter (years 2–4) |
| Summary Compensation Elements (CEO) | 2023 | 2024 |
|---|---|---|
| Salary ($) | $625,000 | $646,000 |
| Option Awards – grant date fair value ($) | $3,155,769 | $2,862,873 |
| Stock Awards (RSUs) – grant date fair value ($) | — | $4,981,500 |
| Non-Equity Incentive Plan Comp ($) | $412,500 | $484,500 |
| Total ($) | $4,193,269 | $8,974,873 |
Notes: The 2024 “Stock Awards” reflect RSUs approved in Dec 2024 with intended grant on Jan 2, 2025; ASC 718 treats Dec 2024 as grant date for accounting .
Equity Ownership & Alignment
- Beneficial ownership: Campbell beneficially owns 2,730,221 shares (4.4% of outstanding), including 2,518,167 shares issuable via options exercisable within 60 days of Feb 15, 2025; direct common shares held total 212,054 .
- Outstanding CEO equity (12/31/2024):
- Unvested RSUs: 81,000 units; market value $4,336,740 (12/31/2024 close) .
- Selected option positions (exercisable/unexercisable): 1/3/2022 – 258,307 exercisable / 95,943 unexercisable, $20.24 strike; 1/3/2023 – 148,541 exercisable / 161,459 unexercisable, $14.02 strike; 1/2/2024 – 356,500 unexercisable, $11.02 strike .
- Hedging/pledging: Hedging, short sales, options trading, margining or borrowing against Janux stock are prohibited; the company’s compensation program explicitly states no hedging or pledging allowed .
- Ownership guidelines: Not disclosed.
| Beneficial Ownership (CEO) | Shares | % Outstanding |
|---|---|---|
| Total beneficially owned | 2,730,221 | 4.4% |
| Of which, exercisable within 60 days (options) | 2,518,167 | n/a |
Employment Terms
- At-will employment; original CEO agreement dated January 2021; base salary increased to $680,000 effective Jan 2025; target bonus increased to 60% effective Jan 2023 .
- Clawbacks: SOX 304 reimbursement upon misconduct-related restatement; Dodd-Frank-compliant clawback policy implemented .
- Severance & change-in-control (CIC) plan (adopted May 2021): Double-trigger required (CIC + involuntary termination/good reason); CEO severance equals 12 months salary and COBRA for involuntary termination; CIC termination yields 24 months salary, 200% of target bonus plus prorated target bonus, COBRA up to 18 months and an additional lump sum for six months of COBRA premiums; all unvested equity accelerates upon CIC termination .
| Potential Payments (as of 12/31/2024) | Involuntary Termination (No CIC) | CIC Termination |
|---|---|---|
| Salary Severance ($) | 646,000 | 1,292,000 |
| Bonus Severance ($) | — | 1,162,800 |
| Continued Health Coverage ($) | 30,705 | 61,410 |
| Value of Accelerated Vesting ($) | — | 34,498,829 |
| Total ($) | 676,705 | 37,015,039 |
Board Governance
- Board service: Campbell has served on the Board since June 2017; he is nominated for re-election to a term expiring at the 2028 annual meeting .
- Independence and roles: The Board determined all directors except Campbell are independent; the Chair role is held by non-executive director Ron Barrett, reinforcing separation of Chair and CEO .
- Committees: Campbell is not listed on the Audit, Compensation, or Nominating & Corporate Governance Committees; committee chairs and financial expert designations are among independent directors .
- Attendance: The Board met eight times in 2024; each member attended at least 80% of Board and committee meetings for their service period .
- Executive sessions: The Compensation Committee meets regularly in executive session; the CEO does not participate in deliberations regarding his compensation .
Compensation Peer Group (Benchmarking)
Peer group used for 2024 benchmarking included: Alaunos (TCRT), Arcus (RCUS), Arvinas (ARVN), BioAtla (BCAB), Cue (CUE), CytomX (CTMX), Inhibrx Biosciences (INBX), Kura (KURA), Mersana (MRSN), Poseida (PSTX), Replimune (REPL), Sutro (STRO), Syndax (SNDX), Xencor (XNCR), Zymeworks (ZYME) .
Say-on-Pay & Shareholder Feedback
Janux is holding its first Say‑on‑Pay vote at the June 11, 2025 annual meeting; the Board recommends a “One Year” frequency for future votes .
Investment Implications
- Pay-for-performance alignment appears intact: 2024 corporate goals were deemed fully met, producing a 125% bonus payout for the CEO, consistent with disclosed R&D and organizational milestones driving value creation .
- Retention signal: Introduction of RSUs for executives augments the historic option-only mix to mitigate volatility-related retention risk; CEO granted 81,000 time-based RSUs with four-year vesting, signaling an emphasis on multi-year retention .
- Change-of-control sensitivity: The CEO’s potential CIC value is dominated by equity acceleration (~$34.5M), creating strong alignment with equity value while double-trigger protections mitigate single-trigger concerns .
- Trading supply watch: Material option and RSU vesting schedules (2024–2025 option refresh; 2025 RSU grant) can translate into periodic Form 4 activity; however, hedging/pledging/margin are prohibited, reducing adverse alignment risks .
- Ownership alignment: Campbell’s 4.4% beneficial stake, driven largely by options exercisable within 60 days, underscores significant equity exposure to Janux’s outcomes .
Values retrieved from S&P Global where marked with an asterisk.