Brian Piekos
About Brian Piekos
Brian Piekos, age 50, has served as KalVista’s Chief Financial Officer since September 2024, bringing 20+ years of healthcare and finance experience across public biotech CFO roles, pharma finance leadership, and healthcare investment banking. Education: MBA (Simon Business School, University of Rochester), MS (Molecular Biology, UMass Medical School), BA (Biochemistry, Ithaca College) . Company performance context: cumulative TSR based on a $100 initial investment improved from 67.01 (FY2023) to 89.16 (FY2024) and 108.17 (FY2025), while net income remained negative at $(92.9)M, $(126.6)M, and $(183.4)M respectively .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Elicio Therapeutics, Inc. | Chief Financial Officer | May 2023–Sep 2024 | CFO leadership at clinical-stage biotech |
| Gemini Therapeutics, Inc. | Chief Financial Officer; Chief Business Officer | Feb 2021–May 2023; Oct 2021–May 2023 | Finance and business leadership at precision medicine company |
| AMAG Pharmaceuticals, Inc. | Various roles; EVP, CFO & Treasurer | Sep 2015–Nov 2020 | Senior finance leadership at commercial-stage pharma |
| Cubist Pharmaceuticals, Inc. | Corporate Finance, Tax & Treasury leadership | Aug 2010–Feb 2015 | Finance, tax, and treasury leadership at pharma |
| Needham & Company; Leerink Partners | Healthcare investment banker | N/A | Capital markets and advisory experience in healthcare |
External Roles
- Available filings reviewed (DEF 14A; 8-K) do not disclose current external public company board roles for Mr. Piekos .
Fixed Compensation
| Metric | FY2025 | Notes |
|---|---|---|
| Base Salary (paid) | $296,346 | Partial-year at KALV after Sep 2024 appointment |
| Target Bonus % | 40% of base salary | Per Executive Employment Agreement |
| Base Salary (agreement) | $460,000 per year | Per Executive Employment Agreement |
Performance Compensation
Annual Performance-Based Cash Incentive (FY2025)
| Metric | Weighting | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Discretionary annual bonus | Discretionary | No preset financial targets | Company/individual assessment | $184,000 | Committee retains discretion; no specific metric targets disclosed |
Equity Awards and Vesting
| Award Type | Grant Date | Shares/Units | Fair Value ($) | Strike ($) | Expiration | Vesting Schedule |
|---|---|---|---|---|---|---|
| Stock Options | Sep 9, 2024 | 100,000 | N/A | $10.40 | May 17, 2033 | 25% on Sep 9, 2025; remainder vests monthly (1/48) thereafter |
| RSUs/Stock Awards | Feb 21, 2025 | 87,500 | $596,750 | N/A | N/A | 3/16 vested Nov 21, 2024; 1/16 vests quarterly thereafter |
Equity program design includes time-based options and performance-based awards (PSOs/PSUs). In Feb 2024, the Compensation Committee certified PSU metrics tied to Phase 3 success and enrollment milestones in the sebetralstat program .
Equity Ownership & Alignment
| Category | Common Shares | Exercisable Within 60 Days | Total Beneficial Ownership | % Outstanding |
|---|---|---|---|---|
| Brian Piekos (as of Aug 6, 2025) | 0 | 25,000 (options) | 25,000 | <1% (of 50,339,823 shares) |
- Outstanding awards at FY2025 year-end include 100,000 unexercisable options (exercise price $10.40; expiration May 17, 2033) and 87,500 unvested stock awards; RSUs vest quarterly and options vest per schedule above, reinforcing ongoing alignment but creating potential periodic selling windows upon vesting .
- Insider Trading Policy prohibits hedging and pledging of company stock unless expressly approved by the General Counsel, reducing alignment risk from hedging/pledging strategies .
- Rule 10b5-1 trading plans are permitted and used by certain directors/executives; specific participation by Mr. Piekos is not disclosed .
Employment Terms
| Provision | Details |
|---|---|
| Appointment | Effective Sep 9, 2024 as CFO (principal financial and accounting officer) |
| Severance (no CIC) | 12 months base salary + 12 months COBRA reimbursement |
| Change-in-Control (double-trigger) | If terminated without cause/for good reason within 2 years post-CIC: 12 months base salary + full target bonus + 12 months COBRA + full vesting of all unvested equity (PSO/PSU metrics deemed achieved in full per proxy; target/actual if determinable per 8-K unless award otherwise provides) |
| Non-compete / Non-solicit | One year post-termination; prohibits competition and solicitation of employees/third parties with company relationships |
| Clawback policy | SEC/Nasdaq-compliant clawback of incentive-based compensation for restatements; administered by Compensation Committee; recovery period up to three years |
| Indemnification | Standard form indemnification agreement executed on appointment |
Compensation Governance and Benchmarking
- Compensation Committee members: William Fairey and Patrick Treanor (Chair); both independent under Nasdaq and applicable rules .
- Independent consultant: Aon Human Capital Solutions; no conflicts identified; peer group used as a reference without fixed percentile targets .
- Equity grant practices avoid timing around material non-public information; directors prohibited from pledging company securities absent express approval .
- Say-on-Pay: shareholders approved the proposal at the 2024 annual meeting .
Performance Context (Company-Level)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| TSR – value of initial fixed $100 investment | 67.01 | 89.16 | 108.17 |
| Net Income ($ Millions) | (92.9) | (126.6) | (183.4) |
Key 2025 achievements supporting performance-based vesting and incentive decisions: FDA approval of EKTERLY (sebetralstat) in the U.S.; UK MHRA marketing authorization; CHMP positive opinion (EU decision expected early Oct 2025); commercialization agreements in Japan (Kaken: $11M upfront; $11M regulatory milestone; royalties mid-20s%) and Canada (Pendopharm) .
Investment Implications
- Alignment: Pay mix emphasizes variable cash and multi-year equity with certified performance conditions tied to sebetralstat milestones, aligning incentives to regulatory/commercial execution .
- Retention: Double-trigger CIC protection with full equity acceleration and 12 months salary+target bonus mitigates departure risk during strategic transactions; one-year non-compete/non-solicit adds retention/continuity .
- Selling pressure: Ongoing vesting cadence—monthly option vesting post-cliff and quarterly RSU vesting—can create periodic liquidity events; anti-hedging/pledging policies lower alignment risk, but Rule 10b5-1 plans may facilitate scheduled sales .
- Ownership: Beneficial ownership is <1% with 25,000 options exercisable within 60 days (as of Aug 6, 2025), indicating limited direct equity exposure vs. broader unvested awards—monitor Form 4 filings for exercise/sale patterns as awards vest .
- Governance quality: Independent Compensation Committee, use of independent consultant (Aon), compliant clawback policy, and disciplined grant practices support governance robustness—reducing headline risk on compensation .