Christopher M. Yea
About Christopher M. Yea
Christopher M. Yea, Ph.D., age 61, is Chief Development Officer (CDO) of KalVista Pharmaceuticals and has served in this role since November 2015. He holds a B.Sc. and Ph.D. in Biochemistry from the University of Bristol (UK), and previously led Biology and development candidate transitions at Ferring Pharmaceuticals; he later served as COO of Vantia Ltd. from the company’s 2008 spin-out until November 2015 . Under his development leadership, KalVista’s sebetralstat achieved Phase 3 success (KONFIDENT) in February 2024 and received FDA approval (EKTERLY, first oral on-demand HAE treatment) in July 2025, key value-creation milestones for the company . Company pay-versus-performance disclosures show TSR moving from 45.45 (FY2024) to 108.17 (FY2025) while net losses persisted (FY2024: -$126.6M, FY2025: -$183.4M), contextualizing execution against clinical/regulatory goals alongside financial scale-up costs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Vantia Ltd. | Chief Operating Officer | 2008–2015 | Built operations post-spin-out from Ferring; oversaw development execution |
| Ferring Pharmaceuticals | Led Biology & transition of candidates into development | Prior to 2008 | Advanced discovery-to-development transitions |
| Roussel-UCLAF; Hoechst Marion Roussel | Scientific roles | Earlier career | Drug discovery/development experience |
External Roles
No public company directorships or external board roles disclosed for Dr. Yea .
Fixed Compensation
Multi-year compensation (as reported when Dr. Yea was a Named Executive Officer):
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary | $455,000 | $477,750 | $492,083 |
| Bonus (Actual paid) | $182,000 | $133,770 | $186,998 |
| All Other Compensation (Retirement/benefits) | $27,279 | $28,709 | $29,451 |
| Total Compensation | $2,676,955 | $1,650,617 | $1,370,623 |
Notes:
- UK employees participate in the national pension scheme requiring employer contributions; US employees receive 401(k) matching up to 4% .
Performance Compensation
Equity grant mix and performance linkages:
- Program design: Long-term incentives include stock options, performance stock options (PSOs), restricted stock units (RSUs), and performance-based RSUs (PSUs). PSO/PSU vesting requires both time-based service and achievement of corporate performance goals (e.g., clinical/regulatory milestones) .
- FY2024 certification: Compensation Committee certified PSU goals upon Phase 3 success of sebetralstat and full enrollment of KVD900-301 (February 2024) .
Key PSU/RSU awards and vesting terms:
| Metric | Grant | Target/Units | Performance Target | Actual/Status | Payout/Vesting |
|---|---|---|---|---|---|
| PSU (sebetralstat program) | 1/11/2023 | 60,000 units | Regulatory milestones certification | Achieved/Certified Feb 2024 | Quarterly vesting over one year (for certain PSUs), or per award terms (10) |
| PSU | 1/10/2024 | 21,875 units; $278,031 FV | KONFIDENT Phase 3 success (already certified) | In vesting phase | 1/4th quarterly over one year commencing Feb 17, 2024 (11) |
| RSU | 5/17/2022 | 15,964 units; $148,146 FV | Service-based only | Ongoing | 1/16th quarterly over 4 years from Aug 17, 2022 (6) |
| RSU | 6/8/2023 | 7,292 units; $72,847 FV | Service-based only | Ongoing | 1/4th quarterly over one year from Aug 17, 2023 (10) |
| RSU | 1/11/2023 | 17,014 units; $116,035 FV | Service-based only | Ongoing | 1/12th quarterly over 3 years from Nov 17, 2022 (8) |
Stock options (selected, service-based vesting monthly over 4 years unless noted):
| Grant Date | Exercisable | Unexercisable | Exercise Price | Expiration | Notes |
|---|---|---|---|---|---|
| 6/16/2020 | 86,666 | 13,334 | $10.20 | 6/15/2030 | PSO metrics achieved; option vesting monthly (PSO description) (5) |
| 5/26/2021 | 43,750 | 16,250 | $25.95 | 5/25/2031 | |
| 5/17/2022 | 9,065 | 9,855 | $9.28 | 5/16/2032 |
Annual equity grant values (fair value at grant):
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Stock Awards (RSU/PSU FV) | $923,400 | $871,479 | $662,091 |
| Option Awards (FV) | $1,089,276 | $138,909 | – |
Equity Ownership & Alignment
Beneficial ownership (as of August 7, 2024; 43,081,922 shares outstanding):
| Category | Shares/Units |
|---|---|
| Common Stock held | 80,074 |
| Securities exercisable within 60 days (primarily options) | 442,226 |
| RSUs vesting within 60 days | 7,328 |
| PSUs vesting within 60 days | 7,292 |
| Total Beneficial Ownership | 536,920 (1.2%) |
Unvested awards (as of April 30, 2024):
| Category | Units | Market/Payout Value |
|---|---|---|
| RSUs (Not Vested) | 21,875 | $278,031 |
| PSUs (Unearned/Not Vested) | 60,000 | $409,200 |
Alignment safeguards:
- Anti-hedging and anti-pledging policy; pledging prohibited without General Counsel approval; hedging (options, short sales) prohibited .
- SEC/Nasdaq-compliant clawback policy enables recovery of incentive compensation upon required restatement (3-year lookback; no-fault application) .
Insider trading administration:
- Rule 10b5-1 trading plans permitted; trades executed by brokers under preset parameters .
- Late Form 4 filings noted (Aug 21, 2024 and Nov 27, 2024) for Dr. Yea; company attributes lateness to administrative error .
Employment Terms
| Term | Detail |
|---|---|
| Current role start date | November 2015 (CDO) |
| Agreement latest amendment | June 2023 (executive agreements; Palleiko March 2024; Yea included in June 2023 cohort) |
| Base salary governance | Periodic review by Compensation Committee |
| Non-compete | 6 months post-termination; non-solicit obligations likewise apply |
| Severance (no change-in-control) | Lump sum equal to 12 months base salary; continuation of medical/life insurance and pension contributions for 12 months (subject to local law) |
| Change-in-control (double trigger within 2 years) | Lump sum equal to 12 months base salary + full target bonus for year of termination; 12 months continuation of medical/life/pension; full vesting/exercisability of all unvested equity awards (PSO/PSU performance deemed achieved in full) |
| Release & covenants | Severance contingent on signed release; confidentiality/IP assignment; non-compete enforced |
| Clawback | SEC/Nasdaq-compliant clawback on restatement (administered by Compensation Committee) |
Compensation Structure Analysis
- Mix shift and at-risk pay: Material equity emphasis through PSUs tied to clinical/regulatory milestones and RSUs; options declined in FY2024 vs prior years, consistent with broader life sciences trend toward RSUs/PSUs to balance retention and alignment .
- Performance metric rigor: PSUs contingent on Phase 3 success and enrollment milestones—objectively certified in Feb 2024, improving pay-for-performance line-of-sight and signaling confidence in program execution .
- Guarantees vs discretion: Annual bonus outcomes are discretionary based on company/individual performance; target bonus % not disclosed for Yea, limiting precise assessment of cash incentive alignment .
- Ownership and selling pressure: Significant options exercisable within 60 days (442,226), and ongoing RSU/PSU vesting may produce episodic selling pressure; anti-hedging/pledging rules mitigate misalignment risks .
Risk Indicators & Red Flags
- Late Section 16 filings: Company notes late Form 4s for Dr. Yea, attributed to administrative error; minor governance signal to monitor process controls .
- Double-trigger acceleration: Full acceleration of unvested equity upon change-in-control termination could increase near-term selling by executives post-transaction; common in sector but relevant for trading overhang analysis .
- No tax gross-up or golden parachute gross-ups disclosed; clawback policy in place—favorable governance posture .
Say-on-Pay & Committee Practices
- Say-on-Pay: Shareholders approved say-on-pay in 2023; 2024 proxy sought approval again; 2025 proxy continued annual advisory vote cadence .
- Compensation Committee: Independent directors; uses Aon as independent consultant; market data informs ranges rather than strict percentiles .
Expertise & Qualifications
- Technical depth: Biochemistry Ph.D. with broad bench-to-development leadership; COO experience in UK biotech; strong fit to CDO role focused on hereditary angioedema (HAE) pipeline execution .
- Program execution: Led development through KONFIDENT Phase 3 success and US approval of EKTERLY; ongoing pediatric (KONFIDENT-KID) and long-term safety studies (KONFIDENT-S) .
Investment Implications
- Alignment: PSU achievements directly linked to pivotal clinical/regulatory milestones demonstrate pay-for-performance; clawback and anti-hedging/pledging policies support shareholder alignment .
- Retention risk: Contractual severance, benefits continuation, and manageable non-compete (6 months) provide stability; double-trigger equity acceleration could influence post-transaction retention and supply dynamics .
- Trading signals: Large exercisable option overhang (442k within 60 days as of Aug 2024) plus ongoing RSU/PSU vesting can create intermittent selling pressure; monitor Form 4s and potential 10b5-1 plan activity .
- Value creation: Execution under Dr. Yea’s development leadership culminated in EKTERLY approval—pivotal to revenue inflection; pay-versus-performance TSR uplift corroborates market recognition despite ongoing net losses as commercial infrastructure scales .
Overall: Compensation frameworks and policies show credible performance linkage and governance discipline; retention risk appears moderate with sector-standard protections; watch vesting calendars and option exercises for supply overhang during commercialization ramp.