Marc Grasso
About Marc Grasso
Marc Grasso, M.D., age 53, was appointed Chief Financial Officer of Kyverna Therapeutics (KYTX) effective June 30, 2025, serving as principal financial officer and principal accounting officer. He brings 25+ years of capital markets and public company finance experience, having previously served as CFO of Alector (Feb 2022–Jun 2025) and CFO/Chief Business Officer of Kura Oncology (Aug 2018–Feb 2022), following senior investment banking roles at Stifel, UBS, Leerink, Morgan Stanley, Credit Suisse First Boston, and Deutsche Bank Alex. Brown; he holds an M.D. from Johns Hopkins and an A.B. in molecular biology from Princeton .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kyverna Therapeutics (Nasdaq: KYTX) | Chief Financial Officer; Principal Financial & Accounting Officer | Jun 30, 2025–Present | Finance leadership for clinical-stage cell therapy; transition from prior CFO advisor arrangement |
| Alector (Nasdaq: ALEC) | Chief Financial Officer | Feb 7, 2022–Jun 20, 2025 | Strengthened financial position; led FP&A, IR, Accounting, IT, Facilities; built finance team |
| Kura Oncology (Nasdaq: KURA) | Chief Financial Officer & Chief Business Officer | Aug 21, 2018–Feb 2022 | Led corporate finance and strategic transactions; broadened business development |
| Stifel Financial (NYSE: SF) | Managing Director, Investment Banking (Life Sciences/Biotech) | Mar 2013–Aug 2018 | Built and managed west coast life sciences investment banking franchise |
| UBS Group AG (NYSE: UBS) | Managing Director, Investment Banking, Global Healthcare | Jun 2010–Feb 2013 | Biotech-focused advisory and capital markets |
| Leerink Swann LLC (Leerink Partners) | Managing Director, Investment Banking | May 2008–Jun 2010 | Instrumental in west coast expansion of franchise |
| Morgan Stanley | Executive Director, Investment Banking, Global Healthcare | Aug 2004–May 2008 | Senior execution/coverage in healthcare IB |
| Credit Suisse First Boston | Vice President, Investment Banking, Global Healthcare | — | Pre-Morgan Stanley tenure (dates not disclosed) |
| Deutsche Bank Alex. Brown | Investment Banking | — | Early career (dates not disclosed) |
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | Initial annualized salary $510,000 |
| Target Bonus | Eligible for annual performance bonus equal to 40% of base; for 2025, bonus will not be pro‑rated and will be fixed at target (paid no later than March 15 of following year, subject to continued employment through payment) |
| Sign‑On Bonus | $250,000 total: $100,000 by second regular payroll after start; $150,000 on Jan 1, 2026 (still payable if terminated without Cause prior to Jan 1, 2026); full amount repayable if voluntary resignation before first anniversary of start date |
| Annual Equity Program (ongoing) | Portfolio of RSUs and Stock Options; proration schedule by hire date (Q3 hire: 50%) subject to Board approval |
Performance Compensation
| Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Annual Performance Bonus (2025) | Determined by Compensation Committee | Target = 40% of base; 2025 fixed at target | Cash bonus paid by Mar 15, 2026, subject to continued employment through payment | N/A |
The offer letter states bonus criteria are determined in good faith by the Compensation Committee; specific operational metrics (e.g., revenue, EBITDA, TSR) are not disclosed .
Equity Ownership & Alignment
| Item | Quantity/Terms | Vesting | Notes |
|---|---|---|---|
| Inducement Stock Option (2024 Inducement Plan) | Option to purchase 450,000 shares; exercise price = closing price on Jun 30, 2025 | 25% on one‑year anniversary of appointment (Jun 30, 2026); remainder vests 1/48th monthly over next 36 months, subject to continued service | |
| Change‑in‑Control Acceleration | 100% acceleration of all unvested equity awards if separation from service occurs within 3 months prior to, upon, or within 12 months following a Change in Control; performance‑based vesting deemed satisfied at target | Upon qualifying CIC‑related separation | Double‑trigger acceleration (tied to qualifying separation timing) |
| Ownership/Pledging | Executive‑level beneficial ownership as of Mar 15, 2025 does not include Dr. Grasso (pre‑appointment); no pledging disclosures in the appointment documents |
Employment Terms
| Term | Provision |
|---|---|
| Employment Status | At‑will employment; hybrid schedule; Emeryville HQ; may serve on up to two for‑profit boards with prior Board consent (no competing entities) |
| Severance (without Cause or for Good Reason) | 12 months of then‑current base salary (payments begin on 60th day post‑separation), plus COBRA premiums for up to 12 months; subject to release of claims and continued obligations |
| Change‑in‑Control | If separation occurs within 3 months prior to, upon, or within 12 months after a CIC: full acceleration of unvested equity; performance conditions deemed met at target |
| Good Reason (definition) | Material base salary reduction (>10%); material diminution of title/duties; relocation increasing one‑way commute by ≥50 miles; change in reporting (not to CEO/Board); notice and cure periods apply |
| Cause (definition) | Material breach/failure to follow policies (with cure periods if applicable), felony conviction/plea, gross misconduct, failure to perform duties, failure to cooperate with investigations, detrimental acts, etc. |
| IP/Confidentiality & Restrictive Covenants | Standard Employee Confidential Information and Inventions Assignment Agreement; confidentiality; invention assignment; non‑compete covenants during employment and non‑solicit for one year post‑employment |
| Dispute Resolution | Mandatory arbitration under JAMS; waiver of jury trial; class/representative action restrictions; Company pays arbitration fees above court administrative fees |
Investment Implications
- Guaranteed near‑term cash: 2025 bonus fixed at target plus $250k sign‑on increases guaranteed compensation in year one, reducing “at‑risk” pay; watch for alignment shift once ongoing annual equity mix (RSUs/options) is granted post‑2025 .
- Equity alignment and potential supply events: First major vesting (25% of 450k options) on Jun 30, 2026 may create potential selling pressure if exercised and sold; monitor subsequent monthly vesting cadence and any Form 4 filings around these dates .
- M&A retention vs. windfalls: Double‑trigger CIC acceleration (full equity vesting, performance at target) provides strong downside protection in a transaction; can increase deal‑related retention risk near CIC windows (−3 months to +12 months) and may be perceived as generous if performance hurdles are deemed at target .
- Governance safeguards appear standard: At‑will structure, Good Reason/Cause definitions, arbitration, and confidentiality/non‑solicit are conventional; no clawback/tax gross‑up provisions disclosed in the appointment documents (monitor future equity award agreements or company policy updates) .