Steve Liapis
About Steve Liapis
Steve Liapis, Ph.D., age 37, has served as an independent director of Kyverna Therapeutics (KYTX) since November 2022 and is a Class II director with a term expiring at the 2026 annual meeting. He is a Managing Director at Northpond Ventures leading biotech platform investments and incubation with Harvard’s Wyss Institute and MIT; prior roles include portfolio strategy at Sanofi Oncology, Head of Strategy at Arbor Biotechnologies, and leadership at L.E.K. Consulting focused on IO, gene therapy/editing, and cell therapy. He holds a Ph.D. in molecular biology from Harvard, an MS in genetics and plant biology from Yale, and a BA in environmental science from Stockton College .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northpond Ventures | Managing Director (focus on biotech platforms/therapeutics; leads newco incubation with Wyss Institute and MIT) | Not disclosed | Investment leadership and incubation lead |
| Sanofi (SNY) | Director, Portfolio Decision Resources (Global strategy/resource prioritization for Sanofi Oncology) | Not disclosed | Led global oncology strategy and prioritization |
| Arbor Biotechnologies | Head of Strategy | Not disclosed | Corporate strategy for advanced modalities |
| L.E.K. Consulting | Leadership positions (R&D and commercial strategy) | Not disclosed | Focused on IO, gene therapy/editing, cell therapy |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Garuda Therapeutics, Inc. | Director | Not disclosed | Private company board role |
| Incendia Therapeutics, Inc. | Director | Not disclosed | Private company board role |
| Totus Medicines, Inc. | Director | Not disclosed | Private company board role |
| Opna Bio LLC | Director | Not disclosed | Private company board role |
| Aro Biotherapeutics Company | Director | Not disclosed | Private company board role |
| Weaver Biosciences, Inc. | Director | Not disclosed | Private company board role |
Board Governance
- Committee assignments: Audit Committee member (Chair: Daniel K. Spiegelman); Science & Technology Committee member (Chair: Fred E. Cohen). He served on the Compensation Committee through October 19, 2024; the current Compensation Committee is Seidenberg (Chair), Cohen, Shaw. He is not on the Nominating & Corporate Governance Committee (members: Clark [Chair], Shaw, Seidenberg) .
- Independence: Board determined Liapis is independent under Nasdaq rules; majority of board is independent and independent directors hold executive sessions regularly .
- Attendance: In 2024, the Board met 10 times; Audit met 6; Compensation met 5; Nominating met 2; S&T met 4. Each director attended at least 75% of Board and committee meetings to which they were appointed .
- Tenure and class: Class II director; term expires at the 2026 annual meeting .
- Board leadership: CEO is Warner Biddle; Chair of the Board is Ian Clark; roles are separated .
Committee Summary
| Committee | Role | Chair | 2024 Meetings | Notes |
|---|---|---|---|---|
| Audit | Member | Daniel K. Spiegelman | 6 | Financially literate; audit oversight per charter |
| Science & Technology | Member | Fred E. Cohen | 4 | Oversees R&D strategy, pipeline progress |
| Compensation | Member through 10/19/2024 | Beth Seidenberg | 5 | Committee composition changed 10/20/2024; now Seidenberg, Cohen, Shaw |
| Nominating & Corporate Governance | Not a member | Ian Clark | 2 | Oversees board composition, ESG oversight |
Fixed Compensation
| Year | Cash Retainer ($) | Committee/Chair Fees ($) | Meeting Fees ($) | Notes |
|---|---|---|---|---|
| 2024 | $0 | $0 | $0 | Dr. Liapis opted not to accept compensation for Board service |
Performance Compensation
| Year | Stock Awards (RSUs/PSUs) | Option Awards ($ fair value) | Options Granted (shares) | Vesting/Performance Metrics |
|---|---|---|---|---|
| 2024 | None | $0 | 0 | No director equity awards; no performance metrics disclosed for directors |
No RSUs/PSUs/options outstanding or granted to Liapis in 2024; as of 12/31/2024, he held no option awards and opted out of compensation, indicating no director equity compensation participation .
Other Directorships & Interlocks
| Entity | Relationship | Detail |
|---|---|---|
| Northpond Ventures III, LP | 5%+ KYTX holder | Entities affiliated with Northpond Ventures III, LP own 7.5% of KYTX common stock; Liapis is a principal at Northpond Ventures, LLC, an affiliate of Northpond Ventures III, LP |
| Series B Preferred Financing (2023) | Related party transaction | Northpond Ventures III, LP purchased 2,083,445 Series B preferred shares ($3,900,000.70); converted to common at IPO; Liapis affiliated via Northpond Ventures, LLC |
Expertise & Qualifications
- Advanced scientific training (Ph.D. molecular biology, Harvard; MS genetics/plant biology, Yale; BA environmental science, Stockton College), with research experience in lncRNAs and disease pathogenesis .
- Deep biotech platform and therapeutics investing/incubation experience; prior corporate strategy leadership across oncology and advanced modalities; qualifies him for S&T committee work .
- Serves on Audit Committee; Board determined Audit Committee members are independent and financially literate; Audit Chair designated as financial expert .
Equity Ownership
| Holder | Beneficial Shares | % Outstanding | Notes |
|---|---|---|---|
| Steve Liapis, Ph.D. | — | — | No personal beneficial ownership reported as of 03/15/2025; Board prohibits hedging/pledging/margin by covered individuals |
| Outstanding shares (context) | 43,214,918 | — | Shares outstanding as of 03/15/2025 used for % calculations in table |
- Hedging/pledging: Company policy prohibits hedging, short sales, derivatives, margin purchases, and pledging of company stock for covered individuals (includes directors) .
- Ownership guidelines: No director-specific ownership guidelines disclosed in proxy sections retrieved; not assessed.
Governance Assessment
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Strengths:
- Independent status; active committee roles on Audit and Science & Technology; attendance ≥75% amid robust committee activity; separation of Chair and CEO roles .
- Opted out of all director compensation (cash and equity) in 2024, reducing pay-related conflicts and signaling low personal financial incentives tied to board service .
- Audit Committee membership with board-affirmed financial literacy; presence on S&T aligns with domain expertise .
-
Risks and potential conflicts:
- Affiliation with a major shareholder (Northpond Ventures III, LP at 7.5%) and participation in 2023 related-party financing may create perceived influence or interlock risks despite board’s independence determination. Monitor for recusal on matters involving Northpond and capital allocation decisions tied to shareholder interests .
- No personal beneficial ownership reported; while compensation opt-out removes pay conflicts, lack of “skin in the game” may weaken alignment with minority shareholders unless balanced by fiduciary oversight and committee effectiveness .
- Legal proceedings: Named defendant in shareholder class action related to the IPO registration statement; outcome could affect investor confidence in governance disclosures and oversight processes .
- Section 16(a) compliance: Form 3 filed one day late due to printer delay—minor compliance lapse but should be remediated with process controls .
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Red flags:
- Related-party exposure via Northpond affiliation in prior financing and ongoing 5%+ ownership linkage—requires robust conflict management, disclosure, and recusal protocols .
- Involvement in ongoing securities class action related to IPO disclosures—elevates governance risk perception until resolved .