Daniel Chevallard
About Daniel Chevallard
Daniel Chevallard, 45, has been Chief Financial Officer of LENZ Therapeutics since March 21, 2024, and previously served as CFO/COO at Viracta Therapeutics and CFO at Regulus Therapeutics; he holds a Bachelor of Accountancy from the University of San Diego and is a CPA (inactive) in California . LENZ is pre-commercial with no product revenue; net loss improved to $49.8M in 2024 from $70.0M in 2023 as R&D spending fell post-Phase 3, while SG&A rose on pre-launch investments; LENZ reported $209.1M in cash, equivalents and marketable securities at year-end 2024 and has an FDA PDUFA target date of August 8, 2025 for LNZ100 . As CFO, Chevallard is also designated a Compliance Officer under the Insider Trading Policy, overseeing trading blackouts, pre-clearance, and cybersecurity oversight reporting cadence to the Audit Committee .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Viracta Therapeutics (NASDAQ: VIRX) | CFO, Treasurer & Secretary; later COO | 2019–2024 | Senior finance/operator roles at an oncology biotech |
| Regulus Therapeutics (NASDAQ: RGLS) | CFO; earlier VP Finance/Accounting | 2012–2019 | Led finance and reporting in RNA therapeutics |
| Prometheus Laboratories (Nestlé Health Science acquired) | Controller; Sr Director, Finance | Pre-2012 | Corporate finance leadership in specialty pharma diagnostics/therapeutics |
| Ernst & Young LLP | Assurance (Public Accounting) | ~5 years | Foundational audit experience; CPA (inactive) |
External Roles
No director or public-company board roles disclosed for Chevallard in LENZ’s filings .
Fixed Compensation
| Metric | 2024 | 2025 (set by Comp Committee) |
|---|---|---|
| Base Salary ($) | $485,000 annual; pro-rated paid $376,808 | $510,000 (effective retro to Jan 1, 2025) |
| Target Bonus % of Salary | 40% | 40% |
| Actual Annual Cash Bonus ($) | $196,923 (paid for 2024 performance; under Incentive Plan) | — |
Performance Compensation
| Plan/Metric | Weighting | Target | Actual | Payout & Mechanics | Vesting |
|---|---|---|---|---|---|
| 2024 Incentive Compensation Plan – Corporate Goals | 100% of CFO cash incentive tied to corporate goals | 100% achievement baseline | 130% achievement approved (goals exceeded) | CFO payout reflects 130% of target; actual paid $196,923 | Cash bonus paid early 2025; no equity from this plan in 2024 |
Note: LENZ lists a broad set of potential performance metrics for incentive awards (e.g., revenue, earnings, cash flow, regulatory milestones, TSR) but specific 2024 metric composition/weights beyond “corporate goals” are not disclosed .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Total Beneficial Ownership | 61,521 shares; less than 1% of outstanding |
| Breakdown | 3,188 common shares owned; 58,333 options exercisable within 60 days of April 14, 2025 |
| Options Outstanding | 200,000 options granted Mar 21, 2024; exercise price $15.05; expire Mar 20, 2034 |
| Vesting Schedule | 25% vests Mar 21, 2025; remaining 75% vests in 36 equal monthly installments thereafter, subject to continued service |
| Hedging/Pledging | Company policy prohibits short sales, derivatives/hedging, pledging, margin accounts; quarterly/special blackout compliance and pre-clearance required; 10b5-1 plans permitted under strict conditions |
| Ownership Guidelines | Compensation Committee monitors any stock ownership guidelines; specific numeric multiples (e.g., x-times salary) not disclosed |
Employment Terms
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Status: At-will; appointed CFO effective March 21, 2024 .
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Compensation: 2024 base salary $485,000 (pro-rated paid $376,808); 2025 base increased to $510,000; target cash bonus 40% of salary .
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Initial Equity: Option to purchase 200,000 shares granted Mar 21, 2024 at $15.05; vesting 25% at 12 months, then monthly over 36 months; subject to 2024 Equity Plan terms .
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Severance/Change-in-Control (CIC) Policy:
- Non-CIC Qualified Termination (involuntary without cause or for good reason, outside CIC period): 9 months base salary; up to 9 months COBRA; unvested equity remains outstanding for up to 3 months (forfeited if no CIC occurs) .
- CIC Qualified Termination (during CIC period): 12 months base salary; 100% of target bonus; up to 12 months COBRA; 100% acceleration of all unvested equity (performance awards deemed at target unless otherwise specified) .
- 280G: “Best Results” cutback vs. full payout to maximize after-tax results; clawback agreement execution required .
- Equity Plan Interaction: If awards are not assumed/substituted in a CIC, unvested equity may accelerate at closing (plan-level single-trigger), separate from Severance Policy’s double-trigger benefits upon termination in CIC period .
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Clawback: Compensation Recovery Policy compliant with SEC Rule 10D-1; covers incentive-based compensation tied to financial reporting measures; no indemnification for clawed-back amounts; applies to Section 16 officers (including CFO) .
Investment Implications
- Pay-for-performance alignment: Cash incentive fully tied to corporate goals with 130% overachievement in 2024; equity is predominantly at-risk, multi-year vesting options struck at market ($15.05), supporting retention and upside only if value is created (e.g., successful approval/commercialization of LNZ100) .
- Near-term vesting supply: 25% of his 200,000 options vested on Mar 21, 2025 with ongoing monthly vesting; however, LENZ’s strict blackout and pre-clearance, plus hedging/pledging prohibitions, temper immediate selling pressure and signaling noise from Form 4 activity .
- Retention and change-in-control economics: Double-trigger CIC benefits (12 months salary, 100% target bonus, full equity acceleration) lower departure risk during strategic events; non-CIC severance provides moderate protection without encouraging premature exit .
- Governance and risk controls: CFO is a designated Compliance Officer under the Insider Trading Policy; robust clawback and prohibition on hedging/pledging improve alignment and reduce red-flag risks (e.g., pledge-related forced selling) .
- Operating context: LENZ is pre-revenue, reduced net loss in 2024 ($49.8M) as R&D tapered post-Phase 3; SG&A scaling for commercial readiness; liquidity of $209.1M supports launch preparation into PDUFA on Aug 8, 2025—successful execution would be the primary driver of value/comp outcomes .
Appendix Tables
Executive Summary Compensation (CFO)
| Metric | 2024 |
|---|---|
| Salary ($) | $376,808 (pro-rated from $485,000 annual) |
| Non-Equity Incentive Plan Compensation ($) | $196,923 |
| Option Awards (Grant-Date Fair Value, $) | $2,489,320 |
| Total ($) | $3,063,051 |
CFO Equity Awards (Outstanding as of Dec 31, 2024)
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| 03/21/2024 | — | 200,000 | 15.05 | 03/20/2034 |
| Vesting Terms | 25% on 03/21/2025; 1/36 monthly thereafter |
Beneficial Ownership (as of Apr 14, 2025)
| Holder | Shares | % of Outstanding |
|---|---|---|
| Daniel Chevallard | 61,521 (3,188 common + 58,333 options exercisable within 60 days) | <1% |
| Shares Outstanding (Reference) | 27,544,520 | — |
Company Performance Context (Financials)
| Metric | 2023 | 2024 |
|---|---|---|
| Research & Development ($000s) | 59,504 | 29,801 |
| Selling, General & Administrative ($000s) | 12,925 | 28,809 |
| Net Loss ($000s) | (69,968) | (49,769) |
| Liquidity ($mm; cash, equivalents, marketable securities) | — | $209.1 |
Regulatory Milestones
| Item | Date/Status |
|---|---|
| LNZ100 NDA Submission | August 2024 |
| FDA PDUFA Target Date | August 8, 2025 |
| Planned U.S. Launch (if approved) | Q4 2025 |
Notes on Trading Conduct and Risk Controls
- Quarterly and special blackout periods; mandatory pre-clearance for directors/officers; Regulation BTR compliance; strict prohibitions on short sales, derivatives, pledging, margin accounts; approved 10b5-1 plans require cooling-off, minimum term and good-faith certifications .
Investment Implications
- Chevallard’s comp mix emphasizes at-risk equity and performance-tied cash with clear governance guardrails, aligning incentives to NDA approval, launch, and early commercial execution. The severance/CIC framework appears standard for biotech CFOs, balancing retention with shareholder protection, while policies eliminating pledging/hedging and enabling clawbacks reduce governance red flags .