Marc Odrich
About Marc Odrich
Marc Odrich, M.D., age 66, is Chief Medical Officer of LENZ Therapeutics (since March 2024), after serving as LENZ OpCo’s CMO from July 2021 and a consultant from March 2018–July 2021. He is an Associate Professor of Ophthalmology at the University of Virginia (since June 2017), with prior roles including Medical Director at VISX; his expertise spans refractive surgery and ocular surface disease. Education: B.A. (Ancient History) and M.D., Columbia University; internal medicine internship (Yale’s Danbury Hospital), ophthalmology residency (Columbia Harkness Eye Institute), and cornea/external disease fellowship (Harvard/Mass Eye and Ear) . Under his clinical leadership, LENZ submitted the LNZ100 NDA in Aug 2024 and received an FDA PDUFA target action date of Aug 8, 2025, enabling a planned U.S. launch in Q4 2025 if approved .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LENZ Therapeutics Operations, Inc. (LENZ OpCo) | Chief Medical Officer | Jul 2021–Mar 2024 | Led presbyopia clinical program through Phase 3 CLARITY studies |
| LENZ Therapeutics Operations, Inc. | Consultant | Mar 2018–Jul 2021 | Early clinical/strategic input on presbyopia programs |
| VISX Incorporated | Medical Director | Prior to academic roles (year not specified) | Led clinical team to commercialize excimer laser globally |
| Group/private/academic practices | Ophthalmologist | Since 1990 | Broad clinical practice across settings |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| University of Virginia | Associate Professor of Ophthalmology | Jun 2017–present | Refractive surgery & ocular surface leadership; academic clinical work |
| TearSolutions, Inc. | Consultant | Mar 2016–present | Ocular surface disease consulting for early-stage company |
| Epion Therapeutics | Board Member | Current | Governance & clinical oversight (ophthalmology) |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 410,000 | 466,250 (raised to $485,000 as of Mar 21, 2024) |
| Target Bonus (%) | 30% of base | 40% of base (from Mar 21, 2024) |
| Annual Bonus/Non-Equity Incentive ($) | 153,750 (discretionary for 2023 goals) | 252,200 (paid at 130% of target based on 2024 corporate goals) |
| Option Awards – Grant Date Fair Value ($) | 343,213 | 1,306,893 |
| All Other Compensation ($) | 13,200 (401(k) match) | 13,800 (401(k) match) |
2025 updates: Base salary increased to $500,000 effective Jan 1, 2025; target bonus remains 40% .
Performance Compensation
| Year | Metric | Weighting | Target | Actual | Payout ($) | Vesting/Timing |
|---|---|---|---|---|---|---|
| 2024 | Corporate performance goals (undisclosed mix; company-wide objectives) | 100% of bonus | 40% of base | 130% achievement | 252,200 | Paid early 2025 |
Incentive plan permits metrics across revenue, EBITDA/earnings, TSR/stock price, regulatory milestones, product launches, market share, and other operational/financial KPIs; administrator may adjust for one-time items and use GAAP/non-GAAP measures .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Total Beneficial Ownership | 165,749 shares; less than 1% of outstanding |
| Common Shares Owned | 99,599 |
| Options Exercisable (≤60 days of Apr 14, 2025) | 66,150 |
| Options Unexercisable (12/31/2024) | 37,391 (6/20/2023 grant) and 105,000 (3/21/2024 grant) |
| Restricted Stock Unvested (12/31/2024) | 7,210 (market value $208,153) and 5,842 (market value $168,659) |
| Stock Ownership Guidelines | Not disclosed for executives; committee monitors compliance if applicable |
| Hedging/Pledging | Prohibited (no short sales, options/derivatives, hedging, pledging, margin) |
| Insider Trading Controls | Quarterly/special blackout periods; pre-clearance required; 10b5-1 permitted under strict conditions |
| Clawback | Dodd-Frank compliant compensation recovery policy adopted March 21, 2024 (no-fault recovery of erroneously awarded incentive comp) |
Option & RS Detail (as of Dec 31, 2024)
| Grant | Shares (Exercisable) | Shares (Unexercisable) | Strike ($) | Expiration | Vesting Schedule |
|---|---|---|---|---|---|
| 6/20/2023 Stock Option | 29,081 | 37,391 | 6.04 | 6/19/2033 | 25% on Mar 6, 2024; remaining monthly over 36 months |
| 3/21/2024 Stock Option | — | 105,000 | 15.05 | 3/20/2034 | 25% on Mar 21, 2025; remaining monthly over 36 months |
| 1/28/2022 Early-Exercise RS | — | 7,210 | — | — | Monthly vesting on 1st of each month through Jul 1, 2025 |
| 12/30/2022 Early-Exercise RS | — | 5,842 | — | — | Monthly vesting on 1st of each month through Jul 1, 2025 |
Market value of unvested RS reflects NASDAQ closing price at 12/31/2024 .
Employment Terms
| Provision | Terms |
|---|---|
| Employment Agreement | Confirmatory employment letter at merger closing; at-will; supersedes prior agreements |
| 2024 Comp Terms | Base raised from $410,000 to $485,000 (Mar 21, 2024); target bonus set to 40% |
| 2025 Comp Terms | Base $500,000 (effective Jan 1, 2025); target bonus 40% |
| Severance Policy (Non‑CIC) | 9 months base salary + up to 9 months COBRA; unvested equity remains outstanding up to 3 months post-termination (forfeit if no CIC occurs) |
| Severance Policy (CIC + Qualifying Termination) | 12 months base salary + 12 months COBRA + 100% of target bonus + 100% acceleration of unvested equity (performance awards deemed at target unless specified) |
| Parachute/Tax | Best-results cutback (Section 280G/4999); no gross-up |
| Policies | Clawback policy; insider trading with pre-clearance/blackouts; hedging/pledging prohibited |
Performance & Track Record
- Clinical/Regulatory: Phase 3 CLARITY trials met primary/secondary endpoints; NDA for LNZ100 submitted Aug 2024; FDA PDUFA target date Aug 8, 2025; planned U.S. launch Q4 2025, if approved .
- Corporate 2024 bonus outcomes: Company exceeded corporate performance goals; NEOs paid at 130% of target, including Dr. Odrich .
Investment Implications
- Pay-for-performance alignment: 2024 payout was formulaic (130% on corporate goals); significant equity with multi-year vesting aligns long-term value creation; clawback enhances accountability .
- Retention/vesting overhang: A 25% cliff on the Mar 21, 2024 option occurs Mar 21, 2025, followed by monthly vesting; early-exercise RS fully vests by Jul 1, 2025—watch for potential “sell-to-cover” Form 4s around these dates (subject to blackout/pre-clearance) .
- Alignment and risk controls: Strict prohibitions on hedging/pledging, robust insider trading controls, and Dodd-Frank clawback reduce misalignment and governance risk .
- Ownership is modest (<1%), but ongoing option/RS vesting increases exposure to LENZ equity outcomes; no executive-specific perquisites disclosed .
Additional note: Odrich filed an initial Form 3 on Mar 25, 2024 upon becoming an officer; subsequent transactions should be monitored for selling pressure and signal value .