Richard Dana Ono
LipocineAbout Richard Dana Ono
Richard Dana Ono, age 72, has served as an independent director of Lipocine (LPCN) since 2014. He brings 35+ years of experience managing public and private life science companies and venture capital, with an A.B. in Earth & Planetary Sciences (Johns Hopkins) and A.M./Ph.D. in Biology (Harvard), where he also completed a business administration program . He is currently a member of the Audit Committee and chairs the Compensation Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Several U.S. universities | Executive-in-residence advising licensing offices on spin-outs and new company formation | Since 2013 | Advises on commercialization strategy |
| Massachusetts Biotechnology Council (MassBio) | Founding director | Not disclosed | Founding role; industry leadership |
| Marine Biological Laboratory (Woods Hole, MA) | Board of Trustees member | Not disclosed | Scientific governance |
| Various biotech companies (U.S.) | Founder | Not disclosed | Led strategic planning, technology acquisition, and commercial development |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Linnean Society of London | Fellow | Not disclosed | Scientific society recognition |
| Explorers Club | National Member | Not disclosed | Professional affiliation |
Board Governance
- Committee assignments: Ono is a member of the Audit Committee and chairs the Compensation Committee; Audit Committee members are Fink (Chair), Ono, Jene; Compensation Committee members are Ono (Chair), Fink, Papapetropoulos .
- Independence: LPCN discloses Ono as an independent director under Nasdaq rules; independent directors are Fink, Ono, Jene, and Papapetropoulos .
- Attendance: The Board held six meetings in 2024; each incumbent director attended >75% of Board and committee meetings during their service periods . Audit Committee held five meetings in 2024; Compensation Committee held two .
- Board leadership: Lead Independent Director and Chairman roles are held by Dr. Spyros Papapetropoulos, separate from the CEO; the Board periodically reviews leadership structure and operates without a separate nominating committee (independent directors lead nomination decisions) .
Fixed Compensation
| Year | Cash Fees ($) | Option Awards ($) | Total ($) |
|---|---|---|---|
| 2023 | 68,750 | 6,282 | 75,032 |
| 2024 | 75,000 | 9,723 | 84,723 |
Director Compensation Policy (2025 standard amounts)
| Component | Amount |
|---|---|
| Annual retainer (non-employee directors) | $55,000 |
| Audit Committee member fee | $7,500 |
| Compensation Committee member fee | $7,500 |
| Audit Committee Chair fee | $16,500 |
| Compensation Committee Chair fee | $12,500 |
| Lead Independent Director fee | $30,000 |
| Annual option award | 1,764 shares; expected post-Annual Meeting |
- 2024 director equity grant: 1,764-share option grant on June 7, 2024 to each non-employee director .
Performance Compensation
Director Equity Awards – Ono
| Grant Date | Type | Shares/Options | Fair Value ($) | Notes |
|---|---|---|---|---|
| May 10, 2023 | Stock option | 1,764 | 6,282 | Annual director grant |
| Jun 7, 2024 | Stock option | 1,764 | 9,723 | Annual director grant |
Outstanding Options – Ono (year-end)
| As of | Outstanding Options |
|---|---|
| Dec 31, 2023 | 9,762 |
| Dec 31, 2024 | 10,938 |
- Plan mechanics impacting director awards: Option exercise price must be ≥ fair market value on grant; option/SAR life up to 10 years . Awards may accelerate/assume/terminate upon a change-in-control; unassumed portions become fully vested/exercisable . All awards are subject to the Company’s Clawback Policy . The Compensation Committee reserves the right to reprice “underwater” options/SARs (lower exercise, cancel/substitute, or repurchase) .
Other Directorships & Interlocks
| Company | Role | Notes |
|---|---|---|
| None disclosed | — | No public company directorships identified in LPCN nominee bios for Ono |
Expertise & Qualifications
- Extensive leadership across life science start-ups, strategic planning, product management, technology acquisition, and commercial development; founder of several biotech companies .
- Academic and advisory credentials: Executive-in-residence to university licensing offices; Fellow of Linnean Society; Explorers Club member .
- Education: A.B. (Johns Hopkins), A.M./Ph.D. (Harvard), business administration program at Harvard .
Equity Ownership
| As of | Shares Held Directly | Options Exercisable within 60 Days | Total Beneficial Ownership | Ownership % |
|---|---|---|---|---|
| Mar 31, 2024 | 831 | 9,174 | 10,005 | <1% |
| Mar 31, 2025 | 831 | 9,174 | 10,005 | <1% |
- No pledging or hedging disclosures specific to Ono; LPCN does maintain an Insider Trading Policy covering directors .
Governance Assessment
- Independence and engagement: Ono is formally designated independent and attended >75% of Board/committee meetings; he contributes via Audit Committee membership and Compensation Committee leadership, supporting oversight of financial reporting and executive/director pay .
- Compensation structure: Cash retainers plus modest annual option grants; option fair values rose (2023: $6,282; 2024: $9,723), consistent with broader equity pricing and potentially higher stock price/volatility inputs . As Compensation Committee Chair, Ono influences pay design and governance, with authority to engage consultants .
- Ownership alignment: Beneficial ownership is small (<1%) with exercisable options providing upside alignment; no share pledging disclosed for Ono .
- Conflicts/related-party exposure: No related-party transactions disclosed involving Ono; Board specifically evaluated independence concerns related to Spriaso arrangements (affiliates of other directors) and highlighted Higuchi in independence review, not Ono .
- RED FLAGS:
- Option/SAR repricing authority under the equity plan can be shareholder-unfriendly if used, though no director-specific repricings are disclosed .
- Positive signals:
- Clawback policy applies to equity awards; structured committee oversight; separation of Chair/CEO roles and presence of Lead Independent Director strengthen governance .