Christian Richard
LPTXAbout Christian Richard
Christian Richard, age 55, is an independent director of Leap Therapeutics (LPTX) who has served on the Board since January 2023 and is a member of the Audit Committee. He is currently Portfolio Manager of Healthcare at Monashee Investment Advisors (since October 2024); previously Head of Public Research at Samsara BioCapital (December 2020–October 2024), SVP of Research at Tekla Capital Management (~6 years), Partner/Head of Research at Merlin Biomed Private Equity/Merlin Nexus (12 years), and scientist in the Allergy/Immunology Group at Schering‑Plough Research Institute (5 years). He holds a B.S. in Cellular & Molecular Biology (Purchase College), an M.S. in Biochemistry (NYU), and an MBA in Finance (NYU); he also serves on the Advisory Board of the Ty Louis Campbell Foundation (pediatric cancer research) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Monashee Investment Advisors | Portfolio Manager, Healthcare | Since Oct 2024 | Healthcare portfolio leadership |
| Samsara BioCapital | Head of Public Research | Dec 2020–Oct 2024 | Led public research; life sciences focus |
| Tekla Capital Management | SVP of Research | ~6 years | Coverage of biotech/pharma across sizes |
| Merlin Biomed Private Equity/Merlin Nexus | Partner & Head of Research | 12 years | Crossover late‑stage private & public deals |
| Schering‑Plough Research Institute | Scientist, Allergy/Immunology Group | 5 years | Scientific research experience |
External Roles
| Organization | Role | Status/Timing | Notes |
|---|---|---|---|
| Ty Louis Campbell Foundation | Advisory Board Member | Ongoing (not dated) | Non‑profit focused on aggressive childhood cancers |
Other public company directorships: None disclosed in LPTX proxy biographies .
Board Governance
- Committee memberships: Audit Committee Member; the Audit Committee comprises Thomas Dietz (Chair), James Cavanaugh, Nissim Mashiach, and Christian Richard .
- Independence: Board determined all directors except Christopher Mirabelli and Douglas Onsi to be independent; Audit Committee members (including Richard) met Rule 10A‑3 independence criteria .
- Attendance: Board met six times in 2023 and five times in 2024; each director attended at least 75% of Board and committee meetings during their service periods .
- Audit oversight: Richard is a signatory to the Audit Committee’s 2023 report recommending inclusion of audited financials in the 10‑K .
| Year | Board Meetings | Attendance Threshold | Committee Meetings Noted |
|---|---|---|---|
| 2023 | 6 | ≥75% per director | Audit met 4 times |
| 2024 | 5 | ≥75% per director | Audit met 5 times |
Fixed Compensation
- Structure (current schedule): Annual Board retainer $45,000; Audit Committee member $10,000; Audit Chair $20,000; Compensation Committee member $7,500; Comp Chair $15,000; Governance/Nominating member $5,500; Governance Chair $10,000; Lead Independent Director $35,000 (2025) . In 2024, Lead Independent Director was $30,000 (other fee levels identical) .
| Component | 2024 Amount ($) | 2025 Amount ($) |
|---|---|---|
| Board annual retainer | 45,000 | 45,000 |
| Audit Committee member | 10,000 | 10,000 |
| Audit Committee chair | 20,000 | 20,000 |
| Compensation Committee member | 7,500 | 7,500 |
| Compensation Committee chair | 15,000 | 15,000 |
| Governance/Nominating member | 5,500 | 5,500 |
| Governance/Nominating chair | 10,000 | 10,000 |
| Lead Independent Director | 30,000 | 35,000 |
- Fees earned by Christian Richard:
- 2023: $55,000 (Board $45,000 + Audit member $10,000) .
- 2024: $55,000 (Board $45,000 + Audit member $10,000) .
| Year | Fees Earned ($) |
|---|---|
| 2023 | 55,000 |
| 2024 | 55,000 |
Other compensation: No travel reimbursements reported for Richard in 2023 and 2024 (others had small amounts) .
Performance Compensation
- Equity form: Annual stock option grants; exercise price at fair market value on grant date; vest quarterly over one year; additional option grants occurred twice in 2023 and twice in 2024 for non‑lead independent directors .
- Outstanding options (as of year‑end):
- As of Dec 31, 2023: 15,000 exercisable / 15,000 unexercisable (total 30,000) .
- As of Dec 31, 2024: 55,000 exercisable / 25,000 unexercisable (total 80,000) .
| Metric | 2023 Grants | 2024 Grants |
|---|---|---|
| Grant timing | March 2023: 15,000; August 2023: 15,000 | January 2024: 25,000; October 2024: 25,000 |
| Shares granted (total) | 30,000 | 50,000 |
| Exercise price policy | FMV on grant date | FMV on grant date |
| Vesting | Quarterly over 1 year | Quarterly over 1 year |
| Option award fair value (FY) | $61,617 (2023) | $98,055 (2024) |
| Options outstanding at YE | 15,000 ex / 15,000 unex (30,000) | 55,000 ex / 25,000 unex (80,000) |
No performance-based metrics (e.g., TSR, revenue/EBITDA targets) are disclosed for director equity; awards are time‑based options .
Other Directorships & Interlocks
| Entity | Type | Relationship | Potential Interlock/Conflict Signal |
|---|---|---|---|
| Samsara BioCapital, LP | 5%+ shareholder | Held 6.4% of LPTX (2,442,352 shares) as of Apr 24, 2024 ; 5.9% as of Apr 21, 2025 | Richard was Head of Public Research at Samsara through Oct 2024; perceived alignment but potential conflict considerations due to large shareholder employment history |
Board independence determinations still classified Richard as independent and Audit Committee independent under SEC/Nasdaq rules .
Expertise & Qualifications
- Scientific and investment expertise across public/private biotech and pharma; crossover transaction experience; prior lab science background .
- Audit Committee service; financial literacy standard applies to all members; Audit Committee financial expert designation is with Chair Thomas Dietz (not Richard) .
Equity Ownership
| As-of Date | Beneficial Ownership (shares) | % of Outstanding |
|---|---|---|
| Apr 26, 2023 | 37,500 | <1% |
| Apr 24, 2024 | 32,500 | <1% |
| Apr 21, 2025 | 73,750 | <1% |
| Oct 24, 2025 | 80,000 | <1% |
Shares subject to options exercisable within 60 days are counted per SEC rules; no pledging or hedging disclosures identified for Richard .
Governance Assessment
-
Strengths
- Independent director with deep sector investing and scientific background; serves on Audit Committee, supporting oversight of financial reporting and related‑party reviews .
- Engagement: ≥75% attendance, multi‑meeting Audit cadence in 2023–2024 .
- Alignment via equity options with quarterly vesting; 2024 option fair value $98,055; increasing outstanding options signal ongoing equity participation .
-
Watchpoints / RED FLAGS
- Large shareholder employment ties: Richard’s employment at Samsara BioCapital overlapped with Samsara’s 5%+ LPTX stake through Oct 2024; while independence was affirmed, investors should monitor related‑party review rigor and potential perceived conflicts in transactions or strategic decisions involving shareholder interests .
- No disclosed director stock ownership guidelines or minimums; reliance on options rather than RSUs/DSUs may reduce long‑term holding requirements and could lessen near‑term ownership stability compared to guideline‑based programs (not disclosed) .
Audit Committee explicitly reviews related‑party transactions and conflicts under its charter; Richard participates in this oversight . Audit Committee recommended inclusion of audited FY2023 financials, indicating active engagement .
Notes on Compensation & Incentives
- Director cash: Richard earned $55,000 in both 2023 and 2024 (Board + Audit member fees) .
- Director options:
- 2023: Two grants of 15,000 options (Mar/Aug) with one‑year quarterly vesting; $61,617 grant‑date fair value .
- 2024: Two grants of 25,000 options (Jan/Oct); FMV strike; one‑year quarterly vesting; $98,055 grant‑date fair value .
- Change‑of‑control: Policy references options for new non‑employee directors vesting in full upon a change in control (2023 and earlier program language); annual grants vest time‑based and are not stated as performance‑conditioned .
- No clawback, severance, CIC triggers, tax gross‑ups, or perquisites applicable to directors disclosed beyond travel reimbursements (none for Richard in tables) .
Compensation Committee Analysis (context)
- Richard is not on the Compensation Committee; current Compensation Committee members and chair are disclosed separately (Li as Chair; Dietz and Martin as members) .
- Director compensation levels and grant sizes have evolved (e.g., annual fees to Lead Independent Director increased from $30,000 in 2023–2024 to $35,000 in 2025; option grant sizes increased in 2024 vs 2023), reflecting retention and alignment priorities .
Related Party Transactions
- Governance framework: Audit Committee reviews and approves related‑party transactions and potential conflicts per charter .
- Specific transactions involving Richard: None disclosed; monitor for any engagements involving former employer Samsara BioCapital (large shareholder) given prior employment overlap .
Say‑on‑Pay & Shareholder Feedback
- Director‑specific items: Not applicable; say‑on‑pay pertains to executive compensation. No director‑specific shareholder votes or concerns disclosed in the cited sections.
Work History & Career Trajectory
- Scientist → investor trajectory; crossover deal experience; broad public/private coverage across company sizes; foundations in biochemistry and finance .
Equity Ownership & Alignment Summary
- Beneficial ownership grew from 32,500 (Apr 2024) to 73,750 (Apr 2025) and 80,000 (Oct 2025), reflecting increased options outstanding and/or exercisable within 60 days .
- No pledging disclosed; equity awards are time‑based options; no RSU/PSU structures disclosed for directors .
Overall Implications for Investors
- Richard adds sector‑specific investing acumen and scientific grounding to Audit oversight, with solid attendance and independence status—favorable for board effectiveness .
- The prior tie to Samsara (a significant shareholder) is the principal perceived conflict watchpoint; governance mitigants include Audit Committee conflict review responsibilities and Board independence affirmations. Continued transparency on related‑party matters will support investor confidence .