William Li
LPTXAbout William Li
William Li, MD, is an independent director of Leap Therapeutics (now Cypherpunk Technologies Inc.) who has served on the Board since January 2017 and currently chairs the Compensation Committee . He is 62 years old, trained in internal medicine at Massachusetts General Hospital, and co-founded the Angiogenesis Foundation, serving as Medical Director since December 1994 and President since April 2000; he has held faculty roles at Harvard Medical School, Tufts University School of Veterinary Medicine, and Dartmouth Medical School . The Board has determined he is independent under Nasdaq standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Angiogenesis Foundation (Cambridge, MA) | Co‑Founder; Medical Director | Dec 1994 – present | Led angiogenesis programs with NIH and industry |
| Angiogenesis Foundation (Cambridge, MA) | President | Apr 2000 – present | Executive leadership of foundation |
| Massachusetts General Hospital | Internal Medicine Residency (clinical training) | Completed prior to board service | Clinical training |
| Harvard Medical School | Faculty | Not specified | Academic teaching/research |
| Tufts Univ. School of Veterinary Medicine | Faculty | Not specified | Academic teaching/research |
| Dartmouth Medical School | Faculty | Not specified | Academic teaching/research |
External Roles
| Organization | Role | Public/Private/Non‑Profit | Notes |
|---|---|---|---|
| Angiogenesis Foundation | President; Medical Director | Non‑Profit | Co‑founder; long‑tenured leader |
| Academic institutions (Harvard, Tufts, Dartmouth) | Faculty roles | Academic | Past/ongoing academic affiliations |
| Other public company boards | — | — | No other public company directorships disclosed in biography |
Board Governance
- Committee assignments and roles:
- Compensation Committee: Member and Chair (Dr. Li chairs) .
- Other committees: Not listed for Dr. Li; current committee compositions show Audit (Dietz, Cavanaugh, Mashiach, Richard) and Nominating/Governance (Cavanaugh, Loscalzo, Martin, Schilsky) .
- Independence: Board determined all directors except Mirabelli and Onsi are independent; this includes Dr. Li .
- Attendance and engagement:
- Board met 5 times in 2024; each director attended at least 75% of the aggregate Board and committee meetings on which they served (during their service period) .
- Committee activity (2024): Audit (5 meetings), Compensation (2 meetings), Nominating/Governance (1 meeting) .
- Board leadership and executive sessions: Lead Independent Director is Thomas Dietz; independent directors held executive sessions at every Board meeting in 2024 .
Fixed Compensation
| Component | Policy / Amount | FY2024 Earned | Notes |
|---|---|---|---|
| Board annual cash retainer | $45,000 | Included in Fees Earned | Program applies to non‑employee directors |
| Committee chair fee (Compensation Committee Chair) | $15,000 | Included in Fees Earned | Dr. Li is Comp Committee Chair (footnote 5) |
| Committee member fees | Audit: $10,000; Comp Member: $7,500; Nominating Member: $5,500 | N/A for Li in 2024 | Li not listed on Audit or Nominating committees |
| Fees Earned (cash) – William Li | — | $60,000 | $45,000 director fee + $15,000 Comp Chair |
| Other Compensation (expense reimbursement) | Reimbursed travel/out‑of‑pocket | $0 for Li | Program reimburses reasonable expenses |
Performance Compensation
| Grant/Type | Grant Date | Shares/Units | Exercise Price / Vesting | Accounting/Value | Settlement |
|---|---|---|---|---|---|
| Stock Options (non‑lead independent directors) | Jan 2024 | 25,000 | Exercise price = FMV on grant date; vests quarterly over 1 year | Included in 2024 Option Awards fair value | Standard option settlement |
| Stock Options (non‑lead independent directors) | Oct 2024 | 25,000 | Exercise price = FMV on grant date; vests quarterly over 1 year | Included in 2024 Option Awards fair value | Standard option settlement |
| Option Awards – William Li (ASC 718 fair value) | 2024 (aggregate) | — | — | $98,055 | — |
| Director RSUs (aggregate to all non‑employee directors) | Nov 11, 2025 | 74,700 RSUs (2016 Plan); 680,600 RSUs (2022 Plan) | Fully vested at grant for directors | Aggregate awards approved Nov 11, 2025 | Settle on earlier of director’s Board departure or first annual meeting after grant; individual director allocations not disclosed |
Notes:
- Director compensation program provides annual option grants; 2024 grants were two tranches of 25,000 options to non‑lead independent directors with one‑year quarterly vesting .
- In Nov 2025, the Board shifted to fully vested RSUs for directors (aggregate across all non‑employee directors) with deferred settlement timing, changing equity mix versus prior option‑only approach .
Other Directorships & Interlocks
- Other public company boards: None disclosed for Dr. Li in the company’s 2025 annual proxy biography .
- Interlocks/Investor nomination rights (Board context): A Lead Investor Agreement grants Winklevoss Treasury Investments the right to designate up to two directors (including the Board chair) based on ownership thresholds; two Investor Designees (Khing Oei and William McEvoy) joined the Board on Nov 11, 2025, with Oei as non‑executive Chair . This is a board‑level governance factor rather than a Li‑specific interlock .
Expertise & Qualifications
- Medical and scientific expertise in angiogenesis, with training under Dr. Judah Folkman, and leadership of angiogenesis programs with NIH and industry partners .
- Clinical and academic credentials: M.D. (University of Pittsburgh); internal medicine training at MGH; faculty roles at Harvard, Tufts (Vet Med), Dartmouth .
- Board concluded his cancer field experience, medical training, and foundation leadership qualify him for Board service and Compensation Committee chairmanship .
Equity Ownership
| Holder | Beneficial Ownership (shares) | % of Outstanding | Notes (as of stated date) |
|---|---|---|---|
| William Li (director) | 99,605 | <1% | Includes options exercisable within 60 days of Oct 24, 2025; ownership based on 56,651,840 shares outstanding |
| Options outstanding (12/31/2024) – Li | 74,605 exercisable; 25,000 unexercisable; total 99,605 | — | Director option balances at year‑end 2024 |
No pledging or hedging by Dr. Li is disclosed; no related‑party transactions involving Dr. Li are disclosed in the cited filings .
Governance Assessment
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Strengths for board effectiveness and investor confidence
- Independence and committee leadership: Dr. Li is independent and chairs the Compensation Committee; Board affirmatively determined independence in April 2025 .
- Professional expertise: Deep medical/scientific background and external leadership at the Angiogenesis Foundation support contributions to R&D oversight and human capital decisions .
- Engagement: Company reports each director met at least the 75% attendance threshold in 2024; Compensation Committee met twice in 2024 .
-
Alignment and incentives
- 2024 compensation mix shows modest cash retainers and meaningful equity via options with one‑year vesting; Dr. Li’s 2024 total was $158,055 ($60,000 cash fees; $98,055 option fair value) .
- In Nov 2025, non‑employee directors received fully vested RSUs (aggregate), with settlement deferred to Board departure or the next annual meeting—this design reduces vesting risk but shortens retention horizon; individual award sizes for Dr. Li not disclosed .
-
Risk indicators and potential red flags
- Board‑level influence from Lead Investor: The right to nominate two directors including the chair can concentrate influence; ongoing monitoring of Compensation Committee independence remains warranted, though Dr. Li is independent and chair per Board determinations .
- Rapidly evolving strategy context: Company rebranded to Cypherpunk Technologies and adopted a digital asset treasury strategy in Nov 2025, signaling a shift in governance and oversight demands for the Board and committees (contextual to all directors) .
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No specific conflicts or related‑party transactions were disclosed for Dr. Li in the cited documents .
Director Compensation (Detail)
| Metric | FY2024 Amount |
|---|---|
| Fees Earned (cash) – William Li | $60,000 |
| Option Awards (ASC 718 fair value) – William Li | $98,055 |
| Other Compensation (expense reimbursement) – William Li | $0 |
| Total – William Li | $158,055 |
| Program Option Grants (non‑lead independent directors) | 25,000 options in Jan 2024; 25,000 options in Oct 2024; quarterly vest over 1 year; strike = FMV on grant date |
| FY2025 Director RSUs (aggregate, all non‑employee directors) | 74,700 RSUs (2016 Plan) + 680,600 RSUs (2022 Plan); fully vested at grant; settle at Board departure or next annual meeting after grant |
Equity Ownership (Detail)
| Metric | Amount |
|---|---|
| Beneficial Ownership – William Li (Oct 24, 2025) | 99,605 shares; <1% of 56,651,840 outstanding |
| Options Outstanding (Dec 31, 2024) – William Li | 74,605 exercisable; 25,000 unexercisable; total 99,605 |
Notes on Policies and Limits
- Director grant limit under 2025 EIP: Cash fees plus equity awards to any non‑employee director capped at $2,000,000 grant date value per calendar year .
- Equity award timing and MNPI: Company states it did not time grants around MNPI; 2024 options were not granted within blackout windows around 10‑Q/10‑K or material 8‑K filings for NEOs (contextual to equity practices) .
Overall: Dr. Li brings strong domain expertise and independence, chairs the Compensation Committee, and met engagement thresholds. Equity alignment in 2024 used time‑vested options; the shift to fully vested director RSUs in Nov 2025 merits monitoring for incentive alignment, while investor‑designee influence at the Board level heightens the importance of an assertive, independent Compensation Committee chair .