Tiba Aynechi
About Tiba Aynechi
Tiba Aynechi, Ph.D., age 49, has served on MBX’s board since November 2022, bringing deep healthcare venture investing and biotech transaction expertise from Norwest Venture Partners (General Partner since December 2021) and Novo Holdings A/S (2010–2021, most recently Senior Partner). She holds a B.S. in Physics (biomedical concentration) from UC Irvine, a Ph.D. in Biophysics from UCSF, completed a postdoctoral fellowship at UCSF, and is a published author in rational drug design .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Novo Holdings A/S | Various roles; Senior Partner (most recent) | Mar 2010–Dec 2021 | Led life sciences investments; financing expertise |
| Norwest Venture Partners | General Partner, healthcare team | Dec 2021–present | Oversight/investment leadership; venture governance |
External Roles
| Organization | Role | Tenure | Public/Private |
|---|---|---|---|
| Spruce Biosciences (SPRB) | Director | May 2016–present | Public |
| Rezo Therapeutics | Director | Jul 2022–present | Private |
| Avalyn Pharma | Director | Apr 2017–present | Private |
| Ray Therapeutics | Director | May 2023–present | Private |
| Engrail Therapeutics | Director | Mar 2024–present | Private |
| Nuvig Therapeutics | Director | Oct 2024–present | Private |
| iRhythm Technologies (IRTC) | Director (prior) | May 2014–Apr 2017 | Public |
| Mirum Pharmaceuticals (MIRM) | Director (prior) | Oct 2018–Aug 2021 | Public |
| Nkarta (NKTX) | Director (prior) | Aug 2015–Jun 2022 | Public |
| Aristea Therapeutics | Director (prior) | Aug 2018–Dec 2021 | Private |
| MDLive | Director (prior) | Jul 2018–May 2021 | Private |
Board Governance
- Committees: Audit Committee member; Compensation Committee member .
- Chairs: Audit chaired by James M. Cornelius; Compensation chaired by Patrick J. Heron .
- Independence: Board determined all directors except CEO (Hawryluk) are independent under Nasdaq/SEC rules, considering affiliations with major stockholders .
- Attendance: Board met 7 times in 2024; each director attended ≥75% of aggregate board and committee meetings served in 2024 .
- Committee activity (2024): Audit formed Aug 2024 (1 meeting); Compensation formed Aug 2024 (1 meeting); Nominating & Corporate Governance formed Aug 2024 (0 meetings); Science & Medicine formed Oct 2024 (2 meetings) .
- Lead Independent Director: Patrick J. Heron .
- Audit Committee Report signed by Cornelius (Chair), Aynechi, and Gordon on Apr 23, 2025 .
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| 2024 Cash Fees (Aynechi) | $15,265 | Fees earned for board service in FY2024 |
| Annual Board Retainer (policy) | $40,000 | Payable quarterly; prorated for partial years |
| Audit Committee member | $7,500 | Annual retainer for members (non-chair) |
| Compensation Committee member | $5,000 | Annual retainer for members (non-chair) |
| Lead Independent Director (if applicable) | $20,000 | Additional annual retainer (not Aynechi) |
- Non-employee director compensation policy adopted Sept 2024 in connection with IPO; also reimburses reasonable board-related expenses; annual non-employee director total compensation capped at $750,000 (first year cap $1,000,000) .
Performance Compensation
| Component | Grant detail | Vesting | Value/Count |
|---|---|---|---|
| 2024 Option Award (Aynechi) | Non-statutory stock option | As granted in 2024; policy-based time vesting | Grant date fair value: $191,793 |
| Options held (as of 12/31/2024) | Aggregate options outstanding | N/A | 15,963 options |
| Director Initial Grant (policy) | 32,000 options at initial election | 1/3 at 1st anniversary; 2/3 in 24 monthly installments thereafter | Time-based; continued service required |
| Director Annual Grant (policy) | 16,000 options each annual meeting | Vests in full by 1-year anniversary or next annual meeting | Time-based; continued service required |
| Change-of-control | Director equity awards | Full acceleration upon sale of company | Applies to director awards |
- No RSUs/PSUs disclosed for directors; awards are options with service-based vesting (no performance metrics) .
Other Directorships & Interlocks
| Entity | Relationship to MBX | Potential Interlock/Influence |
|---|---|---|
| Norwest Venture Partners XVI, LP | 6.39% beneficial owner (2,136,335 shares); Aynechi is an officer of NVP Associates and MBX director; parties may be deemed to share voting/dispositive power; Aynechi disclaims beneficial ownership except for pecuniary interest | Venture investor representation; audit committee reviews related-person transactions |
| Frazier Life Sciences | 17.91% beneficial owner; director Patrick J. Heron is Managing Partner | Investor-affiliated directors; independence assessed |
| OrbiMed Advisors | 11.98% beneficial owner; director Carl L. Gordon is a member of OrbiMed Advisors | Investor-affiliated directors; independence assessed |
| New Enterprise Associates | 10.83% beneficial owner; director Edward T. Mathers is NEA Partner | Investor-affiliated directors; independence assessed |
Expertise & Qualifications
- Biotech/pharma financing and transactions expertise; extensive venture capital experience .
- Scientific training (Biophysics) with publications in rational drug design .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Tiba Aynechi, Ph.D. | 2,136,335 | 6.39% | Consists of shares held by Norwest Venture Partners XVI, LP; Aynechi (as officer of NVP Associates and MBX director) may be deemed to share voting/dispositive power; she disclaims beneficial ownership except to extent of pecuniary interest |
| Stock Options (Aynechi) | 15,963 | N/A | Aggregate options outstanding as of Dec 31, 2024 |
- Ownership table based on 33,424,371 shares outstanding as of April 11, 2025 .
- MBX insider trading policy prohibits short sales and derivative transactions; pledging requires Audit Committee pre-approval, mitigating hedging/pledging risk .
Governance Assessment
- Board effectiveness and independence: Aynechi serves on Audit and Compensation Committees; MBX determined she is independent under Nasdaq/SEC rules despite affiliation with a major shareholder (Norwest), and the board has robust investor representation across Frazier, OrbiMed, and NEA, which can enhance capital access but presents potential conflicts of interest that are mitigated by the related-party transaction policy (effective Sept 13, 2024) and Audit Committee oversight .
- Engagement and attendance: The board met 7 times in 2024; all directors met the ≥75% attendance threshold. New committees were active (Audit and Compensation: 1 meeting each; Science & Medicine: 2 meetings), indicating foundational governance processes in a newly public company .
- Compensation alignment: Director pay mix skews toward options with service-based vesting and full acceleration on change-of-control; while this offers upside alignment, lack of performance-conditioned equity for directors could be viewed as lower pay-for-performance rigor, though common for biotech boards. Aynechi’s 2024 total director compensation was $207,058 ($15,265 cash; $191,793 option FV) .
- RED FLAGS to monitor: Venture investor interlocks (Norwest, Frazier, OrbiMed, NEA) and director affiliations with significant holders may create perceived conflicts; MBX’s explicit related-party transaction policy and Audit Committee review are important safeguards. Director awards accelerate on sale, which can create incentives around transaction timing; hedging/derivative trades are prohibited, and pledging requires committee pre-approval, reducing alignment risks .