Christopher Prentiss
MANNKINDAbout Christopher Prentiss
Christopher B. Prentiss is Chief Financial Officer (Principal Financial and Accounting Officer) of MannKind, appointed effective April 22, 2024; he holds a B.Sc. in Accounting from Loyola Marymount University, an MBA from Indiana University, and is a licensed CPA (inactive) in California . In 2024, MannKind’s Compensation Committee assessed corporate goals at 125% achievement, driving his annual incentive payout, and his long-term incentives are anchored to relative TSR versus the Russell 3000 Pharma & Biotech Index, emphasizing stockholder-aligned performance . Management commentary under his tenure highlights non-dilutive financing via royalties/manufacturing revenue and a cash-flow-positive position over the last couple of years, supporting investment in launches and pipeline .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ADARx Pharmaceuticals, Inc. | Chief Financial Officer | Sep 2022 – Mar 2024 | Led finance for a clinical-stage biotech; responsibilities included finance, accounting, investor relations, IT, and facilities . |
| Adamas Pharmaceuticals, Inc. | Chief Financial Officer; prior finance roles | Nov 2019 – Nov 2021 (CFO); Apr 2015 – Nov 2019 (finance roles) | Oversaw finance, accounting, IR, IT, facilities; progressed through roles of increasing responsibility at a commercial-stage biotech . |
| InterMune Inc. | VP Finance & Corporate Controller | Jun 2013 – Mar 2015 | Led corporate accounting, reporting, and treasury at a commercial-stage biotech . |
| Dynavax Technologies Corporation | Senior Director, Controller | May 2012 – Jun 2013 | Responsible for accounting and tax functions at a clinical-stage biopharma . |
| MannKind Corporation | Senior finance positions | 2005 – 2012 | Held senior finance roles of increasing responsibility at MannKind . |
| KPMG LLP | Senior Manager, Assurance | Pre-2005 | Assurance practice leadership; foundational audit experience . |
External Roles
No public company directorships or external board roles disclosed for Prentiss in MannKind filings .
Fixed Compensation
| Metric | 2024 |
|---|---|
| Base Salary ($) | 300,769 |
| Target Bonus (% of Salary) | 50% (NEO policy) |
| Actual STI Bonus Paid ($) | 187,981 (125% of target based on corporate goals) |
| All Other Compensation ($) | 201,632 |
| Total Compensation ($) | 3,352,852 |
Performance Compensation
Short-Term Incentive (STI)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual corporate objectives (financial/operational) | Not disclosed | 50% of base salary | 125% achievement | $187,981 (for 2024 performance) | Cash, paid following year-end |
Long-Term Incentive (LTI) – 2024 Grants
| Award | Metric | Weighting | Target | Maximum | Vesting / Performance Schedule | Grant Date Fair Value ($) |
|---|---|---|---|---|---|---|
| PSUs (5/15/2024) | Relative TSR vs Russell 3000 Pharma & Biotech Index | ~55% of annual LTI (RSUs ~45%) | 158,000 shares | 474,000 shares | Vests on 7/15/2027; payout scales: <25th percentile=0%, 25th=50%, 50th=100%, 75th=200%, ≥90th=300% | 1,627,400 |
| Time-based RSUs (5/15/2024) | Time-based | ~45% of annual LTI | 129,000 shares | N/A | 25% each year on 1-year anniversaries starting 7/15/2025; fully vested by 7/15/2028 | 574,050 |
| New-hire RSUs (4/22/2024) | Time-based (CFO appointment) | N/A | 103,600 shares | N/A | 33% vests on 4/22/2026, 4/22/2027, 4/22/2028 | 461,020 |
Vesting outcomes for PSUs are not yet determined; performance period runs July 1, 2024 to June 30, 2027 .
Equity Award Activity (2024)
| Activity | Shares | Value |
|---|---|---|
| Shares Acquired on Option Exercise (#) | — | — |
| Shares Acquired on RSU Vesting (#) | — | — |
Equity Ownership & Alignment
Beneficial Ownership (as of March 20, 2025)
| Holder | Shares | % Outstanding |
|---|---|---|
| Christopher B. Prentiss | — | * (<1%) |
Unvested/Unearned Equity (as of Dec 31, 2024)
| Award Type | Unvested / Unearned (#) | Market/Payout Value ($) |
|---|---|---|
| RSUs (new-hire) | 103,600 | 666,148 |
| PSUs (TSR-based) | 158,000 | 1,015,940 |
| RSUs (annual) | 129,000 | 829,470 |
- Options: No options outstanding for Prentiss as of year-end 2024 (no entries in option columns) .
- Stock ownership guidelines: Executives must hold stock equal to 2x base salary; enforcement may include sale restrictions or delivering salary/STI in stock if not in compliance within five years .
- Hedging/pledging: Insider Trading Policy prohibits short sales, derivatives, margin purchases, loaning shares, writing/buying/selling options, and pledging Company stock as collateral; applies to households as well .
Employment Terms
| Provision | Key Terms |
|---|---|
| Severance/Change-of-Control (CIC) Structure | Company does not use single-trigger CIC benefits; CIC agreements require separation (double-trigger) for benefits . |
| Estimated CIC Benefits (as of 12/31/2024) | Salary continuation and annual STI consideration: $1,285,891; continuing health/dental benefits: $51,794; accelerated unvested equity value: $3,801,802; total: $5,139,487 . |
| Clawback Policy | Dodd-Frank-compliant recoupment for incentive comp granted/earned/vested based on financial reporting measures (including stock price/TSR) in event of material restatement, regardless of fault, applicable to compensation received on/after Oct 2, 2023; see Insider Trading/Clawback exhibits in 10-K . |
| Perquisites / Tax Gross-ups | No structured perquisites; no tax gross-ups; no guaranteed bonuses . |
Performance & Track Record
- 2024 corporate objectives achieved at 125%, resulting in STI payout; signals operational execution under executive leadership .
- CFO commentary emphasizes non-dilutive financing from United Therapeutics royalties/manufacturing revenue, late-stage programs, and cash-flow-positive position over recent years supporting launches and development investment .
Investment Implications
- Alignment: Significant unvested equity in PSUs (TSR-based) and RSUs ties realizable pay to stockholder returns and tenure; first RSU tranche vests July 15, 2025 and PSU outcomes depend on 2024–2027 TSR relative performance .
- Selling pressure: No option exercises or RSU vesting reported in 2024, and pledging/hedging are prohibited—reducing near-term mechanical selling pressure outside standard trading windows .
- Retention/CIC economics: Double-trigger CIC design and ~$5.1M estimated benefits (including ~$3.8M accelerated equity) create meaningful retention incentives but also potential event-driven payout risk .
- Ownership: Reported beneficial ownership shows “—” as of March 20, 2025, which may appear low on “skin in the game” optics but is offset by substantial unvested equity awards and stock ownership requirements (2x salary) .
- Execution readiness: Background spanning CFO roles at multiple biotechs and prior MannKind tenure suggests operational finance depth; management comments indicate confidence in funding pipeline and launches without equity dilution via royalty streams .