David Crean
MEDICINOVAAbout David Crean
David H. Crean, Ph.D., is MediciNova’s Chief Business Officer, serving since May 2021; he is age 60 as of the 2025 proxy. He is a managing partner at Cardiff Advisory LLC and previously a Managing Director at Objective Capital Partners, with FINRA Series 79 and 63 and an MBA (Pepperdine), Ph.D. in Biophysics and M.S. in Oncology (SUNY Buffalo), and B.S. in Biology (Canisius) . Company pay-versus-performance context during his tenure shows TSR value of a fixed $100 investment of $76.49 (2022), $55.97 (2023), and $78.36 (2024), with net losses of $14,069k (2022), $8,572k (2023), and $11,050k (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cardiff Advisory LLC | Managing Partner | Not disclosed | Strategic and financial advisory focused on M&A/partnering in life sciences |
| Objective Capital Partners, LLC | Managing Director | Not disclosed | Led practice in M&A/partnering across life sciences |
| Coast BioVentures LLC | President & CEO | Not disclosed | Emerging life sciences venture fund leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Paracrine, Inc. | Board role (leading role) | Not disclosed | Current per 2025 proxy |
| Almon Therapeutics, Inc. | Board role (leading role) | Not disclosed | Current per 2025 proxy |
| Cenna Biosciences | Board role (leading role) | Not disclosed | Current per 2025 proxy |
| BIOCOM California | Board role (leading role) | Not disclosed | Current per 2025 proxy |
| Connect San Diego | Board role (leading role) | Not disclosed | Current per 2025 proxy |
| 1004 Venture Partners | Venture investor | Not disclosed | Current per 2025 proxy |
| LemVega Capital Biotech Venture Fund | Venture partner/investor | Not disclosed | Current per 2025 proxy |
Fixed Compensation
| Year | Salary ($) | Option Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | $99,000 | — | — | — | $99,000 |
| Consulting Agreement Terms | Details |
|---|---|
| Role | Serves as Chief Business Officer under a consulting agreement (original 5/17/2021; amended 4/1/2024) |
| Monthly Rate | $10,000 per month |
| Termination | Company may terminate for any reason upon 10 days’ notice; either party may terminate upon 30 days’ notice in the event of material breach |
| Severance Protection | Company maintains severance protection agreements with NEOs other than Dr. Crean; no severance protection agreement for Dr. Crean |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Partnering Agreement (MN-166 or MN-001) introduced by Dr. Crean leading to an out-license or strategic agreement | Not disclosed | Not disclosed | Not disclosed | Cash bonus equal to 2% of the initial cash payment received under the agreement | Not applicable (transaction-based) |
Equity Awards (Options)
| Grant Date | Securities Underlying Unexercised Options (Exercisable) | Securities Underlying Unexercised Options (Unearned) | Exercise Price ($/Sh.) | Expiration Date | Notes |
|---|---|---|---|---|---|
| 05/17/2021 | 30,000 | — | $4.09 | 05/16/2031 | Listed as exercisable as of 12/31/2024 |
Equity Ownership & Alignment
| Holder | Shares Beneficially Owned | % of Outstanding | Composition | Vested vs Unvested |
|---|---|---|---|---|
| David H. Crean, Ph.D. | 30,000 | <1% | Issuable pursuant to options exercisable within 60 days of 4/21/2025 | Exercisable options: 30,000; Unvested/unearned: none disclosed |
- Pledging or hedging: no pledging or hedging disclosures specific to Dr. Crean were identified in the proxy excerpts reviewed. General plan provisions reference insider trading policy constraints for post-termination option exercises but do not constitute a pledging policy disclosure .
Employment Terms
| Term | Provision |
|---|---|
| Agreement Type | Consulting agreement (serving as CBO) |
| Effective/Amendment Dates | Effective 05/17/2021; amended 04/01/2024 |
| Compensation | $10,000 per month |
| Deal-based Incentive | 2% of initial cash payment from Partnering Agreement for MN-166 or MN-001 introduced by Dr. Crean |
| Termination | Company: 10 days’ notice for any reason; Either party: 30 days’ notice upon material breach |
| Severance/Change in Control | Not applicable to Dr. Crean; severance protection agreements exist for other NEOs, not for Dr. Crean |
Pay Versus Performance (Company context during Crean’s tenure)
| Year | TSR Value of Fixed $100 Investment | Net Loss ($000s) |
|---|---|---|
| 2022 | $76.49 | $14,069 |
| 2023 | $55.97 | $8,572 |
| 2024 | $78.36 | $11,050 |
Investment Implications
- Incentive alignment is explicitly deal-driven: the 2% cash bonus on initial payments for MN-166/MN-001 licensing or strategic agreements he originates directly ties his compensation to monetization milestones, creating near-term partnering/sale incentives over longer-duration clinical value creation .
- Limited equity alignment and minimal insider selling pressure: Crean’s beneficial ownership reflects 30,000 vested options (exercisable) and no disclosed RSUs/PSUs or unvested grants, with <1% ownership—implying modest equity exposure and low forced-selling risk from vest schedules; option strike of $4.09 expiring in 2031 provides long-dated upside optionality .
- Retention risk is moderate: as a consultant, he can be terminated on short notice (10 days) and lacks severance/change-in-control protections, increasing flexibility for the company but reducing stickiness versus employed NEOs; retention levers rely on deal pipeline rather than guaranteed pay .
- Execution risk centers on partnering outcomes: with company TSR volatile and persistent net losses over 2022–2024, realized compensation from the deal-based bonus requires successful out-licensing/strategic transactions; monitoring MN-166/MN-001 partnering developments and any related 8-K disclosures is critical for trading signals .