Leone Patterson
About Leone Patterson
Leone Patterson, age 62, has served as an independent director of Nkarta, Inc. since April 2020 and is the Audit Committee Chair and the Board-designated “audit committee financial expert.” She is Executive Vice President and Chief Business and Financial Officer at Zymeworks Inc. (since September 2024); previously she was Chief Financial and Business Officer at Tenaya Therapeutics (June 2021–August 2024) and held multiple senior roles at Adverum Biotechnologies, including CEO (May 2018–June 2020) and President (Dec 2019–June 2021). She holds a B.S. in business administration and accounting from Chapman University, an Executive M.B.A. from St. Mary’s College, and is a Certified Public Accountant (inactive) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Zymeworks Inc. (NASDAQ: ZYME) | EVP & Chief Business and Financial Officer | Sep 2024–present | Senior finance and corporate leadership |
| Tenaya Therapeutics (NASDAQ: TNYA) | Chief Financial and Business Officer | Jun 2021–Aug 2024 | Finance leadership at clinical-stage biotech |
| Adverum Biotechnologies (NASDAQ: ADVM) | CFO | Jun 2016–May 2018 | Built finance function |
| Adverum Biotechnologies | CEO; Director | May 2018–Jun 2020 | Led company as CEO; board member |
| Adverum Biotechnologies | President | Dec 2019–Jun 2021 | Executive leadership |
| Diadexus; Transcept; NetApp; Exelixis; Novartis; Chiron; KPMG | Senior finance/operational roles | Various | Broad finance and life sciences experience |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Kalaris Therapeutics (NASDAQ: KLRS) | Director | Since Apr 2025 | Committee assignments not disclosed |
| Oxford Biomedica plc (LSE: OXB) | Director | Apr 2023–Dec 2024 | Committee assignments not disclosed |
Board Governance
- Independence: The Board determined Patterson is independent under Nasdaq standards; the majority of NKTX directors are independent .
- Committee assignments: Audit Committee Chair; designated audit committee financial expert .
- Attendance and engagement: In 2024, the Board met 6 times; Audit Committee 4; Compensation Committee 6; Nominating & Governance 5; Science & Technology 1. Each director attended at least 75% of the aggregate meetings; independent directors hold regular executive sessions .
- Compensation Committee process: Committee uses an independent consultant (Aon); independence assessed with no conflict-of-interest identified .
| Committee | Role | 2024 Meetings | Notes |
|---|---|---|---|
| Audit | Chair (Leone Patterson); members Behbahani, Thedinga | 4 | Patterson designated “financial expert” |
| Compensation | Not a member | 6 | Independent consultant retained |
| Nominating & Governance | Not a member | 5 | Oversees board composition and governance policies |
| Science & Technology | Not a member | 1 | Established in Sep 2024 |
Fixed Compensation
| Metric | Fiscal 2022 | Fiscal 2023 | Fiscal 2024 |
|---|---|---|---|
| Fees Earned or Paid in Cash ($) | $55,000 | $55,000 | $55,000 |
| Option Awards ($) | $158,490 | $81,250 | $119,104 |
| Total ($) | $213,490 | $136,250 | $174,104 |
- Policy retainers: Annual cash retainer $40,000; Audit Chair $15,000; Audit Committee member $7,500. 2025 policy shows increases for some roles vs 2024/2023 (e.g., Compensation Chair $12,000 vs $10,000; Nominating Chair $10,000 vs $8,000; Compensation member $6,000 vs $5,000; added Science & Technology fees) .
- Mix and alignment: In 2024, options were ~68% of total director compensation for Patterson ($119,104 of $174,104), emphasizing equity alignment .
Performance Compensation
| Grant Date | Award Type | Shares/Units | Exercise Price ($) | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| 2023-06-07 | Stock options | 22,500 | $4.86 | $81,250 | Annual director awards vest on first anniversary per policy |
| 2024-06-13 | Stock options | 22,500 | $6.23 | $119,104 | Annual director awards vest on first anniversary per policy |
| 2025-06-05 | Stock options | 46,000 | $1.83 | Policy target ≈$270,000 for annual grants (cap via share number or fair value) | Annual director awards vest on first anniversary per policy |
- Initial director grants (for new members) are generally 92,000 shares (policy) with 1/3 vesting annually; unvested options vest upon change in control for non-employee directors .
Other Directorships & Interlocks
| Company | Relationship | Notes |
|---|---|---|
| RA Capital, Samsara, SR One | Investor interlocks with other NKTX directors (Behbahani, Dybbs, George) | Board considered these affiliations in independence determinations; Patterson not identified with >5% holders . |
| Kalaris Therapeutics (KLRS) | Director | Current public company board role |
| Oxford Biomedica (OXB) | Director | Prior public company board role (ended Dec 2024) |
- Related-party transactions: Audit Committee pre-approves related person transactions; the 2025 proxy summarizes transactions since 1/1/2023 and provides policy; no Patterson-specific related party transactions are identified in that section .
Expertise & Qualifications
- Financial leadership across biotech, with CFO/CEO experience; CPA (inactive) .
- Designated audit committee financial expert; chairs Audit and oversees auditor independence, financial reporting, internal controls, and related-person transaction approvals .
- Industry breadth from Novartis/Chiron/Exelixis and operational roles enhancing board oversight .
Equity Ownership
| Metric | As of | Value |
|---|---|---|
| Total beneficial ownership (shares) | Apr 10, 2025 | 136,240; represents <1% of common stock |
| Outstanding stock options | Dec 31, 2024 | 136,240 |
| Other equity awards (RSUs) | Dec 31, 2024 | None for non-employee directors |
- Insider transactions (Form 4—most current): Awards of options consistent with director policy. Post-transaction options held shown below.
| Transaction Date | Filing Date | Type | Securities Transacted | Price ($) | Post-Transaction Securities Owned | Source | |---|---|---:|---:|---:|---| | 2023-06-07 | 2023-06-09 | Award (Options) | 22,500 | 4.86 | 22,500 | | | 2024-06-13 | 2024-06-14 | Award (Options) | 22,500 | 6.23 | 22,500 | | | 2025-06-05 | 2025-06-09 | Award (Options) | 46,000 | 1.83 | 46,000 | |
Governance Assessment
- Strengths: Independent director and Audit Committee Chair with CPA credentials; formally designated audit committee financial expert—supports investor confidence in financial reporting oversight . Attendance thresholds met; Board and committees active with clear charters and executive sessions for independent directors .
- Alignment: Director compensation is predominantly equity-linked via stock options with standardized vesting; cash retainers are modest ($40k base plus committee fees), indicating alignment with shareholder outcomes and responsibilities .
- Process quality: Compensation Committee retains independent consultant (Aon) with no identified conflicts; Audit Committee pre-approves auditor services and related-party transactions, and oversaw EY fees ($1,096,000 in 2024) with independence reviews—sound controls framework .
- Potential watch items: Time commitments from external executive role at Zymeworks (since Sep 2024) and additional KLRS directorship warrant periodic monitoring of attendance and engagement; Board disclosures show at least 75% attendance and six directors attending the 2024 annual meeting, which mitigates immediate concern . No Patterson-specific related-party transactions identified; independence affirmed .
Overall, Patterson’s audit leadership, independence, and equity-weighted compensation structure are supportive of board effectiveness and investor alignment, with no disclosed conflicts or red flags specific to her in the latest proxy .