Moses Makunje
About Moses Makunje
Moses Makunje, CPA, is Vice President, Finance and Principal Accounting Officer at Nuvation Bio (NUVB). He has served at Nuvation since July 2020 (Senior Director, Finance) and since January 2022 as VP Finance; he was appointed Principal Accounting Officer and Principal Financial Officer on November 27, 2023, and currently is Principal Accounting Officer alongside CFO Philippe Sauvage appointed October 7, 2024 . He is 47, with a B.S. in Accounting and an MBA from Golden Gate University, and prior experience as Corporate Controller at Maze Therapeutics and Adverum Biotechnologies and seven years in audit at Ernst & Young . Company performance during his tenure reflects a pre-commercial profile: cumulative TSR for the $100 initial investment was $12.91 (2023) and $22.74 (2024), and net losses were ($75.8M) in 2023 and ($567.9M) in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuvation Bio | Senior Director, Finance | Jul 2020–Jan 2022 | Built finance/reporting; signed SOX certifications and earnings filings |
| Nuvation Bio | VP Finance; Principal Accounting Officer | Jan 2022–present (PAO in 2025) | Principal accounting oversight; filed certifications; transitioned PFO duties to CFO in Oct 2024 |
| Nuvation Bio | Principal Financial Officer | Nov 27, 2023–Oct 7, 2024 | Served as PFO, signed 8-Ks/10-Q certifications |
| Maze Therapeutics | Corporate Controller | Mar 2019–Jul 2020 | Corporate accounting leadership |
| Adverum Biotechnologies | Corporate Controller | Jul 2017–Mar 2019 | Corporate accounting leadership |
| Ernst & Young | Audit (Life Sciences) | ~7 years | External audit experience in life sciences |
External Roles
No public company board or external directorships disclosed .
Fixed Compensation
| Component | Detail | Effective Date |
|---|---|---|
| Base Salary (USD) | $343,873 | Nov 27, 2023 |
| Target Bonus (%) | 35% of salary | Nov 27, 2023 |
Performance Compensation
- Annual cash incentives are tied to pre-established corporate objectives; the company does not disclose specific metric targets or weightings for executives below NEO level (and does not use financial performance measures for NEOs per Item 402(v) in recent years) .
Equity Ownership & Alignment
- Anti-hedging/anti-pledging policy prohibits short sales, options, hedging, margin accounts, and pledging by directors, officers, employees, and consultants, reducing misalignment risk .
- Section 16(a) compliance: all required insider ownership reports were made timely for FY2024, indicating robust governance compliance .
- Individual beneficial ownership for Makunje is not enumerated in the proxy’s ownership tables; only directors, NEOs, and >5% holders are listed .
Employment Terms
| Provision | Terms (Tier 1 Executive Officers) |
|---|---|
| Severance (no cause) | 12 months base salary + 12 months COBRA reimbursement (Tier 1) |
| Change-in-Control (within 12 months; no cause or good reason) | Above severance + lump-sum payment equal to 100% of target annual bonus (Tier 1) + full acceleration of time-based equity vesting; performance-based awards not accelerated unless Board determines otherwise |
| Clawbacks | Dodd-Frank compliant clawback policy implemented; Sarbanes-Oxley §304 reimbursement applies to CEO/CFO after misconduct-related restatements |
Investment Implications
- Strong alignment: anti-hedging/pledging policy lowers risk of hedging/pledging misalignment; clawback regime adds accountability to incentive pay .
- Retention risk moderate: Tier 1 severance and change-in-control protections provide stability; time-based equity acceleration under CoC can mitigate turnover costs, but may create post-deal selling overhang if awards are sizeable (specific equity levels for Makunje not disclosed) .
- Role transition: appointment of a new CFO (Oct 7, 2024) moved PFO responsibilities from Makunje, leaving him as PAO; continuity in filings and certifications suggests operational stability in finance controls during and after M&A integration .
- Pay-for-performance transparency limits: bonus metrics are undisclosed and the company does not use financial measures for NEO pay versus performance; combined with pre-commercial losses, investors should focus on regulatory, clinical, and commercialization milestones rather than GAAP metrics for compensation alignment assessment .