Jason Leverone
About Jason Leverone
Jason Leverone, C.P.A., is Chief Financial Officer of OnKure Therapeutics, Inc. (OKUR). He has served as CFO since the closing of the Reneo–OnKure merger on October 4, 2024, and previously as Legacy OnKure’s CFO since January 2022. He is 51, holds a B.S. in business administration from Bryant University, and is a Certified Public Accountant; prior roles include public accounting at Ernst & Young LLP and Arthur Andersen LLP . Company operating metrics indicate pre-revenue biotech status, with quarterly EBITDA of -$17.7M (Q4’24), -$16.9M (Q1’25), -$16.2M (Q2’25), and -$15.4M (Q3’25), reflecting sequential improvement as programs advance.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Viridian Therapeutics (NASDAQ: VRDN; formerly miRagen) | Chief Financial Officer & Secretary | Nov 2008 – May 2021 | Guided reverse merger and financing transition; long-tenured public biotech finance leadership |
| Replidyne, Inc. | Senior Director of Finance & Controller | Nov 2005 – Feb 2009 | Led public-company controllership and finance operations |
| Ernst & Young LLP | Public Accounting | Early career | Audit and advisory foundation |
| Arthur Andersen LLP | Public Accounting | Early career | Audit and advisory foundation |
External Roles
No public company board roles or external directorships are disclosed for Mr. Leverone in OKUR’s proxy .
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base Salary ($) | $382,958 | Actual paid in year; base set to $444,000 post-merger effective 10/4/2024 |
| Target Bonus (%) | 40% of base | OKUR new employment agreement |
| Target Bonus ($) | $177,600 | 40% of $444,000 |
| Actual Bonus Paid ($) | $168,501 (paid 2025) | Discretionary based on corporate goals |
| Other Comp ($) | $13,799 (401k match) | Standard benefits |
Summary compensation:
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2024 | 382,958 | 168,501 | — | 2,113,312 | 13,799 | 2,678,570 |
| 2023 | 346,500 | 91,476 | 311,684 | 28,972 | 13,315 | 791,947 |
Performance Compensation
2024 annual bonuses were discretionary; the Board assessed company performance against corporate goals. No specific metric weightings or payout curves are disclosed .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Discretionary corporate goals | Not disclosed | Not disclosed | Qualitative assessment | $168,501 | Cash (paid 2025) |
Executive Incentive Compensation Plan was adopted at merger close; 2024 bonuses for NEOs were not governed by this plan .
Equity Ownership & Alignment
Total beneficial ownership (as of March 1, 2025):
| Holder | Shares Beneficially Owned | Ownership % | Components |
|---|---|---|---|
| Jason Leverone, C.P.A. | 41,353 | <1% | 33,188 options exercisable within 60 days ; 8,165 RSUs vesting within 60 days |
Outstanding awards and vesting:
| Award Type | Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Vesting Detail |
|---|---|---|---|---|---|---|
| Stock Option | 1/11/2022 | 4,215 | 1,566 | 21.20 | 1/10/2032 | 25% at 1/3/2023; then 1/48 monthly |
| Stock Option | 8/30/2023 | 2,217 | 3,105 | 13.99 | 8/29/2033 | 1/48 monthly starting 5/1/2023 |
| Stock Option | 10/4/2024 | 7,256 | 123,355 | 18.20 | 10/3/2034 | 1/36 monthly starting 11/4/2024 |
| RSU | Legacy OnKure 2023 RSU Plan | — | 16,331 unvested | — | — | Service-based in quarterly tranches; liquidity condition satisfied 181 days post-merger (≈ Apr 3, 2025) |
Policy alignment:
- Hedging and pledging of company securities are prohibited for directors, officers, and employees .
- Insider options/derivative trades (other than compensatory awards) and short sales are prohibited .
Ownership guidelines are not disclosed; compliance status not disclosed.
Employment Terms
New OKUR Employment Agreement (effective 10/4/2024):
- Base salary $444,000; target annual bonus 40% of base ($177,600) .
- Severance (non-CIC): 1x base salary lump sum; up to 12 months COBRA; requires release .
- CIC Period (3 months before to 12 months after Change in Control): Double-trigger benefits of 1x base salary; 1x target bonus; up to 12 months COBRA; 100% acceleration of time-based equity awards; performance awards excluded from automatic acceleration .
- 280G treatment: Best-net (cutback vs full) to maximize after-tax; no tax gross-ups .
Non-compete, non-solicit, and other post-termination covenants are not disclosed in the proxy.
Compensation governance:
- Compensation Committee members: Andrew Phillips (Chair), Isaac Manke, Edward Mathers; independent per Nasdaq .
- Consultants: Pearl Meyer (2024); Alpine Rewards, LLC retained March 2025 for peer group and benchmarking .
- Annual outside director equity mechanics, change-in-control acceleration for non-employee directors under the Plan .
Performance & Track Record
Company operating metrics (sequential quarterly trend):
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenues ($USD) | n/a* | n/a* | n/a* | n/a* |
| EBITDA ($USD) | -17,736,000* | -16,882,000* | -16,207,000* | -15,393,000* |
Values retrieved from S&P Global.*
Qualitative context:
- OKUR is a clinical-stage, pre-revenue biotech; EBITDA improvements reflect cost discipline and program phasing typical in development companies.*
Risk/related-party context:
- Insider trading and pledging prohibitions reduce misalignment risk .
- A related-party sublease was approved by the Audit Committee (Ambros Therapeutics; ≈$450,000 over term) .
Investment Implications
- Pay-for-performance alignment: CFO compensation mixes market-based equity (options/RSUs) with moderate cash; 2024 bonus discretionary due to merger and integration, limiting metric transparency . Equity-heavy grants tie upside to value creation but also create calendar-driven vesting over 36–48 months .
- Retention risk and change-in-control economics: Double-trigger CIC severance (1x base + 1x target bonus + acceleration of time-based awards) offers retention through a transaction but could motivate timing preferences; absence of tax gross-ups is governance-friendly .
- Insider selling pressure: Significant unexercised options (123,355 from 10/4/2024 grant) vest monthly; RSUs met liquidity condition ~181 days post-merger, potentially increasing sale capacity—monitor Form 4s for actual activity as lock-ups expire and tranches vest .
- Alignment safeguards: Prohibitions on hedging and pledging reduce downside protection strategies and collateral risks, maintaining skin-in-the-game .
- Operating trajectory: Negative but improving EBITDA is consistent with pre-revenue biotech; equity awards incentivize long-term milestones. Focus diligence on financing runway, clinical catalysts, and potential strategic transactions that would trigger CIC mechanics.*
Citations:
*Values retrieved from S&P Global.