Aaron Rosenberg
About Aaron Rosenberg
Aaron Rosenberg is Chief Financial Officer (CFO) of ONC and has served as a key executive since July 2024; he is 48 years old, with a B.S. in Finance from the University of Florida and an MBA from New York University . He previously served at Merck & Co. as SVP & Corporate Treasurer (2021–2024) and SVP of Corporate Strategy & Planning (2018–2021), and earlier as Merck Animal Health VP & Finance Lead . ONC delivered strong 2024 performance: total revenue of $3.8B, up $1.4B (+55%) year-over-year, with North America BRUKINSA revenue $2.0B (+106%), and China net revenue $1.8B (+$404M), achieving first full year of non-GAAP operating profitability and positive adjusted operating income in Q2 . Total Shareholder Return (TSR) was 11.4% for the five-year period ended Dec 31, 2024 (38th percentile of peer group) and 486% since IPO (85th percentile), underscoring long-term value creation . As CFO, Rosenberg reports to the Audit Committee on risk management and controls, helping oversee internal control effectiveness and financial reporting integrity .
Company performance (last 4 reported quarters)
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenues ($USD) | $1,188,571,183* | $1,117,279,000* | $1,315,300,000* | $1,443,591,499* |
| EBITDA ($USD) | -$33,252,772* | $42,733,000* | $117,750,000* | $183,935,526* |
| EBITDA Margin (%) | -2.80%* | 3.82%* | 8.95%* | 12.74%* |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Merck & Co., Inc. | SVP & Corporate Treasurer | 2021–2024 | Led global treasury, liquidity, capital markets, and capital allocation |
| Merck & Co., Inc. | SVP Corporate Strategy & Planning | 2018–2021 | Drove long-range planning and portfolio strategy |
| Merck Animal Health | VP & Finance Lead | Prior to 2018 | Business unit finance leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships disclosed |
Fixed Compensation
| Component | 2024 | 2025 | Notes |
|---|---|---|---|
| Base Salary ($USD) | $620,000 | $660,000 (effective Mar 1, 2025) | |
| Target Bonus (% of Base) | 60% | 60% | |
| 2024 Actual Bonus ($USD) | $520,800 (paid Mar 2025) | — | Corporate score 140%; individual 140% |
Performance Compensation
Annual Cash Incentive (2024)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Corporate performance | 75% | Pre-set multi-metric goals | 140% of target | Contributes to total 140% payout | Cash paid Mar 2025 |
| Individual performance | 25% | Manager assessment | 140% (Rosenberg) | Contributes to total 140% payout | Cash paid Mar 2025 |
Corporate program included commercial, clinical, research, and business maturity objectives; ONC overachieved multiple stretch goals, leading to a 140% corporate score .
Equity Awards – Initial Grants at Commencement (Aug 9, 2024)
| Instrument | Shares (# ordinary) | Grant-Date Fair Value ($USD) | Strike/Terms | Vesting | Expiration |
|---|---|---|---|---|---|
| PSUs | Target 237,094; Threshold 118,547; Max 474,188 | $1,666,588 | Total Revenue metric; 3 one-year tranches; payout 0–200% | Earned tranches vest after the 3-year period when US GAAP revenue is finalized | — |
| RSUs | 237,094 | $1,666,588 | — | 25% on 1st anniversary; then annually over 4 years | — |
| Options | 220,987 | $1,666,662 | $14.06 per share | 25% on 1st anniversary; then monthly over 3 years | Aug 8, 2034 |
PSU Framework: Performance metric is Total Revenue (constant currency) with annual targets; ONC disclosed 2024 revenue target of $3.6B and achievement of $3.8B (earnout 123% for 2024 tranche); all earned PSUs vest at end of the 3-year performance period .
Equity Mix Policy
- 2024 grants: 1/3 PSUs, 1/3 options, 1/3 RSUs .
- 2025 grants (SVP+): 50% PSUs, 25% options, 25% RSUs (to increase at-risk pay linked to performance) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Mar 26, 2025) | Not listed with reportable beneficial shares in the table; “—” shown for Rosenberg |
| Outstanding Equity (12/31/2024) | Unexercisable options: 220,987 at $14.06; RSUs unvested: 118,547; PSUs earned (2024 tranche): 48,581; PSUs unearned (future tranches): 79,032 |
| Ownership Guidelines | Execs must hold equity ≥ 1x base salary; 5 years to comply; as of Dec 31, 2024 all directors and executives were in compliance |
| Hedging/Pledging | Prohibited unless approved by Insider Trading Compliance Officer or Audit Committee; no margin pledging without approval |
| 10b5-1 Plans | Permitted under company policy; trades may occur under preset instructions |
Note: RSUs count for ownership guideline compliance; options do not .
Employment Terms
| Term | Detail |
|---|---|
| Start Date | July 22, 2024 |
| Contract Term | At-will; no fixed term |
| Severance (no cause or good reason) | 12 months base salary; up to 12 months COBRA; 12 months acceleration of initial RSUs and options (subject to release) |
| Change-of-Control (CoC) | If terminated within 12 months post-CoC: full acceleration of initial RSUs, options, and any subsequent equity awards; PSUs fully accelerate if termination occurs within 18 months following CoC |
| Bonus Eligibility | Target 60% of base; subject to Compensation Committee determination |
| Clawback | Compensation recovery policy compliant with Nasdaq: recovers incentive comp tied to financial reporting upon restatement (no-fault) and permits recovery for misconduct; includes options, RSUs, PSUs |
| Non-Compete/Non-Solicit | Not specifically disclosed for Rosenberg |
| CFO Role in Controls | CFO co-certifies SOX 302/906 and supports disclosure controls & procedures; ONC disclosed effective controls as of Sept 30, 2025 |
Compensation Structure Analysis
- Mix and leverage: Equity-heavy structure with PSUs directly tied to Total Revenue adds strong pay-for-performance alignment; 2025 mix further increases PSU weight to 50% .
- Annual incentive rigor: Corporate goals scored at 140% in 2024 on broad operational metrics; Rosenberg’s individual score 140%, yielding 140% payout of target, consistent with company over-delivery .
- Change-of-control protection: Double-trigger acceleration across RSUs, options, and PSUs within defined windows promotes retention during strategic events, but increases potential windfall risk if termination occurs within 18 months (PSUs) .
- Clawback and hedging: Robust recovery policy and hedging/pledging restrictions mitigate governance and alignment risks .
Compensation Peer Group & Say-on-Pay
- Peer group (2024): Alnylam, Biogen, BioMarin, Horizon, Incyte, Jazz, Moderna, Neurocrine, Regeneron, Sarepta, Seagen, United Therapeutics, Vertex .
- 2025 updates: Exelixis and Gilead added; Horizon and Seagen removed post-acquisition .
- Say-on-Pay (2024 AGM): 88.2% approval, indicating broad shareholder support for pay design .
Performance & Track Record
- 2024 highlights: Strong global and China commercial execution, regulatory approvals in U.S./EU/APAC/LatAm, deepening pipeline productivity, and manufacturing scale-up; ONC guided to positive GAAP operating income and operating cash flow in 2025 .
- CFO certifications: SOX 302/906 certifications signed Nov 6, 2025 .
- Risk oversight: CFO reports to Audit Committee regarding risk controls and deficiencies/fraud disclosures .
Investment Implications
- Alignment: PSU-heavy equity and ownership guidelines align Rosenberg’s incentives with revenue growth and long-term equity performance; restrictions on hedging/pledging and clawback are governance positives .
- Retention and potential selling pressure: First material RSU/option vest in Aug 2025 (one-year anniversary), and earned PSUs vest only after the 3-year period; watch for potential liquidity events around anniversaries and CoC windows .
- Pay-for-performance signal: 2024 bonus at 140% alongside revenue outperformance and margin progression supports disciplined incentive design; 2025 equity mix shifts further increase performance sensitivity .
- Governance: Strong say-on-pay support, robust committee oversight, and CFO-led risk and controls functions mitigate execution risk .