Pratik Multani
About Pratik Multani
Pratik Multani, M.D., is Chief Medical Officer (CMO) of ORIC Pharmaceuticals and age 58 as of March 31, 2025, serving in this role since September 2018 . He holds a B.S. in chemistry and biology from Yale University, an M.S. in epidemiology from Harvard School of Public Health, and an M.D. from Harvard Medical School . His background includes leading clinical development at precision oncology companies (Ignyta, Fate Therapeutics) and advancing resistance-focused oncology programs, consistent with ORIC’s strategy in EGFR/HER2 and PRC2 pipelines; specific TSR, revenue, or EBITDA performance metrics tied to his role are not disclosed in company filings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ignyta | Chief Medical Officer | Feb 2015 – Feb 2018 | Company acquired by Roche; precision oncology experience and biomarker-driven development foundational to ORIC strategy |
| Fate Therapeutics | Chief Medical Officer | Apr 2009 – Jan 2015 | Advanced oncology programs; leadership in clinical development |
| Kalypsys | Vice President, Clinical Development | Prior to Kanisa tenure | Early-stage clinical development expertise |
| Kanisa Pharmaceuticals | SVP Clinical Development & CMO | Prior to Kalypsys | Oncology clinical leadership |
External Roles
| Organization | Role | Notes |
|---|---|---|
| Chimerix, Inc. | Director | Company entered definitive agreement to be acquired by Jazz Pharmaceuticals |
| Erasca, Inc. | Director | Public biotech; precision oncology network relevance |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Notes |
|---|---|---|---|
| 2023 | 476,500 | 40% | Confirmatory employment letter; at-will |
| 2024 | 493,583 | 40% | As of Dec 31, 2024 base $495,000; target 40% |
| Current (effective Feb 1, 2025) | 515,000 | 40% | Approved Dec 2024; effective Feb 1, 2025 |
- Employment status: at-will under confirmatory employment letter .
Performance Compensation
| Year | Plan Funding vs Target | Target Bonus Basis | Actual Payout ($) | Metrics | Vesting/Timing |
|---|---|---|---|---|---|
| 2023 | 117.5% of target | Base × target % | 224,000 | Company objectives: product development/pipeline and corporate development; specific weights not disclosed | Paid in 2024 per plan |
| 2024 | 115% of target | Base × target % | 227,100 | Company objectives: product development/pipeline and corporate development; specific weights not disclosed | Paid in 2025 per plan |
- The proxy does not disclose individual weighting, targets, or specific KPI outcomes beyond aggregate funding levels for company objectives .
- Clawback: A non-discretionary Compensation Recovery Policy (adopted Sept 2023) for recovery of excess incentive-based compensation upon accounting restatement, per SEC/Nasdaq rules .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 699,663 shares; less than 1% of shares outstanding as of March 31, 2025 |
| Composition | 46,765 shares held of record; 652,898 options vested/exercisable within 60 days of March 31, 2025; excludes 514,102 options not exercisable or RSUs not vesting within 60 days |
| Hedging/Pledging | Company policy prohibits short sales, derivatives, hedging transactions, pledging, and margin accounts for employees and directors |
| Ownership guidelines | No executive stock ownership guidelines are disclosed in the proxy |
Outstanding Equity Awards (as of Dec 31, 2024)
| Grant Date | Type | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Unvested RSUs (#) | Market Value of Unvested RSUs ($) |
|---|---|---|---|---|---|---|---|
| 9/20/2018 | Stock Options | 231,250 | — | 1.60 | 9/20/2028 | — | — |
| 7/20/2022 | Stock Options (Tranche A) | 118,819 | 28,681 | 4.36 | 7/20/2032 | — | — |
| 7/20/2022 | Stock Options (Tranche B) | 120,077 | 78,673 | 4.36 | 7/20/2032 | — | — |
| 2/01/2022 | RSUs | — | — | — | — | 6,042 | 55,586 (at $8.07 close) |
| 2/01/2023 | Stock Options | 66,458 | 78,542 | 6.00 | — | — | — |
| 2/01/2023 | RSUs | — | — | — | — | 16,000 | 147,200 (at $8.07 close) |
| 1/02/2024 | Stock Options | — | 180,000 | 9.14 | 1/02/2034 | — | — |
| 1/02/2024 | RSUs | — | — | — | — | 20,000 | 161,400 (at $8.07 close) |
- RSU/Option vesting schedules: 7/20/2022 grants vest one-third at first anniversary then monthly over two years (Tranche A) and one-fourth at first anniversary then monthly over three years (Tranche B) . 2/01/2023 options vest one-fourth at first anniversary then monthly over three years; RSUs vest one-third on Dec 15, 2023, 2024, 2025 . 1/02/2024 options vest one-fourth at first anniversary then monthly over three years; RSUs vest one-third on Dec 15, 2024, 2025, 2026 .
- Market value of unvested RSUs calculated by the company using the Dec 31, 2024 close price of $8.07 .
Employment Terms
- Confirmatory employment letter: at-will; current base salary $515,000 and target bonus 40% (approved Dec 2024, effective Feb 1, 2025); as of Dec 31, 2024: base $495,000; target bonus 40% .
- Severance Policy (outside change-in-control period): 9 months of base salary continuation; up to 9 months COBRA premiums (or lump-sum equivalent); CEO has longer terms; Multani eligible under policy .
- Severance Policy (within change-in-control period, double-trigger): Lump sum equal to 12 months base salary; lump sum equal to 100% of target annual bonus; up to 12 months COBRA premiums (or lump-sum equivalent); full acceleration of all unvested equity awards (performance awards deemed achieved at 100% unless otherwise specified) .
- Section 280G treatment: best-net cutdown (pay full or reduced amount to avoid excise tax), no tax gross-ups .
- Clawback: Non-discretionary accounting restatement clawback per SEC/Nasdaq (adopted Sept 2023; Exhibit 97.1 to 10-K) .
Perquisites and Other Compensation
| Year | 401(k) Match ($) | Life Insurance ($) | Wellness Per Diem ($) | Other |
|---|---|---|---|---|
| 2023 | 13,200 | 558 | 600 | Anniversary payment not noted for Multani in 2023 |
| 2024 | 13,800 | 504 | 600 | — |
Multi-Year Compensation Mix
| Year | Salary ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2023 | 476,500 | 144,000 | 651,079 | 224,000 | 14,720 | 1,510,299 |
| 2024 | 493,583 | 274,200 | 1,223,604 | 227,100 | 14,904 | 2,233,391 |
- Option/stock award values represent grant date fair value under ASC 718 and do not reflect realized value upon vesting/exercise .
Compensation Structure Analysis
- Increased equity weight YoY: Option awards rose from $651,079 (2023) to $1,223,604 (2024), and RSUs from $144,000 to $274,200, indicating a greater emphasis on long-term equity incentives aligned with company progress in pipeline programs .
- Cash compensation stability: Salary rose modestly to $493,583 (2024), while actual cash bonus moved from $224,000 to $227,100, consistent with plan funding at 117.5% (2023) and 115% (2024) .
- Pay-for-performance linkage: Annual cash incentives tied to company objectives (product development/pipeline and corporate development), funded above target both years; individual metric weightings and targets are not disclosed .
Risk Indicators & Alignment
- Pledging/Hedging: Prohibited by insider trading policy; reduces misalignment risk from collateralized or hedged positions .
- Equity acceleration: Full acceleration upon double-trigger change-in-control termination may increase deal-related retention risk if an exit occurs but aligns with market practice; 280G best-net cutdown applied; no gross-ups .
- Ownership: Material vested option position (652,898 options exercisable within 60 days) and ongoing RSU vesting dates (Dec 15, 2025 and Dec 15, 2026) could coincide with liquidity events; no direct Form 4 data included here; policy governs trading windows .
Investment Implications
- Incentive alignment: High proportion of equity grants (options and RSUs) with multi-year vesting and full CIC acceleration aligns incentives with clinical and corporate milestones; annual cash bonus funding above target indicates consistent achievement of company-level objectives .
- Retention: Standard at-will employment with 9-month (non-CIC) and 12-month + 100% target bonus (CIC) protections suggests moderate retention assurance; double-trigger equity acceleration could reduce long-term retention post-transaction .
- Trading pressure: RSU tranches vest on Dec 15 annually (remaining in 2025 and 2026); combined with a sizeable exercisable option position, be mindful of potential post-vesting liquidity, subject to policy restrictions and trading windows; pledging/hedging bans mitigate misalignment risk .
- Governance/controls: Adoption of a Dodd-Frank-compliant clawback and prohibition of hedging/pledging are shareholder-friendly and reduce adverse incentive outcomes .