Jeffrey Rona
Ovid TherapeuticsAbout Jeffrey Rona
Jeffrey Rona (age 56) is Ovid Therapeutics’ Chief Business & Financial Officer (CBFO) since June 2021, after serving as consulting CFO beginning August 2019. He leads capital formation and strategic partnerships; prior roles include CFO at Great Basin Scientific, Managing Director at Danforth Advisors, and senior finance roles at GlobeImmune, AlgoRx and Agenus. He is a director and audit chair at S&W Seed Company (Nasdaq: SANW) and holds a BS in accounting from Case Western Reserve University . Company performance markers during his tenure include Q3 2025 revenue of $132k (vs. $173k in Q3 2024) and net loss of $12.2M (vs. $14.0M YoY) . Company TSR (fixed $100 initial investment) was $57.94 (FY2022), $100.31 (FY2023), and $29.10 (FY2024) reflecting volatile equity performance typical of clinical-stage biopharma .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Ovid Therapeutics | Consulting CFO; CBFO | 2019–2021; 2021–present | Led financings and partnerships; responsible for capital formation and investor relations |
| Great Basin Scientific | Chief Financial Officer | 2014–2017 | Public-company CFO; managed financing and operations for diagnostics firm |
| Danforth Advisors | Managing Director | 2017–2020 | Advised life sciences companies on strategy and financing |
| GlobeImmune; AlgoRx; Agenus (Antigenics) | Senior leadership positions | Various | Biopharma finance and corporate development roles |
| Coopers & Lybrand; UBS | Early career | Various | Public accounting and investment banking foundations |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| S&W Seed Company (SANW) | Board member; Audit Committee Chair | Current | Governance and financial oversight at public agribusiness company |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 469,257 | 492,128 |
| Target Bonus (%) | 40% | 40% |
| Actual Bonus Paid ($) | 255,907 | 206,300 |
Performance Compensation
Annual Cash Incentive Outcomes
| Year | Metric | Weighting | Target | Actual achievement | Payout vs target | Notes |
|---|---|---|---|---|---|---|
| 2024 | Corporate objectives | 80% | 40% of base | 106% corporate; 100% individual | 105% of target | Committee applied combined result 105% |
| 2023 | Corporate objectives | 80% | 40% of base | 125% corporate; 150% individual | 130% of target | Individual component at 150% drove uplift |
Equity Awards (Grants and Vesting)
| Grant date | Instrument | Shares | Strike | Expiration | Vesting schedule |
|---|---|---|---|---|---|
| Feb 22, 2024 | Stock options | 168,750 | $3.68 | 2/22/2034 | 25% on 2/22/2025; remainder in 36 equal monthly installments |
| Jul 30, 2024 | Retention stock options | 315,000 | $1.05 | 7/30/2034 | 50% on 7/30/2025; remainder in 12 equal monthly installments |
| Feb 22, 2024 | RSUs | 28,125 | — | — | Vests in 3 equal annual tranches starting 2/22/2025 |
| Feb 23, 2023 | Stock options | 175,000 | $2.50 | 2/23/2033 | 25% on 2/23/2024; remainder monthly over 36 months |
| Feb 3, 2022 | Stock options | 218,750 | $2.72 | 2/03/2032 | 25% on 2/03/2023; remainder monthly over 36 months |
Equity Ownership & Alignment
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total beneficial ownership (shares) | 588,724 | 950,106 | 1,262,870 |
| Ownership (% of outstanding) | 0.8% | 1.3% | 1.8% |
| Shares owned directly | 2,541 | 13,756 | 38,319 |
| Options exercisable within 60 days | 586,183 | 936,350 | 1,465,829 |
- Hedging/pledging: Ovid’s insider trading policy prohibits hedging, short sales, margin accounts and pledging by officers and directors .
- Stock ownership guidelines: Not disclosed for executives; directors receive standardized equity grants .
Employment Terms
| Provision | Terms |
|---|---|
| Employment agreement | Effective Sept 30, 2020; base adjusted periodically |
| Target annual bonus | Up to 40% of base salary |
| Severance (without cause / good reason) | 12 months of base salary; monthly taxable cash payment equal to COBRA premiums for up to 12 months (grossed-up for taxes) |
| Change-in-control (CIC) termination | Same cash severance as above; all unvested stock options become fully vested and exercisable; repurchase/reacquisition rights lapse |
| CIC definition, Cause/Good Reason | As defined in agreement; includes compensation decrease, relocation >50 miles, material breach; detailed cause provisions enumerated |
| Clawback | Company-wide Clawback Policy compliant with SEC/Nasdaq 10D-1/5608 |
Investment Implications
- Pay-for-performance alignment: Rona’s annual bonus outcomes have tracked corporate and individual goal achievement (105% of target in 2024; 130% in 2023), while most compensation remains at-risk via options/RSUs with multi-year vesting .
- Insider selling pressure: Large monthly-vesting option tranches (e.g., 168,750 options from Feb 2024 and 315,000 retention options from Jul 2024) may create ongoing supply upon vesting; RSUs add three annual vest dates through 2027 . Hedging/pledging is prohibited, which mitigates alignment risk .
- Retention risk: Standard 12‑month severance and CIC acceleration provide retention incentives typical of small-cap biopharma; 2024 workforce restructuring introduced operational stress but included retention awards to key executives, pointing to continuity focus .
- Execution track record: Rona has overseen financing (including 2025 private placement) and cost alignment; Q3 2025 net loss narrowed YoY with lower R&D spend post restructuring, though revenue remains minimal and TSR volatile, underscoring financing discipline as a critical lever .