Deepika Jalota
About Deepika Jalota
Deepika Jalota, Pharm.D., is Chief Development Officer at PMV Pharmaceuticals (since May 2023), previously Chief Regulatory & Quality Officer (Feb 2021–May 2023) and SVP, Regulatory Affairs & Quality Assurance (Jun 2019–Feb 2021); she is 49 and holds a B.S. in Pharmacy (Rutgers, Ernest Mario School of Pharmacy) and a Pharm.D. (University of Florida) . Company performance context during 2022–2024: Total shareholder return (value of initial $100) was $37.66 (2022), $13.42 (2023), $6.54 (2024), with GAAP net losses of $73.3M (2022), $69.0M (2023), and $58.7M (2024) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| PMV Pharmaceuticals | Chief Development Officer | May 2023–present | Leads registrational Phase 2 “PYNNACLE” for rezatapopt; advancing NDA strategy |
| PMV Pharmaceuticals | Chief Regulatory & Quality Officer | Feb 2021–May 2023 | Oversaw regulatory/quality through Phase 1→2 transition |
| PMV Pharmaceuticals | SVP, Regulatory Affairs & QA | Jun 2019–Feb 2021 | Built regulatory function and quality systems pre/post-IPO |
| Bayer HealthCare Pharmaceuticals | VP, Global Regulatory Strategy, Oncology | Jul 2017–Jun 2019 | Oversaw global regulatory strategy across multiple oncology assets |
| Bayer HealthCare Pharmaceuticals | Sr. Director, Global Regulatory Strategy, Oncology | Jun 2016–Jul 2017 | Led oncology regulatory strategy |
| Bayer HealthCare Pharmaceuticals | Director & Head, Global Regulatory Strategy, Dermatology & Ophthalmology | Jan 2014–Jun 2016 | Led global regulatory in Derm/Ophthalmology |
External Roles
No current public company board or external directorships disclosed in PMVP filings for Dr. Jalota .
Fixed Compensation
| Metric | 2023 | 2024 | Current (effective Mar 1, 2025) |
|---|---|---|---|
| Base salary rate ($) | — | $445,050 | $485,105 |
| Salary paid ($) | $421,898 | $442,542 | — |
| Target bonus (% of base) | 40% | 40% | 40% |
| Actual annual bonus paid ($) | $172,000 | $195,822 | — |
Performance Compensation
2024 Cash Bonus Plan
- Plan structure: non‑equity incentive tied to “various development, pipeline, and corporate goals” .
- Target bonus: 40% of base salary; actual payout: $195,822 (paid in 2025) .
| Metric | Weighting | Target | Actual Payout | Notes |
|---|---|---|---|---|
| Development/pipeline/corporate goals | Not disclosed | 40% of base | $195,822 | Qualitative/quantitative mix not itemized |
2024 Equity Awards (grants and vesting)
| Grant date | Instrument | Shares/Options | Exercise price | Vesting schedule |
|---|---|---|---|---|
| Jan 18, 2024 | Stock Options | 225,095 | $1.80 | 48 equal monthly installments starting Feb 18, 2024 |
| Jan 18, 2024 | RSUs | 95,555 | — | Vest on Jun 30, 2025 |
| Aug 13, 2024 (Option Exchange) | Stock Options | 90,774 | $1.48 | 1/3 on Aug 13, 2025; 1/36 monthly thereafter |
| Aug 13, 2024 (Option Exchange) | Stock Options | 125,000 | $1.48 | 1/4 on Aug 13, 2025; 1/48 monthly thereafter |
2024 equity grant fair values recognized in SCT: $171,999 (RSUs) and $1,118,651 (options), inclusive of incremental value from the July 2024 option exchange; see ASC 718 notes .
Option Exchange (Repricing) — Governance Note
- On Aug 13, 2024, PMVP conducted a one-time voluntary option exchange; for Dr. Jalota, two legacy grants (22,674 and 68,100 options) were cancelled and replaced 1-for-1 with new options at $1.48 with new vesting (1/3 cliff at Aug 13, 2025, then monthly); an additional 125,000-option grant was also exchanged with a 1/4 cliff at Aug 13, 2025 then monthly vesting .
- The 2024 SCT includes incremental fair value from the exchange per ASC 718 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (Apr 8, 2025) | 325,907 shares (less than 1%) |
| Breakdown | 123,024 shares held directly; 202,883 shares issuable via options exercisable within 60 days |
| Shares outstanding (reference) | 51,951,761 (as of Apr 8, 2025) |
| Ownership % of outstanding | ~0.63% (325,907 / 51,951,761) |
| Vested vs. unvested (snapshot 12/31/2024) | Exercisable options include legacy 2019 (87,320 @ $3.53, exp. 2029) and 2020 (17,093 @ $3.90, exp. 2030); 2024 grants partially unexercisable per schedules |
| Hedging/Pledging | Prohibited (no short sales, derivatives; no pledging or margin accounts for executives/directors) |
| Ownership guidelines | Not disclosed in proxy |
Employment Terms
Employment & Role
- Confirmatory employment letter updated May 15, 2023 in connection with promotion to CDO; at-will; current base and target bonus set by Compensation Committee .
Severance and Change-of-Control (CIC) — Participation Agreement
| Scenario | Cash severance | Bonus severance | COBRA | Equity acceleration |
|---|---|---|---|---|
| CIC Qualified Termination (within 3 months before to 12 months after CIC; without cause or for good reason) | 100% of base salary (lump sum on ~day 61) | 100% of target bonus (lump sum on ~day 61) | 12 months | 100% of unvested equity awards accelerate; performance awards at target unless otherwise specified |
| Non‑CIC Qualified Termination (outside CIC; without cause) | 9 months of base salary (lump sum on ~day 61) | None | 9 months | Time‑based awards granted prior to IPO accelerate by amount that would have vested over 6 months |
| 280G treatment | Best‑net cutback to maximize after‑tax benefit (no excise tax gross‑up) |
Terms also reflected in Exhibit participation agreement filed in 2022: CIC benefits include 12 months salary, 100% target bonus, 12 months COBRA, and 100% equity acceleration; non‑CIC includes 9 months salary, 9 months COBRA, and 6 months acceleration of pre‑IPO time-based awards .
Clawback and Trading Policies
- Compensation Recovery Policy (adopted Jul 26, 2023) complying with Exchange Act §10D/Nasdaq Rule 10D‑1; mandates clawback of erroneously awarded incentive-based compensation received by executive officers after Oct 2, 2023 in the event of an accounting restatement; recovery is non‑discretionary subject to narrow impracticability exceptions .
- Insider Trading Policy prohibits hedging/derivatives, short sales, pledging, and margin accounts for executives/directors .
Outstanding Equity Awards (as of Dec 31, 2024)
| Grant date | Exercisable | Unexercisable | Exercise price | Expiration | RSUs unvested |
|---|---|---|---|---|---|
| Aug 21, 2019 | 87,320 | — | $3.53 | 08/21/2029 | — |
| Mar 10, 2020 | 17,093 | — | $3.90 | 03/10/2030 | — |
| Jan 18, 2024 | 51,583 | 173,512 | $1.80 | 01/18/2034 | 95,555 (v. 06/30/2025) |
| Aug 13, 2024 | — | 90,774 | $1.48 | 08/13/2034 | — |
| Aug 13, 2024 | — | 125,000 | $1.48 | 08/13/2034 | — |
Performance & Track Record (program progress under her development leadership)
- Rezatapopt (PC14586) Phase 2 PYNNACLE interim data (Aug 4, 2025 cutoff): ovarian cancer ORR 43% (19/44), median DoR 7.6 months; across all cohorts ORR 33% (32/97), median DoR 6.2 months; plan to file NDA for platinum‑resistant/refractory ovarian cancer by Q1 2027 .
- Company communications note remaining on track for Q1 2027 NDA in ovarian cancer; she is quoted as CDO emphasizing program advancement and registration strategy .
Risk Indicators & Red Flags
- 2024 option exchange/repricing: one‑time tender offer exchanged underwater options for new options at $1.48 with new vesting schedules; equity award modifications can be a governance red flag unless strongly justified for retention .
- Section 16(a) timing: due to company administrative error, three Form 4s (including for Dr. Jalota) related to the Aug 13, 2024 option exchanges were filed late on Oct 3, 2024 .
- Hedging/pledging mitigant: strict prohibitions reduce alignment risks (no pledging/hedging allowed) .
Compensation Structure Analysis
- Mix and at‑risk pay: 2024 total comp $1.93M with heavy equity weighting ($1.12M options, $0.17M RSUs), base salary rate $445,050, and bonus $195,822 tied to development/pipeline goals; maintains high at‑risk orientation appropriate for clinical‑stage biotech .
- Shift in equity profile: 2024 option exchange reset exercise prices and introduced new cliff dates (Aug 13, 2025), indicating a pivot to retention and re‑incentivization during a low‑price period .
- Pay versus performance context: company TSR declined across 2022–2024 while net losses narrowed, and CAP disclosures reflect equity valuation effects (option exchange noted as factor) .
Equity Ownership & Alignment Table
| Holder | Beneficial shares | % of shares outstanding | Components |
|---|---|---|---|
| Deepika Jalota, Pharm.D. | 325,907 | ~0.63% (325,907 / 51,951,761) | 123,024 direct; 202,883 options exercisable ≤60 days |
Employment Terms Summary Table
| Term | Details |
|---|---|
| Base/bonus (2025 rate) | $485,105 base; 40% target bonus |
| CIC double‑trigger | 100% base + 100% target bonus; 12 months COBRA; 100% equity acceleration (perf at target unless otherwise provided) |
| Non‑CIC severance | 9 months base; 9 months COBRA; 6‑month acceleration of pre‑IPO time‑based awards |
| 280G treatment | Best‑net cutback (no excise tax gross‑up) |
| Clawback | SEC/Nasdaq‑compliant compensation recovery policy (10D) |
| Hedging/pledging | Prohibited for executives/directors |
Investment Implications
- Alignment and retention: Cash comp remains modest relative to role (2025 base $485k; 40% target bonus) with significant equity exposure, supporting alignment; however, the Aug 2024 option exchange resets incentives and introduces cliff vesting on Aug 13, 2025, creating potential periodic supply from vest‑related transactions to monitor via Form 4s .
- Program‑linked incentives: 2024 bonus tied to development/pipeline/corporate goals and sizable 2024 equity grants suggest compensation is oriented toward clinical execution milestones (e.g., Phase 2 progress and NDA trajectory) .
- Governance and risk: Strong policies on clawbacks and anti‑hedging/pledging reduce misalignment risk ; the 2024 option exchange is a governance watchpoint; ensure continued disclosure around award modifications and performance linkages .
- Execution focus: Rezatapopt data (ovarian ORR 43%; median DoR 7.6 months) and planned Q1 2027 NDA define near‑term value drivers under her development leadership; timeline and registrational requirements remain key execution risks for compensation outcomes and insider selling pressure tied to vest events .