Asif Ali
Protagonist TherapeuticsAbout Asif Ali
Asif Ali, 51, is Executive Vice President and Chief Financial Officer of Protagonist Therapeutics (PTGX) since April 2022, with prior finance leadership in biopharma and public accounting; he is a fellow of the Institute of Chartered Accountants in England & Wales and a licensed CPA in California, with studies at the University of North London (U.S. equivalent of B.S. in Business Administration, accounting) . During his tenure, company pay-versus-performance disclosure shows cumulative TSR value of an initial $100 investment rising to $191.47 in 2024 (from $113.74 in 2023 and $54.12 in 2022), indicating strong stockholder returns against a backdrop of clinical and partnering milestones . He contributed previously to equity and asset-backed financings, strategic collaborations, and long-term business strategy at Theravance Biopharma and supported multiple product launches and acquisitions at Depomed (Assertio) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Theravance Biopharma (Nasdaq: TBPH) | VP Finance & Chief Accounting Officer | 2018–2022 | Led equity and asset-backed financings, strategic collaborations, finance ops, intl tax planning, long-term strategy |
| Depomed (now Assertio, Nasdaq: ASRT) | VP & Corporate Controller | 2012–2018 | Supported multiple product launches, product acquisitions, and financings |
| Nevada Property 1 LLC (Cosmopolitan of Las Vegas) | Director of Finance & Accounting | 2010–2011 | Finance leadership at former public company asset |
| PricewaterhouseCoopers LLP | Life sciences practice; Senior Manager | 2004–2009 | Public accounting leadership in life sciences |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships or external board roles disclosed for Mr. Ali |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $447,000 | $465,000 (+4.0% YoY) |
| Target Bonus (% of Salary) | 40% | 40% |
| Annual Bonus Earned ($) | $178,800 (100% of target) | $279,000 (150% of target) |
| Company-wide Spot Bonus ($) | — | $55,800 (30% of target bonus; Takeda rusfertide deal) |
Performance Compensation
Annual Incentive Design and Outcomes (FY2024)
| Metric | Weighting | Target definition | Actual performance | Payout vs Target | Vesting / timing |
|---|---|---|---|---|---|
| Corporate Goals (Rusfertide R&D) | 45% | Clinical, CMC, non-clinical, regulatory, HEOR/MedAffairs milestones | Fully achieved | 45% of target | Cash bonus FY2024 |
| Corporate Goals (Discovery & Preclinical) | 30% | IL-17 candidate nomination and preclinical POC | Nearly achieved | 25% of target | Cash bonus FY2024 |
| Corporate Goals (BD/Finance/Commercial/IT) | 25% | BD pipeline, extend cash runway through end-2026, pre-commercial build | Fully achieved | 25% of target | Cash bonus FY2024 |
| Stretch Goals | +50% of target max | Verify enrollment, discovery nominations, JNJ milestones, external in-license | Out-performed | +55% of target | Cash bonus FY2024 |
| Individual Goals (Ali) | 25% of NEO bonus calc | Finance & BD objectives | 150% of target (individual) | Embedded in total bonus | Cash bonus FY2024 |
| Total Corporate Achievement | — | — | — | 150% of target | — |
2024 Long-Term Incentive Grants
| Grant Type | Shares/Units | Grant-Date Fair Value ($) | Exercise Price / Vesting |
|---|---|---|---|
| Stock Options | 78,000 | $1,514,011 | $23.42 exercise; 4-year equal monthly vest; 10-year term |
| RSUs | 21,000 | $491,820 | 3-year vest, equal annual tranches starting year after grant |
| Equity Mix | 65% options / 35% RSUs (NEO targets) | — | Aligns with market practice; high “at-risk” pay |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 88,102 shares; less than 1% of outstanding |
| Near-term vesting (60 days) | 78,041 options exercisable; 3,438 RSUs vesting within 60 days |
| Outstanding Option Grants (exercisable/unexercisable) | 2018 Inducement & annual grants: 49,000/27,500 at $19.19 (4/18/2022); 12,546/33,204 at $12.17 (1/16/2023); 17,875/60,125 at $23.42 (1/2/2024) |
| Unvested RSUs outstanding | 6,876 (4/18/2022), 7,084 (1/16/2023), 21,000 (1/2/2024) |
| 2024 Option Exercises | 24,000 shares; $586,039 value realized |
| Hedging/Pledging | Prohibited for officers under insider trading policy (no hedging, no pledging, no margin) |
| Clawback | Nasdaq 5608-compliant incentive compensation recoupment for restatements (3-year lookback) |
| ESPP/Plans footprint | Company maintains 2016 Equity Incentive Plan and 2018 Inducement Plan; option weighted-average exercise price $19.22 across plans |
Employment Terms
| Term | Provision | Quantification (as of 12/31/2024) |
|---|---|---|
| Employment start | EVP & CFO since April 2022; inducement grant at hire (82,500 options; 13,750 RSUs) | |
| Severance (no CoC) | If terminated without cause or for good reason: 9 months salary + COBRA | $348,750 salary; $28,154 healthcare |
| Severance (with CoC, double-trigger) | If terminated within 12 months of change in control: 12 months salary + monthly target bonus + COBRA + full acceleration of equity | $465,000 salary; $186,000 bonus; $37,539 healthcare; option award value $2,324,054; stock award value $1,349,456 |
| Change-in-control equity | Double-trigger acceleration for options/RSUs | |
| Excise tax gross-up | None (no gross-ups) | |
| Non-compete / non-solicit | Not specifically disclosed; governed by standard employment/offer letter terms | |
| Clawback & insider trading | Clawback policy; hedging/pledging prohibited |
Compensation Structure and Governance
- Pay mix: Highly variable and at-risk; CEO 93% variable and 71% at-risk; NEO average 82% variable and 64% at-risk, indicating strong alignment to performance (Ali participates as NEO) .
- 2024 base salary adjustments for NEOs: 3.0%–5.8%; Ali +4.0% .
- Performance share units (PSUs): Granted in 2021–2022 for specific circumstances; not used in 2023–2024; Committee views stock options as performance-based due to price appreciation requirement .
- Compensation committee and consultant: Committee chaired by Harold E. Selick; members Waddill and Williams; independent consultant Aon advised 2024 program and peer group .
Peer Group and Benchmarks
| Policy/Peer detail | Notes |
|---|---|
| Target positioning | Cash comp around 50th percentile; equity 25th–75th percentile based on role and performance |
| 2024 peer group | 23 biotech peers (Phase 3, $0.4–$3.3B market cap; <400 employees; SF/key hubs) |
Say-on-Pay and Shareholder Feedback
| Year | Approval % | Key feedback/response |
|---|---|---|
| 2023 (voted in 2024) | ~78% approval | Proxy advisory noted lack of PSUs; Committee maintained options/RSU mix given critical development stage; views options as performance-based |
| 2022 (voted in 2023) | ~96% approval | — |
Investment Implications
- Compensation alignment and signals: Ali’s pay emphasizes equity/options and performance-based cash; 2024 bonus at 150% reflects overachievement on clinical, BD, and finance milestones (cash runway, Verify enrollment), reinforcing execution incentives .
- Retention vs. selling pressure: Significant unvested equity (RSUs and options) plus double-trigger acceleration in CoC scenarios reduces voluntary departure risk; 2024 option exercises (24,000 shares; $586k realized) indicate some monetization, but hedging/pledging bans mitigate misalignment risk .
- Change-of-control economics: In CoC termination, Ali would receive 12 months salary, target bonus, COBRA, and full equity acceleration—creating incentives consistent with shareholder value if a strategic transaction emerges .
- Governance context: Clawback policy, no excise tax gross-ups, and prohibition on hedging/pledging are favorable governance screens; say-on-pay support remains solid albeit lower, with Committee responsive to shareholder feedback while preserving development-stage discipline .
Monitor upcoming vesting schedules and any Form 4 activity for incremental selling pressure; track FY2025 milestones (rusfertide NDA, icotrokinra milestones) given they directly influence bonus outcomes and option value realization .