Kathleen Goin
About Kathleen Goin
Chief Operating Officer at Palvella Therapeutics, Inc. since December 2024; age 55. Background spans clinical operations leadership at Trevena and Clinical Works (myClin) before joining Legacy Palvella in 2019, progressing to COO in March 2023 and continuing post-merger as PVLA’s COO . Education: M.S. in Occupational Therapy (Misericordia University) and B.S. in Political Science (Rosemont College) . Company performance context: Pay-vs-Performance disclosure shows 2024 net loss of $17.4 million and cumulative TSR value of $3.97 on a $100 base (versus $4.81 in 2023 and $27.51 in 2022) . Historical revenues and EBITDA (legacy Pieris reporting) indicate revenues of $25.9m in FY2022 and $42.8m in FY2023; EBITDA was negative in both periods* [GetFinancials: S&P Global].
| Metric | FY 2022 | FY 2023 |
|---|---|---|
| Revenues ($USD) | $25,902,000* | $42,810,000* |
| EBITDA ($USD) | $(40,704,000)* | $(13,940,000)* |
| Net Income ($USD) | $(33,277,000)* | $(24,543,000)* |
Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Source |
|---|---|---|---|
| Palvella Therapeutics (PVLA) | Chief Operating Officer | Dec 2024 – present | |
| Legacy Palvella Therapeutics | Chief Operating Officer | Mar 2023 – Dec 2024 | |
| Legacy Palvella Therapeutics | VP, Development Operations | Oct 2019 – Mar 2023 | |
| Clinical Works (myClin) | VP, Clinical Operations | Feb 2017 – Oct 2019 | |
| Trevena, Inc. | VP, Clinical Operations | Nov 2013 – Feb 2017 |
Fixed Compensation
| Item | 2023 | 2024 |
|---|---|---|
| Salary Paid ($) | $354,975 | $381,440 |
| 2024 Base Salary In-Effect | Target Bonus % |
|---|---|
| $481,300 | 40% of base salary |
Other compensation for Ms. Goin in 2024: $0 (no “All Other Compensation” reported) .
Performance Compensation
| Component | Metric | Target | Actual | Payout ($) | Vesting | Source |
|---|---|---|---|---|---|---|
| Annual Cash Bonus (2024) | Corporate performance score | N/A | 100% | $192,520 | Cash (no vesting) | |
| Stock Options (2024 grants, fair value) | Equity awards | N/A | N/A | $485,612 (grant-date fair value) | per schedules below | |
| Stock Options (2023 grants, fair value) | Equity awards | N/A | N/A | $941,776 (grant-date fair value) | per schedules below |
Note: The Summary Compensation Table shows “Bonus” for 2024 as $257,520; narrative discloses approved annual cash bonus of $192,520 based on a 100% corporate score .
Equity Ownership & Alignment
- Beneficial ownership: 129,270 shares (all options exercisable within 60 days) = 1.2% of outstanding shares as of April 14, 2025 .
- Pledging/hedging: Company policy prohibits pledging and hedging by executives and directors .
- Ownership guidelines: Not disclosed.
| Beneficial Owner | Shares | % of Outstanding | Notes |
|---|---|---|---|
| Kathleen Goin | 129,270 | 1.2% | Options exercisable within 60 days |
Outstanding Equity Awards (as of 12/31/2024)
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Vesting Schedule | Source |
|---|---|---|---|---|---|---|
| 10/30/2019 | 11,857 | 0 | 7.14 | 10/29/2029 | 25% at 1-year, then monthly over 36 months | |
| 10/30/2019 | 14,002 | 0 | 7.14 | 10/29/2029 | 25% at 1-year, then monthly over 36 months | |
| 10/15/2020 | 25,776 | 0 | 9.08 | 10/14/2030 | Monthly over 48 months | |
| 2/22/2023 | 39,405 | 46,569 | 9.79 | 2/22/2033 | Monthly over 48 months | |
| 2/22/2023 | 4,681 | 5,532 | 9.79 | 2/22/2033 | Monthly over 48 months | |
| 5/27/2024 | 5,585 | 24,202 | 7.53 | 5/27/2034 | Monthly over 48 months | |
| 12/13/2024 | 0 | 27,843 | 13.60 | 12/12/2034 | Monthly over 48 months |
Employment Terms
| Term | Details | Source |
|---|---|---|
| Offer Letter | At-will; dated Aug 19, 2019; initial base salary $300,000; eligible for annual cash incentive; initial options totaling 83,291 shares on standard new-hire vesting | |
| Current Bonus Target | Increased to 40% of base salary in Dec 2024 | |
| Severance | 3 months of salary continuation upon termination without “cause”; subject to release, covenant compliance, and solvency conditions | |
| Non-Compete/Non-Solicit | In Restrictive Covenant Agreement: applies during employment and 12 months post-termination | |
| Clawback | Incentive compensation recoupment for accounting restatements (three prior fiscal years) and for policy violations (e.g., hedging) | |
| Insider Trading/No Pledging | Prohibits hedging, short sales, margin accounts, and pledging company securities | |
| Equity Grant Timing | No grants timed around filings; no MNPI timing in 2024 |
Compensation Committee & Governance Signals
- Compensation Committee members: Todd C. Davis (Chair) and Tadd S. Wessel; independent under Nasdaq rules .
- Consultants: Pearl Meyer (pre-merger) for peer benchmarking; Radford (post-merger) advising program design and pay-versus-performance disclosures .
- Say-on-Pay: 98% approval at the 2024 annual meeting .
Investment Implications
- Alignment: Meaningful equity exposure with multi-year monthly vesting across 2019–2024 grants supports retention and long-term alignment; corporate policy bans pledging/hedging, reducing misalignment risk .
- Cash vs. at-risk mix: 2024 cash compensation is modest relative to equity grants; bonus tied to corporate score (100% in 2024) with a 40% target signals pay-for-performance emphasis, though specific metric weightings are not disclosed .
- Retention/Severance: Only 3 months of salary continuation upon termination without cause indicates lower severance liability and stronger retention reliance on unvested equity .
- Performance backdrop: 2024 net loss and low TSR context underscore execution risk typical of clinical-stage biopharma; governance structures (clawback, anti-pledging) and committee independence mitigate downside governance risks .
*Values retrieved from S&P Global.