Matthew Korenberg
About Matthew Korenberg
Matthew E. Korenberg (age 50) is Palvella Therapeutics’ Chief Financial Officer, Treasurer and Secretary, serving since December 2024; he was Legacy Palvella’s CFO from October–December 2024. He holds a B.B.A. in Finance and Accounting from the University of Michigan and previously served as Ligand Pharmaceuticals’ President/COO (2022–2024) and CFO (2015–2022), and as a Managing Director in Goldman Sachs’ healthcare investment banking (1999–2013). He is also a director and audit committee chair at Lifecore Biomedical, Inc. . Company performance during his tenure includes Q3 2025 net loss of $11.3 million and cash of $63.6 million; FY2024 pay-vs-performance shows TSR 3.97 and net loss of $17.4 million (Palvella consolidated) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ligand Pharmaceuticals | President & Chief Operating Officer | 2022–2024 | Led operations post-royalty funding deal partner to Palvella; senior oversight of portfolio and BD . |
| Ligand Pharmaceuticals | Chief Financial Officer | 2015–2022 | Built public-company finance function; capital markets and M&A execution . |
| NeuroCircuit Therapeutics | Founder & CEO, Director | From 2013 | Early-stage neurotherapeutics strategy and company formation . |
| Goldman Sachs | Managing Director, Healthcare Investment Banking | 1999–2013 | Advised and financed biotech/pharma across NY/London/SF; major capital markets transactions . |
| Dillon, Read & Co. | Healthcare Investment Banker | Pre-1999 | Coverage of healthcare/industrial sectors . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lifecore Biomedical, Inc. (NASDAQ: LFCR) | Director; Audit Committee Chair | Since Aug 2024 | Financial oversight and governance for a CDMO business . |
Fixed Compensation
Specific base salary, target bonus, and equity grant details for Korenberg were not disclosed in the proxy’s NEO tables (which covered CEO, COO, CSO) and are not in the main body of the S-1/A. Palvella filed: (i) Korenberg’s Offer Letter dated Oct 9, 2024 and (ii) Severance Agreement dated Oct 10, 2024, indicating formal employment terms exist, but exhibit-level details are not included in the body text we reviewed .
Palvella’s executive compensation structure (as disclosed for other NEOs) includes base salary, annual performance-based cash bonuses tied to corporate goals, and stock options under the 2024 Equity Incentive Plan, with new-hire grants vesting 25% at year 1 and monthly over 36 months; subsequent grants vest monthly over 48 months .
Performance Compensation
| Metric | Weighting/Policy | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Annual cash bonus (company-wide framework) | Tied to corporate and individual goals (targets vary by role) | Company set annual targets (e.g., pipeline milestones, operations) | 2024 corporate score approved at 100%, driving NEO payouts (CEO/COO/CSO shown; CFO joined late 2024 and not in NEO table) | Cash (annual); equity options per plan . |
| Stock options (2024 Equity Incentive Plan) | New-hire and subsequent grants | N/A | Options granted and accounted at grant-date fair value (ASC 718) | New hire: 25% at 1 year; then monthly/36; subsequent monthly/48 . |
Note: Specific CFO bonus and grant values were not disclosed in the NEO tables; plan-level structures apply enterprise-wide .
Equity Ownership & Alignment
| Item | Status | Detail |
|---|---|---|
| Beneficial ownership | <1% | Not listed among beneficial owners in 2025 proxy; S-1/A indicates “less than 1%” with no share count disclosed . |
| Vested vs. unvested breakdown | Not disclosed | CFO was not included in the Outstanding Equity Awards table; vesting follows plan policy . |
| Hedging/Pledging | Prohibited | Insider Trading Policy prohibits hedging and pledging; margin accounts and derivatives disallowed . |
| Ownership guidelines | Not disclosed | No executive ownership guidelines disclosed; director compensation policy disclosed separately . |
Employment Terms
| Provision | Detail |
|---|---|
| Start date & role | CFO since Dec 2024; Legacy Palvella CFO Oct–Dec 2024 . |
| Offer Letter | Offer Letter dated Oct 9, 2024 (exhibit filed) . |
| Severance Agreement | Severance Agreement dated Oct 10, 2024 (exhibit filed) . |
| Non-compete / Non-solicit | Restrictive covenants disclosed for other NEOs (12-month post-termination) suggest similar company practices; CFO’s specific terms not in body text reviewed . |
| Clawback (recoupment) | Company-wide incentive compensation recovery policy for accounting restatements and certain misconduct/hedging violations . |
| Change-of-control | Not disclosed for CFO; CEO terms disclosed; CFO’s change-of-control terms not in body text reviewed . |
| Equity plan | 2024 Equity Incentive Plan; forms for options and RSUs filed . |
Performance & Track Record
- Company performance under his finance leadership: Q3 2025 net loss of $11.3M; cash and equivalents of $63.6M; total assets $66.9M; stockholders’ equity $38.7M, reflecting ongoing clinical-stage investment .
- Pay vs. Performance (company-level): FY2024 Compensation Actually Paid metrics show TSR 3.97 and net loss $(17,434) thousand; historical 2022–2024 figures below .
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| TSR (Value of $100) | 27.51 | 4.81 | 3.97 |
| Net Income (Loss) ($000s) | (33,277) | 18,691 | (17,434) |
Q3 2025 Operating Snapshot:
| Metric | Q3 2025 | 9M 2025 |
|---|---|---|
| Research & Development ($000s) | 6,528 | 15,720 |
| General & Administrative ($000s) | 3,649 | 11,578 |
| Net Loss ($000s) | (11,345) | (29,001) |
| Cash & Equivalents ($000s) | 63,567 | — |
Compensation Structure Analysis
- Shift to equity-based incentives: Company relies on options under a centralized plan with multi-year vesting, aligning incentives to long-term milestones rather than short-term cash, which is consistent with clinical-stage financing needs .
- Clawback and anti-hedging/pledging: Strong alignment safeguards reduce risk of misaligned short-term behaviors; prohibitions on pledging mitigate forced selling risk .
- Disclosure gap: CFO-specific cash/equity amounts and severance/change-of-control terms exist via filed exhibits but were not detailed in the main filings reviewed, limiting precision in pay-for-performance assessment .
Risk Indicators & Red Flags
- Related party context: Palvella has historical funding arrangements with Ligand (Korenberg’s prior employer), including royalties (8.0%–9.8%) and $5.0M remaining milestones; while arms-length and board-approved at the time, monitoring is warranted given potential perceived conflicts and financial obligations on commercialization .
- Anti-hedging/pledging policy: Red-flag risks of alignment erosion are mitigated by explicit prohibitions .
- Liquidity runway and losses: Continued net losses and R&D investment require disciplined capital markets execution (TSR volatility underscores market sensitivity) .
Say-on-Pay & Shareholder Feedback
| Item | Outcome |
|---|---|
| 2024 Say-on-Pay (advisory) | Approved: 6,550,393 For; 61,078 Against; 36,866 Abstentions; 667,256 Broker Non-Votes . |
| Compensation consultants | Pearl Meyer (pre-merger); Radford (post-merger) advising committee on peers and program design . |
Expertise & Qualifications
- Deep public-company finance, M&A, capital markets, and operating leadership across biotech; audit chair experience enhances governance rigor .
- Education: B.B.A. in Finance & Accounting (University of Michigan), consistent with CFO technical requirements .
Equity Ownership & Insider Activity
- Beneficial ownership: Less than 1% as of Dec 2024/Apr 2025 reporting; no pledged shares permitted; CFO not listed among >5% holders .
- Form 3/4: Not available in the documents reviewed; exhibits indicate formal appointment and officer status .
Investment Implications
- Alignment: Enterprise-wide clawback and anti-hedging/pledging policies and multi-year equity vesting support long-term alignment; low personal ownership reduces forced selling risk but also modest “skin in the game” optics .
- Retention/terms: Offer Letter and Severance Agreement exist (Oct 2024), indicating structured retention protections; precise severance/change-of-control economics for CFO not disclosed in main text—investors should review exhibit details when available .
- Execution risk: Finance leadership credibility is strong, but commercialization obligations to Ligand (royalties/milestones) will impact future margins; liquidity (Q3 2025 cash $63.6M) supports near-term clinical milestones but underscores the need for capital discipline amid TSR volatility .
- Trading signals: With less than 1% beneficial ownership and prohibited pledging, insider selling pressure risk appears low; monitor future Form 4s post major catalysts (Phase 2/3 readouts) for potential activity .