Jeffrey Sevigny
About Jeffrey Sevigny
Jeffrey Sevigny, M.D., is Chief Medical Officer (CMO) of Rapport Therapeutics, appointed in March 2025. He is 56 years old as of April 24, 2025, and holds a B.A. from Bowdoin College and an M.D. from Tufts University; he completed a neurology residency at Columbia University and fellowships in Aging & Dementia and Neuro‑Epidemiology at Columbia University’s Sergievsky Center and Mailman School of Public Health . Prior to Rapport, he served as CMO at Prevail Therapeutics (a wholly owned Eli Lilly subsidiary) and SVP of Neuroscience at Eli Lilly; earlier roles included leadership positions at F. Hoffmann‑La Roche, Biogen, Novartis, and Merck, plus academic appointments at Albert Einstein School of Medicine and Columbia University .
Company operating trajectory during Sevigny’s tenure has focused on progressing RAP‑219 through clinical milestones and funding Phase 3 readiness; in Q3 2025, Rapport reported positive Phase 2a focal onset seizure data and strengthened liquidity following an equity offering .
Company operating metrics since late 2024:
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| EBITDA ($USD) | -$23.26M* | -$26.86M* | -$29.24M* | -$29.73M* |
| Net Income ($USD) | -$19.98M* | -$24.06M* | -$26.73M* | -$26.93M* |
| Cash from Operations ($USD) | -$14.45M* | -$20.24M* | -$25.07M* | -$17.47M* |
| Cash and Equivalents ($USD) | $56.81M | $57.60M | $55.07M | $251.36M |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Prevail Therapeutics (Eli Lilly subsidiary) | Chief Medical Officer | Mar 2018–Jan 2025 | Built and led clinical development; contributed to company’s corporate milestones including financing, IPO, and acquisition by Eli Lilly . |
| Eli Lilly | SVP Neuroscience | Feb 2021–Jan 2025 | Led neuroscience development; advanced translational programs . |
| F. Hoffmann‑La Roche; Biogen; Novartis; Merck | Various senior leadership roles | Not disclosed | Led translational and clinical development organizations; interactions with regulators; portfolio development . |
| Academic (Albert Einstein; Columbia University) | Assistant Professor of Neurology / Clinical Neurology | Not disclosed | Academic leadership and clinical training roles . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Prevail Therapeutics | Director | Jun 2019–Jan 2021 | Board service pre/post acquisition by Eli Lilly . |
| Acumen Pharmaceutics, Inc. (Nasdaq: ABOS) | Director | Jul 2019–Jun 2022 | Public company board experience in neuroscience . |
Fixed Compensation
- Base salary, target bonus %, and actual bonus paid for Dr. Sevigny were not disclosed in the 2025 proxy (Rapport reported NEO details for CEO, CFO, former CMO for FY2024, but not for Dr. Sevigny, whose appointment occurred in March 2025) .
- Executive compensation philosophy emphasizes market‑based pay, with base salary, cash bonuses, and long‑term equity (options, restricted stock) aligning with performance and retention .
Performance Compensation
Company equity programs relevant to executive incentives:
| Award Type | Grant Date | Quantity (#) | Performance Periods | Performance Metric | Vesting | Unrecognized Comp (as of 9/30/25) | Recognition Status |
|---|---|---|---|---|---|---|---|
| PSUs (Company‑wide grants to certain employees) | Dec 2024 | 95,500 | Tranche 1: through 12/31/2025; Tranche 2: through 12/31/2026 | Drug discovery/development program milestones | Two equal tranches over performance periods; service + performance conditions | $2.1M | No expense recognized as milestones not yet probable . |
Notes:
- Restricted Stock Units: In March 2025, Rapport granted 13,987 RSUs to an employee under the 2024 Plan, vesting in two equal tranches over two years; grant‑date fair value $7.15/share. The company did not award RSUs prior to March 2025 .
- Performance‑based restricted stock awards (RSAs) to certain employees/directors include implied performance conditions linked to preferred financing milestones; vesting requires continued service until the 4th anniversary of closing of subsequent financing .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Group) | Executives and directors as a group (14 persons, including Dr. Sevigny) beneficially owned 5,078,519 shares, representing 13.57% of outstanding as of April 21, 2025 . |
| Individual Ownership | A separate line item for Dr. Sevigny’s individual holdings is not disclosed in the 2025 proxy table . |
| Hedging/Pledging | Company insider trading policy expressly prohibits short sales, hedging, and pledging of company securities by executive officers, directors, and employees . |
| 10b5‑1 Plans | Rule 10b5‑1 trading plan policy allows compliant pre‑planned trading during non‑MNPI periods . |
| Ownership Guidelines | Executive stock ownership guidelines are not disclosed in the proxy . |
Supply/vesting dynamics that can influence insider selling pressure:
- Options generally vest over four years; maximum term ten years. Options outstanding at 9/30/25 were 6,296,672 (vested & exercisable 1,730,423) .
- Shares under equity plans are registered and available for sale unless subject to vesting or lock‑up restrictions; risk factor notes potential dilution and market impact from future issuances and sale of registered shares .
Employment Terms
| Term | Disclosure |
|---|---|
| Start date at Rapport | March 2025 (CMO) |
| Employment agreement | Specific offer letter/employment agreement terms for Dr. Sevigny were not disclosed in SEC filings reviewed (proxy and 8‑Ks) . |
| Severance / Change‑of‑Control | Not disclosed for Dr. Sevigny. Rapport’s NEO agreements (CEO/CFO/former CMO) include salary continuation and COBRA outside CIC, and cash multiples plus full acceleration of time‑based equity inside CIC; 280G “better‑off” cutback applies to NEOs. No specific Sevigny terms disclosed . |
| Clawback | Compensation recovery policy adopted May 29, 2024 (effective June 6, 2024) to recoup incentive compensation based on restated financials for current/former executive officers (3‑year lookback) . |
| Non‑compete / Non‑solicit | Not disclosed for Dr. Sevigny. |
| Garden leave / consulting | Not disclosed for Dr. Sevigny. |
Additional Equity Program Details
| Program | Key Terms (as of Q3 2025) |
|---|---|
| 2024 Stock Option and Incentive Plan | Initially reserved 3,814,618 shares; auto‑increase 5% of outstanding common on each Jan 1 (added 1,829,010 shares on 1/1/25); 1,905,115 shares remained available for future grants at 9/30/25 . |
| 2022 Plan | No further grants; forfeitures/cancellations feed back into 2024 Plan share reserve . |
| 2024 ESPP | Initially 324,243 shares; auto‑increase each Jan 1 through 2034 by the lesser of 648,486 shares, 1% of outstanding, or administrator‑determined lesser amount (added 365,802 shares on 1/1/25) . |
Investment Implications
- Execution capability: Sevigny’s track record running neuroscience clinical programs at Eli Lilly/Prevail and multiple large pharma positions reduces execution risk for Rapport as RAP‑219 advances to Phase 3 and into bipolar/pain indications .
- Alignment: Company prohibits hedging/pledging, uses 10b5‑1 plans, and has a clawback policy—positive governance signals. Individual ownership for Sevigny is not disclosed, limiting precision on “skin‑in‑the‑game” alignment; group holdings are meaningful at 13.57% .
- Near‑term selling pressure: Registered shares under equity plans and sizable option overhang could create episodic supply as awards vest/exercise; mitigated by policy restrictions and lock‑ups, but still a consideration .
- Funding runway and milestone path: Post‑offering cash increased to $513M and is expected to fund operations into 2H 2029, supporting retention and program continuity; positive Phase 2a focal onset seizure data supports value creation potential if replicated in registrational trials .
References:
**[2012593_0001193125-25-268096_rapp-20250930.htm:6]** **[2012593_0001193125-25-268096_rapp-20250930.htm:8]** **[2012593_0001193125-25-268096_rapp-20250930.htm:25]** **[2012593_0001193125-25-268096_rapp-20250930.htm:26]** **[2012593_0001193125-25-268096_rapp-20250930.htm:27]** **[2012593_0001193125-25-268096_rapp-20250930.htm:95]**
**[2012593_0000950170-25-104565_rapp-20250630.htm:6]** **[2012593_0000950170-25-066393_rapp-20250331.htm:8]** **[2012593_0001193125-25-092133_d940377ddef14a.htm:23]** **[2012593_0001193125-25-092133_d940377ddef14a.htm:26]** **[2012593_0001193125-25-092133_d940377ddef14a.htm:27]** **[2012593_0001193125-25-092133_d940377ddef14a.htm:29]** **[2012593_0001193125-25-092133_d940377ddef14a.htm:30]** **[2012593_0001193125-25-092133_d940377ddef14a.htm:31]** **[2012593_0001193125-25-092133_d940377ddef14a.htm:34]** **[2012593_0001193125-25-092133_d940377ddef14a.htm:35]** **[2012593_0001193125-25-092133_d940377ddef14a.htm:36]** **[2012593_0001193125-25-092133_d940377ddef14a.htm:37]** **[2012593_0001193125-25-092133_d940377ddef14a.htm:46]**
**[2012593_0000950170-25-036828_rapp-20241231.htm:209]** **[2012593_0001193125-25-043405_d876788d8k.htm:1]** **[2012593_0001193125-25-043405_d876788dex992.htm:0]** **[2012593_0001193125-25-268072_rapp-ex99_1.htm:0]** **[2012593_0001193125-25-268072_rapp-ex99_1.htm:2]**