Swamy Yeleswaram
About Swamy Yeleswaram
Swamy Yeleswaram, Ph.D., is Chief Development Officer at Rapport Therapeutics (RAPP), serving in the role since January 2023; he is 62 years old as of April 24, 2025 . He holds a Bachelor’s degree in pharmacy (Madras Medical College), a Master’s in pharmaceutical sciences (Banaras Hindu University), and a Ph.D. in pharmaceutical sciences (University of British Columbia), with deep expertise in drug metabolism, pharmacokinetics, and clinical pharmacology built over two decades at Incyte . In his current remit, his development leadership is directly tied to RAP-219 clinical execution, with Phase 2a topline results in refractory focal epilepsy guided for Q3 2025 and a bipolar mania trial initiation in Q3 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Rapport Therapeutics, Inc. | Chief Development Officer | Jan 2023–present | Leads development strategy and execution; development timelines for RAP-219 include Q3 2025 epilepsy topline and Q3 2025 bipolar mania initiation |
| Third Rock Ventures | Entrepreneur in Residence | Aug 2022–Dec 2022 | Venture creation/scientific advisory bridging into RAPP leadership |
| Incyte Corporation | Founding Scientist; Group VP, Drug Metabolism, Pharmacokinetics, and Clinical Pharmacology | Founding scientist/various roles: Jan 2002–Jul 2022; Group VP: Feb 2016–Aug 2022 | Built and led DMPK/Clinical Pharmacology capabilities; senior line leadership in translational pharmacology |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | No public company directorships or external board roles disclosed in company filings for Dr. Yeleswaram |
Fixed Compensation
RAPP is an emerging growth company using smaller reporting company disclosures and only reports Named Executive Officer (NEO) pay; Swamy Yeleswaram is not an NEO, so his base salary, target bonus, and cash compensation details are not disclosed in the proxy .
Performance Compensation
Company-wide 2024 bonus determinations were based on corporate and individual performance, with corporate goals specifically tied to RAP-219 clinical advancement, scaling the organization responsibly, and ensuring funding to advance the pipeline; detailed metric weightings and any CDO-specific payout were not disclosed .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Advance RAP-219 (e.g., progress toward Phase 2a) | Not disclosed | Corporate goal (qualitative) | Company cites use in NEO bonus framework (CDO-specific not disclosed) | Not disclosed for CDO | Cash (no vesting) |
| Organization scaling to support goals | Not disclosed | Corporate goal (qualitative) | Company cites use in NEO bonus framework (CDO-specific not disclosed) | Not disclosed for CDO | Cash (no vesting) |
| Ensure funding to advance pipeline | Not disclosed | Corporate goal (qualitative) | Company cites use in NEO bonus framework (CDO-specific not disclosed) | Not disclosed for CDO | Cash (no vesting) |
Equity incentives structure (company-wide):
- Stock options generally vest over four years with a 10-year term; service-based options are typical for employees and executives .
- Service-based restricted stock awards vest from immediately to over four years; performance-based RSAs granted earlier now vest against implied performance conditions achieved after Series A financing milestones .
- PSUs granted in December 2024 vest over two performance periods (ending Dec 31, 2025 and Dec 31, 2026) subject to program milestone attainment; as of September 30, 2025, performance conditions were not yet probable, and no expense recognized; CDO-specific PSU awards are not disclosed .
Equity Ownership & Alignment
- Individual beneficial ownership for Dr. Yeleswaram is not itemized; he is included within “all current executive officers and directors as a group” holding 5,078,519 shares (13.57%) as of the April 21, 2025 record date, against 36,497,555 shares outstanding .
- Insider trading policy prohibits short sales, derivative hedging, and pledging company stock, which reduces misalignment and forced selling risk from margin calls .
- A Rule 10b5-1 trading plan policy is in place for officers to transact under pre-established plans while not in possession of MNPI .
- A compensation recovery (clawback) policy adopted May 29, 2024 mandates recoupment of incentive-based compensation following any required financial restatement .
- Company equity grant mechanics: options (4-year vest/10-year term), RSAs (immediate–4 years), PSUs tied to R&D milestones; CDO-specific grant quantities/vesting schedules are not disclosed .
Employment Terms
- No employment agreement, severance, or change‑of‑control terms for Dr. Yeleswaram are disclosed in the proxy .
- For context, NEO agreements include severance outside change‑of‑control (12 months base salary and COBRA contributions), and during change‑of‑control periods provide cash multiples (CEO: 1.5× salary+target bonus; CFO: 1.0×), full acceleration of unvested time-based equity, and COBRA support, subject to a Section 280G “better-off cutback” .
- Company-wide policies include confidentiality, IP assignment, and post‑termination non‑solicitation covenants in NEO agreements; CDO-specific covenants are not disclosed .
- Insider trading, hedging/pledging prohibitions, Rule 10b5‑1 policy, and clawback policy apply to executive officers .
Investment Implications
- Alignment: Prohibitions on hedging and pledging strengthen long-term alignment and reduce forced‑sale risk; the clawback policy adds downside protection for shareholders in case of restatements .
- Pay-for-performance and retention: Company uses equity structures (options/RSAs/PSUs) and R&D milestone PSUs that link payouts to program execution, a positive signal for development accountability; however, CDO‑specific grant sizes, vesting schedules, and severance/change‑of‑control terms are not disclosed, limiting direct pay-for-performance and retention risk assessment for Dr. Yeleswaram .
- Execution risk: RAP-219 timelines (Q3 2025 epilepsy topline; Q3 2025 bipolar initiation) place near‑term performance scrutiny on development leadership; milestone‑linked PSUs indicate compensation sensitivity to program outcomes, which could drive insider selling pressure if multiple tranches vest on milestone achievement, though CDO‑specific awards are undisclosed .
- Governance: The compensation committee is independent, meets regularly, and engages an independent consultant (Aon); the committee also delegates limited hiring/promotion equity authority to the CEO, indicating structured compensation oversight .