Jennifer Jarrett
About Jennifer Jarrett
Jennifer Jarrett (age 54) serves as Chief Operating Officer of Arcus Biosciences, a role she has held since October 2020; she previously served on Arcus’s Board from January 2019 to January 2024. She holds a B.A. in Economics, cum laude, from Dartmouth College and an M.B.A. from Stanford Graduate School of Business . During 2024, company TSR (value of a $100 investment) ended at $147.43, after higher readings in prior years (2021: $400.69; 2022: $204.75; 2023: $194.36), reflecting mixed market performance through her tenure . Management credited Jarrett with leading governance and partner integration, negotiating the Gilead $320M equity investment and Hercules term loan, advancing Phase 3 preparations, and establishing the AstraZeneca collaboration on casdatifan .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Arcus Biosciences | COO; previously CFO/COO, CBO/CFO | COO since Oct 2020; CFO/COO (Jun 2018–Jan 2019); CBO/CFO (Mar 2017–Jun 2018) | Led clinical/commercial readiness with partners; negotiated financing transactions; drove portfolio execution |
| Uber, Inc. | VP, Corporate Development & Capital Markets | Jan 2019–Oct 2020 | Led capital markets and corporate development for mobility/delivery platform |
| Medivation, Inc. | Chief Financial Officer | Apr 2016–Sep 2016 | CFO during strategic period before Pfizer acquisition |
| Citigroup | Managing Director, Life Sciences Investment Banking (West Coast) | 2010–2016 | Advised biotech/pharma issuers; capital markets leadership |
| Credit Suisse | Director/Managing Director | 2000–2010 | Investment banking coverage of biotech/pharma |
| Donaldson, Lufkin & Jenrette | Associate | 1998–2000 | Early investment banking role |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Syndax Pharmaceuticals (Nasdaq: SNDX) | Director | Current (as of 2025) | Public company board service |
| Sagimet (Nasdaq: SGMT) | Director | Current (as of 2025) | Public company board service |
| Zura Bio (Nasdaq: ZURA) | Director | Current (as of 2025) | Public company board service |
| Cajal Neuroscience | Director | Current (as of 2025) | Private company board |
| LifeMine Therapeutics | Director | Current (as of 2025) | Private company board |
| Arena Pharmaceuticals | Director | Jul 2017–Mar 2022 | Company acquired by Pfizer in Mar 2022 |
| Audentes Therapeutics | Director | Jul 2017–Jan 2020 | Company acquired by Astellas in Jan 2020 |
| Radius Health | Director | May 2022–Aug 2022 | Company acquired by Gurnet Point & Patient Square |
| Consonance-HFW Acquisition Corp. | Director | Dec 2020–Aug 2021 | SPAC combined with Surrozen |
Fixed Compensation
| Metric ($USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary | $550,000 | $575,000 | $625,000 |
| Bonus (Actual Paid) | $370,000 | $300,000 | $315,000 |
| Stock Awards (RSUs, Grant-Date Fair Value) | $1,032,188 | $1,008,516 | $617,600 |
| Stock Options (Grant-Date Fair Value) | $2,793,350 | $2,852,338 | $1,752,816 |
| All Other Compensation | $5,294 | $8,694 | $8,694 |
| Total Compensation | $4,750,832 | $4,744,548 | $3,319,110 |
Performance Compensation
- Annual cash bonus framework (2024): Target 50% of base salary ($312,500); payout $315,000 based on company achievements. Arcus sets annual corporate goals (timelines for Phase 3 studies, initiation of PRISM-1, casdatifan data generation and partnerships, early-stage program advancement, and securing funding extending runway to mid-2027). Specific weightings/targets are not disclosed .
| Incentive Type | Grant Date | Units/Notional | Strike/Terms | Fair Value | Vesting Schedule |
|---|---|---|---|---|---|
| Stock Options | Jan 23, 2024 | 162,400 | $15.44 per share | $1,752,816 | 1/48th monthly from Jan 1, 2024, subject to continued service |
| RSUs | Jan 23, 2024 | 40,000 | N/A | $617,600 | 25% annually each Dec 15 starting 2024, subject to continued service |
2024 achievement highlights tied to incentives: ahead-of-schedule enrollment completion for STAR-221; AstraZeneca collaboration on casdatifan; initiation of PRISM-1 for pancreatic cancer; preparation for domvanalimab/zimberelimab commercialization; financing runway extension via Gilead investment and Hercules facility .
Equity Ownership & Alignment
| As of Mar 1, 2025 | Shares Owned | Shares Acquirable ≤60 Days | Total Beneficial Ownership | % of Outstanding |
|---|---|---|---|---|
| Jennifer Jarrett | 102,657 | 1,703,356 | 1,806,013 | 1.7% |
| Outstanding Equity (12/31/2024) | Exercisable Options | Unexercisable Options | Option Exercise Prices | RSUs Unvested | RSU Market Value (at $14.89) |
|---|---|---|---|---|---|
| Options & RSUs Summary | 37,217 | 125,183 | $15.44 (2024); historical grants at $22.02 (2023), $33.03 (2022) | 30,000 | $446,700 |
- Pledging/hedging policy: Arcus prohibits short sales, derivatives, hedging transactions, margin accounts and pledging of company stock in its Insider Trading Policy .
- Ownership guidelines: No executive stock ownership guideline disclosure identified for executives; director equity program described separately .
Insider transactions (recent signals):
- Oct 6, 2025: Exercised 12,500 options at $1.2276 and sold 12,500 shares at $14.5441 under a Rule 10b5-1 plan .
- Oct 8, 2025: Sold 37,792 shares at $15.0458; total proceeds across Oct 6/8 ≈ $750,412; post-trade direct ownership reported at 214,232 shares (per subsequent filings) .
- Nov 7, 2025: Sold 50,291 shares at $18.9709 (weighted avg) under Rule 10b5-1; after transactions, directly held ~214,232 shares .
Employment Terms
| Scenario | Cash Severance | Bonus | Health Benefits | Equity Acceleration | Total |
|---|---|---|---|---|---|
| Termination without cause/for good reason within 12 months post-Change in Control (double trigger) | $1,250,000 | $312,500 | $55,367 | $904,002 | $2,521,869 |
| Termination without cause (no Change in Control) | $625,000 | $312,500 | $27,683 | N/A | $965,183 |
- Change-in-control severance: Double-trigger—requires termination without cause or resignation for good reason within 12 months after a change in control; provides full vesting of outstanding equity awards, cash severance, target bonus, and COBRA premiums .
- “Cause” and “Good Reason” definitions include confidentiality breaches, felony, willful misconduct, material reductions in salary/responsibilities or relocation beyond 25 miles, with cure periods as defined .
Compensation Structure Analysis
- Mix and trend: Equity-heavy with options predominating (2024 grants ~67% options/33% RSUs), slightly less equity value in 2024 vs 2023, while base salary increased to $625k; bonus paid near target, reflecting progress on late-stage programs and financing runway .
- Peer benchmarking: Compensation Committee targets the 50th–75th percentile vs a 2024 peer group including Agios, Allogene, BridgeBio, Cytokinetics, Denali, Iovance, Mirati, Prothena, SpringWorks, Syndax, among others; Radford serves as independent consultant .
- Governance safeguards: Arcus maintains a Dodd‑Frank/NYSE‑compliant clawback policy; established equity grant timing safeguards and prohibits hedging/pledging, reducing misalignment risk .
Performance & Track Record
| Year | TSR Value of $100 Investment | Commentary |
|---|---|---|
| 2020 | 257.03 | Strong value creation year |
| 2021 | 400.69 | Peak TSR in period |
| 2022 | 204.75 | Decline from 2021 peak |
| 2023 | 194.36 | Continued softness |
| 2024 | 147.43 | Lower TSR amid pipeline execution |
Selected 2024 achievements attributed to management/COO function:
- Accelerated Phase 3 enrollment (STAR-221), AstraZeneca collaboration on casdatifan, initiation of PRISM-1, commercialization readiness with Gilead, and runway extension via Gilead equity and Hercules term loan .
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay for 2023 compensation approved by ~96% of votes; company continued its pay‑for‑performance philosophy without significant changes .
Equity Ownership & Alignment Details
- Beneficial ownership: 1.806M shares (incl. acquirable within 60 days), 1.7% of outstanding—material alignment with shareholders .
- RSU vesting over four years and monthly option vesting create steady supply; however, trades disclosed under Rule 10b5-1 and the company prohibits hedging/pledging, mitigating alignment concerns .
Investment Implications
- Alignment: Significant ownership and continuous option vesting align incentives with long-term value creation; prohibitions on hedging/pledging support alignment quality .
- Execution: COO’s role in partner integration, financing runway, and Phase 3 readiness is a positive for commercialization prospects; bonus near-target reflects operational progress .
- Selling pressure: Regular RSU/option vesting and 10b5‑1 sales imply predictable supply; sales executed via pre‑arranged plans reduce adverse signal, but monitor cadence around major data readouts .
- Retention/COC economics: Double‑trigger acceleration and ~2.5M total payout in a CIC termination scenario indicate competitive protection; not overly shareholder‑unfriendly given clawback and absence of tax gross‑ups for Jarrett .