Robert Goeltz
About Robert C. Goeltz II
Arcus Biosciences’ Chief Financial Officer since August 2020, age 52, with a B.B.A. from Emory University, an M.B.A. from UCLA Anderson, and inactive CPA credentials . His 2024 focus was capital planning, scenario analyses across the pipeline, and execution of financing/collaboration transactions that extended Arcus’s cash runway to mid-2027, supporting clinical decision-making and partner optimization . Company TSR during his tenure peaked in 2021 and fell in 2022–2024 amid biotech cyclicality; revenues increased from 2023 to 2024 while net losses narrowed modestly (see tables) ; Revenues and EBITDA figures starred are from S&P Global.
Company TSR, Revenue, EBITDA during Goeltz’s Tenure
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| TSR (Value of $100) | 257.03 | 400.69 | 204.75 | 194.36 | 147.43 |
| Revenues ($MM) | 78.0 | 383.0 | 112.0 | 117.0 | 258.0* |
| EBITDA ($MM) | -121.0* | 58.0* | -274.0* | -332.0* | -300.0* |
| *Values retrieved from S&P Global. |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UNITY Biotechnology (Nasdaq: UBX) | CFO & SVP | 2017–2020 | Led IR, accounting, FP&A, IS, real estate, insurance, procurement, facilities; public/investor relations . |
| CytomX Therapeutics (Nasdaq: CTMX) | CFO & SVP | 2015–2017 | Led IR, finance, real estate, insurance, procurement, facilities, information systems . |
| Onyx Pharmaceuticals (acquired by Amgen) | CFO | 2013–2015 | Post-acquisition CFO, integrating finance and operations . |
| Amgen | Various finance/business development roles | 2004–2013 | Commercial, R&D and corporate accounting roles of increasing responsibility . |
| Ernst & Young LLP | Audit practice | Early career | Foundational audit experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company board roles disclosed for Goeltz . |
Fixed Compensation
Multi-year cash compensation and bonus outcomes.
| Component | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 470,000 | 490,000 | 510,000 |
| Target Bonus % | — | — | 45% |
| Target Bonus ($) | — | — | 229,500 |
| Actual Bonus Paid ($) | 270,000 | 220,000 | 230,000 |
| Other Compensation ($) | 5,294 | 8,694 | 8,694 |
Performance Compensation
2024 Annual Cash Bonus
| Metric (Qualitative) | Target | Actual/Payout ($) | Notes |
|---|---|---|---|
| Maintain Phase 3 timelines (STAR-121/221) | On-time | Included | Company achieved accelerated enrollment for STAR-221 . |
| Initiate Phase 3 for quemliclustat (PRISM-1) | Initiate | Included | PRISM-1 initiated and Taiho opted-in . |
| Generate supportive casdatifan data | Positive data | Included | Strong ARC-20 data highlighted by mgmt . |
| Advance early-stage (AB801/AB598) | Dose escalation/expansion | Included | Progress in early programs . |
| Secure funding extending runway | Mid-2027 runway | Included | $320M Gilead equity + Hercules facility . |
| Total Bonus | — | 230,000 | CFO-specific rationale emphasized strategic planning/execution . |
2024 Equity Grants and Vesting
| Award Type | Grant Date | Shares/Units | Exercise Price | Vesting | Grant-date Fair Value ($) |
|---|---|---|---|---|---|
| Stock Options | 1/23/2024 | 86,600 | $15.44 | 1/48 monthly from 1/1/2024 | 934,691 |
| RSUs | 1/23/2024 | 22,000 | — | 25% annually on each Dec 15 starting 12/15/2024 | 339,680 |
Outstanding Awards and 2024 Vesting
| Category | Detail | Amount |
|---|---|---|
| Options (Exercisable) | Various grants/exercise prices; notably 250,000 (2020 grant at $21.06); others partially vested | See option table |
| Options (Unexercisable) | 66,754 (2024 grant), plus amounts from 2021–2023 grants | See option table |
| RSUs Unvested | 3,875 (2022 grant), 17,000 (2023 grant), 16,500 (2024 grant) | Market values: $57,699; $253,130; $245,685 using $14.89 price |
| RSUs Vested in 2024 | Shares/Value | 21,000; $337,680 |
Note: As of 12/31/2024, the reference stock price was $14.89; all disclosed option exercise prices for Goeltz (e.g., $21.06, $36.73, $33.03, $22.02, $15.44) were at or above this level, implying no intrinsic (in-the-money) value at year-end .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Total Beneficial Ownership (shares) | 512,720 (22,763 owned; 489,957 acquirable within 60 days) |
| Ownership % of Outstanding Shares | <1% |
| Exercisable vs. Unexercisable Options | Detailed by grant; 2020 grant 250,000 fully vested; newer grants partially vested |
| Unvested RSUs (and Market Value) | 3,875 ($57,699), 17,000 ($253,130), 16,500 ($245,685) |
| Pledging/Hedging | Insider Trading Policy prohibits short sales and derivatives (puts/calls); no pledging disclosure found . |
| Ownership Guidelines | Not disclosed in proxy . |
Employment Terms
| Provision | Not in CoC Termination | Change-in-Control (Double Trigger) |
|---|---|---|
| Cash Severance ($) | 510,000 | 1,020,000 (24 months base) |
| Bonus ($) | 229,500 (discretionary) | 229,500 (100% target) |
| Health Benefits ($) | 47,828 | 95,657 |
| Equity Acceleration ($) | — | 556,514 (full acceleration) |
| Total ($) | 787,328 | 1,901,671 |
| Triggers/Definitions | “Cause,” “Good Reason,” and CoC defined; 24-month severance + full equity vesting with termination without cause or for good reason within 12 months post-CoC . | |
| Clawback Policy | Executives subject to recoupment for excess incentive comp upon covered financial restatement . | |
| Insider Trading Restrictions | No short sales, derivatives, or borrowing to purchase securities . |
Compensation Committee Analysis
- Peer group used (oncology-focused, late-stage biopharma, $0.5–$5B market cap; NorCal preference) included Agios, Arrowhead, BridgeBio, Cytokinetics, Day One, Denali, Editas, ImmunityBio, Intellia, Iovance, Kura, Mirati, Prothena, REGENXBIO, SpringWorks, Syndax, Xencor; changes year-over-year noted .
- Committee engages Radford as independent compensation consultant; committee composed of independent directors, chaired by Dr. Kaneko .
Say-on-Pay & Shareholder Feedback
- 2024 Say-on-Pay: ~96% approval for 2023 NEO compensation, reinforcing pay-for-performance approach .
Expertise & Qualifications
- Education: B.B.A. (Emory), M.B.A. (UCLA Anderson), CPA (inactive) .
- Technical/Industry: Extensive biotech/pharma finance, IR, strategic planning, capital markets; prior roles at Amgen, Onyx, CytomX, UNITY .
- Tenure at Arcus: CFO since August 2020 .
Work History & Career Trajectory
See Past Roles table; progression from audit to Big Biopharma finance leadership; multiple public-company CFO roles and post-acquisition integration experience .
Risk Indicators & Red Flags
- Hedging/derivative transactions prohibited; no pledging disclosure—monitor future proxies for pledging specifics .
- No tax gross-ups disclosed in NEO compensation tables .
- Options largely underwater at 12/31/2024 price—retention depends more on RSU vesting and long-term value creation .
Investment Implications
- Alignment: Cash mix is moderate (base $510k, bonus $230k) with substantial equity at-risk (2024 options/RSUs grant-date fair value ~$1.27M), largely performance/retention oriented; double-trigger CoC with full vesting moderates transition risk while preserving alignment .
- Retention/Selling Pressure: RSUs vest annually (Dec 15) across 2022–2024 grants with aggregate unvested ~37,375 units at YE 2024—predictable release schedule could create periodic selling pressure absent 10b5-1 plans .
- Execution Record: CFO facilitated capital runway to mid-2027 and portfolio-aligned scenario planning—supports ability to fund pivotal programs (STAR-221, PRISM-1, PEAK-1) without near-term liquidity strain .
- Performance Context: TSR compressed through 2024 while revenues rose; upside hinges on clinical readouts and potential commercialization—equity-heavy comp maintains alignment with long-term value creation .