Craig Malzahn
REGENXBIOAbout Craig Malzahn
Craig Malzahn is Executive Vice President, Product Development and Chief Technology Officer at REGENXBIO, appointed in March 2025; he joined the company in November 2019 and is 52 years old . He holds an M.S. in Biotechnology from Johns Hopkins University and a B.S. in Biology from Virginia Tech, with deep technical and operations experience across biopharma manufacturing and supply chain . Company performance context: REGENXBIO reported FY 2024 revenue of $83.3M and net loss of $227.1M, ended 2024 with $244.9M cash, and disclosed cumulative TSR of 18.87 for 2024; in March 2025 the company closed a $110M upfront strategic partnership with Nippon Shinyaku, strengthening cash runway into 2H 2026 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| GlaxoSmithKline (GSK) | Vice President & Site Head | Jan 2017–Oct 2019 | Led site operations and biopharma technology functions supporting manufacturing scale-up and tech operations . |
| GSK | Director, BioPharmaceutical Technology | Apr 2016–Dec 2016 | Directed biopharma technology initiatives underpinning process and platform improvements . |
| GSK | Director, Supply Chain | Dec 2012–Mar 2016 | Managed supply chain for biologics; oversight of materials, logistics, and continuity . |
| Human Genome Sciences (HGS) | Senior Director, Supply Chain; prior roles | Nov 2003–Nov 2012 | Led supply chain during HGS integration into GSK, ensuring operational continuity . |
| Baxter; North American Vaccines | Manufacturing roles | Not disclosed | Hands-on manufacturing experience across vaccine and biologics operations . |
External Roles
None disclosed in the company’s 2025 proxy or recent 8‑K filings for Craig Malzahn .
Fixed Compensation
- Individual compensation details (base salary, target bonus, 2025 grants) for Craig Malzahn are not disclosed in the 2025 proxy or recent 8‑Ks; he was promoted in March 2025, and the corporate update notes his elevation but does not provide compensation terms .
Performance Compensation
- Company performance framework (applies to NEOs; Craig’s specific plan not disclosed): annual cash incentives use a corporate performance multiplier (0–200%) and an individual performance multiplier (0–200%) with caps to discourage excessive risk-taking .
- 2024 corporate objectives and weightings used for NEO payouts (context for pay-for-performance design):
| Corporate Objective | Weighting (% of Corporate Objectives) |
|---|---|
| Deliver milestones for ABBV‑RGX‑314, RGX‑202, RGX‑121 | 60% |
| Maintain financial strength into 2026 | 25% |
| Execute strategic partnerships for RGX‑121 and deprioritized programs | 10% |
| Increase value of early portfolio and NAV Platform | 5% |
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2024 corporate performance was assessed at 100% of target; objective-level achievement: 55% (milestones), 25% (financial strength), 15% (partnerships), 5% (portfolio/NAV) .
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Equity design principles (standard across executives): annual options typically vest 25% at 12 months, then monthly over 36 months; RSUs vest 25% annually over four years; double-trigger acceleration upon qualifying change-in-control termination; clawback applies to incentive-based comp tied to financial reporting or stock price/TSR .
Equity Ownership & Alignment
- Individual beneficial ownership for Craig Malzahn is not itemized in the 2025 proxy security ownership table; only directors/NEOs are listed individually; executive officers as a group are summarized, but Malzahn is not broken out .
- Anti-hedging/pledging: executives are prohibited from hedging and short sales; pledging company stock requires prior approval; no pledging by Malzahn is disclosed .
- Equity plan and vesting discipline: 2025 Equity Incentive Plan proposes 5.5M shares with minimum one-year vesting on awards (except up to 5% of pool), prohibits repricing/exchange of options/SARs without shareholder approval, and limits liberal share recycling; term 10 years (to May 2035) .
- Underwater options reduce near-term selling pressure: as of Dec 31, 2024, ~9.93M of 9.99M options were out-of-the-money; weighted-average exercise price $29.48 vs stock price $7.73, implying significant retentive equity optionality rather than realizable gains in the short term .
Employment Terms
| Term | Company Standard for Executives (context) |
|---|---|
| Start date at REGENXBIO | November 2019 (EVP-level since Mar 2025) . |
| Role appointment | EVP, Product Development & CTO – March 2025 . |
| Severance (without cause/good reason) | 12 months base salary; COBRA premiums for 9 months (12 months if coincident with change-in-control); target bonus component included under change-in-control (monthly over 12 months) . |
| Change-in-control vesting | Double-trigger acceleration for unvested options/RSUs upon post‑CIC termination without cause or resignation for good reason . |
| Non‑compete / non‑solicit | Standard proprietary information and inventions agreement includes prohibition for one year after termination on soliciting employees/customers and competing against the company . |
| Clawback | Company clawback enables recovery of incentive-based compensation upon accounting restatements (TSR/stock price/financial measures) over a 3‑year lookback . |
| Insider trading policy | Blackout windows, pre‑clearance for certain officers, and prohibition against trading while in possession of MNPI; policy located in 2024 10‑K exhibits . |
Note: Craig’s specific employment agreement is not disclosed; table reflects company-standard executive terms from the proxy’s NEO section.
Performance & Track Record
- Company pipeline progress linked to executive team execution: BLA for RGX‑121 submitted with potential FDA approval in 2H 2025; RGX‑202 pivotal trial ~50% enrolled with BLA targeted mid‑2026; ABBV‑RGX‑314 pivotal wet AMD data expected in 2026; strategic partnership with Nippon Shinyaku closed ($110M upfront; up to $700M milestones) .
- FY 2024 financials and cash runway strengthen execution capacity: $83.3M revenue; $227.1M net loss; $244.9M cash at YE 2024; cash plus partnership upfront funds operations into 2H 2026 .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD Millions) | $90.2 | $83.3 |
| Net Loss ($USD Millions) | $(263.5) | $(227.1) |
| Ending Cash, Cash Equivalents & Marketable Securities ($USD Millions) | $314.1 | $244.9 |
| Cumulative TSR (Index, base $100 Dec 2019) | 43.81 | 18.87 |
Board Governance (context)
- Compensation Committee: Chair Daniel Tassé; members Alexandra Glucksmann, Ph.D., and A.N. “Jerry” Karabelas, Ph.D.; 8 meetings in 2024; Willis Towers Watson serves as independent consultant (assessed independent; advises on peer group and compensation) .
- Audit Committee: Chair George Migausky; members Jennifer Zachary and David C. Stump, M.D.; Migausky is an “audit committee financial expert” .
- Lead Independent Director role is established (Daniel Tassé since July 1, 2024) .
Compensation Peer Group (benchmarking context)
| Peer Company |
|---|
| 2seventy bio, Inc. |
| Agios Pharmaceuticals, Inc. |
| bluebird bio, Inc. |
| Blueprint Medicines Corporation |
| CRISPR Therapeutics AG |
| Denali Therapeutics Inc. |
| Editas Medicine, Inc. |
| MacroGenics, Inc. |
| MeiraGTx Holdings plc |
| Mirati Therapeutics, Inc. |
| PTC Therapeutics, Inc. |
| Sangamo Therapeutics, Inc. |
| Supernus Pharmaceuticals, Inc. |
| Ultragenyx Pharmaceutical Inc. |
| uniQure N.V. |
SAY‑ON‑PAY & Shareholder Feedback
- Board recommends “For” the advisory vote on executive compensation and “One Year” for the frequency of advisory votes; the company holds annual advisory votes per prior shareholder preference (2019) .
Compensation Structure Analysis (management confidence signals)
- Equity-heavy compensation design with strict vesting schedules and clawback reflects pay-for-performance alignment; options/RSUs vest over 4 years with double-trigger CIC acceleration and a clawback for restatements .
- 2025 Equity Plan removes evergreen increases and adds minimum vesting and anti-repricing provisions, signaling discipline and shareholder alignment .
- Underwater option overhang (>99% OTM as of year-end 2024) suggests retention focus via future equity grants rather than realizable gains from legacy options .
Related Party Transactions; Risk Indicators
- No related party transactions >$120,000 involving directors/executives in 2024 .
- Cybersecurity oversight with no material cyber breaches disclosed; board-level risk management processes in place .
- Anti-hedging and pledging restrictions reduce misalignment and speculative risk .
- Clawback policy in place for incentive compensation tied to financial reporting or market metrics .
Expertise & Qualifications
- Technical expertise in biotechnology manufacturing, supply chain, and product development; senior leadership roles at GSK and HGS; degree credentials in biotechnology and biology .
Work History & Career Trajectory
- Progression from manufacturing and supply chain roles (Baxter, North American Vaccines) to senior leadership (HGS; GSK site head) and then EVP/CTO at REGENXBIO, indicating a trajectory toward operational excellence and product development leadership .
Employment Terms
- Appointment as EVP, Product Development and CTO in March 2025; company standard executive terms include 12 months salary continuation on termination without cause/good reason, and double-trigger CIC acceleration, plus one-year non-solicit/non-compete under proprietary information agreement; clawback applies to incentive comp .
Investment Implications
- Retention risk appears manageable: most legacy options are underwater, reducing near-term selling pressure; new 2025 equity plan adds minimum vesting and prohibits repricing, aligning retention with performance and shareholder interests .
- Execution leverage: Malzahn’s operations/manufacturing background aligns with late-stage and pre-commercial needs as RGX‑121 approaches potential approval in 2H 2025 and RGX‑202 advances toward mid‑2026 BLA; partnership capital ($110M upfront) supports scale-up and commercialization infrastructure .
- Governance safeguards (clawback, anti-hedging/pledging, independent comp consultant) and defined CIC/dismissal economics reduce misalignment and limit perverse incentives during pivotal commercialization phases .