Lisa Rojkjaer
RIGEL PHARMACEUTICALSAbout Lisa Rojkjaer
Lisa Rojkjaer, M.D., age 59 as of March 25, 2025, serves as Executive Vice President and Chief Medical Officer at Rigel Pharmaceuticals; she joined in March 2024 and holds an M.D. from the University of Toronto with internal medicine and hematology fellowships . Her background spans clinical development and medical affairs leadership across biotechnology and pharma, including leading development and supporting regulatory approval of Novartis’ Rydapt (FLT3+ AML), and serving as CMO at Sangamo, Viracta, Nordic Nanovector, and Molecular Partners, plus senior roles at MorphoSys and Novo Nordisk . Rigel’s executive pay program ties variable compensation to corporate performance goals (net sales growth, clinical development and regulatory milestones, business development, expense management, cash position, and pipeline) with anti-hedging/pledging and clawback policies aligning incentives with long-term value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sangamo Therapeutics | Chief Medical Officer | — | Led clinical development; executive leadership in gene/cell therapy programs |
| Viracta Therapeutics | Chief Medical Officer | — | Led clinical and regulatory strategies in hematology/oncology |
| Nordic Nanovector | Chief Medical Officer | — | Led clinical and regulatory strategies across hematology/oncology |
| Novartis Pharmaceuticals | Global Clinical Program Head | — | Led development and supported regulatory approval of Rydapt (FLT3+ AML) |
| Molecular Partners | Chief Medical Officer | — | Senior clinical leadership in oncology; program oversight |
| MorphoSys AG | Vice President, Head of Clinical Development | — | Directed clinical development; hematology/oncology portfolio |
| Novo Nordisk | Director of Clinical Development; Head, Global Medical Affairs, Biopharmaceuticals | — | Led global medical affairs in biopharma; clinical development leadership |
Fixed Compensation
| Component (FY2024) | Amount |
|---|---|
| Base Salary | $495,000 |
| Target Bonus % | 50% of base salary |
| Target Bonus $ | $200,034 |
| Actual Bonus Paid (2024 performance) | $221,038 |
| Sign-on Bonus | $50,000 |
- No material perquisites; no service-based defined benefit pension plan; no change-in-control tax gross-ups .
Performance Compensation
2024 Cash Incentive Plan
| Metric | Weighting | Target/Framework | Actual Achievement | Payout Impact |
|---|---|---|---|---|
| Corporate performance (net sales growth; clinical and regulatory milestones; BD; expense mgmt; cash; pipeline) | 70% (non-CEO NEOs) | Committee-approved annual goals | Corporate bonus achievement 115% | Contributed to $221,038 payout |
| Individual performance | 30% (non-CEO NEOs) | Role/department-specific goals | 100% (Dr. Rojkjaer) | Contributed to $221,038 payout |
2024 Equity Awards (Inducement Plan; post-reverse split figures)
| Award Type | Grant Date | Number of Options | Exercise Price | Expiration | Grant-Date Fair Value | Vesting Schedule |
|---|---|---|---|---|---|---|
| Time-based stock options | 3/27/2024 | 18,750 | $14.90 | 3/27/2034 | $215,438 | 25% vests on March 11, 2025; remaining vest in 36 equal monthly installments thereafter |
| Performance-based stock options (Tranche A) | 3/27/2024 | 9,375 | $14.90 | 3/27/2034 | $107,719 | Vest upon achievement of defined performance milestones (net product sales goals or significant corporate development milestone via acquisition/licensing) |
| Performance-based stock options (Tranche B) | 3/27/2024 | 9,375 | $14.90 | 3/27/2034 | $107,719 | Vest upon achievement of defined performance milestones (sales or corporate development) |
- Press release also disclosed inducement grants of 187,500 time-based options and 187,500 performance-based options on March 27, 2024, vesting over four years with a one-year cliff; proxy adjusts counts for the June 27, 2024 reverse split .
- No RSUs were granted to Dr. Rojkjaer as part of her new hire awards (her package consisted entirely of options) .
- No performance-based options for Dr. Rojkjaer vested in 2024 (table shows “—”) .
Equity Ownership & Alignment
| Item (as of Jan 31, 2025 unless noted) | Value |
|---|---|
| Total beneficial ownership (shares) | 25,226 |
| Ownership % of outstanding shares | <1% (less than one percent) |
| Options exercisable within 60 days | 5,509 |
| Unexercisable time-based options outstanding | 18,750 |
| Unearned performance-based options outstanding | 9,375 + 9,375 |
| Unvested RSUs | None disclosed for Dr. Rojkjaer |
| Anti-hedging/pledging | Company policy prohibits hedging, short sales, options trading, margin accounts, and pledging of company stock |
| Clawback policy | Recoupment of incentive comp over prior 3 years upon financial restatement due to material noncompliance |
Employment Terms
| Term | Provision |
|---|---|
| Start Date / Role | Appointed EVP & Chief Medical Officer in March 2024 |
| Offer Letter | Provided with initial base salary, annual bonus target, initial equity grant, severance eligibility, and standard benefits; includes $50,000 sign-on bonus |
| Severance Plan (Non-COC Qualifying Termination) | 12 months salary continuation; employer portion of COBRA for Severance Period; accelerate time-based equity that would vest during Severance Period; extend performance-based award term by up to 24 months so awards vest if goals achieved; extend option exercise period to earlier of 24 months or original expiry |
| Severance Plan (COC Qualifying Termination; double trigger) | Lump-sum cash equal to 2.5×(Base Salary + Eligible Bonus); employer portion of COBRA for up to 18 months; acceleration of all compensatory equity awards; extend option exercise period to earlier of 1 year or original expiry |
| Tax Gross-Ups | No change-in-control related tax gross-ups |
2024 Potential Payments (Hypothetical Termination at Dec 31, 2024)
| Scenario | Health Care Benefits ($) | Salary and Bonus ($) | Equity Acceleration ($) |
|---|---|---|---|
| Non-COC Qualifying Termination | $29,490 | $495,000 | $33,738 |
| COC Qualifying Termination | $44,235 | $1,856,250 | $72,000 |
Investment Implications
- Pay-for-performance alignment: 2024 bonus determination tied to corporate goals (115% achievement) and individual performance (100%), with new hire equity entirely in options and half subject to challenging performance milestones (net sales thresholds and M&A/licensing), supporting linkage to commercial execution and BD outcomes .
- Near- to mid-term vesting/supply dynamics: Time-based options have a one-year cliff (25% vested on March 11, 2025) and monthly vest thereafter, creating predictable incremental potential sellable supply; performance tranches vest only upon specified sales/deal milestones, delaying potential selling pressure absent milestones .
- Ownership/retention risk: Beneficial ownership is <1% (25,226 shares) with 5,509 options near-term exercisable as of Jan 31, 2025; robust severance (2.5× salary+bonus under double-trigger CoC; 12 months salary continuation non-CoC plus equity treatment and extended option windows) reduces departure risk and incentivizes continuity through strategic transactions .
- Governance safeguards: Anti-hedging and anti-pledging policies, clawback provision, and lack of CIC tax gross-ups mitigate alignment red flags and compensation risk; strong say‑on‑pay support (2025 advisory vote approved) underscores shareholder acceptance of program design .
Overall, Rojkjaer’s incentive mix skews to options with performance gates linked to revenue and business development, aligning her upside with execution on commercial growth and strategic deals, while time-based vesting introduces an expected cadence of potential selling capacity; governance controls and severance mechanics support retention and investor alignment .