John Moriarty
About John Moriarty
John B. Moriarty, Jr., J.D. is Chief Legal Officer and Corporate Secretary of Avidity Biosciences (RNA), serving since August 2024; he is 57 and holds a B.A. from the University of Virginia and a J.D. cum laude from the University of Georgia School of Law . Company pay-versus-performance disclosures show 2024 cumulative TSR of 162 versus peer index TSR of 117 and net loss of $322,302K, framing the operating backdrop during his initial tenure . Avidity states it does not use financial performance measures (e.g., revenue/EBITDA) to set executive compensation beyond stock price; PSUs and equity value are tied to pipeline milestones and market price, not to accounting metrics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Avidity Biosciences | Chief Legal Officer & Corporate Secretary | Aug 2024–present | Corporate legal leadership and secretary role |
| Mirati Therapeutics | EVP, Chief Legal Officer & Corporate Secretary | May 2023–Jan 2024 | Tenure concluded with Mirati’s acquisition by Bristol-Myers Squibb in Jan 2024 |
| Olema Pharmaceuticals | EVP, Chief Legal Officer & Corporate Secretary | Sep 2020–Apr 2023 | Executive legal leadership |
| Portola Pharmaceuticals | EVP, General Counsel & Secretary | Mar 2018–Jul 2020 | Company acquired by Alexion in July 2020 |
| Alexion Pharmaceuticals | SVP & General Counsel; then EVP & General Counsel | Dec 2012–Feb 2018 | Enterprise GC roles during growth and acquisition activity |
| Elan Corporation plc | General Counsel & SVP (served at Elan from Dec 2008) | Mar 2010–Dec 2012 | GC of NYSE-/ISE-listed pharma company |
| Amgen | Executive Director & Associate GC; Senior Counsel | 2002–2008 | Global commercial operations and complex litigation |
| U.S. Attorney’s Office & Virginia AG | Healthcare fraud prosecutor | 1994–1999 | Government enforcement and healthcare law expertise |
| Private Practice (national law firm) | Attorney | 1999–2002 | Healthcare-focused private practice |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No external public-company directorships disclosed in the proxy |
Fixed Compensation
| Component | 2024 Detail | Evidence |
|---|---|---|
| Annual Base Salary (rate) | $500,000; joined Aug 1, 2024 | |
| Salary Earned (2024) | $208,333 (partial year) | |
| Target Bonus % | 40% of base salary | |
| Actual Bonus Paid (2024) | $168,800 | |
| All Other Compensation (2024) | $14,789 (includes life insurance $596, 401(k) match $13,443, WFH stipend $750) |
Bonus framework: 2024 annual incentives tied to corporate goals paid at 150% of target at the corporate level; final payouts are set by the Human Capital Management Committee .
Performance Compensation
Annual Bonus (2024)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Corporate performance goals (Board-approved) | Not disclosed | 40% of base salary | $168,800 | Committee determined; corporate factor paid 150% of target | Cash bonus (no vesting) |
Equity Awards (2024 Grants)
| Instrument | Grant Date | Shares/Options | Grant-Date Fair Value ($) | Strike/Terms | Expiration | Vesting |
|---|---|---|---|---|---|---|
| Stock Options | 8/1/2024 | 160,000 | 5,081,184 | $44.57 per share | 8/1/2034 | 25% at 1-year then monthly to 4 years (accelerated in certain cases) |
| RSUs | 8/1/2024 | 25,000 | 1,114,250 | N/A | N/A | Equal annual installments over 4 years (accelerated in certain cases) |
| PSUs (Special award) | 10/30/2024 | 72,000 | 3,111,840 | N/A | N/A | Three equal tranches upon achieving del-desiran, del-brax, del-zota goals by 12/31/2029; eligible to vest in full on change of control |
Equity vehicles: Avidity’s 2024 program mixes options (~80% value) and RSUs (~20%), with PSUs tied to key pipeline milestones; exercise price set at FMV on grant date . 2024 special PSUs were retention/incentive awards aligned to three potential commercial launches and vest fully on change in control .
Equity Ownership & Alignment
| Item | Detail | Evidence |
|---|---|---|
| Beneficial Ownership (4/17/2025) | Not listed (—) for Moriarty; less than 1% for other NEOs shown | |
| Options Outstanding (12/31/2024) | 160,000 unexercisable at $44.57; none exercisable | |
| RSUs Outstanding (12/31/2024) | 25,000 unvested; market value $727,000 at $29.08 | |
| PSUs Outstanding (12/31/2024) | 72,000 unearned; market/payout value $2,093,760 at $29.08 | |
| In-the-money Status (12/31/2024) | Company FMV $29.08 vs option strike $44.57 → options out-of-the-money | |
| Hedging/Pledging | Hedging and pledging prohibited under Insider Trading Policy |
Vesting cadence: RSUs vest in annual installments on the anniversaries of the Aug 1, 2024 grant date; options vest monthly after a one-year cliff; PSUs vest on milestone achievement or fully on change-in-control .
Employment Terms
| Term | Outside CIC Termination (Without Cause/Good Reason) | CIC-Related Termination (Double Trigger, within 59 days before or 24 months after CIC) | CIC (No Termination) |
|---|---|---|---|
| Cash Severance | $500,000 lump sum | $1,050,000 lump sum (18 months base) + 150% target bonus + prorated target bonus | — |
| Health Benefits (COBRA) | $32,193 value (up to 12 months) | $48,289 value (up to 18 months) | — |
| Equity Acceleration | None (time-based awards not accelerated) | Accelerated vesting of unvested time-based options/RSUs; PSUs vest at target on CIC | Accelerated PSU value $2,093,760 |
| Total (as of 12/31/2024) | $532,193 | $3,919,049 | $2,093,760 |
Definitions: “Good reason” includes material reduction in salary/bonus or duties, relocation >50 miles, or material breach; “Cause” defined per NEO agreements; double-trigger cash severance (no single-trigger cash) is standard .
Compensation Committee Analysis
- Peer benchmarking: Alpine Rewards advised the Human Capital Management Committee (HCMC); 20-company peer group (e.g., Kymera, Beam, Crinetics, Vaxcyte, Rocket) selected in Sept 2023 based on market cap, stage, headcount, geographies; target total compensation typically between 50th–75th percentile .
- Pay practices: Emphasis on at-risk pay; multi-year vesting; double-trigger CIC cash severance; clawback policy adopted Sept 2023 under SEC/Nasdaq rules; no post-employment tax gross-ups; hedging prohibited .
- Say-on-Pay: 98.5% approval for 2024 compensation program .
Investment Implications
- Equity-heavy package with options struck at $44.57 currently out-of-the-money relative to $29.08 year-end price, reducing near-term option exercise-driven selling pressure; RSU annual vesting and PSU milestone tranches are the primary potential sources of insider share delivery/selling flow .
- Special 2024 PSU award (72,000 units) ties payout to del-desiran, del-brax, del-zota milestones and fully vests on change-in-control, creating strong alignment with pipeline execution and potential M&A outcomes; vesting must occur by 12/31/2029 .
- Beneficial ownership shows no reported holdings for Moriarty as of April 17, 2025, implying alignment is primarily via unvested equity rather than current share ownership; hedging/pledging prohibited mitigates misalignment risk .
- Double-trigger severance and equity acceleration provide retention through uncertainty but also create defined payout structures in a CIC, relevant for traders evaluating deal-probability signals tied to PSU vesting mechanics and executive retention incentives .