David Angulo
SCYNEXISAbout David Angulo
David Angulo, M.D. (age 60) is SCYNEXIS’s Chief Executive Officer, President, and a Director; he joined the company in 2015 as Chief Medical Officer and became CEO and Director effective January 1, 2023 . An infectious disease specialist with 20+ years in drug development, he previously held senior roles at Brickell Biotech (VP R&D), Stiefel Laboratories (a GSK company), and led anti-infectives programs at Schering-Plough; he earned his medical degree from Universidad de Guadalajara with post-graduate training in pediatrics and infectious diseases . SCYNEXIS reports cumulative TSR of $19.84 (from a fixed $100 starting 12/31/2021) in 2024 (vs. $36.56 in 2023) and net loss of $21.3M in 2024 (vs. net income of $67.0M in 2023), providing recent context for pay-versus-performance alignment . The Board maintains an independent Chair (Guy Macdonald) separate from the CEO role; Angulo is not considered an independent director under Nasdaq rules, which mitigates dual-role governance concerns through independent board leadership and committees .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SCYNEXIS | Chief Medical Officer | 2015–2022 (joined 2015; CMO prior to CEO) | Led clinical development of anti-infective programs; foundation for subsequent CEO role . |
| Brickell Biotech | Vice President, Research & Development | Not disclosed | Led R&D at a dermatology-focused biotech, bringing late-stage development experience . |
| Stiefel Laboratories (GSK) | Senior clinical and medical department leadership | Not disclosed | Ran clinical/medical groups, scaling dermatology portfolio execution under GSK . |
| Schering-Plough Research Institute | Senior roles in anti-infectives development | Not disclosed | Responsible for several anti-infective development programs . |
| Pediatric Hospital | Infectious disease physician | Not disclosed | Clinical grounding in infectious diseases . |
External Roles
No current public company directorships or external board roles for Dr. Angulo were disclosed .
Fixed Compensation
- Base salary: $601,000 for 2024; increased to $631,050 effective January 2025 .
- Retirement/benefits: Standard employee plans plus 401(k) match; 2024 match of $10,350 disclosed in “All Other Compensation” .
| Year | Base Salary ($) | 401(k) Company Match ($) |
|---|---|---|
| 2023 | 565,000 | 38,029 |
| 2024 | 595,334 | 10,350 |
| 2025 (set) | 631,050 | Not disclosed |
Performance Compensation
Annual Cash Incentive (CEO)
| Metric | Weighting | Target | Actual | Payout ($) | Notes/Vesting |
|---|---|---|---|---|---|
| Corporate goals (R&D, finance and other milestones) | 100% | 55% of base salary | 93% of target achieved | 307,412 | Annual cash bonus based on corporate score; CEO tied entirely to corporate goals . |
Long-Term Equity Awards (granted in 2024)
| Award Type | Grant Detail | Vesting | Strike/Start | Notes |
|---|---|---|---|---|
| RSUs | 290,590 shares | One-third per year on anniversary over 3 years, measured from Feb 15, 2024 | Start: Feb 15, 2024 | Retention-focused; service-based vesting . |
| Stock Options | 431,030 shares | Monthly over 48 months from grant | Exercise price $1.86; grant Jan 26, 2024; expiry Jan 25, 2034 | Aligns with long-term value; 10-year term shown in outstanding table . |
| Performance RSUs (2023 grant) | 200,000 unearned units (at 12/31/2024) | Vest upon achievement of specified clinical and regulatory milestones by set dates | N/A | Performance-contingent equity; valued at $242,000 at 12/31/2024 price for disclosure . |
Equity Ownership & Alignment
- Beneficial ownership: 811,648 shares (2.05% of outstanding); includes 511,369 shares acquirable within 60 days via options/warrants .
- Unvested equity at 12/31/2024: RSUs 73,333 (prior grants) and 290,590 (2024 grant); Performance RSUs 200,000 unearned .
- Hedging/pledging: Company policy prohibits short sales, options, hedging, margin accounts, and pledging for all directors and employees (reduces alignment risk) .
| Ownership Detail | Amount |
|---|---|
| Beneficially owned shares | 811,648 (2.05%) |
| Shares acquirable within 60 days | 511,369 |
| Unvested RSUs (legacy) | 73,333 |
| Unvested RSUs (2024 grant) | 290,590 |
| Performance RSUs (unearned) | 200,000 |
Potential selling pressure considerations:
- RSUs vest annually each Feb 15, 2025/2026/2027 for the 2024 grant, creating episodic settlement/withholding needs around those dates .
- Options vest monthly through Jan 2028 for the 2024 grant, a gradual source of incremental tradable shares; many older options carry higher strikes and may be out-of-the-money relative to year-end 2024 reference price ($1.21 used for award valuation disclosures) .
Outstanding Option Grants (as of 12/31/2024)
| Exercisable | Unexercisable | Exercise Price | Expiration |
|---|---|---|---|
| 12,500 | — | $86.50 | 6/3/2025 |
| 7,000 | — | $40.50 | 3/31/2026 |
| 13,999 | — | $30.20 | 1/30/2027 |
| 19,999 | — | $16.90 | 2/9/2028 |
| 14,999 | — | $13.80 | 2/15/2029 |
| 44,999 | — | $8.63 | 1/30/2030 |
| 63,645 | 1,355 | $7.47 | 1/28/2031 |
| 60,208 | 24,792 | $4.60 | 2/3/2032 |
| 79,062 | 41,250 | $1.56 | 1/1/2033 |
| 89,797 | 341,233 | $1.86 | 1/25/2034 |
Employment Terms
- Employment agreement (Jan 2023): Base salary initially $565,000 (since raised), target annual bonus up to 55% of base, and equity eligibility; confidentiality/invention/non-compete agreement incorporated .
- Severance (termination without “just cause” or resignation for “good reason”):
- Outside CIC period: 18 months of base salary (lump sum on day 60), equity vesting credit of 18 months, and up to 18 months COBRA subsidy for Angulo .
- Within 12 months after a CIC: 24 months of base salary (lump sum on day 60), full equity acceleration, and up to 24 months COBRA subsidy (double-trigger) .
- 280G “better after-tax” cutback: pay reduced or paid in full, whichever yields greater after-tax value to the executive .
- Definitions of “change in control,” “just cause,” and “good reason” are specified in the proxy .
Board Service and Governance
- Board service: Director since January 2023; not independent (management director) .
- Board roles/committees: No committee assignments disclosed for Angulo; standing committees (Audit, Compensation, Nominating & Governance) are fully independent .
- Leadership: Independent Chair (Guy Macdonald) separate from CEO; independent director executive sessions held as required .
- Attendance: Board met five times in 2024; all directors attended at least 75% of meetings for their service .
- Compensation governance: Compensation Committee (independent) engages Pearl Meyer for benchmarking and equity guidelines; emphasis on equity-heavy pay mix and risk review deemed not likely to cause material adverse effects .
Multi‑Year Compensation (Summary)
| Year | Salary ($) | Stock Awards ($) | Option Awards ($) | Non‑Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2023 | 565,000 | 171,600 | 175,081 | 265,000 | 38,029 | 1,214,710 |
| 2024 | 595,334 | 540,497 | 574,261 | 307,412 | 10,350 | 2,027,854 |
Pay versus performance context (company-level):
- 2024: CEO “compensation actually paid” $1,425,058; TSR value $19.84; net loss $21.3M .
- 2023: CEO “compensation actually paid” $1,494,868; TSR value $36.56; net income $67.0M .
Risk Indicators and Red Flags
- Hedging/pledging: Prohibited under Insider Trading Policy (mitigates misalignment and forced-sale risk) .
- Related-party transactions: None reported with executives/directors since January 1, 2023, other than standard compensation .
- Equity award timing: No policy to time grants around MNPI; no grant timing to influence compensation value disclosed .
Equity Vesting Schedules (Selected)
- RSUs (2024 grant): One-third vests on each anniversary from Feb 15, 2024 (expected vest dates Feb 15, 2025/2026/2027, equal tranches) .
- Options (2024 grant): Vest monthly over 48 months from Jan 26, 2024; strike $1.86; expire Jan 25, 2034 .
- Performance RSUs (2023 grant): 200,000 units vest only upon meeting specified clinical and regulatory milestones by stated dates .
Investment Implications
- Alignment and retention: High equity mix (sizeable RSU and option grants) with multi-year vesting promotes retention; performance RSUs add goal-contingent upside, though specific metric details are not disclosed publicly .
- Potential selling pressure: Annual RSU vesting dates (Feb 15) and ongoing monthly option vesting can introduce periodic liquidity events; many legacy options sit at higher strikes, limiting near-term in-the-money realizations at the 12/31/2024 reference price .
- Change-of-control economics: Robust double-trigger protection (24 months salary, full acceleration, and 24 months COBRA) can incentivize transaction neutrality but introduces potential parachute optics; 280G “better after-tax” provision avoids gross-ups while optimizing after-tax value .
- Governance quality: Independent Chair and fully independent key committees mitigate dual-role risks from CEO board service; no related-party transactions and anti-hedging/pledging policy support shareholder alignment .
- Pay-for-performance: 2024 corporate score at 93% and TSR decline vs. 2023 reflect operating and share performance volatility typical in development-stage biotech; continued emphasis on milestone-based PSUs should be monitored for hurdle rigor and disclosure clarity .