Jae Kim
About Jae Kim
Jae B. Kim, M.D., is Septerna’s Chief Medical Officer, officer since 2024 and age 55 as of April 21, 2025; he joined in September 2024 under an offer letter dated September 4, 2024 with at‑will terms, initial base salary and target bonus, and a $50,000 sign‑on bonus . Dr. Kim is a board‑certified cardiologist; he received a B.A. in Biological Sciences and an M.D. from Cornell, completed a post‑doctoral fellowship in Genetics at Harvard Medical School, trained in Cardiovascular Disease at Brigham and Women’s Hospital and Massachusetts General Hospital, and served on the Faculty of Medicine at Harvard and Brigham before entering industry . 2024 corporate performance objectives (program, platform, finance/business development) were determined at 133% of target, underpinning discretionary annual bonus payouts; Dr. Kim’s bonus was pro‑rated for partial‑year service .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Design Therapeutics, Inc. (Nasdaq: DSGN) | Chief Medical Officer; currently clinical development consultant | Jan 2022–Sep 2024; consultant current | Led clinical development; continues advising on clinical strategy |
| Avidity Biosciences, Inc. (Nasdaq: RNA) | Chief Medical Officer | Jul 2020–Aug 2021 | Advanced clinical programs in RNA‑based therapeutics |
| Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY) | Clinical Research Head; Chair, Clinical Trial Review Board; VP, Clinical Development | Feb 2016–Jul 2020 | Oversaw development across inborn errors of metabolism, cardiology, neurology, infectious disease |
| MyoKardia, Inc. (acquired by Bristol‑Myers Squibb) | Roles of increasing responsibility | Nov 2014–Jan 2016 | Contributed to cardiovascular therapy development in a clinical‑stage setting |
| Amgen, Inc. (Nasdaq: AMGN) | Roles of increasing responsibility | Dec 2008–Oct 2014 | Broad biotechnology operating experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Design Therapeutics, Inc. | Clinical development consultant | Current (as of proxy date) | Advises on clinical development execution |
| Harvard Medical School & Brigham and Women’s Hospital | Faculty of Medicine; NIH‑funded Principal Investigator | Prior | Academic research and clinical leadership in cardiology/genetics |
Fixed Compensation
| Year | Base Salary Rate ($) | Salary Paid ($) | Target Bonus (%) | Actual Cash Bonus ($) | Sign‑On Bonus ($) | 401(k) Match ($) | Notes |
|---|---|---|---|---|---|---|---|
| 2024 | 465,000 | 125,057 | 35% | 58,117 | 50,000 | 3,000 | Bonus and salary pro‑rated for partial‑year service |
Performance Compensation
| Year | Incentive Type | Metric(s) | Target | Actual/Outcome | Payout ($) | Vesting |
|---|---|---|---|---|---|---|
| 2024 | Annual cash bonus | Corporate goals: program, platform, finance/business development | Company‑set targets (not disclosed) | 133% of target | 58,117 (pro‑rated) | N/A (cash) |
- Equity awards for Dr. Kim in 2024 were time‑based stock options; no performance‑based equity metrics disclosed for Kim’s grant .
Equity Ownership & Alignment
| Grant Date | Award Type | Shares (#) | Exercise Price ($) | Vesting Commencement | Vesting Schedule | Expiration |
|---|---|---|---|---|---|---|
| 9/26/2024 | Stock Option | 185,823 (unexercisable as of FY‑end) | 6.81 | 9/24/2024 | 25% vests on first anniversary, remaining 75% in 36 equal monthly installments | 9/22/2034 |
| As‑of Date | Shares Beneficially Owned (#) | % of Shares Outstanding |
|---|---|---|
| April 21, 2025 | — | * (less than 1%) |
- Options counted in beneficial ownership only if exercisable within 60 days; Dr. Kim had none exercisable within 60 days of April 21, 2025, hence “—” in the table .
- Dec 31, 2024 closing price was $22.90 (Nasdaq) for market value calculations of unvested shares in the proxy; Kim’s option strike of $6.81 indicates his award is in‑the‑money when vested, improving alignment to long‑term equity value .
- Trading, pledging, and hedging: insider trading policy prohibits short sales, derivatives, and any hedging transactions by executives; the policy discusses risks of margin accounts/pledging but does not explicitly state a pledging prohibition in the excerpted text .
Employment Terms
| Provision | Key Terms |
|---|---|
| Offer Letter (Sept 4, 2024) | At‑will employment; initial base salary and target annual bonus; $50,000 sign‑on bonus with 100% repayment if terminated for cause or resignation before first anniversary and 50% if after first but before second anniversary; initial stock option grant; eligibility for employee benefits; confidentiality/IP assignment and non‑solicitation agreement . |
| Executive Severance Plan (adopted Oct 2024) | Replaces severance terms in offer letters; defines “change in control period” as 3 months before through 1 year after a change in control . |
| Termination Outside CIC Period | Tier 2 executives (includes CMO): 9 months of base salary continuation and up to 9 months of employer‑paid health insurance contributions, paid in substantially equal installments, subject to release and covenant compliance . |
| Termination Within CIC Period | Tier 2 executives: lump sum 12 months of base salary + 1.0x target bonus; up to 12 months employer‑paid health insurance contributions; full acceleration of time‑based equity awards; performance‑based awards subject to applicable award terms . |
| Non‑Compete | Not disclosed; non‑solicitation restrictions in the standard agreement were disclosed . |
| 10b5‑1 & Insider Trading Policy | Rule 10b5‑1 plan policy in place; hedging and derivatives prohibited; insider trading policy filed as Exhibit 19.1 to FY2024 10‑K . |
| Clawback (Compensation Recovery Policy) | In the event of a restatement due to material noncompliance, the company will seek to recover incentive‑based compensation received by any current/former executive officer during the 3‑year look‑back if such compensation exceeds amounts based on the restated results . |
Investment Implications
- Pay‑for‑performance: 2024 corporate performance was assessed at 133% of target, driving discretionary cash bonus payouts; Kim’s bonus was pro‑rated given his late‑year hire, reducing near‑term cash payout but establishing linkage to company operating milestones .
- Retention risk and selling pressure: Kim’s award is a four‑year time‑based option with a one‑year cliff (first vest on the first anniversary of 9/24/2024), creating a natural retention hook through the first anniversary and potential selling/exercise activity thereafter; no options were exercisable within 60 days of April 21, 2025, implying limited near‑term insider selling pressure .
- Alignment and ownership: Beneficial ownership is less than 1% with no exercisable options within the SEC 60‑day window; however, the option strike ($6.81) vs the proxy price reference ($22.90 on 12/31/2024) indicates future intrinsic value upon vesting/exercise, aligning incentives to stock appreciation .
- Change‑of‑control economics: Tier 2 CIC benefits (12 months base + 1.0x target bonus, 12 months health contributions, and acceleration of time‑based equity) are standard double‑trigger features; they balance retention through potential transactions without excessive severance multiples .
- Governance safeguards: Hedging/derivative transactions are prohibited and a compliant clawback policy is adopted; the policy excerpt highlights margin/pledging risks but does not explicitly prohibit pledging, which investors may wish to monitor for any future disclosures or Form 4/10b5‑1 plan activity .