Jeffrey Finer
About Jeffrey Finer
Jeffrey Finer, M.D., Ph.D., is Septerna’s President (since December 2019), Chief Executive Officer and director (since November 2021). He holds BS degrees in Chemistry and Biology from MIT, and MD/PhD in Biochemistry from Stanford; he completed residencies in Internal Medicine at Stanford and Ophthalmology at Massachusetts Eye & Ear/Harvard Medical School . Age: 59 as of April 21, 2025; Board class: Class III; current term expires at the 2027 annual meeting . Recent company execution highlights under his leadership include pipeline progress (SEP-479 selected as next-gen PTH1R agonist; SEP-631 Phase 1 ongoing) and an expected cash runway to at least 2029 ($561.6 million), supporting multi-program advancement .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Septerna, Inc. | President | Dec 2019–present | Built GPCR platform and pipeline; led transition to public company |
| Septerna, Inc. | Chief Executive Officer & Director | Nov 2021–present | Overall strategy, execution, capital markets leadership |
| Ambys Medicines, Inc. | Interim Chief Technology Officer | 2017–May 2019 | Advanced cell/gene therapy tech ops and platform |
| Maze Therapeutics, Inc. | Interim Chief Technology Officer | 2016–Jun 2019 | Precision medicine technology leadership |
| Theravance Biopharma, Inc. | VP, Molecular & Cellular Biology; later VP, Research Technology | 2011–2016 | R&D leadership across therapeutic areas |
| Five Prime Therapeutics, Inc. | VP, Discovery | Jan 2007–Aug 2011 | Led protein therapeutics discovery; company later acquired by Amgen |
| Cytokinetics, Inc. | Director, Drug Discovery Technologies | 1998–2007 | Small-molecule biopharma discovery leadership |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Third Rock Ventures, LLC | Venture Partner | 2016–present | Founding/launching multiple biotech companies; external network and company-formation expertise |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | 501,396 | 550,193 |
| Target Bonus (% of Base) | 50% target (program-wide policy) | 50% target |
| Actual Bonus Paid ($) | 284,310 | 365,878 (corporate objectives achieved at 133% of target) |
| Stock Awards ($) | — | — |
| Option Awards (Grant-date fair value, $) | 1,347,554 | 3,801,342 (includes 348,419-share performance option tied to IPO/sale; fair value $2,996,403) |
| All Other Compensation ($) | 3,000 (401(k) match) | 3,000 (401(k) match) |
| Total Compensation ($) | 2,136,260 | 4,720,413 |
Performance Compensation
| Metric | Target | Actual | Payout | Vesting/Notes |
|---|---|---|---|---|
| 2024 Corporate Objectives (program, platform, finance/BD) | 100% | 133% achievement | $365,878 bonus | Targets set by Board; discretionary annual bonus at 50% of base; achievement assessed by Board |
| Performance-based Stock Option (granted Sep 2024) | IPO or Company sale consummation | Grant structured with performance condition | Grant-date FV $2,996,403 | 348,419 shares; also requires service-based condition; performance option tied to IPO/sale milestones |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 1,124,193 shares; 2.5% of outstanding (44,515,703 shares outstanding incl. 420,626 unvested restricted shares) |
| Ownership Breakdown | 826,907 shares common (incl. unvested restricted), plus 297,286 options exercisable within 60 days of Apr 21, 2025 |
| Unvested Restricted Shares | 217,762 shares; market value $4,986,750 at $22.90 close on Dec 31, 2024 |
| Options – Key Grants | 150,737/301,475 shares at $2.76 exp. 11/11/2033 (exercisable/unexercisable counts) |
| Options – Additional Grants | 56,526/244,949 shares at $2.76 exp. 3/19/2034; 14,517/333,902 shares at $6.81 exp. 9/22/2034 |
| Vesting Schedules | Standard monthly vesting over 48 months from vesting commencement dates; some awards vest 25% at 1-year anniversary then monthly over 36 months |
| Hedging/Pledging Policy | Insider trading policy prohibits short sales, derivatives, and any hedging; pledging is restricted due to compliance risks; 10b5-1 plans permitted under policy |
| Ownership Guidelines | Not disclosed in proxy; CEO board service does not receive separate director compensation |
Employment Terms
| Provision | Standard | Change-in-Control (double-trigger within CIC period: 3 months before to 12 months after) |
|---|---|---|
| Governing Plan | Executive Severance Plan (adopted Oct 2024 IPO) replaces prior offer letter benefits | |
| Cash Severance | 12 months base salary continuation (CEO) | Lump sum: 18 months base salary + 1.5x target bonus (CEO) |
| COBRA/Health | Company-paid portion of premiums for 12 months (CEO) | Company-paid portion of premiums for 18 months (CEO) |
| Equity Acceleration | Outside CIC: no automatic acceleration (Severance Plan governs) | Full acceleration of time-based equity awards; performance awards per applicable terms |
| Clawback | Compensation recovery policy adopted per SEC/Nasdaq; recoup incentive comp tied to financial measures upon restatement within prior 3 years | |
| 280G/4999 | Cutback if reduction yields higher net after-tax benefit (no tax gross-ups disclosed) | |
| Restrictive Covenants | Confidential information, IP assignment, and non-solicitation; at-will employment | |
| Original Offer Letter (Sept 2022) | $100,000 sign-on bonus; restricted stock grant; prior severance terms superseded post-IPO |
Board Governance
- Service history: Director since Nov 2021; Class III term through 2027; CEO and President dual role mitigated by a separate non-executive Chair (Jeffrey Tong, Ph.D.) .
- Committee memberships: Audit (Sharp—Chair, Bassan, Tong), Compensation (Coulie—Chair, Sharp, Simson), Nominating/Governance (Bassan—Chair, Coulie, Ezekowitz); Finer is not listed on any board committees, aligning with independence expectations for committees .
- Director pay: CEO receives no separate compensation for board service; non-employee director cash/equity policy detailed (retainers and option grants) .
- Governance practices: Insider trading, 10b5-1 plan, and compensation recovery policies adopted; SOX 302 certification signed by Finer on 10-K .
Related Party Transactions and Interlocks
- Third Rock Ventures service agreement: Septerna incurred $0.3 million in each of FY2023 and FY2024 for TRV services; Finer is a Venture Partner at TRV. Certain TRV-affiliated directors did not receive cash board compensation; option grants to TRV affiliates disclosed .
- Goldman Sachs side letter: Historical board observer rights and indemnification obligations; observer right terminated at IPO .
Performance & Track Record
- Operational execution: Company highlighted portfolio advances (SEP-479 selection; SEP-631 Phase 1) and robust liquidity ($561.6 million) supporting operations at least into 2029 .
- Stock performance metrics (TSR), revenue growth, and EBITDA growth by tenure are not disclosed in proxy materials reviewed; recent financial position emphasized in company communications .
Risk Indicators & Red Flags
- Hedging/derivatives prohibited; pledging discouraged due to risk—policy reduces misalignment/forced selling risk .
- 280G cutback provision avoids excise tax gross-up—shareholder-friendly vs golden parachute tax gross-ups .
- Related party services with TRV and prior interim CMO arrangement—monitor potential conflicts and fee levels .
- External investor alerts: Multiple law firms issued “investor alert” press releases referencing investigations in March 2025; diligence warranted though not company statements [21] [22] [23] [24].
Investment Implications
- Alignment: Significant equity ownership (2.5%) and large unvested restricted stock plus multi-year option grants create long-term alignment; time-based vesting and performance-conditioned options tie value to execution and milestones .
- Retention and CIC Economics: Double-trigger CIC benefits (18 months base + 1.5x target bonus + full acceleration of time-based equity) could increase near-term turnover risk during strategic transactions but are standard for biotech; absence of gross-ups and presence of clawback policy mitigate governance concerns .
- Selling Pressure: Monthly vesting cadence and permissive 10b5-1 usage mean potential for regular Form 4 activity; monitor for Rule 10b5-1 sales around inflection points though hedging/pledging is prohibited .
- Governance Quality: Separation of Chair/CEO, independent committee composition, and SOX certification support oversight; related-party services with TRV require ongoing monitoring for conflicts and fees .