Liz Bhatt
About Liz Bhatt
Liz Bhatt, M.S., M.B.A., is Septerna’s Chief Operating Officer since June 2022 and, effective August 1, 2025, also serves as President; she is 57 years old . Her background spans corporate development and operations leadership at Gilead Sciences, Achaogen (COO; company entered bankruptcy in April 2019), and Applied Molecular Transport; she holds a B.A. in Chemistry (Pomona), an M.S. in Biomedical Sciences (UC San Diego), and an MBA (Kellogg, Northwestern) . For 2024, her target bonus was 35% of base salary; corporate objectives (program, platform, finance/BD) paid at 133% of target, resulting in a $209,270 cash bonus . Septerna is an emerging growth company and does not conduct say‑on‑pay votes at this time .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Gilead Sciences | Vice President, Corporate Development | 2006–2017 | Led BD/corporate development across therapeutic areas |
| Achaogen | Chief Business Officer; later Chief Operating Officer | 2017–2019 | Senior operating role; company declared bankruptcy in April 2019 |
| Applied Molecular Transport | Chief Business & Strategy Officer | 2019–2022 | Led business and strategy; company later merged with Cyclo Therapeutics |
| Maxygen; Eli Lilly | Corporate development positions | Early career | BD roles across biotech/pharma |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| eFFECTOR Therapeutics (public) | Director | Oct 2020–Jun 2024 | Public company board service |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base salary ($) | 413,253 | 449,559 |
| Target bonus (%) | 35% | 35% |
| Actual bonus paid ($) | 203,270 | 209,270 |
| Option awards (grant-date fair value, $) | 264,173 | 956,832 |
| All other compensation ($) | 3,000 | 3,000 |
Performance Compensation
| Metric | Weighting | Target | Actual attainment | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Corporate objectives (program, platform, finance/BD) | Not disclosed | 35% of base salary | 133% of target | $209,270 (FY2024) | Annual cash bonus |
Equity Incentives (selected awards)
| Award type | Grant date | Vesting commencement | Shares/Options | Exercise price ($) | Vesting schedule | Expiration | Notes |
|---|---|---|---|---|---|---|---|
| Restricted stock | 9/13/2022 | 6/15/2022 | 65,328 unvested at 12/31/2024 | — | 25% at 1-year; 75% monthly over 36 months | — | $1,496,011 MV at $22.90 on 12/31/2024 |
| Stock option | 11/12/2023 | 8/1/2023 | 29,550 ex.; 59,101 unex. | 2.76 | 48 equal monthly installments over 4 years | 11/11/2033 | Time-based |
| Stock option | 3/20/2024 | 3/1/2024 | 11,081 ex.; 48,019 unex. | 2.76 | 48 equal monthly installments over 4 years | 3/19/2034 | Time-based |
| Performance-based stock option | 9/23/2024 | 10/28/2024 | 3,871 ex.; 89,040 unex. (92,911 total) | 6.81 | Service-based + performance condition tied to IPO or sale | 9/22/2034 | Grant-date fair value $799,035 ; IPO completed Oct 2024 |
Equity Ownership & Alignment
| Item (as of dates noted) | Amount | Detail |
|---|---|---|
| Beneficial ownership (as of 4/21/2025) | 246,857 shares | 174,209 common (incl. unvested) + 72,648 options exercisable within 60 days |
| Ownership as % of shares outstanding (as of 4/21/2025) | 0.555% | 246,857 ÷ 44,515,703 outstanding |
| Outstanding unvested restricted stock (12/31/2024) | 65,328 | $1,496,011 MV at $22.90 |
| Options outstanding (12/31/2024) | 44,502 exercisable; 196,160 unexercisable | Sum of award lines in “Outstanding Equity Awards” |
| Hedging/short sales policy | Prohibited for officers/directors/employees; policy highlights risk of margin/pledging | Insider trading policy bans hedging, short sales, derivatives |
The company’s insider trading policy prohibits hedging/short sales/derivatives; it flags the risks of margin accounts or pledged shares, but pledging prohibition is not expressly stated in the disclosed excerpt. No pledging by Ms. Bhatt is disclosed in company filings .
Employment Terms
| Provision | Outside change-in-control (CIC) | Within CIC window (3 months before–1 year after CIC) |
|---|---|---|
| Severance cash | 9 months base salary for Tier 2 (COO) | 12 months base salary + 1.0x target bonus (lump sum) for Tier 2 |
| Health benefits (COBRA equiv.) | Employer contribution for 9 months | Employer contribution for 12 months |
| Equity acceleration | None beyond plan terms | Full acceleration of time-based equity; performance awards per award terms |
| Original offer letter severance (pre-IPO) | 9 months base + health; CIC: 9 months base + health + acceleration of time-based equity | Superseded by Executive Severance Plan adopted Oct 2024 |
| Other covenants | Confidentiality, IP assignment, non‑solicitation | Clawback policy adopted per SEC/Nasdaq (financial restatements) |
Investment Implications
- Pay-for-performance alignment: Cash incentive tied to corporate milestones paid at 133% of target for 2024; target bonus is a modest 35% of base, indicating balanced risk sharing between fixed and variable pay . Option-heavy equity mix with long, monthly vesting supports retention and aligns upside with long-term value creation .
- Near-term supply/vesting: Ongoing monthly vesting from 2023/2024 time-based options and 2022 restricted stock creates predictable windows for potential selling; the performance-based option’s trigger (IPO in Oct 2024) appears satisfied, leaving service-based vesting as the primary condition going forward .
- Ownership alignment: Beneficial ownership of 246,857 shares (<1% of outstanding) provides alignment but not controlling influence; policy-level prohibition of hedging/derivatives helps mitigate misalignment risk .
- Retention and change-of-control economics: Tier 2 severance provides 12 months base + 1.0x target bonus and accelerates time-based equity upon CIC, reducing exit friction and indicating moderate protection without shareholder-unfriendly gross-ups; clawback is in place per SEC/Nasdaq .
- Governance/role evolution: Elevation to President in Aug 2025 consolidates operational leadership and may signal confidence in execution; no related-party transactions or selection arrangements disclosed for her appointment .