Prathyusha Duraibabu
SANGAMO THERAPEUTICSAbout Prathyusha Duraibabu
Chief Financial Officer of Sangamo Therapeutics since June 1, 2021; previously Vice President, Finance (March 2019–May 2021). Age 46; Bachelors of Accounting (Oxford Brookes University), MBA (San Jose State University), and California-licensed CPA. Company context under her tenure: 2024 corporate objectives achieved at 92% with significant capital raising and program progress; no 2023 cash incentives paid due to capital preservation; clawback and hedging/pledging prohibitions in place.
Company performance snapshot:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $111,299,000 | $176,232,000 | $57,800,000 |
| EBITDA ($USD) | -$189,173,000* | -$99,227,000* | -$93,241,000* |
Values with asterisk retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sangamo Therapeutics | Vice President, Finance | Mar 2019–May 2021 | Led finance operations and supported transition to CFO role. |
| Pacific Biosciences of California | Corporate Controller | Jun 2010–Mar 2019 | Ran global financial operations, audit, tax; supported strategy and organizational change. |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed in proxy | — | — | No public external directorships or committee roles disclosed. |
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $483,960 | $483,960 (no increase due to capital constraints) |
| Target Bonus % of Base | 40% | 40% |
| Target Bonus ($) | $193,584 | $193,584 |
| Actual Bonus Paid ($) | $0 (not awarded) | $178,097 earned at 92% achievement; payment deferred until additional funding is raised |
Other cash/benefits:
- 401(k) company match and life insurance: $5,000 + $1,300 in 2023; $5,000 + $1,430 in 2024.
Performance Compensation
Annual Incentive – 2024
| Metric | Weighting | Target | Actual | Payout Status | Notes |
|---|---|---|---|---|---|
| Company Corporate Objectives (aggregate) | 100% | 40% of base ($193,584) | 92% achievement ($178,097) | Deferred until adequate funding is raised | Plan payout cap at 150% of target |
Retention Program – 2024 (Cash + Equity)
| Incentive Type | Structure | Target | Achievement | Payment/Vesting |
|---|---|---|---|---|
| Cash Retention Award | Milestones: 50% at $50M cash extension; +25% at $75M; +25% at $100M+ | Max equals 2023 target bonus ($193,584) | Achieved >$100M cash extension in 2024 | Paid 50% Sep 2024; 50% Jan 2025 |
| Retention RSUs | 712,500 shares granted Jan 22, 2024; 50% vests at 1-year anniversary; remaining vests quarterly thereafter over year 2 | Grant-date value reflected in 2024 Stock Awards ($323,974) | N/A | Two-year vest; accelerates upon certain change-in-control events |
Key corporate objective outcomes (select examples informing pay decisions):
- Raised >$102M via BD, equity sales, and cost savings; extended cash runway into Q2 2025 (short of target to year-end 2025).
- Fabry: dosing completed; FDA alignment to accelerated approval using eGFR slope at 52 weeks for STAAR Phase 1/2; EMA PRIME meeting completed.
- Neurology: Nav1.7 IND filed/cleared ahead of schedule; prion program advanced; published preclinical data.
- Platforms: STAC-BBB capsid data published; licenses with Genentech and Astellas generated $70M non-dilutive funds.
- G&A: ~50% non-GAAP OpEx reduction; executed workforce reductions and shutdown of French CAR-Treg operations to plan/budget.
Equity Ownership & Alignment
| Ownership Detail | Quantity/Status | Notes |
|---|---|---|
| Total beneficial ownership | 855,523 shares; less than 1% of outstanding | As of April 17, 2025; outstanding shares 229,192,802. |
| Options exercisable within 60 days | 445,938 shares | Various grants; standard 10-year terms. |
| RSUs vesting within 60 days | 94,071 shares | Includes 2023 and 2022 grants; retention RSUs vest separately. |
| Outstanding unvested RSUs | 712,500 (Jan 22, 2024 Retention RSUs); 25,049 (Feb 24, 2023); 3,844 (Feb 25, 2022) | Vest schedules per plan; market values disclosed at 12/31/2024 ($726,750, $25,550, $3,921). |
| Hedging/Pledging | Prohibited for officers and employees | No margin accounts or collateral pledging allowed. |
Company RSU settlement practice: net share settlement for tax withholding; 861,509 shares withheld in 2024 (company-wide).
Employment Terms
| Term | CFO (Ms. Duraibabu) | Source |
|---|---|---|
| Employment start dates | VP Finance: Mar 2019; CFO: Jun 1, 2021 | |
| Target bonus | 40% of base salary (2024); originally 35% upon CFO promotion, later adjusted | |
| Severance (non‑Change‑in‑Control) | 12 months base salary; 12 months COBRA reimbursement | |
| Severance (Change‑in‑Control; involuntary termination in CIC period) | 12 months base salary + 12 months of target bonus; 12 months COBRA; accelerated vesting of all outstanding equity; options exercisable 12 months post-termination | |
| 280G treatment | Cutback to avoid excise tax if beneficial | |
| Clawback | Dodd-Frank/Nasdaq-compliant recoupment policy adopted Nov 2023; applies to executive officers | |
| Equity award terms | Options: 25% cliff at 1 year, remainder monthly; RSUs: annual/quarterly vest per grant; acceleration on certain CIC events | |
| Insider trading policy | Prohibits hedging/derivatives, short sales, margin/pledging |
Compensation governance/peer group:
- Compensation Committee engaged Aon; peer group included ADVM, BLUE, EDIT, ALEC, FGEN, ALLO, FULC, ALXO, GRTS, ANAB, MRSN, ARCT, NKTR, ATRA, NGM, AVIR, RGNX, AURA, SRRK.
- No related party transactions since Jan 1, 2023 outside standard compensation arrangements.
Investment Implications
- Alignment and retention: 2024 retention program directly tied payouts to cash extension milestones (> $100M achieved) and granted sizable two‑year RSUs (712,500) to stabilize leadership amid financing uncertainty—positive for continuity but implies meaningful upcoming vesting supply.
- Pay-for-performance: 2024 annual bonus earned at 92% based on corporate outcomes; 2023 bonuses zeroed to preserve capital—signals compensation sensitivity to liquidity and execution milestones.
- Selling pressure risk: Material RSU vesting cadence (50% at Jan 22, 2025 anniversary; quarterly thereafter) may add supply; hedging/pledging prohibitions mitigate alignment concerns.
- Change‑in‑control economics: Double‑trigger CIC benefits (salary + target bonus multiples, full equity acceleration) can influence behavior near strategic transactions; 280G cutback reduces gross‑up risk.
- Company fundamentals context: Revenues declined in 2024 as portfolio reshaped; focus on Fabry acceleration and CNS capsid/licensing drove non‑dilutive cash—monitor funding milestones given deferred bonus payments contingent on additional capital.
Values with asterisk in the performance snapshot table retrieved from S&P Global.