Puneet Arora
About Puneet Arora
Puneet S. Arora, MD, MS, FACE, is Chief Medical Officer of Skye Bioscience, appointed September 3, 2024; he is 53 years old and an endocrinologist with deep clinical development experience across obesity/metabolism, immunology, and NASH . He trained at AIIMS (medical degree), SIU (residency), NYU (endocrinology fellowship), Mayo Clinic (Master’s in Clinical Research and advanced diabetes fellowship), and has authored peer‑reviewed publications and presented at international meetings . Company performance context: Skye’s cumulative TSR values reported in the proxy were $21.77, $20.92, and $31.15 for 2024, 2023, and 2022 respectively .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Amira Advisors LLC | Principal & Founder | Feb 2024–Sep 2024 | Biotech consulting; executive advisory across clinical and regulatory strategy . |
| Lassen Therapeutics | Chief Medical Officer | Nov 2021–Jan 2024 | Built initial strategy, moved lead molecule into clinic, raised Series B, selected PoC indication, launched global Phase 2 with regulatory approvals . |
| Principia Biopharma (Sanofi) | VP, Head of Clinical Development | May 2019–Apr 2021 | Led clinical strategy and trial execution across portfolio programs . |
| Genentech Research & Early Development | Senior Medical Director, Early Clinical Development | Oct 2011–May 2019 | Led global programs in metabolism (diabetes/obesity) and NASH; early development leadership . |
External Roles
| Organization | Role/Position | Years | Notes |
|---|---|---|---|
| Professional/Scientific Community | Publications and international presentations | Various | Authored/co‑authored peer‑reviewed publications; presented at international scientific meetings . |
| Skye Bioscience | Executive Officer (CMO), not a director | Current | Listed among executive officers; not disclosed as a board member . |
Fixed Compensation
| Component | Amount/Term | Effective Date | Source |
|---|---|---|---|
| Base Salary | $475,000 per year | Sep 3, 2024 (start date) | |
| Target Annual Bonus | 40% of base salary (pro‑rated first year) | Ongoing per agreement | |
| Benefits | Eligible for executive/employee benefit plans and reimbursements per company policy | Ongoing | |
| Inducement Stock Option | Option to purchase 225,000 shares; 25% vests at first anniversary; remaining 75% vests in 36 equal monthly installments thereafter; exercise price = closing price on grant date | Granted Sep 3, 2024 |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Corporate Objectives (product & corporate development) | 75% of non‑CEO C‑level cash incentive design | Included in 40% target bonus | 2024 corporate achievement assessed at 93% for management incentive plan (company context; Arora joined in Sep 2024) | Not disclosed for Arora | Cash; annual, per plan design |
| Individual Objectives | 25% of non‑CEO C‑level cash incentive design | Included in 40% target bonus | Not disclosed for Arora | Not disclosed for Arora | Cash; annual, per plan design |
Notes: Compensation Committee sets goals annually; CEO’s target is 60% (company policy context), non‑CEO C‑level targets are 40%; individual components assessed at year‑end; Arora’s specific actual/payout not disclosed .
Equity Ownership & Alignment
| Item | Detail | Date/Status | Source |
|---|---|---|---|
| Total Beneficial Ownership | Not listed with beneficial share count; below 1% (no shares reported as of record date) | April 18, 2025 | |
| Vested vs Unvested Shares | No vested shares disclosed; inducement option unvested prior to Sep 3, 2025 first tranche | As of April 18, 2025 | |
| Options – Granted | 225,000 (inducement option) | Granted Sep 3, 2024 | |
| Options – Exercisable vs Unexercisable | Exercisable: 0; Unexercisable: 225,000 (pre‑first anniversary) | As of April 18, 2025 | |
| Option Strike Price | Equal to closing price on grant date (Nasdaq) | Sep 3, 2024 | |
| Shares Pledged as Collateral | Not disclosed | N/A | |
| Hedging Policy | Company prohibits short‑term/speculative derivative transactions and hedging | Policy level | |
| Clawback Policy | Compensation recovery policy for erroneously paid incentive comp (effective for execs on/after Oct 2, 2023) | Adopted | |
| Ownership Guidelines (Exec) | Not disclosed | N/A |
Inducement Option Vesting Schedule (Structurally)
| Vest Date | Percent Vesting | Shares Vesting (percent basis) | Source |
|---|---|---|---|
| Sep 3, 2025 | 25% | 25% of 225,000 | |
| Oct 2025–Sep 2028 (monthly) | Remaining 75% over 36 equal monthly installments | 75% of 225,000, distributed equally monthly |
Employment Terms
| Term | Provision | Source |
|---|---|---|
| Start Date | September 3, 2024 | |
| At‑Will Employment | Company may terminate at any time; standard at‑will terms | |
| Severance – Company Termination (no cause) | If >6 months of service: 6 months base salary; if >24 months of service: 12 months base salary; COBRA premiums for same period | |
| Severance – Good Reason | If >6 months of service: 6 months base salary; COBRA for up to 6 months | |
| COBRA Benefit | Company pays COBRA premiums through severance months or until other coverage/eligibility ends | |
| Non‑Solicit | Prohibits soliciting employees/customers during employment; confidentiality and IP obligations | |
| Arbitration | Mutual arbitration agreement required as condition of employment | |
| Indemnification | Indemnification agreement; standard form referenced (Exhibit 10.1 to Jan 12, 2015 8‑K) | |
| D&O Insurance | Company to maintain commercially reasonable D&O insurance covering executive liabilities | |
| Change‑of‑Control Terms | Inducement grant terms do not disclose CoC acceleration; company‑wide executive awards granted under Omnibus Plan vest upon CoC (context for NEO awards) | |
| Auto‑Renewal / Term | Not disclosed beyond at‑will |
Performance & Track Record
- Arora underscored clinical activity of nimacimab and the potential role in obesity, including late‑breaking data showing approximately 30% improvement in weight loss when combined with semaglutide and blunting of post‑treatment weight regain versus semaglutide alone; he emphasized maintenance potential and combination strategy .
- In the CBeyond Phase 2a topline discussion, management and KOLs outlined that monotherapy did not meet the primary endpoint at 200 mg weekly, with PK/exposure below expectations; Arora participated in detailing efficacy/safety, exposure‑response findings, and the rationale for higher dosing next steps .
- Public conversations emphasized a mid‑stage obesity development profile, pipeline building, formulation strategy for less frequent dosing, and the non‑incretin, peripherally‑restricted CB1 mechanism differentiation; Arora engaged in these dialogues as CMO .
Compensation Structure Analysis
- Equity mix: Initial inducement compensation is options (no RSUs disclosed for Arora), front‑loaded 25% vest at year‑1, then monthly vesting over three years—aligning retention with multi‑year clinical execution; strike price set at market close on grant date .
- Pay‑for‑performance framework: Non‑CEO C‑level plan targets 40% of base as annual incentive with majority tied to corporate objectives; 2024 corporate achievement assessed at 93% for management incentive purposes (company context) .
- Clawback: Company adopted Dodd‑Frank compliant compensation recovery policy for erroneously paid incentive compensation (effective Oct 2, 2023) .
- Hedging/derivatives prohibited under insider trading policy, reducing misalignment risk from complex hedging strategies .
Investment Implications
- Retention and selling pressure: As of April 18, 2025, Arora reported no beneficial ownership and his 225,000‑share inducement option was not yet exercisable (first 25% vests Sep 3, 2025), limiting near‑term selling capacity and aligning retention to program milestones .
- Contract economics: Severance scales from 6 to 12 months of base salary with COBRA, and Good Reason coverage at 6 months—balanced protection without excessive guarantees; no explicit tax gross‑ups disclosed .
- Change‑of‑control: Inducement grant terms don’t disclose CoC acceleration; company plan policies provide CoC vesting for executive awards under the Omnibus Plan (context)—important to confirm instrument‑specific terms for Arora’s inducement option in any CoC scenario .
- Execution risk and value creation: Arora’s metabolism/obesity/NASH background supports CB1 strategy; monotherapy miss and PK/exposure findings imply dose optimization as a key lever, while combination data with semaglutide and maintenance signals could sustain value if replicated in larger studies .