Dragan Cicic
SELLAS Life Sciences GroupAbout Dragan Cicic
Dragan Cicic, M.D., is Senior Vice President and Chief Development Officer at SELLAS Life Sciences (SLS), a role he has held since January 2024; he previously served as SVP, Clinical Research & Development from February 2020 to December 2023. He has over 20 years in biopharma, with prior leadership roles at Klus Pharma (Kelun subsidiary) and Actinium Pharmaceuticals; education includes an M.D. from the University of Belgrade, an MBA from Wharton, and a fellowship at Harvard . Age: 61 . SELLAS is pre‑commercial; executive pay emphasizes clinical and operational goals rather than financial P&L metrics, and company Pay‑vs‑Performance TSR values were $18.81 (value of $100 invested) for 2024 vs $19.17 in 2023, with net loss of $30.9M in 2024 and $37.3M in 2023 . Cicic is visibly engaged in pipeline value creation (e.g., SLS009 in AML and T‑PLL), reinforcing execution focus in hematologic malignancies .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SELLAS Life Sciences | SVP, Chief Development Officer | Jan 2024 – Present | Leads development across AML and T‑PLL programs, advancing SLS009 and GPS pivotal programs |
| SELLAS Life Sciences | SVP, Clinical Research & Development | Feb 2020 – Dec 2023 | Launched/advanced key trials in hematologic malignancies; built clinical development framework |
| Klus Pharma (Kelun) | Senior Vice President, Clinical Lead | Pre‑2020 | Led global clinical development of targeted solid tumor biologicals and novel checkpoint inhibitors |
| Actinium Pharmaceuticals | Senior management positions | Pre‑Klus | Launched early/late‑stage trials in AML; deep hematologic focus |
| QED Technologies (consulting) | Senior role | Prior | Life sciences consulting across development programs |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| (None disclosed for public company boards) | — | — | — |
Fixed Compensation
Multi-year compensation for Dragan Cicic (NEO):
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | 403,500 | 427,710 |
| Non-Equity Incentive Plan Compensation ($) | 140,418 | 164,240 |
| Spot/Other Bonus ($) | — | 50,000 |
| Option Awards – Grant-Date Fair Value ($) | 165,550 | 30,739 |
| Stock Awards – Grant-Date Fair Value ($) | 53,440 | 23,378 |
| All Other Compensation ($) | 15,599 | 17,414 |
| Total ($) | 778,507 | 713,480 |
Performance Compensation
- Short-term incentives are tied to annual corporate goals (clinical development milestones, business development initiatives, cash management); CEO’s STI is 100% corporate goals; other NEOs (including Cicic) include corporate plus individual goals .
- Target bonus opportunity for Cicic in his employment agreement: up to 30% of base salary (actual payouts shown below) .
- Notable performance-linked equity: March 2020 RSUs that vest 50% upon meeting REGAL Phase 3 primary endpoint and 50% upon FDA BLA approval for GPS .
| Component | Target/Plan | Actual/Status (2024) | Payout | Vesting |
|---|---|---|---|---|
| STI Cash Bonus | Up to 30% of base salary | Corporate/individual goals basis | $164,240 | N/A (cash) |
| Performance RSUs (Mar 2020) | 50% on REGAL Phase 3 primary endpoint; 50% on FDA BLA for GPS | Not disclosed as achieved | N/A | Upon milestones |
| RSUs (Jan 2024 grant) | 45,000 RSUs; time-based 25% per year | 25% vested 12/1/2024 (11,250); 33,750 unvested as of YE2024 | Equity value at grant $23,378 | 25% each Dec 1, 2024–2027 |
| Options (Jan 2024 grant) | 65,000 options @ $0.5195; 25% at 1st anniversary, remainder monthly over 36 mo | Unexercisable as of 12/31/2024 | Grant-date fair value $30,739 | Monthly post Jan 2025 |
Equity Ownership & Alignment
- Beneficial ownership: 226,953 shares (50,328 common; 176,625 options exercisable within 60 days); <1% of shares outstanding .
- Ownership guidelines: Other executive officers must hold 1x annual base salary in company stock; compliance expected by October 1, 2028; executives must retain at least 75% of net after-tax shares until meeting guideline; management reports “appropriate progress” .
- Hedging/pledging: Insider Trading Policy prohibits short sales, hedging, pledging/margin transactions; pre-clearance required; narrow exceptions possible only with demonstrated capacity (red-flag mitigant) .
Outstanding equity detail at 12/31/2024:
| Grant | Type | Exercisable | Unexercisable | Exercise Price | Expiration | Unvested RSUs (#) | RSU Vesting Terms |
|---|---|---|---|---|---|---|---|
| 03/12/2020 | Options | 35,000 | — | $1.89 | 03/12/2030 | 25,000 | 50% on REGAL primary endpoint; 50% on FDA BLA approval |
| 03/04/2021 | Options | 44,297 | 2,953 | $8.00 | 03/04/2031 | — | — |
| 01/31/2022 | Options | 35,547 | 13,203 | $5.34 | 01/31/2032 | 3,250 | 25% each Dec 1, 2022–2025 |
| 02/02/2023 | Options | 25,208 | 29,792 | $3.34 | 02/02/2033 | 8,000 | 25% each Dec 1, 2023–2026 |
| 01/22/2024 | Options | — | 65,000 | $0.5195 | 01/22/2034 | 33,750 | 25% each Dec 1, 2024–2027 |
Notes:
- Market value of unvested RSUs at 12/31/2024 uses $1.04 closing price; e.g., 33,750 RSUs ≈ $35,100 .
- Next scheduled RSU vest dates: 12/1/2025, 12/1/2026, 12/1/2027 for Jan 2024 grant (11,250 each) .
Employment Terms
| Term | Cicic Details |
|---|---|
| Employment start | Effective February 3, 2020 (SVP Clinical R&D); promoted to SVP, Chief Development Officer in January 2024 |
| Base salary and target bonus | Initially $330,000 base; discretionary annual cash bonus up to 30% of base salary; eligible for equity awards |
| Agreement term | No specified term; terminable by either party with/without cause |
| Severance (without cause / good reason) | 9 months base salary plus pro‑rated STI; COBRA premium reimbursement (duration specified) |
| Change-in-control (CIC) severance | Double-trigger: if terminated without cause or resigns for good reason within one year post‑CIC, pays 15 months base salary (amended from 12 months on Jan 10, 2025) plus target bonus; COBRA premium reimbursement |
| Equity acceleration on CIC | Not disclosed for Cicic (CEO equity accelerates on CIC; no acceleration language specified for Cicic) |
| Clawback | Company clawback policy in effect; aligned with SEC/Nasdaq Rule 10D‑1 |
| Ownership guidelines | Must meet 1x base salary ownership by Oct 1, 2028; mandatory retention until compliant |
| Pledging/hedging | Prohibited under Insider Trading Policy (exceptions require demonstration and approval) |
Compensation Structure Analysis
- Mix shift: 2024 compensation shows greater cash components (STI + spot bonus) and much lower new equity grant fair values versus 2023, indicating an emphasis on near‑term clinical milestones and retention in a low share‑price environment; Option awards $30.7k in 2024 vs $165.6k in 2023; Stock awards $23.4k vs $53.4k .
- Governance risk controls: Robust clawback policy, ownership guidelines, and anti‑pledging/hedging policy mitigate misalignment risks .
- Peer benchmarking: Compensation set with Radford against pre‑commercial oncology peers (e.g., Actinium, Verastem, GlycoMimetics, Immunic, MEI Pharma), targeting Phase 2/3 biopharmas under $250M market cap and <50 employees .
Related Party Transactions and Say‑on‑Pay
- Related party transactions governed by audit committee approval framework; no specific Cicic‑related transactions disclosed .
- Say‑on‑pay approval: 2023 advisory vote approved by ~60% of votes cast, with shareholder outreach on comp and governance thereafter .
Performance & Track Record
- Pipeline progress: Positive momentum reported across GPS (REGAL Phase 3 AML) and SLS009 (Phase 2 r/r AML meeting primary endpoints; FDA alignment for first‑line AML), with additional T‑PLL preclinical efficacy highlighted; Cicic commented on SLS009’s potential in T‑PLL .
- Corporate focus: SELLAS emphasizes clinical development and commercialization partnerships to accelerate translation and value capture .
Investment Implications
- Alignment: Ownership guidelines, clawback, and anti‑hedging/pledging policies support pay‑for‑performance and shareholder alignment; Cicic’s beneficial ownership is modest (<1%), but mandatory retention rules should increase equity alignment over time .
- Retention/transition risk: CIC severance enhancement to 15 months base salary plus target bonus (double‑trigger) reduces departure risk in strategic transactions and signals board attention to leadership continuity during potential change‑of‑control scenarios .
- Near‑term selling pressure: RSU schedules create predictable vesting dates (Dec 1 annually), which may lead to tax‑related selling around those dates; Insider Trading Policy and pre‑clearance mitigate opportunistic trades, but vest‑driven flow remains a timing consideration for traders .
- Execution signals: Public commentary and reported clinical progress in AML and T‑PLL highlight active value creation efforts under Cicic’s development leadership—positive if milestones translate to registrational success and partnering outcomes .
Key numbers to monitor: upcoming RSU vestings (11,250 shares each Dec 1, 2025–2027) ; option vesting cadence monthly post‑Jan 2025 ; CIC severance protections (15 months base + target bonus) ; and Pay‑vs‑Performance TSR/net loss context for broader comp alignment .