Edward van der Horst
About Edward van der Horst
Edward van der Horst, Ph.D., age 52, is Chief Scientific Officer (CSO) of Sensei Biotherapeutics (SNSE) since December 2022, after serving as SVP of Biologics Discovery & Early Development (Oct 2021–Dec 2022) and VP of Preclinical Development (Sep 2019–Oct 2021). He holds an M.Sc. in Chemistry from Ludwig-Maximilians-Universität München and a Ph.D. in Biochemistry and Molecular Biology from the Max-Planck-Institute for Biochemistry; he earlier attended the University of Düsseldorf . Company-level context during his tenure: the company reports no commercial product revenue to date , EBITDA improved from -$48.8m* (FY22) to -$29.6m* (FY24) reflecting cost actions and clinical focus, while the stock required transfer to Nasdaq Capital Market and a proposed reverse split to address minimum bid-price compliance . Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sensei Biotherapeutics | CSO | Dec 2022–present | Leads clinical-stage TMAb pipeline; expanded Phase 1/2 for solnerstotug |
| Sensei Biotherapeutics | SVP, Biologics Discovery & Early Development | Oct 2021–Dec 2022 | Advanced TMAb programs and transition to clinical readiness |
| Sensei Biotherapeutics | VP, Preclinical Development | Sep 2019–Oct 2021 | Built preclinical capabilities for TMAb assets |
| Igenica Biotherapeutics | Senior Director, Preclinical Development (various roles) | 2010–2017 | Led immunotherapy preclinical programs |
| Zenith Epigenetics Ltd. | VP, Discovery Biology & Preclinical Drug Development | 2017–Aug 2019 | Drove oncology discovery and preclinical development |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Zenith Epigenetics Ltd. | VP, Discovery Biology & Preclinical Drug Development | 2017–Aug 2019 | Advanced clinical-stage oncology programs |
| Igenica Biotherapeutics, Inc. | Senior Director & roles in Preclinical Development | 2010–2017 | Immunotherapy development leadership |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $382,667 | $400,000 |
| Target Bonus (% of Salary) | 40% | 40% |
| Actual Bonus Paid ($) | $230,200 | $142,000 |
| All Other Compensation ($) | $17,942 | $15,768 |
Notes:
- Compensation Committee targets cash at ~50th percentile of peers; equity value between 50th–75th percentile .
- Perquisites for Dr. van der Horst include life insurance premiums, cell phone reimbursement, and 401(k) matching ($13,800) .
Performance Compensation
| Component | Metric(s) | Target | Actual | Payout (% of Target) | Weighting | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Incentive (2024) | Corporate goals: R&D, Business Development, Financial Objectives | Not disclosed | Corporate goals achieved 82.5%; individual outcomes considered | 88.8% of target for van der Horst | Not disclosed | Annual cash; paid post year-end |
| 2024 Stock Options (2/15/2024) | Tenure/retention; time-based vesting | 125,000 options @ $0.79 | N/A (time-based) | N/A | N/A | 25% on 2/15/2025; remainder monthly over 36 months to 2/15/2028 |
| 2024 Stock Options (12/20/2024) | Retention grant; time-based vesting | 100,000 options @ $0.45 | N/A (time-based) | N/A | N/A | 100% vest on earlier of 12/1/2025 or termination not for cause |
| 2023 RSUs (2/15/2023) | Time-based vesting | 13,275 RSUs | N/A | N/A | N/A | 3 equal annual installments to 2/15/2027 |
| 2022 RSUs (2/15/2022) | Time-based vesting | 7,350 RSUs | N/A | N/A | N/A | 2 equal annual installments to 2/15/2026 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (as of 3/18/2025) | 403,534 shares; 1.6% of outstanding |
| Beneficial Ownership Breakdown | 47,269 common shares; 356,265 options exercisable within 60 days |
| Shares Outstanding Basis | 25,208,068 shares outstanding |
| Vested vs Unvested Snapshot (12/31/2024) | Options/RSUs outstanding per grant table below |
| Hedging/Margin/Pledging | Hedging and margin accounts prohibited; policy restricts speculative trading. No pledging disclosed |
| Clawback | Incentive compensation tied to financial reporting measures subject to recoupment under 10D-1/Nasdaq 5608 |
| Ownership Guidelines | Not disclosed |
Outstanding Equity Awards (Detail at 12/31/2024)
| Grant Date | Type | Exercisable | Unexercisable | Strike | Expiration | Vesting Notes |
|---|---|---|---|---|---|---|
| 2/15/2024 | Stock Option | 90,102 | 125,000 | $0.79 | 2/15/2034 | 25% on 2/15/2025; then monthly to 2/15/2028 |
| 12/20/2024 | Stock Option | — | 100,000 | $0.45 | 12/20/2034 | 100% on 12/1/2025 or termination not for cause |
| 2/15/2023 | Stock Option | 34,375 | 40,625 | $1.43 | 2/15/2033 | Monthly to 2/15/2027 |
| 2/15/2023 | RSU | — | 13,275 | — | — | 3 equal annual installments to 2/15/2027 |
| 2/15/2022 | Stock Option | 31,166 | 12,834 | $4.30 | 2/15/2032 | Monthly to 2/15/2026 |
| 2/15/2022 | RSU | — | 7,350 | — | — | 2 equal annual installments to 2/15/2026 |
| 10/8/2021 | Stock Option | 15,832 | 4,168 | $8.69 | 10/31/2031 | Monthly to 10/8/2025 |
| 2/4/2021 | Stock Option | 69,877 | 3,039 | $19.00 | 2/3/2031 | Monthly to 2/15/2025 |
| 2/15/2020 | Stock Option | 55,208 | — | $3.22 | 8/4/2030 | Fully vested |
| 9/3/2019 | Stock Option | 3,125 | — | $16.32 | 9/2/2029 | Fully vested |
Employment Terms
| Provision | Dr. van der Horst (CSO) |
|---|---|
| Employment Agreement Effective | Amended & Restated effective Dec 7, 2022 (upon CSO appointment) |
| At-Will; Proprietary/Inventions Assignment | Yes; standard agreements executed |
| Severance – Without Cause/Good Reason (non‑CIC) | 9 months base salary; COBRA premiums for severance period |
| Severance – CIC within 12 months & termination Without Cause/Good Reason | Lump sum 12 months base salary + 100% of target bonus; COBRA premiums; immediate vesting of all unvested equity |
| Hedging/Speculative Trading Policy | Prohibits short sales, options, hedging, margin accounts |
| Clawback Policy | Incentive compensation subject to recoupment for restatements per Rule 10D-1/Nasdaq 5608 |
Company Performance Context (for pay-for-performance)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| EBITDA ($) | -$48.84m* | -$35.71m* | -$29.64m* |
Values retrieved from S&P Global.*
Additional disclosures:
- No product revenue; the company has not generated revenue from commercial sales and remains clinical-stage .
- Solnerstotug (anti‑VISTA, TMAb) Phase 1/2: among 21 evaluable PD-(L)1 resistant “hot” tumor patients, 14% ORR (3 patients) and 62% DCR; durable CR/PRs observed; tolerability profile without DLTs, primarily Grade 1–2 AEs .
Compensation Structure Analysis
- Mix shift: Salary increased to $400k (2024) from $382.7k (2023) while the annual bonus decreased ($142k vs $230.2k), and option grant-date value rose ($109,948 vs $82,962) .
- Targeting: Committee targets ~50th percentile for cash and 50th–75th percentile for equity versus peer data, suggesting higher at-risk equity emphasis .
- Governance safeguards: Clawback adopted Oct 2023; hedging/margin prohibition reduces misalignment risk .
Risk Indicators & Red Flags
- Market listing risk: The company transferred to Nasdaq Capital Market (Jan 8, 2025) and seeks shareholder approval for a 1-for-10 to 1-for-30 reverse split to regain/maintain minimum bid compliance .
- Section 16 compliance: Company reports timely filings by officers/directors in 2024 .
- Tax gross-ups: None disclosed for Dr. van der Horst; limited tax gross-up appears only for CEO’s allowances .
Equity Plan & Peer Practices
- Equity plans: 2018 and 2021 Equity Incentive Plans; broad-based grants, time-based vesting predominates in NEO grants .
- Consultant: Alpine Rewards engaged to benchmark executive compensation .
Say‑on‑Pay & Shareholder Feedback
- Not disclosed in the 2025 proxy; no say‑on‑pay percentages provided.
Expertise & Qualifications
- Education: M.Sc. Chemistry (LMU), Ph.D. Biochemistry & Molecular Biology (Max-Planck); prior roles at Igenica and Zenith Epigenetics reflect deep oncology and immunotherapy preclinical leadership .
- Program execution: Led progression of solnerstotug; Phase 1/2 expansion data show early efficacy signals and manageable safety, informing planned Phase 2 design (capital contingent) .
Investment Implications
- Alignment: 1.6% beneficial ownership and substantial unvested equity with near-term cliff (100% vest on Dec 1, 2025 for Dec 2024 option) support retention but may introduce discrete vesting-related liquidity events in late 2025 .
- Retention/CoC Economics: Double-trigger CoC with full equity acceleration, and 12 months salary plus 100% target bonus, provides stability but increases potential change-of-control payout leverage .
- Pay-for-performance: 2024 bonus tied to corporate goals (88.8% payout) balances cash and equity; clawback and hedging prohibitions strengthen governance .
- Execution risk vs upside: Early clinical signals in PD-(L)1-resistant settings are promising; however, financing needs and listing compliance (reverse split proposal) are key overhangs for TSR during his tenure .