Yang Li
About Yang Li
Yang Li, Ph.D., age 56, is Surrozen’s Executive Vice President of Research (since July 2023), after serving as Senior Vice President, Biology (Jan 2021–Jun 2023) and Vice President, Biology (Oct 2017–Dec 2020). He has 25+ years of biopharma experience, previously as Scientific Director at Amgen, where his teams advanced multiple programs into the clinic. Dr. Li holds a Ph.D. in cell biology (Stanford) and dual B.S. degrees in chemistry and molecular and cell biology (Penn State) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Amgen Inc. | Scientific Director | Not disclosed | Teams advanced multiple programs into the clinic across various indications |
External Roles
No external public-company directorships or committee roles disclosed for Yang Li in the company’s filings .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 389,263 | 415,000 |
| Target Bonus (% of Base) | 40% (non-CEO executives) | 40% (non-CEO executives) |
| Actual Bonus Paid ($) | 143,200 | 161,850 |
| 401(k) Match/Other ($) | 3,000 | 3,000 |
Performance Compensation
Annual Cash Bonus Plan design ties payouts to corporate and individual goals (non-CEO weighting: 50% corporate / 50% individual). Corporate goals reflect progress on product candidate development and budget adherence; 2024 corporate goal achievement was 95% and 2023 was 84%. Dr. Li’s personal goal attainment was 100% in 2024 and 95% in 2023 .
| Year | Metric | Weighting | Target | Actual | Payout ($) | Vesting |
|---|---|---|---|---|---|---|
| 2023 | Corporate goals | 50% | 40% of base salary | 84% achieved | 143,200 | Cash (paid post-year-end) |
| 2023 | Individual goals | 50% | 40% of base salary | 95% achieved | Included above | Cash (paid post-year-end) |
| 2024 | Corporate goals | 50% | 40% of base salary | 95% achieved | 161,850 | Cash (paid post-year-end) |
| 2024 | Individual goals | 50% | 40% of base salary | 100% achieved | Included above | Cash (paid post-year-end) |
Additional Incentive/Clawback Policies:
- Dodd-Frank–compliant compensation recoupment (clawback) policy for restatements .
- Anti-hedging policy prohibits short sales, options, hedging, margin accounts and pledging of company stock (alignment positive; pledging not permitted) .
Equity Ownership & Alignment
Beneficial ownership as reported in the proxy statements:
| As-of Date | Shares Beneficially Owned | Ownership % |
|---|---|---|
| April 10, 2024 | 18,115 (10,888 common + 7,227 options exercisable within 60 days) | <1% (“*”) |
| March 19, 2025 | 34,802 (13,345 common + 21,457 options exercisable within 60 days) | 1.05% |
Stock ownership guidelines: not specifically disclosed (company governance guidelines reference “Stock ownership” generally) .
Outstanding equity awards (as of Dec 31, 2024):
| Grant Date | Type | Vesting Commencement | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration | Notes |
|---|---|---|---|---|---|---|---|
| 03/01/2022 | Stock Option | 01/01/2022 | 4,861 | 1,805 | 46.65 | 03/01/2032 | 48 equal monthly installments |
| 10/03/2022 | Stock Option | 09/12/2022 | 18 | 15 | 30.45 | 10/03/2032 | 48 equal monthly installments |
| 10/10/2022 | Stock Option | 01/01/2021 | 1,490 | 31 | 32.40 | 02/22/2031 | 48 monthly or 25% cliff then monthly per award footnotes |
| 02/01/2023 | Stock Option | 01/01/2023 | 2,554 | 2,778 | 10.51 | 02/01/2033 | 48 equal monthly installments |
| 04/24/2024 | Stock Option | 01/01/2024 | 2,291 | 7,709 | 8.97 | 04/24/2034 | 48 equal monthly installments |
| 05/01/2024 | Stock Option | 05/01/2024 | 2,916 | 17,084 | 9.89 | 05/01/2034 | 48 equal monthly installments |
| 04/24/2024 | RSU | 01/01/2024 | — | 5,000 | — | — | Vests in 2 equal annual installments (commencing 01/01/2024) |
RSU market value (unvested) as of Dec 31, 2024: $71,750 .
Pledging/Hedging: Prohibited by policy, reducing alignment risk from collateralization .
Employment Terms
| Scenario | Cash Severance | Bonus | Benefits | Equity |
|---|---|---|---|---|
| Terminated without cause (non-CoC) | 9 months base salary (Dr. Li) | None | 9 months continuation | No acceleration |
| Change-in-Control with qualifying termination (double trigger; within 12-month window beginning 3 months prior to CoC) | 12 months base salary (Dr. Li) | 100% of target bonus | 12 months continuation | Full acceleration of all existing equity |
Indemnification agreements customary for executives and directors; Delaware law–based limitation of liability and D&O insurance in place .
Compensation Structure Analysis
- Mix shift to equity in 2024: Dr. Li received RSUs ($44,850) and higher option grant value ($222,493) vs 2023 ($41,270 options; no RSUs), indicating increased equity-based retention incentives .
- Annual bonus payouts closely track performance: 2024 payout at ~97.5% of target (driven by 95% corporate and 100% personal); 2023 payout at ~89.5% of target (84% corporate, 95% personal), supporting pay-for-performance alignment .
- Option repricing (Oct 2022) lowered exercise prices to $32.40 for underwater grants; incremental fair value to Dr. Li was $15,362—a governance caution but common in early-stage biotech to restore retention .
Investment Implications
- Alignment and retention: 1.05% beneficial ownership (2025) plus meaningful unvested options/RSUs and double-trigger CoC acceleration suggest strong retention but potential incremental sell pressure around RSU vesting dates and option in-the-money periods .
- Pay-for-performance: Bonus framework anchored to corporate development milestones and budgets, with consistent payout calibration (95% corporate in 2024; 84% in 2023), supports disciplined incentive design even in pre-commercial stages .
- Governance watch-items: 2022 option repricing is a mild red flag; however, anti-hedging/anti-pledging policy, clawback adoption, and independent compensation committee with external consultant (AON) mitigate risk and indicate governance rigor .