Greg Chow
SUTRO BIOPHARMAAbout Greg Chow
Greg Chow is Chief Financial Officer and principal financial and accounting officer of Sutro Biopharma, appointed effective June 2, 2025, and currently certifies Sutro’s SEC filings alongside the CEO . He brings 25+ years across corporate finance, capital markets, investment banking, and drug development operations; he holds an MBA in Finance from Wharton and a BA in Business Economics (Accounting emphasis) from UC Santa Barbara, and is a California CPA (inactive) . Context on performance: Sutro reported FY2024 revenue of $62.0M and a net loss of $227.5M; the “pay versus performance” table shows TSR value of $12 for 2024 (value of $100 initial investment), providing baseline operating context preceding Mr. Chow’s tenure . During 2025, Sutro disclosed cash of $167.6M and runway into at least mid‑2027, supported by expected milestone payments, after restructuring to prioritize next‑gen ADC programs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NodThera | Chief Financial & Business Officer | Not disclosed | Led business development and financing activities |
| Freenome Holdings | Chief Financial Officer | Not disclosed | Helped execute Series F financing |
| Frontier Medicines | Chief Financial Officer | Not disclosed | Guided Series B/C financings; oversaw alliance management for AbbVie collaboration |
| Aptose Biosciences (NASDAQ: APTO) | EVP & CFO | Not disclosed | Led dual listing on Nasdaq/TSX; raised >$225M capital |
| Wedbush / RBC Capital Markets / Wells Fargo Securities | Investment banking (senior roles) | Not disclosed | 14 years in IB; capital markets and private placements leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No public company directorships disclosed in Sutro IR management profile |
Fixed Compensation
- Base salary and target bonus for Mr. Chow have not been disclosed in Sutro’s 2025 8‑Ks or 10‑Qs; disclosures focus on appointment, certifications, and restructuring/operational updates .
Performance Compensation
| Metric | Program Design | FY2024 Target Weighting | FY2024 Achievement | Payout Mechanics |
|---|---|---|---|---|
| Luvelta development & partnering | Corporate milestones | 40% | Partial | Annual bonuses tied to weighted corporate goal achievement; overall 65% achieved |
| Proprietary pipeline progression | Corporate milestones | 20% | Full | As above |
| Partnered program progression | Corporate milestones | 5% | Full | As above |
| New dealmaking | Corporate milestones | 20% | Partial | As above |
| Manufacturing readiness | Corporate milestones | 5% | Full | As above |
| Financial performance | Corporate milestones | 5% | Not achieved | As above |
| Execution, culture & talent | Corporate milestones | 5% | Full | As above |
Notes
- Sutro’s compensation philosophy emphasizes pay‑for‑performance via annual cash incentives linked to corporate goals and long‑term equity (options, RSUs). Options vest monthly over four years; RSUs vest annually over four years .
- FY2024 overall corporate goal achievement was 65% (for context on program structure pre‑Chow tenure) .
Equity Ownership & Alignment
| Item | Quantity | Type | Vesting / Terms | Status |
|---|---|---|---|---|
| Inducement stock options | 275,000 | Non‑qualified options | Exercise price $0.90; 25% vests on 6/2/2026; remainder vests monthly (1/48th) thereafter; expires 6/2/2035 | Unexercised / unvested (as of grant) |
| Inducement RSUs | 100,000 | RSU | 25% vests annually starting 6/2/2026 | Unvested |
| Open‑market purchase | 19,750 | Common shares | Purchased 10/15/2025 at ~$0.81 weighted avg price | Directly owned |
Additional alignment policies
- Sutro prohibits hedging, margin loans, and pledging of company stock by employees and directors .
- Equity program and vesting schedules aim to retain talent and align with long‑term value creation .
Employment Terms
| Provision | Key Terms | Source |
|---|---|---|
| Severance (no CIC) | If terminated without cause or resigns for good reason: cash severance payable monthly equal to 15 months of annual base salary for “other chief executives” (CFOs included); pro‑rata bonus based on actual achievement; COBRA premiums paid up to 15 months; acceleration of time‑based equity that would vest in the next 15 months (performance awards per award terms) | |
| Change‑in‑control (double trigger) | If termination without cause/resigns for good reason within 18 months post‑CIC: lump‑sum cash severance equal to 15 months of base salary; pro‑rata target bonus; additional lump‑sum equal to 1.25× target bonus; COBRA up to 15 months; full acceleration of options and RSUs (performance awards per award terms) | |
| Clawback policy | Compensation recovery policy adopted Nov 12, 2023; enables recovery of incentive‑based compensation in event of accounting restatement from material noncompliance with federal securities laws | |
| Insider trading policy | Prohibits hedging and pledging; compliance overseen by General Counsel; policy filed as Exhibit to 2024 10‑K | |
| Say‑on‑Pay | 2024 Say‑on‑Pay approval 98.8% (company context) | |
| Compensation peer group | 2024 peer group of 19 biotech companies used for market benchmarking; criteria included industry, market cap, headcount, stage, and location |
Investment Implications
- Insider alignment: CFO’s open‑market purchase (19,750 shares at ~$0.81) after joining indicates personal capital at risk and positive alignment, reducing near‑term insider selling pressure signal .
- Retention and vesting overhang: Inducement grants (275k options, 100k RSUs) have a one‑year cliff (options) and multi‑year vest schedules, creating predictable vesting supply but primarily time‑based rather than performance‑conditioned; this supports retention but does not itself enforce performance outcomes .
- Change‑of‑control economics: Double‑trigger CIC and full acceleration of time‑based equity for “other chief executives” (including CFOs) can reduce management friction in strategic alternatives, but add cash obligations at exit; absence of tax gross‑ups is shareholder‑friendly .
- Governance and risk controls: Prohibition on hedging/pledging and an SEC/Nasdaq‑compliant clawback regime support compensation alignment and mitigate risk of misaligned incentives .
- Execution risk backdrop: The 2025 restructuring and program reprioritization extend runway into mid‑2027, but elevate operational and clinical execution risk, placing premium on CFO’s capital discipline and milestone‑driven financing strategy .