David Lowrance
SavaraAbout David Lowrance
David Lowrance, 57, is Savara’s Chief Financial & Administrative Officer (since Dec 2022) and Corporate Secretary (since July 2017); he previously served as CFO from Nov 2016–Dec 2022 . A CPA with a B.B.A. in Accounting from the University of Georgia, his prior roles include CFO at Edgemont Pharmaceuticals (2014–2016), CFO & Secretary at Acucela (2011–2014) where he helped lead a $162M international IPO on the Tokyo Stock Exchange, and VP/CFO at Cumberland Pharmaceuticals (2003–2011) . Company performance context: Savara’s pay-versus-performance disclosures show TSR of $65 for a $100 initial investment in 2024 (vs $303 in 2023) and net loss of $95.9M in 2024, reflecting the pre-commercial, clinical-stage profile .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Edgemont Pharmaceuticals | CFO & Treasurer | Sep 2014–Oct 2016 | Led finance and treasury for a specialty pharma with CNS products . |
| Acucela Inc. | CFO & Secretary | Apr 2011–Sep 2014 | Oversaw operations/BD/IR; helped lead $162M international IPO (Tokyo) . |
| Cumberland Pharmaceuticals | VP & CFO | Mar 2003–Apr 2011 | Led finance/accounting, growth strategy and product development . |
| Savara Inc. | CFO; later CF&AO & Secretary | Nov 2016–present | Progressed from CFO to CF&AO; governance as Secretary . |
External Roles
No public company directorships or external board roles disclosed for Lowrance .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Actual Bonus Paid ($) | Notes |
|---|---|---|---|---|
| 2024 | 455,063 | 40% | 200,228 | Corporate goals paid at 110%; individual goals 110% . |
| 2023 | 437,561 | 40% | 175,025 | Corporate goals paid at 120%; individual goals 115% . |
| 2025 (targets) | n/a | 40% | n/a | Target bonus $188,400 approved by Board (Jan 2025) . |
Performance Compensation
| Year | Metric | Weighting | Target | Actual/Outcome | Payout |
|---|---|---|---|---|---|
| 2024 | Report IMPALA-2 Top Line (timing) | 35% | By end of June (100%) or July (95%) | Committee determined corporate goals fully met | Corporate 110% multiplier . |
| 2024 | Optimize Molgramostim Program (EAP, pediatric, supply chain, commercial, regulatory/quality) | 55% | Multi-functional objectives (10% clinical/medical; 20% technical ops; 10% commercial; 15% regulatory/QA) | Fully met at corporate level | Corporate 110% multiplier . |
| 2024 | Advance Strategic Planning | 5% | Valuation model, partnership options | Met | Corporate 110% multiplier . |
| 2024 | Maintain Disciplined Operational Management | 5% | Operate within 5% of budget | Met | Corporate 110% multiplier; Individual 110% for Lowrance . |
| 2023 | Complete IMPALA-2 Enrollment (timeline tiers) | 50% | Complete by May/June/July/Aug (100/95/90/85%) | Corporate goals fully met | Corporate 120% multiplier . |
| 2023 | Antibody testing launch; PPQ & comparability protocols; FDA PAI readiness; budget discipline | 50% aggregate | Specific technical/regulatory milestones | Fully met | Corporate 120%; Individual 115% for Lowrance . |
Performance Compensation – Equity Grants
| Grant Date | Award Type | Shares | Strike ($) | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| 12/12/2024 | Stock Options | 300,000 | 3.35 | 864,337 | 16 equal quarterly installments from 12/12/2024 . |
| 12/12/2024 | RSUs | 100,000 | — | 335,000 | Vests in full on 12/12/2026 . |
| 12/14/2023 | Stock Options | 40,000 | 4.45 | 289,377 | 16 equal quarterly installments from 12/14/2023 . |
| 12/14/2023 | RSUs | 160,000 | — | 151,000 | Vests in full on 12/14/2025 . |
2024 Summary Compensation also reports Lowrance’s stock and option award values of $335,000 and $864,337, respectively .
Equity Ownership & Alignment
| As of | Total Beneficial Ownership (shares) | % of Outstanding | Includes Within-60-Day Exercisable/RSU |
|---|---|---|---|
| Apr 7, 2025 | 1,064,814 | <1% | 943,809 shares issuable via options/RSUs within 60 days . |
| Outstanding Equity (12/31/2024) | Exercisable (shares) | Unexercisable (shares) | Strike ($) | Expiration | Notes | |---|---:|---:|---:|---| | Option | 80,684 | — | 1.51 | 10/25/2026 | Older grant. | | Option | 200,000 | — | 11.26 | 08/02/2028 | Older grant. | | Option | 150,000 | — | 1.59 | 12/20/2029 | Older grant. | | Option | 260,000 | — | 1.23 | 12/16/2030 | Older grant. | | Option | 75,000 | 25,000 | 1.11 | 12/14/2031 | Quarterly vesting (Dec 2021 start). | | Option | 125,000 | 125,000 | 1.51 | 12/13/2032 | Quarterly vesting (Dec 2022 start). | | Option | 10,000 | 30,000 | 4.45 | 12/14/2033 | Quarterly vesting (Dec 2023 start). | | Option | — | 300,000 | 3.35 | 12/12/2034 | Quarterly vesting (Dec 2024 start). | | RSU | — | 160,000 | — | — | Vests 12/14/2025 . | | RSU | — | 100,000 | — | — | Vests 12/12/2026 . |
- Hedging/pledging: Savara prohibits hedging and derivative transactions and does not permit hypothecation/pledging of company securities; purchasing on margin is disallowed .
- Clawback: SEC/Nasdaq-compliant clawback policy adopted in 2023 covering excess incentive-based compensation over the prior three years upon a restatement .
Employment Terms
| Scenario | Cash Severance | Bonus Treatment | Healthcare | Equity Acceleration |
|---|---|---|---|---|
| Termination without cause / good reason (outside CoC window) | 12 months base salary | Pro-rated target bonus | COBRA reimburse up to 12 months | Accelerated vesting equal to what would vest in 12 months . |
| Termination without cause / good reason (within CoC double-trigger) | 18 months base salary + 100% target bonus + pro-rated target bonus | As stated | Lump-sum payment equal to 18 months COBRA cost | 100% acceleration of equity . |
Potential payments (illustrative calculations as of 12/31/2024):
| Name | Cash Severance ($) | Healthcare ($) | Accelerated Equity ($) | Accrued Vacation ($) | Total ($) |
|---|---|---|---|---|---|
| Lowrance – Qualifying termination (no CoC) | 655,291 | 36,000 | 637,700 | 33,255 | 1,361,246 . |
| Lowrance – CoC + qualifying termination | 882,823 | 54,000 | 1,042,200 | 33,255 | 2,012,278 . |
Compensation Structure Analysis
- Mix and trend: In 2024 Lowrance’s compensation emphasized equity ($1.20M grant-date value) versus cash (salary $455k; bonus $200k), aligning pay with long-term value creation amid pivotal program milestones .
- Performance linkage: Bonus payouts were above target (110% in 2024; 120% corporate in 2023) contingent on clinical, technical operations, regulatory readiness, and disciplined budgeting—consistent with pre-commercial KPI focus .
- Governance and risk controls: Adoption of an SEC/Nasdaq clawback, prohibition on hedging/pledging, and say-on-pay approvals of ~95% (2024) and ~91% (2023) support compensation governance quality .
Equity Ownership & Alignment (Skin-in-the-Game)
- Beneficial ownership <1% (~1.065M shares), with substantial unvested RSUs and staged option vesting through 2026+, indicating continued retention hooks and alignment with future milestones .
- No pledging/hedging allowed under policy, reducing misalignment risks from collateral or hedge positions .
- Upcoming vest events (12/14/2025, 12/12/2026) and quarterly option vesting may create periodic supply but are standard for retention; no insider selling data disclosed in proxies .
Related Party Transactions; Say‑on‑Pay; Peer Benchmarking
- Related party transactions: None requiring disclosure since Jan 1, 2023 .
- Say-on-pay approvals: ~95% in 2024; ~91% in 2023, reflecting investor support for executive pay design .
- Peer groups: Compensation Committee uses biotech peers and Aon survey data to inform pay decisions, adjusted annually to match market cap/complexity .
Employment & Contract Terms (Additional)
- Role tenure: CFO Nov 2016–Dec 2022; CF&AO since Dec 2022; Secretary since July 2017 .
- Non-compete/non-solicit: Not specifically disclosed; severance tied to separation and release .
- Insider trading policy: Blackout periods and pre-clearance restrictions apply .
Investment Implications
- Alignment: Heavy equity mix, double-trigger CoC protection with full acceleration, and quarter-based vesting suggest strong retention and alignment through commercialization, but also predictable vest-related supply events (e.g., RSU cliffs in late 2025 and 2026) .
- Performance levers: Bonuses tied to clinical/regulatory and operations milestones indicate sensitivity to FDA timelines, supply-chain redundancy, and commercialization readiness—positive given recent corporate performance against goals (above-target payouts) .
- Risk controls: Prohibitions on pledging/hedging and a clawback policy mitigate governance red flags; robust say-on-pay support lowers compensation-driven controversy risk .
- Watch items: TSR volatility in 2024 and sizable accelerated equity value upon CoC (~$1.04M for Lowrance) imply material sensitivity to strategic outcomes (BLA/FDA, financing/royalty deals), influencing retention and potential change-of-control dynamics .