Kate McCabe
SavaraAbout Kate McCabe
Kate McCabe, 39, is Savara’s Chief Legal Officer (CLO) since December 2024, after serving as General Counsel (Jan 2023–Dec 2024), SVP Legal Affairs (Dec 2020–Jan 2023), and VP Legal Affairs (Mar 2018–Dec 2020) . She holds a B.S. in Accounting from Canisius College and a J.D. from the University of Texas School of Law; prior to Savara she practiced corporate and securities law at Wilson Sonsini Goodrich & Rosati . Company performance context over the past three fiscal years includes net losses and total shareholder return (TSR) progression shown below, reflecting pre-commercial investment and regulatory milestones like the 2025 BLA submission .
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income - (IS) ($USD) | -38,150,000* | -54,698,000* | -95,881,000* |
| EBITDA ($USD) | -38,012,000* | -59,133,000* | -102,269,000* |
| TSR – Value of $100 Investment ($) | $125 | $303 | $65 |
Values retrieved from S&P Global*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Savara Inc. | Chief Legal Officer | Dec 2024–present | Legal leadership through pre-commercial to launch readiness |
| Savara Inc. | General Counsel | Jan 2023–Dec 2024 | Oversaw legal during Phase 3 readout and financing |
| Savara Inc. | SVP, Legal Affairs | Dec 2020–Jan 2023 | Scaling legal function amid clinical advancement |
| Savara Inc. | VP, Legal Affairs | Mar 2018–Dec 2020 | Established core corporate/legal frameworks |
| Wilson Sonsini Goodrich & Rosati | Corporate & Securities Attorney | Pre-2018 | Advised life sciences/tech issuers on corporate and financing matters |
External Roles
No public company directorships or external board roles disclosed for McCabe. Prior external employment: Wilson Sonsini Goodrich & Rosati (corporate & securities law) .
Fixed Compensation
| Component | Detail |
|---|---|
| Base Salary | $392,000 annual base |
| Target Bonus % | Up to 40% of base salary, subject to CEO/Board-set objectives and continued employment through payment |
| Equity Eligibility | Eligible for annual grants under the 2024 Omnibus Incentive Plan; additional grants possible at CEO/Board discretion |
Performance Compensation
| Metric (Companywide 2024 Goals) | Weighting | Target | Actual/Payout | Notes |
|---|---|---|---|---|
| Report IMPALA-2 Top Line Data | 35% | Report by end of Jun (100%) or Jul (95%) | Companywide goals met; payout set to 110% for companywide portion | |
| Optimize Molgramostim Program | 55% | EAP/pediatric/data publication (10%); GTO redundant supply (20%); commercial prep (10%); regulatory/quality incl. BLA & inspection readiness (15%) | Achieved; included in 110% companywide payout | |
| Advance Strategic Planning | 5% | Valuation model & partnership options | Achieved | |
| Maintain Disciplined Operational Management | 5% | Operate within 5% of 2024 budget | Achieved |
- McCabe’s bonus mechanics: bonus eligibility and objectives determined by CEO/Board per her employment agreement; specific individual metrics/weighting for CLO not separately disclosed .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 558,582 shares of common stock (Form 3, 3/13/2025) |
| Ownership as % of Outstanding | ~0.32% (558,582 / 172,747,640 shares outstanding as of 4/7/2025) |
| Options Held (Selected) | 30,000 @ $7.33 exp 12/13/2028; 5,250 @ $11.00 exp 05/30/2029; 34,971 @ $1.23 exp 12/16/2030; 31,250 (additional grant detail truncated in filing) |
| RSUs | Beneficial ownership includes RSUs per Form 3 footnote; vesting schedules not fully disclosed in the excerpt |
| Hedging/Pledging | Hedging, short sales, margin, and pledging of company stock are prohibited under Insider Trading Policy |
| Clawback | SEC/Nasdaq-compliant clawback adopted in 2023; applies to incentive comp based on financial metrics for a 3-year lookback following a restatement |
Employment Terms
| Provision | Outside Change-of-Control (CoC) | Within CoC Period (3 months pre–12 months post) |
|---|---|---|
| Employment Status | At-will | At-will |
| Cash Severance | Lump sum: 12 months base salary + pro-rated target bonus | Lump sum: 18 months base salary + 100% of target bonus + pro-rated target bonus |
| Healthcare | COBRA reimbursements up to 12 months (or until covered elsewhere) | Taxable lump sum equal to 18 months COBRA premiums (paid regardless of election) |
| Equity Vesting | Immediate vesting of options that would vest over next 12 months; other unvested awards remain outstanding up to 3 months for possible CoC then forfeit if no CoC | Full acceleration of all outstanding unvested equity |
| Death/Disability | 12 months base + pro-rated bonus; COBRA up to 12 months; 12 months of option vesting potential with CoC look-forward window | |
| Good Reason (examples) | Material diminution in role; >10% base pay reduction (not broadly applied peers); relocation >60 miles, with cure rights | |
| Restrictive Covenants | Reaffirmation of PIIA incl. non-compete/non-interference to protect IP and goodwill (time, geography, scope deemed reasonable) | |
| 280G Cutback | Best-net approach: pay full or reduce to avoid excise tax, based on after-tax optimization | |
| 409A | Structured for compliance/exemption; six-month delay if specified employee |
Investment Implications
- Pay-for-performance linkages: McCabe’s bonus is tied to CEO/Board-set objectives; companywide 2024 goals were fully met with 110% payout for the corporate portion, indicating strong execution cadence tied to pivotal milestones (IMPALA-2, BLA, supply chain, commercial readiness) .
- Severance economics: Double-trigger CoC provisions with 18 months base + 100% target bonus and full equity acceleration provide retention in strategic scenarios; outside CoC severance is 12 months base + pro-rated bonus with partial option acceleration .
- Alignment and risk controls: Hedging/pledging prohibitions and an SEC/Nasdaq-compliant clawback mitigate misalignment; best-net 280G cutback avoids excise tax inefficiencies .
- Ownership and potential selling pressure: Beneficial ownership of ~0.32% suggests modest direct equity exposure; option strikes include low-level grants (e.g., $1.23), creating potential future monetization incentives depending on stock price trajectory .
- Performance backdrop: Recent TSR volatility (FY22 $125; FY23 $303; FY24 $65) alongside larger net losses in FY24 reflects pre-commercial investment intensity; legal/regulatory execution (e.g., BLA submission) remains central to value creation timeline .