Leonardo Nicacio
About Leonardo Nicacio
Leonardo Viana Nicacio, M.D., age 47, has served as Chief Medical Officer (CMO) of Protara Therapeutics (Nasdaq: TARA) since April 2025; he holds a medical degree from Faculdade de Ciências Médicas de Minas Gerais, completed a molecular biology research fellowship at New York Blood Center, and is board-certified in internal medicine and medical oncology, with active membership in ASCO and ESMO . Company-level performance context: Protara reported net losses of $66.0M (2022), $40.4M (2023), and $44.6M (2024), and disclosed pay-versus-performance TSR index values of $11.07 (2022), $7.74 (2023), and $78.22 (2024); the company noted it had no revenue during the periods presented .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Protara Therapeutics | Chief Medical Officer | Apr 2025–present | Leads clinical strategy across oncology and rare disease pipeline |
| Stemline Therapeutics (Menarini Group) | Head of Clinical Development & Global Medical Affairs | Apr 2024–Apr 2025 | Established and executed global solid tumor development and medical affairs strategies |
| Seagen (acquired by Pfizer Dec 2023) | Vice President, Clinical Development (prior Executive Director roles) | May 2017–Apr 2024 | Oversaw development programs across bladder, breast, gynecologic, lung, head & neck, and colorectal cancers |
| AstraZeneca | Senior Global Medical Lead, Global Medical Affairs | Aug 2015–May 2017 | Led medical affairs and clinical trial enrollment for durvalumab in bladder cancer; directed launch readiness and supported regulatory submission team |
| Flatiron Health | Oncology leadership roles | Not disclosed | Helped build the first health tech platform organizing real-world oncology data |
| Sanofi; YM Biosciences | Oncology roles | Not disclosed | Early career leadership roles in oncology |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| American Society of Clinical Oncology (ASCO) | Member | Not disclosed | Professional society membership |
| European Society for Medical Oncology (ESMO) | Member | Not disclosed | Professional society membership |
Fixed Compensation
- Base salary and target bonus for Dr. Nicacio were not disclosed in the 2025 proxy (which reports FY2024 NEOs) given his appointment in April 2025; FY2024 NEOs were Shefferman (CEO), Fabbio (CFO), Zummo (CSO), and former CMO Bandari .
- Company bonus framework for FY2024 (context for program design): CEO target 55% of base; other executives 45%; corporate goals achieved at 125% (clinical milestones and capital raises); however this pertains to FY2024 NEOs and not to Dr. Nicacio .
Performance Compensation
- Inducement equity grants under Nasdaq Rule 5635(c)(4) at commencement:
- Option to purchase 150,000 shares at $4.17 (grant-date price 4/15/2025); vests 25% at first anniversary, then equal monthly over 36 months (4-year schedule) .
- RSU award of 50,000 shares; vests in equal annual installments on first, second, and third anniversaries (3-year schedule) .
| Incentive Type | Grant Date | Shares | Strike/Grant Price | Metric & Weighting | Target | Actual/Payout | Vesting Schedule |
|---|---|---|---|---|---|---|---|
| Stock Option (Inducement) | Apr 15, 2025 | 150,000 | $4.17 | Time-based (N/A) | N/A | N/A | 25% at 1-year; balance monthly over 36 months |
| RSU (Inducement) | Apr 15, 2025 | 50,000 | N/A (RSU) | Time-based (N/A) | N/A | N/A | 1/3 annually at 1-, 2-, 3-year anniversaries |
- Plan mechanics relevant to awards:
- Double-trigger Change-of-Control protection: if terminated without cause or resigns for good reason within 2 years post-CoC, all unvested options/RSUs accelerate; performance awards deemed satisfied at target or actual, whichever greater, unless otherwise determined .
- Company-wide Clawback Policy (effective Dec 1, 2023) applies to incentive-based compensation for current/former executive officers upon accounting restatement (three-year look-back) .
- Repricing/exchange of options/SARs is not permitted without stockholder approval; the plan has no single-trigger vesting and includes minimum vesting standards .
Equity Ownership & Alignment
| Ownership Element | Detail |
|---|---|
| Beneficial ownership (common) | 2,181 shares as of record date (Apr 16, 2025) |
| Unvested equity | 150,000 options at $4.17, time-based vesting; 50,000 RSUs, time-based vesting |
| Hedging/Pledging | Company insider trading policy prohibits short sales, options, hedging transactions, and pledging/margining of company stock by officers/directors/employees/consultants |
| Ownership guidelines | Not disclosed for executive officers; no data on multiples of salary |
Vesting schedule-driven potential selling pressure windows (subject to trading windows and 10b5-1 plans): April 15, 2026 (25% options; 1st RSU tranche), April 15, 2027 (2nd RSU tranche), April 15, 2028 (final RSU tranche; ongoing monthly option vest thereafter) .
Employment Terms
- Start date and role: Appointed CMO on April 15, 2025 .
- Employment agreement terms (salary, severance, non-compete): Not disclosed for Dr. Nicacio in the 2025 proxy; severance terms detailed for other executives, but not for Dr. Nicacio .
- Equity plan terms affecting employment economics:
- Double-trigger CoC vesting acceleration for employee awards .
- Inducement Plan available solely for new hires; maximum 1,200,000 shares authorized (amended Mar 2025); no repricing without stockholder approval .
- 2024 Equity Incentive Plan increased by 2,800,000 shares (to 4,300,000) upon stockholder approval; performance-based awards permitted and minimum vesting applies .
- Clawback and trading policies: Clawback policy for restatements; strict insider trading policy including hedging/pledging prohibitions .
Investment Implications
- Retention and alignment: Time-based vesting across 4 years (options) and 3 years (RSUs) creates meaningful retention hooks through 2028; prohibition on hedging/pledging enhances alignment and reduces leverage-related risks .
- Change-of-control economics: Double-trigger acceleration provides downside protection in M&A scenarios and may influence executive decision-making; monitor deal-related 8-Ks and potential award treatment .
- Trading signals: Watch for Form 4 filings around April 15 annual anniversaries and monthly option vesting cadence; company policy encourages use of Rule 10b5-1 plans, subject to blackout windows .
- Equity overhang: Share pool expanded to 4.3M under 2024 EIP; as of Sept 30, 2025, 1,636,819 awards were outstanding and 2,663,181 shares remained available, implying ongoing equity issuance capacity that could be dilutive over time .
- Shareholder sentiment: Say-on-pay support was 72% in 2024, with investor feedback incorporated (additional disclosure on corporate performance goals); keep an eye on future votes as Nicacio’s compensation appears in subsequent proxies .