Patrick Fabbio
About Patrick Fabbio
Patrick Fabbio, age 57, is the Chief Financial Officer of Protara Therapeutics (TARA) since January 30, 2023, and brings 30+ years of finance and operating leadership across public and private life sciences companies; he holds a B.B.A. in Accounting from Pace University and an M.B.A. in Finance from NYU Stern . In 2024, TARA’s board approved a 125% achievement of corporate goals (clinical milestones and capital raises), under which Fabbio’s cash bonus paid in 2025 was $260,325; Say‑on‑Pay support in 2024 was ~72%, with investor outreach and added bonus goal disclosure .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Rafael Holdings, Inc. | President & Chief Financial Officer | 2021–2022 | Senior finance and operational leadership at NYSE-listed company |
| WindMIL Therapeutics, Inc. | Chief Financial Officer | 2020–2021 | CFO role at clinical-stage biotech |
| Progenics Pharmaceuticals, Inc. | Chief Financial Officer | 2015–2020 | Public company CFO in oncology/diagnostics |
| electroCore Medical, LLC | Chief Financial Officer | Not disclosed | CFO in neuromodulation; finance leadership |
| Ikano Therapeutics, Inc. | Chief Financial Officer | Not disclosed | CFO in therapeutics; finance leadership |
| NPS Pharmaceuticals, Inc. | Vice President of Finance | Not disclosed | Finance leadership at rare disease biopharma |
| Catalent Pharma Solutions, Inc. | VP Finance, Innovation & Growth | Not disclosed | Finance and growth initiatives at CDMO |
| Sanofi‑Aventis U.S. LLC; UniPath Diagnostics; BioMatrix; Coopers & Lybrand | Various finance roles | Not disclosed | Foundational finance roles across pharma and professional services |
External Roles
| Organization | Role | Years |
|---|---|---|
| BeyondSpring Therapeutics, Inc. | Board Member | Since 2018 |
Fixed Compensation
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base Salary ($) | $445,000 (initial per employment agreement) | $462,800 (effective Jan 1, 2024) | $481,312 (most recent for 2025) |
| Target Bonus % of Base | 45% | 45% | 45% |
| Actual Bonus Paid ($) | $206,758 (for 2023 performance; paid 2024) | $260,325 (for 2024 performance; paid 2025) | Not disclosed |
Performance Compensation
Annual Cash Bonus Structure and 2024 Outcome
| Component | Weighting | Target | Actual Achievement | Payout ($) | Vesting |
|---|---|---|---|---|---|
| Corporate goals (clinical milestones; capital raises) | 90% (10% reserved for individual goals) | 45% of base salary | 125% (approved Jan 2025) | $260,325 (paid 2025 for 2024) | Cash |
| Individual goals | 10% | Included in target above | 125% (Fabbio) | Included in total above | Cash |
Equity Awards and Vesting (time-based)
| Grant Type | Grant Date | Shares | Exercise Price | Vesting Schedule |
|---|---|---|---|---|
| Stock Options | 1/30/2023 | 300,000 | $3.14 | 25% on 1/30/2024 (75,000), then 1/48 monthly for 36 months; 10-year term to 1/29/2033 |
| Stock Options | 1/19/2024 | 131,000 | $1.91 | 25% on 1/19/2025 (32,750), then 1/48 monthly for 36 months; 10-year term to 1/18/2034 |
| RSUs | 1/19/2024 | 22,000 | N/A | 33.3% on each of 1/19/2025, 1/19/2026, 1/19/2027 |
TARA’s equity plans prohibit repricing without stockholder approval; include double‑trigger CoC protection; minimum one‑year vesting (with limited exceptions); and RSUs pay no dividends while unvested .
Equity Ownership & Alignment
| Ownership as of April 16, 2025 | Shares | % of Outstanding |
|---|---|---|
| Total beneficial ownership | 222,939 | <1% (*) |
| Common stock owned | 4,273 | <1% (*) |
| Options exercisable within 60 days | 218,666 | <1% (*) |
Company policy prohibits officers and directors from hedging, short sales, options trades, margining, or pledging company stock; 10b5‑1 trading plans are permitted under policy when not in possession of MNPI . TARA adopted a Nasdaq‑compliant clawback policy effective Dec 1, 2023 covering executive incentive compensation for three prior fiscal years upon a restatement .
Employment Terms
| Feature | Key Terms |
|---|---|
| Employment status | At‑will; either party may terminate with/without cause |
| Severance (no cause / good reason) | Lump sum of 9 months’ base salary; one‑time lump sum of annual bonus at target; 9 months healthcare premium reimbursement; COBRA/benefit reimbursement; unpaid salary through termination; general release required |
| Change‑of‑control (double trigger within 12 months) | 100% acceleration of unvested equity; lump sum of 12 months’ base salary (in lieu of 9 months) |
| Equity vesting on termination (non‑CoC) | As above; equity accelerations limited to plan/award terms (time‑based awards otherwise continue vesting per policy) |
| Clawback | Nasdaq‑compliant policy adopted Oct 30, 2023; effective Dec 1, 2023 |
| Tax gross‑ups | None provided (no excise tax gross‑ups) |
Investment Implications
- Pay‑for‑performance linkage is moderate: 90% of CFO bonus tied to corporate milestones, with 2024 payout reflecting 125% achievement; equity awards are largely time‑based (options/RSUs), which improve retention but reduce direct performance sensitivity .
- Upcoming vesting events can create mechanical selling pressure: RSUs granted 1/19/2024 vest 33.3% annually in Jan 2025/2026/2027; options from 2023/2024 continue monthly vesting, adding tradable float subject to company trading windows and 10b5‑1 plans .
- Alignment and risk controls: Hedging and pledging are prohibited; repricing barred without stockholder approval; double‑trigger CoC protection standardizes retention economics while limiting single‑trigger windfalls .
- Governance signal: 2024 Say‑on‑Pay passed at ~72%—below typical biotech averages—prompting investor engagement and enhanced bonus goal disclosure; continued scrutiny on equity mix and transparency is likely .
Overall, Fabbio’s compensation and ownership indicate conventional small‑cap biotech alignment: cash tied to program milestones and capital formation; equity structured for retention; limited red flags given the clawback, anti‑hedging/pledging policy, and absence of tax gross‑ups .