Richard Levy
About Richard Levy
Richard Levy, M.D. is an independent director (Class I) at Protara Therapeutics, age 67, serving on the board since January 2020 after previously serving on Private ArTara’s board from December 2019 until the merger . He holds an A.B. in biology from Brown University and an M.D. from the University of Pennsylvania; he trained in internal medicine at the Hospital of the University of Pennsylvania and completed a gastroenterology/hepatology fellowship at UCLA, with board certifications in internal medicine and gastroenterology . Dr. Levy has 30+ years in pharma/biotech, including senior drug development leadership roles at Incyte, and earlier regulatory/clinical roles at Celgene, DuPont Pharmaceuticals, and Novartis/Sandoz, alongside academic service at UCLA .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Incyte Corporation | Executive Vice President & Chief Drug Development Officer | Jan 2009 – Apr 2016 | Led drug development; retired Apr 2016 |
| Incyte Corporation | Senior Vice President, Drug Development | Aug 2003 – Jan 2009 | Senior drug development leadership |
| Baker Bros. Advisors, L.P. | Part-time Senior Advisor | Dec 2016 – May 2019 | Advisor to life sciences investment funds |
| Celgene Corporation | Vice President, Biologic Therapies | 2002 – 2003 | Biologics strategy |
| DuPont Pharmaceuticals Company | VP, Regulatory Affairs & Pharmacovigilance; VP, Medical & Commercial Strategy | 1997 – 2002 | Regulatory and strategy leadership |
| Novartis AG / Sandoz AG | Clinical research & regulatory affairs roles | 1991 – 1997 | Roles of increasing responsibility |
| UCLA School of Medicine | Assistant Professor of Medicine | Pre-1991 (prior to industry) | Academic medicine |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Kodiak Sciences Inc. | Director | Currently serves | Public company board service |
| Kiniksa Pharmaceuticals, Ltd. | Director | Currently serves | Public company board service |
| Madrigal Pharmaceuticals, Inc. | Director | Currently serves | Public company board service |
| Aquinox Pharmaceuticals, Inc. | Director | Mar 2017 – Mar 2019 | Public company board service (prior) |
| Constellation Pharmaceuticals Inc. | Director | Apr 2019 – Jul 2021 | Public company board service (prior) |
Board Governance
- Committee assignments (FY 2024): Chair, Scientific Advisory Committee; began serving on Compensation Committee in April 2025; independent determination for all committee members .
- Prior committee service (FY 2022): Audit Committee member; Chair, Scientific Advisory Committee .
- Independence: Board affirms Dr. Levy is independent under Nasdaq rules; majority of board is independent; board led by an independent chair (Luke Beshar) with separated CEO/Chair roles .
- Attendance: In 2024, the board met 7 times; audit 4; compensation 6; nominating & governance 3; scientific advisory 5; each director attended at least 75% of aggregate board and committee meetings; independent directors held 5 executive sessions .
| Committee | FY 2022 | FY 2024 |
|---|---|---|
| Audit | Member | Not a member |
| Compensation | Not a member | Began service Apr 2025 (member) |
| Nominating & Corporate Governance | Not a member | Not a member |
| Scientific Advisory | Chair | Chair |
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Option Awards ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|---|
| 2022 | 97,500 | 25,606 | — | 123,106 |
| 2023 | 97,500 | 20,763 | — | 118,263 |
| 2024 | 91,875 | 20,598 | — | 112,473 |
- 2025 non-employee director cash retainer structure (effective April 1, 2025): base $40,000; chair of board +$115,000; committee member retainers: audit $7,500, compensation $6,000, nominating & governance $5,000, scientific advisory $25,000; committee chair retainers: audit $15,000, compensation $12,000, nominating & governance $9,000, scientific advisory $50,000 (chair retainer in lieu of member retainer) .
Performance Compensation
| Equity Award Type (Directors) | Grant Size | Vesting Schedule | Change-of-Control Terms | Annual Limits |
|---|---|---|---|---|
| Initial Option Grant (new directors) | 48,000 shares | 1/3 at 1-year; remainder in 24 equal monthly installments | Unvested director equity fully vests upon change in control (per director policy) | Non-employee director total comp capped at $750k; $1,000k in year of joining; measured by grant-date fair value plus cash |
| Annual Option Grant | 24,000 shares | Vests in full at 1-year anniversary of grant date | Unvested director equity fully vests upon change in control (per director policy) | Subject to annual cap cited above |
- 2024 Plan features: double-trigger protection for participants following change of control; no option repricing without shareholder approval; clawback policy applies; no tax gross-ups; minimum 1-year vesting generally; performance-based awards permitted under the plan framework . For non-employee directors, compensation tables show option awards and no explicit performance metrics tied to director pay were disclosed .
Other Directorships & Interlocks
| Company | Relationship to TARA | Potential Interlock/Conflict Notes |
|---|---|---|
| Kodiak Sciences Inc.; Kiniksa Pharmaceuticals, Ltd.; Madrigal Pharmaceuticals, Inc. | Unrelated public pharma/biotech | Multiple concurrent public boards may increase external commitments; no related-party transactions with TARA disclosed in proxy |
| Aquinox Pharmaceuticals; Constellation Pharmaceuticals | Prior public boards | Historical service; no TARA related-party ties disclosed |
Expertise & Qualifications
- Drug development leadership: EVP/CDDO at Incyte (2009–2016), SVP Drug Development (2003–2009), and senior roles at Celgene, DuPont, Novartis/Sandoz, indicating deep R&D, regulatory, and strategy expertise .
- Medical credentials: Board-certified in internal medicine and gastroenterology; academic tenure at UCLA; advanced clinical training at HUP and UCLA .
- Board experience: Current director roles at Kodiak, Kiniksa, Madrigal; prior public company boards (Aquinox, Constellation) .
Equity Ownership
| Holder | Beneficial Ownership (Shares) | Percent of Total | Components/Notes |
|---|---|---|---|
| Richard Levy, M.D. | 80,000 | <1% | Options outstanding as of Dec 31, 2024: 49,000 shares ; Vested but not settled RSUs: 31,000 ; Ownership computed against 38,579,021 shares outstanding (Apr 16, 2025 record date) |
- Hedging/Pledging: Insider trading policy prohibits short sales, derivatives, hedging transactions, and pledging/margining company stock for all officers/directors .
Governance Assessment
- Strengths for investor confidence: Independent status and extensive industry expertise; chair of Scientific Advisory Committee aligns board oversight with R&D risk; attendance threshold met (≥75%); independent chair structure; clawback policy, no tax gross-ups, and no option repricing without shareholder approval .
- Compensation/Alignment: Director pay is primarily cash plus standardized annual option grants; Levy’s 2024 compensation comprised $91,875 cash and $20,598 in option value, with additional chair/member retainers and vesting aligned to tenure, and anti-hedging/pledging policy supports alignment .
- Potential RED FLAGS: Single-trigger acceleration for non-employee director equity upon change in control under the director policy contrasts with the plan’s general double-trigger framework; may be viewed as less stringent alignment for directors in a sale scenario .
- Related-party transactions: Audit committee oversees related-person transactions; no related-party disclosures involving Dr. Levy were identified in the proxy .