Chrystal Louis
About Chrystal Louis
Chrystal Louis, M.D., M.P.H., is Chief Medical Officer of TScan Therapeutics (TCRX) since April 2024; age 49 as of April 30, 2025 . She earned an M.D. and an M.P.H. from Tulane University and B.A. in Political Science and B.S. in Chemistry from Southwestern University, with prior academic appointment at Baylor College of Medicine focused on early CAR‑T development for solid tumors . Company performance context: TScan revenue fell from $21.0M in FY 2023 to $2.8M in FY 2024, while EBITDA losses widened; use this backdrop when assessing pay‑for‑performance alignment [FY 2022–2024 table below]. Revenues: $13.5M (FY 2022), $21.0M (FY 2023), $2.8M (FY 2024) ; EBITDA: −$61.5M*, −$88.1M*, −$130.7M* (FY 2022–2024). Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Zentalis Pharmaceuticals | SVP, Hematology Clinical Development | Nov 2022–Mar 2024 | Led hematology clinical development |
| CRISPR Therapeutics | VP, Head of Medical Affairs | Jul 2020–Nov 2022 | Built and led medical affairs across oncology programs |
| Celgene (acquired by BMS) | Executive Director, U.S. Medical Affairs (Myeloid/Oncology/Pancreatic/GI) | Oct 2016–Jul 2020 | U.S. Medical Affairs leadership across multiple oncology disease areas |
| Merrimack Pharmaceuticals | Clinical development & project leadership strategy | Sep 2014–Oct 2016 | Portfolio/project leadership in clinical development |
| Baylor College of Medicine / Texas Children’s | Assistant Professor (Oncology/Hematology) | Pre‑industry (dates not specified) | Early CAR‑T development for solid tumor malignancies |
External Roles
No public company board or committee roles for Dr. Louis are disclosed in the proxy; the biography lists prior industry and academic roles but no current external directorships .
Fixed Compensation
| Metric (FY 2024 unless stated) | Value |
|---|---|
| Annual Base Salary | $495,000 |
| Target Bonus % of Base Salary | 40% |
| Actual Non‑Equity Incentive Paid (2024) | $162,000 |
| Sign‑on Bonus | $45,000 (repayable if departure within 12 months) |
| Perquisites | None beyond broad employee programs (health/401k match); 401k match 100% up to 4% salary |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Conditions |
|---|---|---|---|---|---|
| Corporate & individual goals related to product development and advancement of pre‑clinical studies | Not disclosed | 40% of base salary | $162,000 cash bonus (2024) | Not disclosed | Must be employed through payment date |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (as of Apr 30, 2025) | 110,833 shares via options exercisable within 60 days; <1% of outstanding |
| Pledging/Hedging | Company policy addresses trading, pledging and hedging; insider trading policy filed as exhibit to 2024 Form 10‑K. No pledging by Dr. Louis disclosed in proxy |
| Clawback | Compensation recovery policy adopted Sep 21, 2023 (effective Oct 2, 2023) for incentive pay tied to financial reporting measures |
Equity Awards Outstanding (year‑end and grant details)
| Grant | Vesting Commencement | Unexercisable (12/31/2024) | Exercise Price | Expiration | Vesting Schedule |
|---|---|---|---|---|---|
| Stock Options (New Hire) | Apr 22, 2024 | 380,000 | $8.62 | May 1, 2034 | 25% on first anniversary (95,000 shares), then 1/48 monthly (~7,917 shares/month) over next 36 months |
As of April 30, 2025, options exercisable within 60 days total 110,833 (25% at anniversary plus two monthly tranches), consistent with vesting mechanics .
Employment Terms
- Start date and title: Joined as Chief Medical Officer effective April 22, 2024 (agreement effective April 4, 2024) .
- Severance (without cause/for good reason): 12 months base salary continuation plus the full prior fiscal year target bonus if unpaid, and up to 12 months COBRA premiums; contingent on a general release and compliance (ceases on material breach of proprietary information/inventions agreement) .
- Change‑in‑control (double trigger): If separation occurs in the 3 months prior or within 12 months at/after a change‑in‑control: lump sum equal to 1× base salary + 1× annual target bonus, pro‑rata target bonus for days worked in the year, COBRA up to 12 months, and accelerated vesting of all unvested equity awards .
- Sign‑on bonus: $45,000; repayable if departure within 12 months of payment .
- Legal/disciplinary disclosures: No material legal proceedings disclosed for executive officers .
Company Performance Context (for pay‑for‑performance alignment)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $13,535,000 | $21,049,000 | $2,816,000 |
| EBITDA ($USD) | −$61,499,000* | −$88,097,000* | −$130,713,000* |
*Values retrieved from S&P Global.
Investment Implications
- Alignment: Compensation mix includes meaningful equity via options with standard four‑year vesting; change‑in‑control provisions are double‑trigger with full acceleration, typical for retention but can create event‑driven payout sensitivity .
- Retention risk and selling pressure: Monthly vesting after April 22, 2025 introduces ongoing incremental vesting (≈7,917 shares/month) that can contribute to periodic Form 4 activity; no pledging or hedging is disclosed, and employment‑through‑payment requirements apply to cash incentives .
- Pay‑for‑performance backdrop: Revenues declined sharply in FY 2024 and EBITDA losses widened; 2024 cash bonus ($162,000) was awarded against corporate/individual R&D milestones rather than financial metrics, so investors should monitor pipeline progress milestones as the primary performance levers for her incentive payouts (Revenue/EBITDA table above).
- Contract economics: Standard 1× salary+bonus severance and double‑trigger acceleration balance retention with shareholder protections; absence of tax gross‑ups, limited perquisites, and presence of a clawback policy are positive governance signals .