Daniel Lochner
About Daniel Lochner
Daniel Lochner, age 42, is Chief Financial Officer of Tectonic Therapeutic (TECX) since June 3, 2024; he holds a B.A. in Economics from the University of Richmond and an M.B.A. from Columbia University . Prior roles include CFO/Chief Business Officer for Viatris Eye Care (2023–2024) and Oyster Point Pharma (2019–2023), where he led the IPO, financings, commercialization transition, and sale to Viatris; before that, he was a Managing Director in Goldman Sachs’ Investment Management Division (2005–2019) as a lead equity portfolio manager and healthcare investor . Company-level pay-versus-performance data shows cumulative TSR of $539.70 on an initial $100 investment and a net loss of $57.982 million in 2024, providing context on shareholder outcomes and financial performance during his tenure year .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Viatris Inc. (Eye Care Division) | CFO & Chief Business Officer | 2023–2024 | Led financial operations and business strategy for Eye Care division |
| Oyster Point Pharma, Inc. | CFO & Chief Business Officer | 2019–2023 | Led IPO, equity/debt financings, commercialization transition, and sale to Viatris |
| Goldman, Sachs & Co. (Investment Management Division) | Managing Director; lead equity PM & healthcare investor | 2005–2019 | Managed equity portfolios and healthcare investments |
External Roles
No public-company board or committee roles are disclosed for Mr. Lochner in TECX filings .
Fixed Compensation
| Component (FY2024 unless noted) | Amount/Detail |
|---|---|
| Base Salary | $475,000 (per employment agreement, effective June 3, 2024) |
| Salary paid in FY2024 | $277,083 |
| Target Bonus % (2024/2025) | 40% / 40% of base salary |
| Actual Performance Bonus Paid (FY2024, paid early 2025) | $126,311 (115% of target) |
| All Other Compensation (FY2024) | $24,744 (commuting $16,189; 401(k) match $8,133; life insurance $422) |
| Total Compensation (FY2024) | $2,284,007 |
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual cash bonus (FY2024) | Board and individual performance (program discretionary) | Not disclosed | 40% of base salary | 115% of target; $126,311 paid | Paid early 2025 |
| Performance stock option (granted 6/20/2024; 15,000 sh.) | Corporate finance and liquidity: raise $100M by 6/1/2026 and maintain ≥2-year cash runway at 6/1/2026 and 6/1/2028 | Not disclosed | $100M financing and runway thresholds | Not yet disclosed (board determines achievement) | 7,500 sh vest 6/1/2026; 7,500 sh vest 6/1/2028 upon goal achievement |
Equity Ownership & Alignment
- Beneficial Ownership (as of Feb 28, 2025): 5,986 shares (<1%), including 4,617 common shares and 1,369 options exercisable within 60 days .
- Insider Trading/Hedging/Pledging: Company policy prohibits hedging transactions, trading in publicly-traded options, and holding common stock in margin accounts (pledging via margin is prohibited) .
- Stock Ownership Guidelines: Not disclosed in the proxy; no compliance status provided .
- Upcoming vesting cadence and potential selling pressure:
- Time-based option: 118,000 sh granted at $16.80 on 6/20/2024; vests 25% on 6/20/2025 then monthly over 36 months (full vest by 6/20/2028) .
- Performance option: 15,000 sh at $16.80 with 7,500 sh vesting on 6/1/2026 and 7,500 sh on 6/1/2028 if financing/runway goals met .
| Equity Award Detail | Grant Date | Shares | Exercise Price | Vesting Terms |
|---|---|---|---|---|
| Time-based stock option | 6/20/2024 | 118,000 | $16.80 | 25% on 6/20/2025, then monthly for 36 months; full by 6/20/2028 |
| Performance stock option | 6/20/2024 | 15,000 | $16.80 | 7,500 on 6/1/2026 (if $100M financing and ≥2-year runway); 7,500 on 6/1/2028 (if ≥2-year runway) |
Employment Terms
- Role/Start: CFO effective June 3, 2024 .
- Equity on hire: Option representing 0.80% of post-merger shares plus a performance-based option equal to 0.10% of post-merger shares (grant details administered via Board) .
- Severance Plan:
- Non–Change-in-Control termination (without Cause or for Good Reason): 9 months base salary; pro-rated target bonus; 9 months COBRA .
- Change-in-Control (double trigger: within 3 months before to 12 months after CIC and terminated without Cause or for Good Reason): 12 months base salary; 100% of target bonus; pro-rated target bonus; 12 months COBRA; 100% acceleration of time-vesting equity .
- Clawback: SEC/Nasdaq-compliant incentive compensation recovery policy covering the prior 3 fiscal years in event of required restatement .
- Corporate Secretary: Lochner serves as Corporate Secretary and forwards stockholder communications to the Board .
Additional Governance and Shareholder Signals
- Say-on-Pay (2025 AGM): For 14,819,757; Against 66,777; Abstain 15,325; Broker non-votes 1,351,739—indicating very strong approval of executive compensation .
- Say-on-Frequency: “One Year” received 14,878,746 votes vs. 2,679 (two years) and 19,029 (three years), aligning future annual votes with Board recommendation .
- Private Placement Participation (Feb 2025): Lochner purchased $249,964 of TECX common stock, signaling personal capital commitment .
Investment Implications
- Alignment: Base pay and bonus are moderate for a biotech CFO, with meaningful equity upside via a sizable time-based option (118k sh) and a performance option keyed to financing and runway—clear incentives tied to capital formation and liquidity management .
- Retention risk: Double-trigger CIC benefits and full acceleration of time-vested equity under CIC reduce retention risk; non-CIC severance provides modest protection, but upcoming 25% cliff vest on 6/20/2025 and continued monthly vesting are near-term retention levers .
- Trading signals: The 6/20/2025 cliff vest and subsequent monthly vesting may introduce incremental selling pressure windows; performance vest dates (6/1/2026 and 6/1/2028) are contingent on financing and runway, tying equity realization to execution milestones .
- Governance risk mitigants: Robust hedging/margin restrictions and clawback policy limit misalignment; strong say-on-pay support and annual frequency indicate positive shareholder sentiment toward pay design .
- Execution track record: Prior finance leadership across IPO, commercialization, and M&A at Oyster Point/Viatris plus investment management background supports capital markets execution—aligned with the performance option’s financing/runway goals .
- Performance backdrop: Company-wide 2024 net loss and high reported cumulative TSR reflect a volatile post-merger profile; sustaining liquidity and advancing TX45/TX2100 milestones will be critical to justify incentive payouts and long-term value creation .