Adam Crystal
About Adam Crystal
Adam Crystal, M.D., Ph.D., is President of Research and Development at Tango Therapeutics (TNGX), age 48, serving in his current role since February 2023. He holds an M.D. and a Ph.D. in Neuroscience from the University of Pennsylvania and trained in internal medicine and medical oncology at Massachusetts General Hospital and Dana-Farber Cancer Institute . In 2024, Tango’s compensation program assessed corporate performance across five metrics (clinical, discovery, strategy, people), with overall achievement at 113% of target; Dr. Crystal’s combined corporate and individual performance was assessed at 116%, aligned to advancing PRMT5 and CoREST programs toward pivotal trials and proof-of-mechanism .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| C4 Therapeutics, Inc. | Chief Medical Officer | 2019–2023 | Advanced several oncology drug candidates into clinical trials; executive clinical leadership |
| Novartis Institutes for BioMedical Research | Clinical Program Leader, Senior Director | 2014–2019 | Led multiple early clinical development programs in oncology |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No current board or external directorships disclosed for Dr. Crystal |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $550,000 | $569,250 |
| Target Bonus (%) | 45% | 45% |
| Target Bonus ($) | $247,500 | $256,163 |
| Actual Bonus Paid ($) | $242,787 | $297,149 |
| All Other Compensation ($) | $4,621 | $15,768 (401k match $12,174; commuter $2,170; phone $1,300) |
Performance Compensation
| Component | Metric/Terms | Weighting | Target | Actual | Payout/Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus (Corporate) | Clinical Development | 50% of corporate | Program milestones (TNG456 IND, TNG462 dose expansion, TNG260 POC) | 125% achievement | Paid Q1 following year; corporate component across NEOs at 113% of target |
| Annual Cash Bonus (Corporate) | Target Discovery | 10% of corporate | Validated targets and ligandability assessments | 110% achievement | See above |
| Annual Cash Bonus (Corporate) | Drug Discovery | 10% of corporate | Advance programs into advanced discovery phases | 90% achievement | See above |
| Annual Cash Bonus (Corporate) | Corporate Strategy | 20% of corporate | Publications/presentations and financial/cash goals | 90% achievement | See above |
| Annual Cash Bonus (Corporate) | People | 10% of corporate | Engagement, key hires, turnover goals | 120% achievement | See above |
| Annual Cash Bonus (Individual) | Dr. Crystal individual performance | 25% of bonus determined by individual factors for NEOs (non-CEO) | Pipeline advancement & clinical execution objectives | Combined performance assessed at 116% for Dr. Crystal | Bonus paid $297,149 for 2024 |
| Equity Awards (2024) | Stock Options | — | 279,593 options @ $12.28 exercise price | Time-based vesting (25% at 1-year, then monthly) | Options expire 1/31/2034; time-based vesting only |
| Equity Awards (2024) | RSUs | — | 46,599 RSUs | Time-based vesting (Feb 3, 2025; Feb 2, 2026; Feb 1, 2027) | Service-vesting; market value basis at vest |
| Equity Awards (Inducement 2023) | Stock Options | — | 487,500 options @ closing price on 3/1/2023 | 25% vests 2/27/2024; remainder monthly for 36 months | Options @ $5.20; expire 2/28/2033 |
| Equity Awards (Inducement 2023) | RSUs | — | 81,250 RSUs | 27,084 vests ~Feb 5, 2024; 27,083 ~Feb 3, 2025; 27,083 ~Feb 2, 2026 | Service-vesting |
Equity Ownership & Alignment
| Ownership Detail | Value |
|---|---|
| Beneficial Ownership (shares) | 442,940 shares; <1% of outstanding |
| Direct Common Shares | 69,700 shares |
| Options Exercisable within 60 days (as of Apr 1, 2025) | 373,240 options |
| Shares Outstanding Basis | 108,107,890 shares outstanding (Apr 8, 2025) |
| Options/RSUs Outstanding (12/31/2024) | 223,437 options exercisable; 264,063 unexercisable; RSUs unvested 54,166 (2023 plan) and 46,599 (2024 plan) |
| RSU Market Value (12/31/2024) | $167,373 for 54,166 RSUs; $143,991 for 46,599 RSUs (at $3.09/share) |
| Option Exercises (2024) | None |
| Hedging/Pledging Policy | Insider trading policy prohibits short sales and derivative transactions; addresses risks of holding securities in margin/pledged accounts; no pledging by Dr. Crystal is disclosed |
Employment Terms
| Term | Key Provisions |
|---|---|
| Appointment & Start | Appointed President, R&D effective Feb 27, 2023 |
| Base Salary & Bonus Target | Initial base $550,000 (2023); target bonus 45% of base |
| Sign-on Bonus | $275,000, repayable if voluntary departure before Feb 27, 2024 |
| Severance (no change in control) | 12 months base salary; prior-year unpaid bonus and pro-rata current-year bonus; up to 12 months COBRA premium contributions (employee rate) |
| Severance (within 12 months post-Change-in-Control) | Lump sum 12 months base salary; lump sum target bonus; prior-year unpaid bonus and pro-rata current-year bonus; up to 12 months COBRA premium contributions; 100% acceleration of time-based equity |
| At-Will Employment | At-will; eligible for standard company benefit plans |
| Clawback | Compensation recovery policy (effective Oct 2, 2023) compliant with SEC/Nasdaq, recoups incentive comp tied to financial measures for 3 years prior to a required restatement |
Multi-Year Compensation Summary
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | $454,808 (partial year) | $569,250 |
| Stock Awards ($) | $422,500 | $572,236 |
| Option Awards ($) | $1,710,930 | $2,322,915 |
| Non-Equity Incentive ($) | $242,787 | $297,149 |
| All Other Compensation ($) | $4,621 | $15,768 |
| Total ($) | $3,110,646 | $3,777,318 |
Compensation Structure Notes
- Equity mix shifted to include RSUs alongside options in 2023–2024 (2:1 option-to-RSU ratio by share count) to balance retention and dilution; RSUs vest on time-based schedules, not performance conditions .
- Peer group used for benchmarking includes oncology-focused, pre-commercial biotech companies (market cap $300mm–$3bn; U.S.-based), updated annually with Pearl Meyer advising the compensation committee .
- No tax gross-ups; change-in-control requires double trigger; clawback policy adopted in line with SEC/Nasdaq rules .
Related Party & Governance
- No related party transactions for Dr. Crystal under Item 404(a) at appointment; no family relationships with directors/executives .
- Insider trading policy prohibits derivatives/short sales; addresses pledging/margin risks; company aims for compliance with securities laws .
Investment Implications
- Alignment: Material equity exposure via options and RSUs with significant unvested tranches through 2027; time-based vesting creates retention incentives and aligns with long-term value creation, while absence of PSU metrics limits strict pay-for-performance linkage in equity grants .
- Near-term supply/insider pressure: Zero option exercises in 2024; RSU tranches scheduled in Feb 2025/2026/2027 could add incremental tradable float upon vesting; no pledging disclosed, reducing forced-sale risk .
- Retention risk: Double-trigger CIC protection with full equity acceleration and cash severance (12 months base + target bonus) mitigates transition risk; outside CIC, 12 months salary and pro-rata bonus support continuity .
- Performance incentives: Cash bonus tied to corporate clinical/discovery execution with above-target achievement (Corporate 113%; Dr. Crystal 116% combined), suggesting accountability to development milestones that are primary value drivers for TNGX .
