Kamran Alam
About Kamran Alam
Kamran Alam, 47, has served as Taysha Gene Therapies’ Chief Financial Officer since August 2020 and also signs corporate filings as Corporate Secretary. He is a Certified Public Accountant with a B.B.A. from the University of Michigan (Ross) and an M.B.A. in finance from Indiana University (Kelley) . During 2024, executive bonuses were paid at 110% of corporate goal attainment versus 90% in 2023, indicating higher internal performance against objectives; Alam’s 2024 non‑equity incentive payout was $210,942 on a $455,126 salary with a 40% target bonus . As CFO, his tenure spans major financings (August 2023 $150M private placement; June/July 2024 ~$76.8M follow‑on) that extended liquidity and supported pipeline execution, and the company sought an increase in authorized shares in 2025 to preserve financing flexibility .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Rocket Pharmaceuticals | SVP, Finance and Principal Financial Officer | Oct 2019 – Jul 2020 | Senior public-company finance leadership prior to joining TSHA |
| AveXis, Inc. | VP, Finance | Apr 2016 – Oct 2019 | Finance leadership at a publicly traded gene therapy company later acquired by Novartis |
| Aptinyx Inc. | Increasing roles; Senior Director, Finance & Accounting at departure | 2013 – Apr 2016 | Built finance and accounting capabilities at a public biopharma company |
External Roles
| Organization | Role | Years |
|---|---|---|
| — | — | — |
| No external directorships disclosed for Alam . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (% of Salary) | Actual Cash Bonus ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 455,126 | 40% | 210,942 | 10,620 | 2,518,777 |
| 2023 | 413,751 | 40% | 148,950 | 10,661 | 975,401 |
| 2022 | 401,700 | 40% | 136,578 | 9,330 | 1,201,823 |
Notes:
- 2024 corporate goal attainment was 110% (applies to executives’ non-equity incentive plan) .
- 2023 corporate goal attainment was 90% .
Performance Compensation
| Component | Metric(s) | Weighting | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual incentive (2024) | Corporate and individual objectives | Not disclosed | 40% of salary | 110% company attainment; $210,942 paid | Cash paid after year-end |
| Annual incentive (2023) | Corporate and individual objectives | Not disclosed | 40% of salary | 90% company attainment; $148,950 paid | Cash paid after year-end |
| RSUs (grant 1/2/2024) | Service-based | N/A | 590,413 units | N/A | 25% annually on 1/2/2025–1/2/2028 |
| Options (grant 1/2/2024) | Service-based | N/A | 590,413 options @ $1.71 | N/A | 25% on 1/2/2025; then monthly over 36 months; exp. 1/2/2034 |
| Options (grant 12/14/2023) | Service-based | N/A | 62,527 exerc., 125,055 unexerc. @ $0.70 | N/A | Vests in 3 equal annual installments starting 12/31/2024 |
Equity Ownership & Alignment
| As of | Total Beneficial Ownership (sh) | % of Outstanding | Common Stock (Direct) | Options Exercisable within 60 days | RSUs Vesting within 60 days |
|---|---|---|---|---|---|
| Mar 31, 2025 | 861,130 | <1% | 211,335 | 499,076 | 150,719 |
Additional alignment and policies:
- Insider Trading/Hedging: Company prohibits short sales, derivative hedging, margin accounts and other speculative transactions by insiders, reducing alignment risk concerns from pledging/hedging; no pledging disclosure identified .
- Ownership guidelines: Not disclosed in proxy -.
Recent insider transactions and selling pressure:
- On Aug 21, 2025, Alam reported a sale of 54,491 shares executed solely as sell‑to‑cover for taxes upon RSU vesting (not a discretionary open market sale); post‑transaction beneficial ownership was 1,187,603 shares .
Outstanding and Recent Equity Awards (Vesting Schedules)
| Grant Date | Award | Quantity | Exercise Price | Expiration | Vesting Terms | Status/Value Reference |
|---|---|---|---|---|---|---|
| 1/2/2024 | RSU | 590,413 | — | — | 25% annually on 1/2/2025–2028 | Market value $1,021,414 at 12/31/2024 for these RSUs |
| 1/2/2024 | Stock options | 590,413 unexerc. | $1.71 | 1/1/2034 | 25% on 1/2/2025; remainder monthly over 36 months | — |
| 12/14/2023 | Stock options | 62,527 exerc.; 125,055 unexerc. | $0.70 | 12/13/2033 | 3 equal annual installments starting 12/31/2024 | — |
| 2/2/2023 | RSU | 9,347 | — | — | 25% vested 2/2/2024; then 2/2/2025–2027 | $16,170 market value at 12/31/2024 |
| 2/2/2023 | Stock options | 68,704 exerc.; 81,196 unexerc. | $1.18 | 2/1/2033 | 25% on 2/2/2024; remainder monthly over 36 months | — |
| 2/2/2023 | Stock options | 11,423 exerc.; 13,500 unexerc. | $1.18 | 2/1/2033 | 25% on 2/2/2024; remainder monthly over 36 months | — |
| 4/6/2022 | Stock options | 26,666 exerc.; 13,334 unexerc. | $6.52 | 4/5/2032 | 25% on 4/6/2023; remainder monthly over 36 months | — |
| 2/23/2022 | Stock options | 56,666 exerc.; 23,334 unexerc. | $5.96 | 2/22/2032 | 25% on 2/23/2023; remainder monthly over 36 months | — |
| 1/19/2021 | Stock options | 68,541 exerc.; 1,459 unexerc. | $31.00 | 1/18/2031 | 25% on 1/19/2022; remainder monthly over 36 months | — |
Note: Market values in the table are based on $1.73 closing price at 12/31/2024 as disclosed in the proxy tables -.
Employment Terms
| Topic | Key terms |
|---|---|
| Start date/tenure | CFO since August 2020 |
| 2024 salary and target bonus | Base $455,126; target bonus 40% of salary |
| Severance (without cause / good reason) | 12 months base salary continuation; contingent on release and restrictive covenants |
| Change‑in‑Control (CIC) severance plan | On covered termination during CIC period: lump sum salary (12 months for Alam), 100% of target annual bonus, 12 months COBRA, and full accelerated vesting of all equity (performance awards at 100% of target) |
| Restrictive covenants | Non‑competition and non‑solicitation obligations tied to severance benefits |
| Clawback policy | Adopted Nov 2023; compliant with SEC/Dodd‑Frank listing rules; SOX 304 reimbursement applicable to CEO/CFO on misconduct-related restatements |
| Hedging/pledging | Insider policy prohibits short sales, options/hedges, and margin accounts |
| Pension/Deferred comp | No pension/deferral programs; standard 401(k) with match; modest perquisites |
Related Party/Other Governance Context
- Capital raises: August 2023 $150.0M private placement; June 27, 2024 public offering plus July 9, 2024 greenshoe exercised; ~ $76.8M net proceeds .
- 2025 proposal to increase authorized shares from 400M to 700M to support financing flexibility and employee retention through equity .
- Compensation committee uses Aon as its independent consultant and oversees pay-for-performance architecture .
Compensation Structure Analysis
- Mix shift toward RSUs in 2024: Large time‑based RSU grant (590,413 shares) paired with options increased the equity component and reduced risk compared to options‑only grants, aligning with broader biotech practices in volatile markets .
- Variable pay sensitivity: Corporate goal attainment rose from 90% (2023) to 110% (2024), supporting higher annual incentive payouts year‑over‑year .
- CIC acceleration: Full acceleration on all equity in a change‑in‑control is shareholder‑sensitive and increases potential transaction‑related payouts for executives .
- Clawback and hedging policies: Formal clawback adopted in 2023 and prohibitions on hedging/margin reduce misalignment risk .
- No evidence of option repricing or tax gross‑ups beyond nominal gift‑card gross‑up provided to employees in 2023 (Alam: $491) .
Insider Selling Pressure and Vesting Overhang
- Recurring vest dates: RSUs granted 1/2/2024 vest 25% annually on Jan 2 (2025–2028), which may trigger sell‑to‑cover transactions around those dates .
- Documented “sell‑to‑cover” only: Aug 21, 2025 Form 4 sale of 54,491 shares solely to satisfy taxes on vested RSUs; not a discretionary sale; post‑transaction beneficial ownership 1,187,603 shares .
Investment Implications
- Pay-for-performance linkage: Annual incentives adjust with corporate goal attainment (110% in 2024 vs. 90% in 2023), supporting dynamic cash bonuses; the lack of disclosed metric weightings limits transparency on drivers but the program is responsive to operational outcomes .
- Retention and overhang: Significant unvested equity (notably RSUs and options from late 2023/early 2024) suggests continued retention hooks; expect periodic sell‑to‑cover rather than discretionary selling at vest dates .
- Change‑in‑control economics: Single‑trigger plan design at the equity level (full acceleration upon covered termination in CIC period) plus cash severance (12 months base + 100% bonus target + COBRA) could be material in M&A scenarios, aligning management and shareholder interests but adding deal‑related costs .
- Governance/controls: Clawback adoption and hedging/margin prohibitions reduce downside governance risk; no evidence of option repricing or pledging reduces red‑flag concerns .
- Financing acumen: Oversight of 2023–2024 capital raises and push to increase authorized shares point to a financing‑ready posture that can mitigate funding risk in pivotal development phases .
All data above are drawn from TSHA’s 2025 and 2024 DEF 14A proxy statements, the company’s 10‑K disclosures, 8‑K filings, and SEC Form 4 filings as cited.