Patrick Enright
About Patrick Enright
Patrick G. Enright, 63, is an independent director of Vera Therapeutics and has served on the Board since October 2020. He co-founded Longitude Capital and has been a Managing Director since 2006; prior roles include senior executive positions at Valentis, Boehringer Mannheim Pharmaceuticals (acquired by Roche), and Sandoz (now Novartis). He holds a B.S. in Biological Sciences from Stanford University and an M.B.A. from The Wharton School; the Board has affirmatively determined he is independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Longitude Capital | Co-founder; Managing Director | Since 2006 | Healthcare venture capital; led/life sciences investing |
| Pequot Ventures | Managing Director | Not disclosed | Co-led life sciences investment practice |
| Valentis, Inc. | Senior executive | Not disclosed | Life sciences operations experience |
| Boehringer Mannheim Pharmaceuticals | Senior executive | Not disclosed | Company later acquired by Roche |
| Sandoz, Inc. (now Novartis) | Senior executive | Not disclosed | Life sciences operations experience |
| National Venture Capital Association | Director | Not disclosed | Served on NVCA Board |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Jazz Pharmaceuticals plc (Nasdaq: JAZZ) | Director | Since July 2009 | Public biopharma board service |
| BioAge Labs, Inc. (Nasdaq: BIOA) | Director | Since Feb 2024 | Public biopharma board service |
| Zenas Biopharma, Inc. (Nasdaq: ZBIO) | Director | Since Nov 2022 | Public biopharma board service |
| Aimmune Therapeutics, Inc. (Nasdaq: AIMT) | Director | Jan 2013–Oct 2020 | Acquired by Nestlé |
| Aptinyx Inc. (Nasdaq: APTX) | Director | May 2016–Nov 2022 | Public biotech board service |
| Vaxcyte, Inc. (Nasdaq: PCVX) | Director | Jul 2015–May 2020 | Public biopharma board service |
| Several private biopharma companies | Director | Not disclosed | Ongoing private company roles |
Board Governance
- Independence: Board determined Enright is independent under Nasdaq listing rules .
- Committees: Compensation Committee Chair; members include Enright, Andrew Cheng, and Kimball Hall; 4 meetings in 2024 .
- Other committee service: Not on Audit or Nominating Committees .
- Board leadership: Board chaired by Michael Morrissey; separation of Chair and CEO roles maintained .
- Attendance/engagement: Board met 5 times in 2024; each director attended at least 75% of Board and committee meetings; independent directors held 5 executive sessions; 5 of 8 then-serving directors attended the 2024 Annual Meeting .
Fixed Compensation
| Component | 2024 Amount | Policy Reference | Notes |
|---|---|---|---|
| Fees Earned (Cash) | $52,000 | Non-employee Director Compensation Policy | Comprised of $40,000 annual Board retainer plus committee retainers; Compensation Committee member retainer $6,000 and chair retainer $6,000 effective 2024; Chair retainer $30,000 for Board Chair (not applicable to Enright) |
| Total Cash | $52,000 | As disclosed for 2024 |
Policy updates effective Jan 1, 2025: Compensation Committee member retainer increased to $7,500 and chair retainer to $7,500; Board Chair retainer increased to $35,000 .
Performance Compensation
| Equity Award | 2024 Grant/Value | Vesting Terms | Outstanding as of 12/31/2024 |
|---|---|---|---|
| Option Awards (fair value) | $386,589 | Annual option grants under policy; initial grants vest monthly over 3 years; annual grants vest to next meeting or first anniversary; options accelerate upon change in control subject to service | |
| RSUs | None disclosed | Not part of standard director program (RSUs noted for another director for consulting, not Enright) | |
| Director Options Outstanding | — | — | 53,850 options outstanding for Enright |
Performance metric linkage: None disclosed for director equity; director compensation is comprised of cash retainers and option grants per policy (no TSR/financial metrics applied to director awards) .
Other Directorships & Interlocks
| Relationship | Details | Potential Interlock/Conflict Consideration |
|---|---|---|
| Major shareholder affiliation | Managing member of entities that are general partners of Longitude Venture Partners IV, L.P. and Longitude Prime Fund, L.P., which collectively own 5,144,212 Vera shares (8.1%) | Significant ownership and Compensation Committee chair role may warrant investor focus on potential influence over pay decisions despite independence designation |
| 2023 Follow-on offering participation | Longitude Venture Partners IV purchased 1,714,285 Vera shares for $11,999,995 at $7.00 per share in Feb 2023 | Related-party participation disclosed and governed by policies; transparent but monitor for future transactions |
Expertise & Qualifications
- Extensive venture capital leadership in healthcare; prior operating roles at large pharma and biopharma (Roche/Boehringer Mannheim, Novartis/Sandoz) .
- Long-standing public board experience (Jazz Pharmaceuticals since 2009), plus recent boards BioAge and Zenas; breadth across clinical-stage biotech .
- Academic credentials: Stanford B.S. (Biological Sciences), Wharton MBA .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Breakdown/Notes |
|---|---|---|---|
| Patrick Enright | 5,198,062 | 8.1% | Includes Longitude Venture Partners IV and Longitude Prime Fund holdings and 53,850 options exercisable within 60 days; certain entities/Enright disclaim beneficial ownership except to pecuniary interests |
| Shares Outstanding (Record Date for 2025 Proxy) | 63,771,720 | — | Basis for percentage calculations |
Policy alignment: Insider trading policy prohibits hedging, short selling, and pledging of Vera securities by directors and officers, reducing alignment risks from collateralization .
Governance Assessment
- Committee effectiveness: As Compensation Committee Chair, Enright oversees executive/director pay policy, engages an independent compensation consultant (Alpine Rewards), and reviews pay elements and human capital matters; the committee met at least quarterly in 2024 and renewed consultant engagement after independence review .
- Independence and attendance: Board designated Enright as independent; overall Board attendance met the 75% threshold, with independent director executive sessions held, supporting governance rigor .
- Ownership alignment: Material beneficial ownership (~8.1%) suggests significant skin-in-the-game; hedging/pledging prohibitions strengthen alignment with shareholders .
- Related-party oversight: Related-person transaction policy requires Board/Audit Committee approval for transactions ≥$120,000; Longitude’s participation in offerings and investor rights agreements were transparently disclosed and subject to policy, but investors should monitor interactions given Enright’s dual roles in compensation oversight and major holder affiliation .
- RED FLAGS to monitor:
- Compensation Committee Chair with major shareholder affiliation (Longitude) may pose perceived conflict; balance mitigated by formal independence determination and use of independent consultant .
- Ongoing large-holder participation in equity offerings can be constructive but merits scrutiny for pricing/fairness to minority holders .
- Shareholder feedback signals: 2024 Annual Meeting disclosed director elections and auditor ratification results; say-on-pay/frequency proposals are slated for the 2025 meeting, making upcoming votes a key barometer of investor confidence .
Appendix: Committee Assignments (2024)
| Director | Audit | Compensation | Nominating & Corporate Governance |
|---|---|---|---|
| Patrick Enright | — | Chair | — |
| Total 2024 Committee Meetings | 3 | 4 | 1 |
| Notes | Audit Chair: Scott Morrison; Nominating Chair: Maha Katabi; Board Chair: Michael Morrissey | — | — |
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